🏆 Deal of the Week · CW 24/2024
Mistral AI raised EUR 600 million in a Series B round at a post-money valuation of EUR 5.2 billion, announced in June 2024. The round drew participation from a broad syndicate of twenty-one institutional and strategic investors with no single publicly designated lead. The deal was recognised as Deal of the Week for KW 24/2024 on Venionaire DealMatrix.
Mistral AI — key deal facts
| Company | Mistral AI |
| Founded | 2023 |
| Headquarters | Paris, France |
| Amount raised | EUR 600M |
| Valuation | EUR 5.2B |
| Round | Series B |
| Investors | SV Angel, ServiceNow Ventures, Sanabil, Samsung Venture Investment, Salesforce Ventures, NVIDIA, Millennium New Horizons, Lightspeed Venture Partners, Latitude, Korelya Capital, IBM Ventures, Headline, Hanwha Asset Management, General Catalyst, Eurazeo, Cisco Systems, Bpifrance, BNP Paribas, Bertelsmann Investments, Belifus Bank, Andreessen Horowitz |
| Sectors | Generative AI |
Who invested in Mistral AI?
The round was backed by Andreessen Horowitz, General Catalyst, Lightspeed Venture Partners, and Eurazeo alongside strategic corporates including NVIDIA, Salesforce Ventures, ServiceNow Ventures, Cisco Systems, IBM Ventures, Samsung Venture Investment, and Hanwha Asset Management, among others. The investor mix is notable for combining leading US venture capital franchises with European institutional capital — Bpifrance, BNP Paribas, Korelya Capital, and Bertelsmann Investments — and sovereign-linked funds such as Sanabil and Millennium New Horizons. This breadth signals both transatlantic confidence in European AI infrastructure and strong strategic demand for access to Mistral's model stack.
What does Mistral AI do?
Mistral AI is a French generative AI company founded in April 2023 and headquartered in Paris, France. The company, co-founded by Arthur Mensch, Guillaume Lample, and Timothée Lacroix, develops large language models targeting performance efficiency across open and proprietary tiers. Its open-weight models include Mistral Small 4 and Codestral, while its commercial frontier portfolio spans Mistral Large 3 and Pixtral Large. Consumer and enterprise access is provided through the Le Chat chatbot and the Mistral OCR API.
Mistral AI valuation & multiples
No verified EV/Sales or EV/EBITDA multiples data was supplied for this transaction; accordingly, no multiples analysis is presented here. Analysts seeking valuation benchmarks for comparable generative AI transactions can consult the Venionaire DealMatrix sector multiples pages for Software and Artificial Intelligence. Those pages are updated on a rolling basis and provide deal-level EV/Revenue and EV/EBITDA reference ranges for private-market AI companies.
Explore the benchmarks: Series B.
Frequently asked questions
How much did Mistral AI raise in its Series B?
Mistral AI raised EUR 600 million in its Series B round, announced in June 2024.
What is Mistral AI's valuation?
Mistral AI was valued at EUR 5.2 billion on a post-money basis following the Series B round.
Who invested in Mistral AI?
The round included Andreessen Horowitz, General Catalyst, Lightspeed Venture Partners, NVIDIA, Salesforce Ventures, Cisco Systems, IBM Ventures, Bpifrance, BNP Paribas, Eurazeo, Samsung Venture Investment, Hanwha Asset Management, ServiceNow Ventures, Sanabil, Korelya Capital, Bertelsmann Investments, Headline, Latitude, Millennium New Horizons, SV Angel, and Belifus Bank.
When was Mistral AI founded and where is it based?
Mistral AI was founded in April 2023 and is headquartered in Paris, France.
Source: original announcement — read the full report.