🔑 That Giant Sucking Sound

Avolta's European Software Financing & Exit Trends – October 2025 report offered some spicy tidbits on the challenges facing an ecosystem trying to scale:

Who is buying? Of course, it's those bargain shoppers from across the Atlantic.

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💸 Weekly Funding Recap: November 7

🏆 Key Highlights

• Total Raised (Equity): €129.6 million
• Number of Companies: 14
• Dominant City: Paris (10 of 14 deals)

🧬 Sector Diversity

• 🚗 Mobility & Smart Cities: €64.1M
• 💻 AI & Software: €15.4M
• ⚙️ Deeptech & Industrial Innovation: €28M
• 🌱 AgriFood & Circular Economy: €18M
• 💳 Fintech: €2M
• 🧠 Medtech & Health / Wellbeing: €0.85M
• 🎮 Gaming & Entertainment: €1.2M

🔥🔥🔥🔥

📇 Company: Upway
🔍 Description: Global leader in professionally refurbished e-bikes, building the world’s largest circular mobility network. Upway buys used e-bikes, refurbishes them to high industrial standards, and sells them online with warranty and delivery. Operating across nine countries, it aims to give new life to one million e-bikes by 2030 and expand services like financing, insurance, maintenance, and subscriptions.
💻 Website: https://upway.shop
📍 HQ City: Paris, France
🧗 Round: Series C
💰 Amount Raised: $60 million
🏦 Investors: A.P. Moller Holding (lead), Galvanize, Ora Global, Sequoia Capital, Exor Ventures, Transition, Origins, Korelya Capital
👨💼👩💼 Founders: Stéphane Ficaja and Toussaint Wattinne
🗞️ News: The $60M funding will accelerate Upway’s growth by expanding its industrial and digital infrastructure, with new UpCenters planned across Europe and North America and additional services to make e-bike ownership more accessible. The company has refurbished and sold over 100,000 e-bikes and targets one million by 2030. | The French Tech Journal

📇 Company: nextProtein
🔍 Description: nextProtein is a Paris-based AgTech company producing sustainable insect-based ingredients — protein powder (nextMeal), oil (nextOil), and fertilizer (nextGrow) — for aquaculture, livestock, and pet food. Using a circular production model that relies on low-value agricultural by-products, nextProtein delivers cost-efficient, low-impact alternatives to fishmeal and other conventional proteins. Its operations span France and Tunisia, where it is expanding to industrial scale.
💻 Website: https://www.nextprotein.co
📍 HQ City: Paris, France
🧗 Round: Series B
💰 Amount Raised: €18 million (plus €4 million in senior debt)
🏦 Investors: Swen Capital’s Blue Ocean Fund (co-lead), British International Investment (co-lead), Mirova, RAISE Impact; with debt financing from Société Générale, CIC Paris Innovation, and Banque des Start-ups by LCL
👨💼👩💼 Founders: Mohamed Gastli (CEO) and Syrine Chaalala (General Manager)
🗞️ News: nextProtein raised €18M in Series B funding to launch its second production facility in Tunisia, capable of producing 12,000 tons of insect-based ingredients annually — including 2,500 tons of protein powder. The new site will help the company reach profitability and compete at commodity scale with conventional protein sources. Investors highlighted nextProtein’s leadership in sustainable agri-food innovation and its potential to reshape global feed markets. | Feed Planet

📇 Company: Infinite Orbits
🔍 Description: Developer of satellite life-extension and on-orbit inspection technologies for geostationary assets.
💻 Website: https://www.infiniteorbits.io/
📍 HQ City: Toulouse
🧗 Round: Series B
💰 Amount Raised: €16 million
🏦 Investors: Matterwaves, Wind, Newfund Capital, EIC, IRDI Capital Investissement, Space Founders France
👨💼👩💼 Founders: Adel Habboud, Akshay Gulati, Manos Koumandakis
🗞️ News: Infinite Orbits, founded in 2017, raised €16M in Series B funding to advance its satellite servicing and inspection technologies for geostationary satellites. | Avolta

