The Directorate General of the Treasury provides support for investment in technology companies. At the beginning of 2020, under the auspices of President Macron, institutional investors pledged to invest €6 billion over the ensuing three years. The French Treasury is responsible for monitoring the implementation of this initiative, coordinating the technical committees where applications from funds are examined and ensuring that the funds selected are relevant to the project's specifications.

The goal of the Tibi Initiative is to bridge a gap in the funding market by leveraging investment from institutional stakeholders

remise du rapport Tibi

On 17 July 2019, Bruno Le Maire, Minister for the Economy, Finance and the Recovery, and Cédric O, Secretary of State for Digital Affairs, received the report entitled “Financing the Fourth Industrial Revolution - Unlocking Funding for Technology Companies”. It was written by Philippe Tibi, President of Pergamon Campus and professor of economics at École Polytechnique. The Tibi Report flagged up the insufficient financing resources that are available to French technology companies as they ramp up their industrial and commercial phases.

To bridge this gap in the market, on 17 September 2019, under the auspices of President Macron, French institutional investors pledged to allocate more than €5 billion in funding to technology companies by 31 December 2022.

On 13 January 2020, Bruno Le Maire and Cédric O brought these investors together at Bercy (French finance ministry) to formalise their pledges and mark the starting point for their tangible implementation. The group signed a document of commitment; in addition, a set of specifications and a governance charter providing a structure for the initiative were issued. During the meeting, the investors also announced that they would contribute an additional €1 billion, bringing their total commitment to over €6 billion.

The aim of the Tibi Initiative is to encourage the emergence of financial players who can fast-track the growth of innovative companies and turn them into regional or global leaders, and to expand France’s technological community through the development of specific skillsets.

As part of this process, technical committees made up of partner investors meet on a regular basis to validate applications from the funds that will invest the amounts pledged. During these committee meetings, fund management companies are asked to demonstrate the relevance of their funding proposal with regard to the initiative’s specifications.

 

List of approved funds under the Tibi Initiative

The following funds have satisfied the criteria set out in the specifications and the partner investors have validated their eligibility for the initiative.

This list will be updated as the committees meet.

For investments in non-listed companies (36 funds):

For investments in listed companies (16 funds):

  • Andera Biodiscovery 6
  • Apax Comitium
  • Ardian Growth II
  • AXA VP II
  • Blackfin Tech 2
  • BLISCE II
  • Capza Growth
  • Cathay Innovation II
  • Demeter GET
  • Earlybird Health II
  • Eiffel Essentiel
  • Eurazeo Idinvest Growth III
  • Five Arrows GC I
  • Gaia Growth I
  • Infravia Growth I
  • IPF Growth Equity I
  • Jeito I
  • Jolt IV
  • Korelya K-Fund II
  • Lauxera I
  • LBO France Digital Health II
  • Meridiam GIGF
  • Move Capital
  • Partech Growth II
  • Quadrille Technologies IV
  • Raise Impact I
  • Red River West II Growth
  • Ring Altitude Growth II 
  • Seventure Health for Life II
  • Sofinnova Crossover
  • Supernova Ambition Industrie
  • Techlife Capital I
  • Tikehau T2 Energy Transition
  • Tilt Capital Fund I
  • Truffle Capital Fintech
  • Truffle Capital Medeor
  • BNP Paribas AM Next Tech
  • CDC Tech Croissance
  • CMC-CIC Global Innovation
  • CPR Disruptive Opportunities
  • Echiquier Artificial Intelligence
  • Edmond de Rothschild Big Data
  • Edmond de Rothschild Tech Equities
  • Financière Arbevel Pluvalca
  • Groupama AM World (R)evolutions
  • Natixis Thematics AI & Robotics
  • Oddo BHF Artificial Intelligence
  • DNCA Invest – Global New Word 
  • Sycomore Sustainable Tech
  • Oddo BHF Green Planet
  • Axa Framlington Next Generation
  • Quadrille Disruption Fund

List as of 29 June 2021

List of partner investors

  • Assurances du Crédit Mutuel
  • AG2R
  • Allianz
  • Arkea
  • Aviva
  • AXA
  • BNP Cardif
  • Bpifrance
  • Crédit Agricole Assurances
  • CDC
  • CNP
  • Covea
  • EDF
  • ERAFP
  • FRR
  • Generali
  • Groupama
  • Maif
  • Natixis
  • Secrétariat Général Pour l'Investissement
  • Société Générale
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