About This Fund
Ecotechnologies 2 is a €300 million impact venture fund managed by Bpifrance Investissement on behalf of the French government as part of the France 2030 investment programme. Established through a convention signed on December 10, 2021 between the French State, Bpifrance (EPIC), and Bpifrance Investissement, the fund represents a successor to the original Ecotechnologies fund and forms part of France's strategy to accelerate industrial and environmental transitions. The fund invests equity and quasi-equity tickets of €2 million to €10 million in innovative small and medium-sized enterprises, with all investments made on a pari passu co-investment basis with private sector partners to ensure market discipline and private capital validation.
Ecotechnologies 2 targets minority stakes in innovative SMEs operating at the intersection of environmental technology and industrial transformation. Investment focus areas include decarbonised renewable energies and green chemistry, circular economy solutions such as waste recovery, eco-design and industrial ecology, smart power grids, and vehicles of the future. The systematic pari passu co-investment mandate ensures private capital is always present alongside public funds, reducing market distortion and validating deal quality through market signals. Portfolio companies benefit from Bpifrance's broader ecosystem of financing tools, including non-dilutive public grants and subsidised debt. A notable portfolio investment is a €25 million equity participation in Standing Ovation's €30 million Series B round alongside Danone Ventures, Crédit Mutuel Innovation, and Astanor in March 2026, supporting the company's launch of fermentation-derived casein proteins in the United States.
Bpifrance Investissement manages approximately €40 billion in assets on behalf of the French State, making it one of Europe's largest public investment institutions and providing Ecotechnologies 2 with deep deal sourcing capabilities across the French cleantech and industrial innovation ecosystem. The fund builds on the legacy of the first Ecotechnologies fund (established 2014) and represents a material scaling of France's commitment to environmental innovation finance. Operating as part of the France 2030 initiative — which allocated €30 billion to accelerate French technological and industrial competitiveness — Ecotechnologies 2 is expected to fund dozens of cleantech SME growth rounds, contributing to France's ambition to lead global environmental and green industrial transitions.