About This Fund
The Fonds National d'Amorçage 2 (FNA 2) is a €500 million government-backed fund of funds managed by Bpifrance Investissement, the investment subsidiary of Bpifrance (Banque Publique d'Investissement), France's national public investment bank. Established by convention between the French State and Bpifrance on 28 December 2017 under the Programme d'Investissements d'Avenir (PIA — Investments for the Future Programme), FNA 2 is the successor to the original Fonds National d'Amorçage launched in 2011. The fund's mandate is to strengthen the French seed-stage venture capital ecosystem by investing in professional VC fund managers that in turn deploy capital into early-stage innovative startups. FNA 2 marks a decade-long commitment by the French government to institutional-grade support for the country's technology entrepreneurship at the pre-Series A stage.
FNA 2 operates as a fund-of-funds, making investments of €10 million to €30 million in each underlying seed-stage VC fund. The fund prioritises three strategic priority technology verticals: healthcare (biotechnologies and medical devices), digital technologies (artificial intelligence, big data, cybersecurity, fintech), and ecotechnologies (cleantech and environmental innovation). Target underlying funds must be managed by professional, institutional-grade teams with an established investment thesis and the operational capability to support a portfolio of seed-stage startups. By anchoring high-quality fund managers with public-sector backing, FNA 2 serves a catalytic function: its commitment typically enables a fund manager to complete a first close and attract private institutional co-investors, materially reducing the time-to-market for new seed funds in France.
Launched a decade after the original FNA demonstrated the effectiveness of government-backed venture catalysts, FNA 2 built on the success of its predecessor, which was credited with playing a pivotal role in the emergence of the French Tech ecosystem and the growth of Paris as a leading European startup hub. The €500 million fund is one of the largest single government mandates for seed-stage venture capital in Europe and reflects France's continued ambition to maintain global competitiveness in deep technology, life sciences, and the digital economy. FNA 2 has invested in a diversified portfolio of French seed VC funds, helping to sustain a pipeline of high-quality early-stage companies capable of scaling to international markets.