France’s Tibi initiative aims to boost French IPOs and help SMEs scale while staying rooted in France and Europe, with a stronger European focus to back pan-European funds capable of financing technology firms through larger funding rounds.

The program’s latest phase expands to support pan-European funds that can invest across multiple countries, extending the model beyond France to create Europe‑wide tech growth funding where local funding falls short.

Phase III brings in new participants across transport, defense, insurance, and satellite sectors, including Carac, SNCF, RATP, Naval Group, MBDA, and Eutelsat, broadening institutional and corporate backing.

The investor base in Phase III is widened to include private insurers like AXA and Groupama, along with state-linked entities, with half of the new funding earmarked for deeptech.

Analysts note that Tibi demonstrates how state‑facilitated institutional capital can drive domestic investment and potentially scale Europe‑wide funding, though questions remain about competition with EU‑led initiatives and cross‑border pace.

Economist Philippe Tibi highlights that European institutional investors would need roughly 1% of assets, about €150 billion, in venture capital to compete with the U.S. and China in late‑stage tech financing.

Compared with Brussels’ ETZI, Tibi is government‑led and country‑focused, while ETZI is an EU‑wide fund‑of‑funds program open to national governments via an EU institution.

France aims to mobilize €13 billion in Phase III to fund French and European tech, with half of investments in deeptech, targeting a total envelope of about €15 billion by 2030 and cumulative funding near €31 billion since 2020.

The Phase III target is to mobilize €13 billion by 2032 from 42 institutional investors, with an aspiration to reach €15 billion.

Phase III contemplates €15 billion by end-2030, building on a six‑year trajectory that followed Phase 1’s €6.4 billion and Phase 2’s €7 billion commitments.

Tibi is not a new public fund; it nudges insurers and pension funds to back venture and growth funds, with the Treasury selecting eligible funds and labeling them for support.

Both Tibi and ETZI target late‑stage European tech funding above €50 million, raising questions about collaboration or competition between the two initiatives.