In a technological ecosystem that has never evolved so fast, BNP Paribas is carving out a place as a key actor and a benchmark partner for start-ups and innovative companies. From consulting and networking to financing and fundraising, not to mention fast-track programmes, everything is in place to support the development of future champions. The Group's three-pronged approach — sector-specific expertise, a relationship of trust and decisive support at key moments — is bearing fruit: it supports 80% of the companies on the French Tech Next 120 list, a government programme dedicated to the 120 most successful French scale-ups. The sixth cohort of this programme was unveiled on 5 June. There's no let-up in the mission, as BNP Paribas is keen to increase the pace of its support, with the key objective of assisting 5,000 innovative companies by 2030.
Expert bankers across all sectors
“We are able to present all of BNP Paribas' specialised business lines to our founders, whatever the company's stage of development, and so support them from the creation of the start-up through to the IPO (Initial Public Offering),” explained Luc Aufrère, Sales Director, BNP Paribas, in charge of scale-ups, during the conference “From Start-up to Scale-up: Financing Strategies & Growth” held at Viva Technology 2025. “What we implement with large groups, we also offer to scale-ups.”
Long-term support comes from BNP Paribas Développement, the Group's private equity arm, where Thomas Bourlot specialises in Venture Capital. Wholly owned by BNP Paribas, the fund is based on an evergreen model, designed to operate for an unlimited duration and therefore with a guarantee of lasting commitment.
"This allows us to support companies throughout their entrepreneurial journey and so reinvest according to their needs"
Launched at the end of 2016, the division has already invested €120 million in 80 start-ups, with an early stage positioning – from seed funding through to series B. “Our approach is sector agnostic since we invest broadly in areas such as AI, Healthtech, Deeptech and energy transition,” he said. BNP Paribas Développement currently manages a portfolio of more than €2 billion, spread across 600 holdings in France.
Support built on trust
In concrete terms, what does this relationship look like on a daily basis? For BNP Paribas teams, it all starts with an in-depth dialogue with management. “The first contact is based on an extremely simple analysis aimed at understanding the leader's strategy at 2, 5 and 7 years,” explained Luc Aufrère. “Our role is to get a handle on the project, with a view to proposing suitable solutions with high added value.”
VIVA Technology 2025 - Alix Gasnal and Luc Aufrère during the panel "From Startup to ScaleUp : Financing Strategies & Growth".
This ongoing strategic dialogue enables us to consider complex and robust scenarios. “For example, the search for funding involves joint reflection with our founders, with a view to advising on and refining the chosen option,” he pointed out. Moreover, in the more delicate phases, human relations and transparency are key. “You have to create trust and this means regular communication,” underlined Alix Gasnal, BNP Paribas business manager specialising in Deeptech. "Today everyone understands that we can't do anything alone. Agility and responsiveness remain crucial, especially in capital- or technology-intensive sectors. And they can result in genuine success.”
“I'm thinking for example of Stilla Technologies, the French MedTech start-up sold to the American company Bio-Rad (unavailable link)for nearly US$225 million”, said Thomas Bourlot. “We became involved with Stilla at an early stage, providing our support through various challenges amid an unstable economic climate, which ultimately contributed to a highly successful launch.”
Do you speak start-up? Definitions to help you understand
- Series A: The first institutional fundraising round marking the start-up's transition from prototype to industrialisation of its product or service.
- Series B: Financing round intended to accelerate business development, organise teams and target new markets.
- Early stage: The initial phase of start-up development, where the product is built, the market is tested, and the foundations of the business model are laid.
- Scale-up: A fast-growing start-up with a proven business model that is looking to change scale quickly, often internationally.
Giving start-ups decisive support
From the entrepreneurs' point of view, this support translates into a concrete impact on the trajectory of their business. This is the case of Inbolt, a Deeptech start-up specialising in the guidance of robotic arms. “BNP Paribas Développement became one of our first institutional investors in 2022, during our €2.5 million seed funding round,” explained Rudy Cohen, its CEO.
Since then, the relationship has grown closer, especially during the €15 million Series A in 2024, in which BNP Paribas Développement reinvested. “Their involvement has clearly changed the trajectory of the company,” he said. “They offer genuine strategic advice, connect us with their vast industrial network and open doors for us.”
The collaboration with Thomas Bourlot is viewed as both challenging and considerate. “It’s a balanced relationship. They're investors and though demanding in a good way they're always accessible,” continued Rudy Cohen. Today, Inbolt can boast leading clients such as Stellantis, Toyota and Tesla, and an international presence in Europe, the United States and Japan.
At Kumulus Water, a Tunisian start-up that uses its patented Amphore technology to turn air into water, the feedback points in the same direction. “We joined WAI Paris (We Are Innovation), the BNP Paribas start-up accelerator, in 2023. In our view, what sets them apart from other banks is their daily support,” explained Capucine Cogné, Head of Marketing. “We can contact them at any time, and that presence is very valuable”.
BNP Paribas stands out for its long-term approach, its network, its ability to understand the logic specific to innovation and its broad-based approach, which allows it to offer a start-up manager different professional and private solutions. It is a trusted partner for tech entrepreneurs who are building the future.
“Hats off to those who are driving innovation. One thing’s for sure, there are some great stories yet to be written,” concluded Alix Gasnal.
Under the microscope: 5 criteria sought by BNP Paribas when investing
According to Thomas Bourlot, Investment Director of BNP Paribas Développement:
- The fouding team “This is the most important criterion in the early stage.” Investors assess whether the team is truly capable of taking the project forward, making it grow, and adapting it to the vagaries of development.
- Market depth “We ask ourselves: is the product aimed at a niche market or a broad audience?” Preference is given to projects capable of addressing an extensive market, with significant expansion potential.
- Barriers to entry “We check to see if there is a real technological differentiation that is hard to replicate.”The existence of a major technological advantage, which is difficult to copy, is a key factor in selection.”
- The development stage “Our sweet spot: Seed funding and Series A.” The intervention occurs early in the life cycle, with the ability to follow up in subsequent rounds (Series B and above).
- The ecto of activity “A sector-agnostic approach: AI, HealthTech, Deeptech, energy transition, etc.” The approach is intentionally open: any innovative project with a high impact may be examined, regardless of the field.