Normandie Participations

What Normandie Participations does

Normandie Participations (SIRET 82108002500017) is the regional investment fund (fonds d'investissement régional) of Région Normandie, headquartered at Campus EffiScience in Colombelles, France, and operated since 2016 by a team led by Directrice déléguée Stéphanie Chapiteau. It deploys equity, quasi-equity (participatory loans, convertible bonds), and syndicated co-investments into Normandy-based startups, SMEs, and mid-sized companies (ETIs) across the full company life cycle — from seed and innovation through growth and transmission (MBO/MBI).

The firm's product surface is organized into five instruments: a main venture-capital and development-capital fund (Amorçage/Innovation and Développement/Transmission), the Normandie Horizon participatory-loan vehicle (equity reinforcement without founder dilution), the Normandie Littoral blue-economy sub-fund serving Normandy's 640 km coastline and 8 commercial ports, and Normandie Défense (launched March 2026) — France's first operational regional defense-investment vehicle, endowed with €5M and targeting 10–15 investments in rank-2/3 defense sub-contractors with a €150k minimum ticket. Underlying infrastructure consists of investment-management workflows, deal-origination channels (Fast Forward Normandie accelerator, I-Day pitch event, business-angel networks), and partnership frameworks with regional institutional investors (Bpifrance, Crédit Agricole Innove, BNP Paribas Développement) rather than proprietary technology.

The business model combines capital gains realized on equity exits (notable exits include CetteFamille in 2025 and Nachos in 2023) with recurring management and subscriber fees on sub-funds — notably Normandie Défense's evergreen structure targeting 1.5%–2% annual yields for subscribers Groupama Centre Manche, Normandie Capital, and Crédit Agricole Normandie-Seine. Share capital was raised to €100M in July 2021 by Région Normandie, and the firm has participated in 100+ fundraising operations to date, alongside historical co-investors such as Normandie Business Angels, Bpifrance, and ERDF co-financing. The fund exclusively invests in Normandy-anchored companies and syndicates every deal with at least one external financial partner.

Name

Normandie Participations

Legal name

NORMANDIE PARTICIPATIONS

Website

https://normandieparticipations.fr

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Normandie Participations is the €100M regional investment fund of Région Normandie, deploying equity, quasi-equity, and participatory loans into Normandy-based startups, SMEs, and ETIs through venture, development, and transmission capital — alongside sub-funds Normandie Horizon, Normandie Littoral, and Normandie Défense.

Ownership category

akta.pro rank

Product category

Regional Venture Capital

NAICS

Other Investment Pools and Funds (5259)

akta.pro primary industry

Micro-VC & Angel Funds (FSANAAAI)

Keywords

• Regional venture capital
• Development capital
• Transmission financing
• Participatory loans
• Blue economy investment

Headquarters

HQ city

Colombelles

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations

Revenue model

1. Capital gains on equity investments: Normandie Participations generates returns through capital gains realized upon exit from portfolio companies. Investments are made via equity stakes (actions) and quasi-equity instruments (participating loans, convertible bonds). Exits occur through trade sales, M&A, or other capital reorganization events. The fund has recorded multiple successful exits including CetteFamille (2025) and Nachos (2023).
2. Normandie Defense sub-fund yield: The Normandie Defense sub-fund (endowed with EUR 5M, evergreen structure) generates a target yield of 1.5% to 2% per annum, paid to subscribers (Groupama Centre Manche, Normandie Capital, Credit Agricole Normandie Seine). Normandie Participations serves as the operational manager, earning management fees from the fund.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Normandie Participations is the regional investment fund of the Région Normandie, providing equity, quasi-equity, and participatory-loan capital to companies headquartered in Normandy. It operates a general fund plus thematic sub-funds — Normandie Horizon (participatory loans), Normandie Littoral (blue economy), and Normandie Défense (defense) — and covers the full company lifecycle from innovation/seed (€200k–€3M) through development (up to €10M) to transmission/MBO-MBI (€500k–€5M).