📇 Company: Fairmat
🔍 Description: Fairmat is a Paris-based deeptech company pioneering the recycling of carbon fiber composites through advanced AI, robotics, and its patented Infinity Recycling process, which enables near-infinite reuse of materials. Its “FairFactories” in France and the U.S. combine software, automation, and machine learning to deliver ultra-efficient, circular production for sectors such as mobility, energy, sports, and construction.
💻 Website: https://www.fairmat.tech
📍 HQ City: Paris, France
🧗 Round: Strategic / Growth Extension
💰 Amount Raised: €10 million
🏦 Investors: Infinity Recycling (Circular Plastics Fund, lead investor)
👨💼👩💼 Founders: Benjamin Saada (Founder & CEO)
🗞️ News: Just seven months after raising €51.5M, Fairmat secured an additional €10M in equity from Infinity Recycling to accelerate global industrialization of its recycled composites and expand into new verticals. This marks Infinity Recycling’s first investment in France and reinforces Fairmat’s leadership in sustainable industrial deeptech. The company now operates two factories (France and U.S.) and produces between 6,000–10,000 m² of recycled composite material per month, aiming for full circularity by 2027. | FrenchWeb

📇 Company: Tsuga
🔍 Description: Tsuga is a French AI-native observability platform built on a Bring Your Own Cloud (BYOC) model, enabling enterprises to deploy observability tools directly within their own cloud environments (AWS, GCP, Azure, etc.). Designed to eliminate data transfer markups, enhance governance, and provide full control, Tsuga merges the simplicity of SaaS with the security and cost-efficiency of on-prem. The platform is open-source-first and uses AI to proactively monitor and optimize performance, turning observability into a competitive advantage.
💻 Website: https://www.tsuga.com/
📍 HQ City: Paris, France
🧗 Round: Seed
💰 Amount Raised: €8.7 million
🏦 Investors: General Catalyst (lead), Singular, with angel participation from Amjad Masad (Replit), Charles Gorintin (Alan, Mistral AI), Jonathan Benhamou (Resilience), Olivier Bonnet (BlaBlaCar), and Philippe Corrot (Mirakl)
👨💼👩💼 Founders: Gabriel-James Safar (CEO, ex-Madumbo & Datadog) and Sébastien Deprez (ex-Madumbo & Datadog)
🗞️ News: Emerging from stealth with €8.7M in Seed funding, Tsuga aims to redefine observability by combining AI-native insights, BYOC deployment, and open-source integration. The funds will accelerate product development and expand its engineering and customer success teams as it brings its next-generation observability platform to market. | EU Startups, Tech EU

📇 Company: CWS (Computed Wing Sails)
🔍 Description: CWS is a French maritime cleantech company developing automated rigid wings for ship propulsion. Its patented Airfin technology, inspired by aeronautics and biomimicry, optimizes the use of wind energy to reduce fuel consumption and emissions in maritime transport. Based in Montoir-de-Bretagne, CWS is at the forefront of maritime decarbonization, bridging innovation from prototype to industrial production.
💻 Website: https://computedwingsail.com/en/
📍 HQ City: Montoir-de-Bretagne, France
🧗 Round: Growth / Series A
💰 Amount Raised: €12 million (€6M equity + €6M convertible bonds)
🏦 Investors: Supernova Invest, Bpifrance’s Maritime Decarbonization Fund (Fonds Mer Investissement), SPI Fund (Sociétés de Projets Industriels)
👨💼👩💼 Founders: Julien Morel (Inventor of Airfin technology)
🧭 New Leadership: Laurent Schneider-Maunoury appointed CEO
🗞️ News: CWS raised €12M to accelerate production and strengthen its technological leadership in automated wind propulsion for global shipping. The funding round — advised by law firm HFW — marks a strategic milestone for scaling industrial manufacturing and advancing maritime decarbonization. The company also announced its first client order with Windcoop, reinforcing its transition from R&D to commercial deployment. | HFW, LinkedIn

