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Country comparison

France vs Canada: startup funding compared

Since 2 June 2025, startups in France raised $11.8B across 366 rounds, 2.4 times Canada's $4.8B.

FrancevsCanada
$11.8BCapital raised$4.8B
366Rounds114
$6.9MMedian round$6M
1.7%Share of all capital0.7%
66%Early-stage rounds55%

Capital raised running total by month

$11.8B$5.9B France, end of Jun 25: $622MFrance, end of Jul: $1BFrance, end of Aug: $1BFrance, end of Sept: $3.7BFrance, end of Oct: $4.3BFrance, end of Nov: $4.6BFrance, end of Dec: $5BFrance, end of Jan 26: $5.4BFrance, end of Feb: $5.6BFrance, end of Mar: $6BFrance, end of Apr: $6.2BFrance, end of May: $6.5BFrance, end of Jun: $7.2BFrance, end of Jul: $7.5BFrance, end of Aug: $7.5BFrance, end of Sept: $11.2BFrance, end of Oct: $11.7BFrance, end of Nov: $11.8BCanada, end of Jun 25: $206MCanada, end of Jul: $392MCanada, end of Aug: $1.1BCanada, end of Sept: $1.1BCanada, end of Oct: $1.2BCanada, end of Nov: $2BCanada, end of Dec: $2BCanada, end of Jan 26: $3.2BCanada, end of Feb: $3.7BCanada, end of Mar: $3.9BCanada, end of Apr: $3.9BCanada, end of May: $4BCanada, end of Jun: $4.5BCanada, end of Jul: $4.5BCanada, end of Aug: $4.7BCanada, end of Sept: $4.7BCanada, end of Oct: $4.7BCanada, end of Nov: $4.8B Jun 25SeptDecMarJunSept
FranceCanada
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Where the money goes share of capital by sector

France

  • AI66%$7.7B
  • Other8%$883M
  • Health6%$752M
  • Fintech5%$594M
  • Climate & Energy4%$453M
  • Robotics & Hardware3%$383M

Canada

  • AI43%$2.1B
  • Robotics & Hardware25%$1.2B
  • Other13%$611M
  • Enterprise software8%$372M
  • Fintech4%$190M
  • Health4%$181M

Biggest rounds

France

  1. Mistral $3.5B 1
  2. Mistral AI $2B 2
  3. Alan $547M 3

Canada

  1. Waabi $750M 1
  2. Clio $500M 2
  3. Cohere $500M 3

Stage mix share of rounds

FranceCanada
47%Pre-Seed and Seed39%
19%Series A16%
5%Series B10%
3%Series C and later8%
26%Other or undisclosed27%

Most active investors rounds joined

InvestorFranceCanada
Bpifrance55·
Kima Ventures46·
Y Combinator103
Daphni11·
50 Partners10·
Better Angle10·
EIC Fund10·
Speedinvest10·
Alven9·
BNP Paribas Développement9·
Elaia9·
OVNI Capital9·

Startup hubs rounds and capital by city

France

  • Paris198$6.1B
  • Grenoble13$327M
  • Marseille5$150M
  • Malakoff1$117M
  • Lyon8$104M
  • Bordeaux7$87.2M

Canada

  • Toronto37$2.3B
  • Vancouver15$903M
  • Montreal25$535M
  • Montréal1$302M
  • Calgary9$155M
  • Richmond3$122M

Latest rounds

Questions

Which country raised more startup funding, France or Canada?

France. Since 2 June 2025, startups in France raised $11.8B across 366 rounds, against $4.8B across 114 rounds in Canada, 2.4 times more. That is 1.7% and 0.7% of all the capital FundraiseBase tracked worldwide over the period.

How many startup funding rounds were announced in France and Canada?

366 rounds in France and 114 rounds in Canada since 2 June 2025, about 20 and 6 a month.

Are startup rounds bigger in France or Canada?

The median round is $6.9M in France and $6M in Canada, and the average round $32.1M and $42.2M. The median shows the typical round; the average is pulled up by a few very large ones.

What is the biggest startup round in France?

The biggest startup rounds in France since 2 June 2025 are Mistral ($3.5B, Series D, 8 Sept 2026), Mistral AI ($2B, Series C, 9 Sept 2025) and Alan ($547M, 29 Jun 2026).

What is the biggest startup round in Canada?

The biggest startup rounds in Canada since 2 June 2025 are Waabi ($750M, 30 Jan 2026), Clio ($500M, Series G, 10 Nov 2025) and Cohere ($500M, 14 Aug 2025).

Which sectors attract the most startup funding in France and Canada?

In France, AI ($7.7B, 66% of the capital), Health ($752M, 6%) and Fintech ($594M, 5%) lead. In Canada, AI ($2.1B, 43% of the capital), Robotics & Hardware ($1.2B, 25%) and Enterprise software ($372M, 8%) lead.

Is France or Canada better for early-stage startups?

Early-stage rounds (Pre-Seed, Seed and Series A) make up 66% of rounds in France and 55% in Canada. France recorded 172 Pre-Seed or Seed rounds and Canada 45 Pre-Seed or Seed rounds, with a median of $3.1M and $3.3M.

How much growth funding (Series B and later) goes to France and Canada?

Startups in France raised $6.8B in 30 Series B or later rounds, 58% of the country's capital. In Canada, $1.9B in 20 rounds, 39% of the capital.

Who are the most active startup investors in France?

Bpifrance (55 rounds, 8 led), Kima Ventures (46 rounds, 5 led) and Daphni (11 rounds, 8 led) are the most active investors in France.

Who are the most active startup investors in Canada?

BDC Capital (6 rounds, 2 led), Inovia Capital (6 rounds, 1 led) and Garage Capital (6 rounds, 1 led) are the most active investors in Canada.

Which investors back startups in both France and Canada?

25 investors joined rounds in both countries. The most active: Y Combinator (10 in France, 3 in Canada), General Catalyst (5 in France, 2 in Canada), Seventure Partners (5 in France, 1 in Canada), White Star Capital (4 in France, 2 in Canada) and Entrepreneurs First (4 in France, 2 in Canada).

Which cities lead startup funding in France and Canada?

Paris leads France with $6.1B across 198 rounds, ahead of Grenoble ($327M). Toronto leads Canada with $2.3B across 37 rounds, ahead of Vancouver ($903M).

Which month brought the most startup funding?

In France, September 2026 ($3.7B). In Canada, January 2026 ($1.2B).

How much did startups in France and Canada raise in the last 90 days?

In the 90 days to 12 Nov 2026, startups in France raised $4.2B across 29 rounds and in Canada $274M across 9 rounds.

Where does this data come from?

FundraiseBase lists startup funding rounds from public announcements: press releases, company posts and news coverage, checked and updated every day. Amounts are in US dollars. Some rounds are never announced, so the figures show what was made public, not every round. Corrections are welcome.

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