French Prime Minister Edouard Philippe announced last week that a new €400 million fund had been created to support French Tech startups.

The new Le French Tech Seed’ fund aims to support the fundraising of technology startups from laboratories, incubators or technology transfer accelerator companies. The fund will be managed by Bpifrance, France’s public investment bank, and will rely on certified business finders who will accompany startups and find them private investors.

Mounir Mahjoubi, Secretary of State for Digital Affairs, took the opportunity at the Viva Technology fair to announce his desire to make France “Europe’s model startup ecosystem and place the country in the top 3 worldwide”.