Bpifrance, Banque des Territoires and Icade Launch Urban Ventures, a €45M Fund
Bpifrance, Banque des Territoires, and Icade have launched a new venture capital fund dedicated to startups transforming the building and construction sector. With a current endowment of €45M, Urban Ventures aims to reach €80M and focuses on seed and Series A investments in France and Europe.
Urban Ventures targets six areas of intervention: artificial intelligence, data and digital solutions for designing, operating, and decarbonizing buildings; low-carbon technologies and materials for construction, renovation, and reuse; decarbonized energy linked to buildings (production, storage, management); new operational and programming models for buildings (mixed-use, affordable housing, urban logistics); financial innovations and economic models of the sector (making buyers solvent, new forms of investment); and territorial resilience related to buildings (soil, water, biodiversity, climate adaptation). The fund invests in minority stakes, with ticket sizes ranging from €1M to €4M.
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Urban Ventures works in conjunction with Urban Odyssey, Icade's startup studio, which forms the first stage of the system. Urban Ventures serves as a natural extension, the second stage allowing the best solutions to scale. The funded startups benefit from real-world experimentation and direct market access through Icade, as well as a territorial network of public and private clients via Banque des Territoires. This integrated model aims to reduce the time to market for innovations and accelerate the emergence of French and European champions in a sector critical for industrial and energy sovereignty.
Confirmation de la guidance annuelle 2026 avec un CFNC Groupe attendu entre 2,90 € et 3,10 € par action
Risks mentioned
Baisse de valeur du patrimoine de -3,1 % à périmètre constant, dont -2,8 % sur les bureaux
Réversion négative attendue sur les renouvellements de baux, potentiel de -7,1 % sur les loyers faciaux
Coût moyen de la dette en hausse à 1,85 %, attendu à environ 2 % fin 2026 ; ICR dégradé à 3,8x
Opportunities identified
Promesse de vente des actifs de santé au Portugal, environ 75 M€ en quote-part Icade
Acquisition des 49 % de la Tour Eqho avec un rendement supérieur à 8 %, relutive sur le CFNC
Réservations résidentielles en hausse de 11,9 % en volume et 6,4 % en valeur
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
