Investigating SIB Financing for Potential High-Growth Sustainable Start-Ups: The case of France

Catherine Deffains-Crapsky (), Jesus-Herell Nze Obame and Robyn Owen
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Catherine Deffains-Crapsky: GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement, CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine
Jesus-Herell Nze Obame: GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement

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Abstract: The French private equity ecosystem is characterised by the presence of a state investment bank (SIB), Bpifrance, which has structured and streamlined the sector since its creation in 2013. On the demand side, this research questions the influence of Bpifrance, as a direct public investor in venture capital, on the length of time between funding rounds and the ability of funded ventures to move up along the financial escalator. To answer this question, data were collected from Dealroom, a platform that provides investment information on a large number of startups in different countries over their lifecycle. An event history analysis is conducted on a sample of 3741 French ventures that raised their first seed funds between January 1990 and December 2019. The results confirm the impact of the creation of Bpifrance and the various public programmes that accompanied it on the structuring of the French venture capital ecosystem. On the other hand, the results questioned the ability of Bpifrance to support start-up companies with disruptive social and/or environmental innovations that require patient capital and significant risk-taking.

Date: 2025-06-25
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Published in AEI, Académie de l'Entrepreneuriat et de l'Innovation, Université Aix-Marseilles, Jun 2025, Aix-en-Provence, France

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