In recent months, medtech startups have been securing funding rounds at a rapid pace. This phenomenon illustrates both the sector’s dynamism and its lack of maturity.
It’s almost becoming a habit. In recent months, medtech has consistently emerged as the most active sector within French tech when it comes to fundraising. In 2025, according to the JDN barometer, its companies completed 71 funding rounds, far ahead of biotech/greentech (53), which led the pack the previous year. And the momentum shows no signs of slowing down in early 2026. In March alone, medtech recorded ten deals.
It’s hard to imagine such a high level of activity just a few years ago. In 2022, for example, the sector still ranked only fifth in terms of the number of funding rounds, well behind fintech, retail, and e-HR (again, according to our barometer). Looking further back, the contrast with the current period is even more striking.
A New Momentum
“French medtech had virtually disappeared by the late 1980s. The sector experienced a small resurgence in the 2000s, driven by a few companies that served as catalysts. Since then, entrepreneurial projects have accelerated. Everyone can see that the healthcare system is on its last legs and that medical innovation is what will save it. Medtech is a sector that makes sense and is currently generating a bit of buzz! There’s a ripple effect,” says Sacha Loiseau, vice president of MedTech in France and founder of Mauna Kea Technologies, a company that develops and markets medical devices. “In France, the foundations are solid: the country has top-tier scientists and doctors. The talent pool exists, as do the conditions necessary for the emergence of medical innovation companies.”
This enthusiasm seems partly linked to that surrounding AI: “Anything at the intersection of medtech and AI is going to become a major trend. We sensed it in 2015, and we’re seeing it today. The sector is coming to the end of a first cycle of AI in healthcare and entering a second, more closely tied to data structuring,” says Philippe Peltier, a partner at Kurma, a fund specializing in medtech. To support this new cycle, the number of investors familiar with the sector has grown. In addition to Kurma, there are Sofinnova Partners, Supernova Invest, Andera Partners, and Karista. “There are fewer of them than in the United States, but their presence is growing in France. It’s a small ray of hope,” adds Sacha Loiseau.
If medtech startups are so active in terms of fundraising, it’s also because there are relatively many of them. According to France Biotech, there are nearly 2,700 of them. However, this number must be put into perspective, according to Philippe Peltier: “Among them, there are surely startups that sell something other than a medical device. To me, developing smartwatches isn’t medtech. You have to look at whether the value proposition is based on medical hardware or rather on software that uses AI.”
Lack of consolidation
Another factor to consider: medtech companies face difficulties raising funds as they progress through the financing stages. “The problem isn’t raising seed funding. From a certain stage onward, however, things get complicated, even though these companies need significant capital to fund clinical trials or comply with regulatory requirements,” laments Sacha Loiseau.
When it comes to funding, quantity doesn’t always equate to quality. The month of March perfectly illustrated this reality. While the sector was the most active with ten funding rounds closed, it ranked only fourth in terms of amounts raised, whereas other sectors saw their leaders secure mega-rounds (AMI Labs or Alan, to name just a few). “French medtech lacks true success stories.” It remains to be seen whether the sector’s new leaders, such as Nabla (which has developed a medical assistant), Adcytherix (specializing in anticancer drugs), or Wandercraft (an expert in exoskeletons), will succeed in embodying these successes.
In the meantime, the proliferation of “small” fundraising rounds highlights the limitations of French medtech: “The sector is certainly dynamic, but we have a real consolidation problem. We don’t have a major leader. At best, we might have ten mid-sized companies,” continues Sacha Loiseau. “Honestly, there’s little chance of seeing consolidation in the sector. I’ve been in this business since 1999 and I haven’t seen many medtech companies merge. It’s rare in our sector. It’s a shame because it’s the best way to build large companies,” concludes Philippe Peltier.
