Source: France-Diplomatie – Ministry of Foreign Affairs and International Development
On 13 January 2020, Minister of Economy and Finance Bruno Le Maire, together with Cédric O, Minister of State for the Digital Sector, met with France’s institutional investors at their offices in Paris’ Bercy district to officially set out their funding pledges for tech businesses and mark the starting point of their implementation phase.
“We need to invest and innovate to meet tomorrow’s challenges – especially in terms of the environment – and for that, we need to support the emergence of global tech leaders. This is a crucial issue in terms of French and European sovereignty. We are delighted with the signature of this unprecedented agreement with the institutional investors of the Paris marketplace. The funding available to tech companies now totals €6bn.”
Bruno Le Maire, Minister of Economy and Finance
The documents signed during this ceremony lay down a framework and governance for determining the eligibility of investment projects. A committee is thus due to meet at regular intervals, from this month onwards, to decide on the first eligible funds. It will monitor the operational running of the initiative and promote it, both in France and abroad.
The investors’ pledges will be valid for both the private equity segment, by financing French venture capital funds, and listed investments, by awarding global tech mandates to asset managers based in France.
“Our ambition is to make France the number one tech ecosystem in Europe. Whether in terms of innovation, job creation or economic growth, start-ups will have a decisive contribution to make in the years to come. France’s institutional investors are setting aside unprecedented means which they have decided to increase further still. This is a key stage in the development of French Tech”, Cédric O said.