France mobilises €13 billion for tech sovereignty funding push

PARIS, June 19 (Reuters) - ‌France has ​mobilised €13 ​billion ($14.89 billion) in additional institutional investor funding under the third ‌phase of its Tibi initiative to finance ⁠French and European technology companies, the finance ‌ministry said on Friday.

The ‌new phase aims to bring the envelope to €15 billion by the end of ​2030, taking total funding mobilised under the initiative since 2020 to nearly €31 ⁠billion, the ministry said in a statement released during the ​VivaTech conference in Paris.

• The ministry said 50% of investments under the ​new phase would be ‌directed towards deeptech companies.

• New participants include mutual insurer Carac, ⁠rail operator SNCF, Paris transport group RATP, defence groups Naval Group and MBDA, and ⁠satellite operator Eutelsat.

• The government said the move was ​intended to support French IPOs and help small and mid-sized firms scale up while remaining anchored ‌in France and Europe.

• The new phase also has a ‌stronger European focus, to support pan-European funds ⁠able to finance ‌technology companies through ​larger funding rounds.

($1 = 0.8728 euros)

(Reporting by Hugo Lhomedet; Editing by Makini ‌Brice)

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