France’s startup funding fell 5% in 2025 as AI concentration grew

TL;DR

French startups raised €6.7 billion in 2025, down 5% year on year, even as the US grew 38% and Europe 12%. Mistral accounted for 25% of all capital raised. AI drove 43% of funding, defence tech surged 148%, and exits hit a five-year low at €5.3 billion.