French tech startups raised €2.73 billion in Q1 2026, according to our French Tech Funding Tracker. That's a 79% jump from the €1.53 billion raised in Q1 2025.
By any measure, that's a blockbuster opening quarter.
But before you pop the champagne, consider this one: 139. That's the total number of deals. Down from 189 in Q1 2025. A 27% decline.
What's going on? More money, fewer deals.
The average round increased from €8.3M to €20.4M. The median nearly doubled, too, from €2.5M to €4.7M. In other words, investors are concentrating their capital into fewer, higher-conviction bets. And mainly, that means: AI.
Welcome to what we're calling The Great Concentration.
Our Q1 report and funding database break down all the key numbers, trends, and fun factoids.
