Bpifrance, the armed wing of the state to support innovation, drew up a flattering assessment of its investments in young start-ups on Thursday, indicating in particular that its proteges had created 9,100 jobs over the past ten years.
In ten years, the digital ventures fund of the public investment bank Bpifrance, which targets start-ups at the start of their life cycle, has 365million euros in the capital of 113 start-upswho have cr 9100 jobsaccording to his figures.
These 365 million euros were invested alongside other investment funds, mainly private, the total invested by all the partners in these operations representing 1.7 billion euros. Some of the stakes in these start-ups were sold once the start-up had grown.
But Bpifrance does not provide precise information on the amount of capital gains realized, contenting itself with giving a few clues. According to Vronique Jacques, who heads the Digital Ventures fund, Bpifrance is not far from recovering 1.7 times its original betbetter than many of its private counterparts in the sector.
We are above the median and close to the first quartile which is 1.7, she explained. The performance is all the more noteworthy as Bpifrance deliberately adopts a higher risk profile than its private counterparts, because of its particular mission of supporting innovation, according to Vronique Jacques.
So-called deeptech start-ups (high degree of technological innovation), which are more risky, represent 30% of investments today. This is twice as much as what the private sector does, indicated Vronique Jacques. The Digital venture fund still has 355 million euros to invest in the coming years.
Focused on the first years of life of start-ups, this fund is not Bpifrance’s only direct investment activity.
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The subsidiary of Caisse des Dépts also has a large venture fundwhich is intended for investments in more mature start-ups and which is endowed with 1.75 billion euros. In this case, the stakes are no longer in millions of euros, but in tens of millions of euros.
The bank also invests in private investment funds, which will in turn finance start-ups.
Bpifrance subscribed 1.5 billion euros in these funds of funds in 2021.