Key Takeaways
- • Latham & Watkins advised General Catalyst and Andreessen Horowitz (a16z) on Mistral AI's €3 billion Series D funding round, valuing the French generative AI startup at over €21 billion post-money.
- • Samsung Electronics led the Series D round, with existing investors General Catalyst and a16z participating alongside additional backers in the September 2025 financing.
- • Mistral AI has now raised approximately €5.295 billion across multiple rounds since its Series B in June 2024 (€595 million at €2 billion post-money valuation), followed by a Series C at €1.7 billion (€11.7 billion post-money), and the current Series D.
- • Latham's Paris and Boston teams maintained continuity across Mistral AI's financing trajectory, with partners Simon Lange and Pierre-Louis Cléro leading the engagement for General Catalyst and a16z respectively.
- • The Series D round positions Mistral AI as a major player in Europe's sovereign AI infrastructure, demonstrating sustained institutional investor confidence in the company's generative AI capabilities and market position.
Summary
Latham & Watkins has advised General Catalyst and Andreessen Horowitz on Mistral AI's €3 billion Series D funding round, cementing the firm's role as a key legal advisor across the French startup's financing journey. The round values Mistral AI at over €21 billion post-money, reflecting significant investor appetite for the company's generative artificial intelligence platform and its positioning as a sovereign European AI alternative.
Samsung Electronics led the Series D financing, with both General Catalyst and a16z—existing investors from prior rounds—participating alongside additional institutional backers. This continued investor participation underscores the confidence major technology companies and venture firms maintain in Mistral AI's trajectory and competitive positioning within the rapidly expanding generative AI market.
Latham's engagement demonstrates continuity of counsel across Mistral AI's capital raises. The firm previously advised General Catalyst and a16z on the €595 million Series B round in June 2024 (valued at €2 billion post-money) and the €1.7 billion Series C (valued at €11.7 billion post-money). The legal team representing General Catalyst was led by Paris corporate partner Simon Lange and Boston partner Stephen Ranere, with associate Armand Levivier, while Pierre-Louis Cléro (Paris corporate partner) led the a16z engagement alongside Bay Area partner Benjamin Potter and Paris counsel Xavier Nassoy.
The Series D round represents a critical inflection point for Mistral AI, as the company has now raised approximately €5.295 billion across its last three major financing rounds. The progression of valuations—from €2 billion in Series B to €11.7 billion in Series C to over €21 billion in Series D—illustrates accelerating investor demand and the company's establishment as a cornerstone asset in Europe's sovereign AI infrastructure narrative, competing with U.S.-based generative AI leaders while maintaining independent technical development and governance.
Samsung Electronics led the Series D financing, with both General Catalyst and a16z—existing investors from prior rounds—participating alongside additional institutional backers. This continued investor participation underscores the confidence major technology companies and venture firms maintain in Mistral AI's trajectory and competitive positioning within the rapidly expanding generative AI market.
Latham's engagement demonstrates continuity of counsel across Mistral AI's capital raises. The firm previously advised General Catalyst and a16z on the €595 million Series B round in June 2024 (valued at €2 billion post-money) and the €1.7 billion Series C (valued at €11.7 billion post-money). The legal team representing General Catalyst was led by Paris corporate partner Simon Lange and Boston partner Stephen Ranere, with associate Armand Levivier, while Pierre-Louis Cléro (Paris corporate partner) led the a16z engagement alongside Bay Area partner Benjamin Potter and Paris counsel Xavier Nassoy.
The Series D round represents a critical inflection point for Mistral AI, as the company has now raised approximately €5.295 billion across its last three major financing rounds. The progression of valuations—from €2 billion in Series B to €11.7 billion in Series C to over €21 billion in Series D—illustrates accelerating investor demand and the company's establishment as a cornerstone asset in Europe's sovereign AI infrastructure narrative, competing with U.S.-based generative AI leaders while maintaining independent technical development and governance.
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