Product overview

Normandie Participations operates as the regional investment fund of Normandy, France, offering a portfolio of financing instruments rather than a unified software product. The main fund provides venture capital (Amorçage/Innovation) and development capital (Développement/Transmission) to startups and SMEs. Specialized sub-funds include Normandie Horizon (participatory loans for equity reinforcement), Normandie Littoral (coastal and maritime economy investments), and Normandie Défense (defense industry support). The fund does not offer a technology platform or SaaS product but rather provides equity investments, quasi-equity, participatory loans, and convertible bonds to Normandy-based companies.

Differentiator

Problem solved

Functional benefit

Brands

• Normandie Horizon: Participatory loan (prêt participatif) fund that strengthens equity of Normandy companies without capital dilution for the director.
• Normandie Littoral
• Normandie Défense

Products and services

• Normandie Participations (general regional fund)
• Normandie Horizon Participatory-loan (prêt participatif) vehicle for Normandy-based companies, complementing equity tickets with quasi-equity debt.
• Normandie Littoral Thematic sub-fund investing in Normandy-based companies active in the maritime, naval, port, marine renewable, fisheries, and broader blue economy value chain.
• Normandie Défense Thematic sub-fund investing in Normandy-based companies operating in the defense value chain.

Quantifiable outcome

• Over 100 fundraising operations supported since inception
• +3 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor and core.

• NAE (Normandie Avenir Entreprises)minorStrategic or Co-development Partner · 24 March 2026NAE is a key player in the regional ecosystem and partner in the animation and deployment of the Normandie Defense fund, contributing to ecosystem facilitation in the defense sector.
• AD Normandie (Agence de Developpement pour la Normandie)coreStrategic or Co-development PartnerAD Normandie is the regional development agency and co-pilot of the Fast Forward Normandie accelerator program alongside Normandie Participations. It supports the fund's ecosystem animation activities and territorial promotion.

Scale indicators13 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Bpifrance: French national public investment bank providing VC, development capital, and SME financing across France. Direct co-investor with Normandie Participations in multiple portfolio companies (Scalinx, BIM&CO, FinX). Operates at much larger scale with national mandate, but shares the public-investment DNA and regional outreach model.

Direct peers

• IRDI Capital Investissement: Toulouse-based regional private equity firm managing capital for SMEs and mid-market companies in Occitanie. Similar regional PE/VC mandate targeting seed, development, and transmission deals with comparable ticket sizes and co-investment model.
• Sodero Gestion: Pays de la Loire-based regional PE firm, subsidiary of Crédit Mutuel Arkéa. Provides growth capital and transmission financing to regional SMEs, with comparable regional mandate, bank-affiliated structure, and ticket sizes.
• Go Capital: Rennes-based regional VC firm investing across western France in early-stage and growth companies. Similar multi-stage mandate (seed, Series A) with comparable ticket sizes; co-investor alongside Normandie Participations in Scalinx (EUR 34M round).
• Breizh Up: Brittany regional VC fund backed by Région Bretagne and managed by UI Investissement. Targets seed and Series A in Brittany-based companies with similar regional government-backed model - direct analog to Normandie Participations in adjacent region.
• Nord Capital Investissement: Lille-based regional PE firm investing in SMEs and mid-market companies across Hauts-de-France. Comparable regional PE mandate with co-investment model and bank-affiliated governance structure.
• Sofipaca: Marseille-based regional PE firm supporting SMEs in Provence-Alpes-Côte d'Azur. Similar regional development capital and transmission mandate with comparable ticket sizes and Crédit Agricole-affiliated governance.
• Unexo: Caen-based bank-led VC firm (subsidiary of Banque Populaire Grand Ouest) investing in regional SMEs and startups across Normandy and western France. Direct co-investor with Normandie Participations in deals like Décor Alliance (MBO).
• Crédit Agricole Innove en Normandie (CA'IN): Innovation fund of Crédit Agricole Normandie-Seine, focused on early-stage technology companies in Normandy. Direct co-investor in multiple deals (Cap Atlas, FinX, Good Motors Agency) with overlapping geographic and sector mandate.
• Siparex: Lyon-based regional PE firm with offices across France supporting SMEs and mid-market companies. Comparable multi-stage regional mandate targeting seed, growth, and transmission deals with bank-affiliated governance (subsidiary of Crédit Agricole).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments38 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Normandie Participations