An investigation into public finance for potential high growth sustainable start-ups: the case of France
Article
Deffains-Crapsky, C., Nze-Obame, J.-H. and Owen, R. 2026. An investigation into public finance for potential high growth sustainable start-ups: the case of France. Venture Capital. 28 (2-3), pp. 215-243. https://doi.org/10.1080/13691066.2026.2641221
| Type | Article |
|---|---|
| Title | An investigation into public finance for potential high growth sustainable start-ups: the case of France |
| Authors | Deffains-Crapsky, C., Nze-Obame, J.-H. and Owen, R. |
| Abstract | The French private equity ecosystem is characterised by the presence of Bpifrance, a state investment bank (SIB) which has structured and streamlined the sector since its creation in 2013. On the demand side, this research questions the influence of Bpifrance, as a direct public investor with sustainable venture capital objectives for environmental and social public good. France’s venture capital market is examined on the length of time between early-stage venture capital funding rounds and the ability of funded ventures, including those with deep tech and sustainable development goals (SDGs), to progress along the stages of the finance escalator. To answer this question, data was collected from Dealroom, a platform that provides investment information on a large number of startups in different countries over their lifecycle. An event history analysis is conducted on a sample of 3741 French ventures that raised their first seed funds between 1990 and 2023. The results confirm the impact of Bpifrance and the various public programmes that accompanied it on the structuring of the French venture capital ecosystem. On the other hand, the results question the ability of Bpifrance to support start-up companies with disruptive social and/or environmental innovations that require patient capital and significant risk-taking. |
| Keywords | Potential High Growth Startups; Government Venture Capital; Sustainability |
| Sustainable Development Goals | 17 Partnerships for the goals |
| 13 Climate action | |
| Middlesex University Theme | Sustainability |
| Research Group | Centre for Enterprise, Environment and Development Research (CEEDR) |
| Publisher | Taylor & Francis (Routledge) |
| Journal | Venture Capital |
| ISSN | 1369-1066 |
| Electronic | 1464-5343 |
| Publication dates | |
| Online | 10 Mar 2026 |
| 03 Jul 2026 | |
| Publication process dates | |
| Submitted | 08 Jun 2025 |
| Accepted | 23 Feb 2026 |
| Deposited | 13 May 2026 |
| Output status | Published |
| Accepted author manuscript | License File Access Level Open |
| Copyright Statement | This is an Accepted Manuscript version of the following article, accepted for publication in Venture Capital. Deffains-Crapsky, C., Nze-Obame, J. H., & Owen, R. (2026). An investigation into public finance for potential high growth sustainable start-ups: the case of France. Venture Capital, 1–29. https://doi.org/10.1080/13691066.2026.2641221. |
| Digital Object Identifier (DOI) | https://doi.org/10.1080/13691066.2026.2641221 |
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