Mistral raises €3bn at a €21bn valuation in Europe’s largest tech equity round
Mistral has raised €3bn in a Series D at a post-money valuation of more than €21bn, which the company says is the largest equity fundraising ever completed by a European technology firm.
Samsung Electronics led the round, three years after the Paris company was founded. The co-leads are the part worth pausing on. One is PSG Equity, an existing backer since the Series C.
The other is the Scaleup Europe Fund, the roughly €5bn vehicle the European Commission set up to keep the continent’s largest technology companies from having to raise abroad, and which EQT was selected to manage in May.
Europe’s biggest private technology round now has publicly backed European capital sitting at the front of it.
The trajectory has been steep. Mistral closed a €1.7bn Series C at an €11.7bn valuation in September 2025, led by ASML. Twelve months and one round later, the valuation has nearly...
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