📇 Company: Green Spot Technologies
🔍 Description: Toulouse-based startup developing sustainable food ingredients through innovative fermentation and plant co-product valorization. The company transforms vegetal by-products into premium fermented ingredients for the agri-food industry. Its new brand, Milatea, offers low-carbon, locally produced fermented ingredients designed for bakers, pastry chefs, and confectioners.
💻 Website: https://greenspot-tech.com/fr
📍 HQ City: Toulouse, France
🧗 Round: Growth / Industrial expansion
💰 Amount Raised: €5 million (equity + bank loans)
🏦 Investors: Team for the Planet (lead), EIC Accelerator, existing investors, and new business angels
👨💼👩💼 Founders: Ninna Granucci (CEO)
🗞️ News: The funding will accelerate Green Spot Technologies’ industrial scaling and market expansion, increasing production capacity tenfold (from 100 to 1,000 tons per year) and supporting the launch of Milatea, its new brand of fermented semi-finished ingredients (powders, fillings, inclusions) derived from fava beans and plant fibers. The company, a finalist for The Earthshot Prize 2024 and laureate of French Tech Agri20 and EIC Accelerator, aims to “reinvent food through fermentation” while co-developing tailored fermentation solutions with global food industry partners.

📇 Company: Freeda
🔍 Description: Freeda is a Paris-based ConstructionTech startup using AI to detect hidden errors in architectural and construction plans before they cause costly delays. Combining artificial intelligence with human expertise from architects, engineers, and safety specialists, Freeda delivers verified plans within 48 hours — compared to 100+ hours of manual review. Its mission is to eliminate design-phase inefficiencies, which account for 70% of construction project delays, saving companies millions in rework and lost revenue.
💻 Website: https://www.freeda.so
📍 HQ City: Paris, France
🧗 Round: Seed
💰 Amount Raised: €3.4 million
🏦 Investors: Frst (lead), Brick & Mortar Ventures
👨💼👩💼 Founders: Peter Starr (CEO, ex-AECOM), Augustin Perraud (COO, ex-Xange & ScorePlay), Charles Desbaux (CTO, ex-Darktrace), Mariano Rodriguez (CSO, ex-Gladia)
🗞️ News: Freeda raised €3.4M to accelerate hiring across architecture, AI engineering, and process automation, and to expand internationally across Europe, the UK, the US, and the Middle East. The company verified 10,000 plans in 2025 and targets 1 million by 2026. Freeda also joins Station F’s Future 40 program, recognizing it among the top 4% of startups on campus. | The French Tech Journal

📇 Company: Avnear
🔍 Description: Avnear is a French fintech leveraging AI to democratize wealth management strategies historically reserved for high-net-worth investors. Its proprietary Gestion Gradual Security® system enables progressive, data-driven investing instead of lump-sum allocations, reducing exposure to overvalued markets and improving long-term resilience for retail investors. By combining real-time Bloomberg data access with expert oversight, Avnear offers institutional-grade investment intelligence to individuals starting from just €300.
💻 Website: https://www.avnear.com
📍 HQ City: Paris, France
🧗 Round: Seed
💰 Amount Raised: €2 million
🏦 Investors: Private and industrial investors (undisclosed)
👨💼👩💼 Founders / Team: Founding team of institutional finance and private banking experts with 100+ years of combined experience, having managed over €700 million in assets before launching Avnear
🗞️ News: Following an earlier round from business angels, Avnear raised €2M in Seed funding to strengthen its AI-based Gradual Security® technology, expand its product line (including ESG options), and scale its commercial operations. The company aims to reach €150 million in assets under management within two years by making professional-grade investment strategies accessible to all investors. | Planet Fintech

📇 Company: CGREEN
🔍 Description: Nantes-based startup developing biosourced, low-carbon carbon fiber made from cellulose — a renewable, local, and abundant resource. The company’s innovation reduces the CO₂ footprint of conventional petro-based carbon fiber by a factor of three while maintaining equivalent mechanical performance. Originating from a decade of R&D under the FORCE project led by IRT Jules Verne and supported by Forvia, CGREEN aims to industrialize a French biosourced carbon fiber sector to strengthen industrial sovereignty in strategic materials.
💻 Website: N/A
📍 HQ City: Nantes, France
🧗 Round: Seed
💰 Amount Raised: €2M
🏦 Investors: Socomore Ventures, Pays de la Loire Participation, ABAB (Association de Business Angels du Bassin Nantais), IRT Jules Verne, Alexandre Hamlyn (President of Artemis Composites and cofounder of Coriolis Composites)
👨💼👩💼 Founders: Gaëlle Guyader (CEO) and Céline Largeau (CTO)
🗞️ News: The funds will enable CGREEN to deploy its pilot carbonization line in Carquefou, validate its technology at pilot scale, and lay the groundwork for the industrialization of a French biosourced carbon fiber value chain supporting France’s reindustrialization and sustainability goals. | Atlanpole

📇 Company: Karavela
🔍 Description: Paris-based startup developing foundation AI models for neuroscience to decode and model brain activity from raw MRI data. Founded in May 2025, Karavela aims to build a “fundamental brain model” that can help understand neural mechanisms underlying various pathologies, paving the way for precision medicine, diagnostics, and brain–computer interfaces. The company’s approach combines large-scale data acquisition from leading research institutes (including NeuroSpin and the Institut du Cerveau) with deep learning architectures inspired by foundation model paradigms.
💻 Website: https://karavela.ai/
📍 HQ City: Paris, France
🧗 Round: Pre-Seed
💰 Amount Raised: €2 million
🏦 Investors: HCVC, Daphni, First Momentum, and several business angels from the neuroscience, entrepreneurship, and AI sectors
👨💼👩💼 Founders: Bertrand Thirion (CSO, ex-Inria Saclay), Charles Maussion (ex-Owkin), and Alexis Thual (ex-Meta, ex-Arkhn)
🗞️ News: The funds will support team expansion, international MRI data partnerships, and the development of Karavela’s first brain foundation model, with clinical collaborations planned for 2026. The company’s long-term goal is to advance AI-driven neuroscience and enable next-generation tools for diagnostics and drug discovery. | Les Echos

📇 Company: NOLT
🔍 Description: Nice-based startup developing eco-responsible, 100% circular sports equipment made from recycled polyester sourced from Mediterranean plastic waste. NOLT — short for “Nothing is Lost” — designs fully recyclable jerseys, shorts, and socks, integrating a circular production model to reduce waste in the sports industry. The company already equips over 500 teams across France and Belgium, including the Racing Club de Cannes and the Ligue Nationale de Volley.
💻 Website: https://www.wearenolt.com/en/
📍 HQ City: Nice, France
🧗 Round: Seed
💰 Amount Raised: €1.7 million
🏦 Investors: Impact Seed Ventures, Groupe Rive Neuve (FCPR Impact Performance), Matthieu Pigasse (Combat Holding), Les Gars des Eaux, ve2.ventures, Omar da Fonseca, and historical shareholders; round led by Rosenpick & Associés
👨💼👩💼 Founders: Paul Guinard and Olivier Guigonis
🗞️ News: The funds will enable NOLT to industrialize its “Maillot Infini” project — the world’s first 100% circular jersey designed for infinite recycling via an integrated QR code — enhance its AI-powered 3D configurator, and expand its B2B operations with a new Paris-based team. The company also announced a strategic partnership with ReGNR, Europe’s first circular logistics warehouse. | SportsBuzzBusiness

📇 Company: Pearl
🔍 Description: Pearl is a Paris-based startup building a new AI-powered system of action for revenue teams. Designed by former operators from Pigment, Algolia, Meta, and Dataiku, Pearl transforms how sales and revenue operations teams work by combining the intuitive interface of modern AI tools with the operational depth of a CRM. The platform turns conversations, notes, and deal updates into automated actions — enabling sales teams to focus on what truly drives revenue.
💻 Website: LinkedIn
📍 HQ City: Paris, France
🧗 Round: Pre-Seed
💰 Amount Raised: $1.4M
🏦 Investors: Kima Ventures, STATION F, Sunrise, and a group of operators & angels from Meta, Adobe, Datadog, Airtable, WhatsApp, and Pigment
👨💼👩💼 Founders: Alexis Pawlik (CEO, ex-Facebook & Pigment), Adrien Gabizon (co-founder, ex-Pigment & Algolia), Sami Touil (CTO), Julie Chabin (Head of Product & Design)
🗞️ News: Pearl emerged from stealth with backing from top European and Silicon Valley angels. Selected among STATION F’s Future 40, the company’s pre-seed round will accelerate product development of its AI-native platform for revenue teams, positioned to redefine productivity and execution in B2B sales operations. | LinkedIn

📇 Company: Hoora
🔍 Description: Hoora is a Paris-based mobile entertainment startup reinventing gaming for the scroll generation. Its platform allows users to instantly discover and play thousands of mobile games without downloads or load times — offering a fast, frictionless, and social experience inspired by social media mechanics. Positioned as “the Spotify of gaming,” Hoora aims to create a sustainable ecosystem where developers can publish, monetize, and reach global audiences through instant play.
💻 Website: https://www.hooragames.com
📍 HQ City: Paris, France
🧗 Round: Seed
💰 Amount Raised: $1.3 million
🏦 Investors: Kima Ventures; Mathias Salanon (ex-Voodoo, Ubisoft); Nicolas Steegmann (Stupeflix/GoPro); Jean-Guillaume Kleis (Keleops); Arthur Kannas & Sophie Noël (Heaven/Hopscotch); Guillaume & Maxime Doki-Thonon (Reech/Dekuple); influencers Charles Philip, Dany Graells Lehoucq (Unchained), and Johan Lelièvre (Jojol); Owen Simonin & Hector Sohier (Initial Agency)
👨💼👩💼 Founders: Romain Mussault (CEO), Nicolas Marchal (COO), Flavien Marianacci (CTO)
🗞️ News: Hoora raised $1.3M to accelerate its growth in Europe and develop new social and community features, positioning itself as the leading mobile entertainment platform. The app, already tested in France, the UK, Belgium, and Switzerland, shows strong traction with user acquisition costs below market standards and aims to expand to the U.S. next.

📇 Company: Goud
🔍 Description: Nantes-based healthtech startup offering a comprehensive preventive health service for business leaders and executives. Goud combines in-depth medical checkups with personalized physical and mental health programs to help executives maintain long-term well-being. The company operates a 300 m² center in Saint-Herblain, where members pay €2,000 per year for tailored preventive care delivered by a team of medical professionals and specialists.
💻 Website: https://www.goudsante.fr/
📍 HQ City: Nantes, France
🧗 Round: Seed
💰 Amount Raised: €1.3 million
🏦 Investors: Paul-Henri Dubreuil (Groupe Dubreuil), Christian Lainé (Rivadis Group), LNA Santé (publicly listed healthcare group), and other private investors from Western France.
👨💼👩💼 Founders: Vincent Roux (Founder & CEO)
🗞️ News: The €1.3M raise was composed of €850K in equity and €450K in bank financing and will support Goud’s national expansion, process optimization, technology upgrades, and sales development. Backed by LNA Santé’s expertise, Goud plans to open its second center by the end of 2026 (targeting Lille) before pursuing a larger Series A in early 2027 to scale nationwide. | Ouest France

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