In 2024 three companies were added to the list of French unicorns — accounting software startup Pennylane, SaaS company Pigment and AI-for-coding startup Poolside.
That’s better than 2023, when only two French companies reached a billion-dollar valuation (buzzy AI startup Mistral and gigafactory builder Verkor). But it’s still a way off the golden year of 2021, when 17 startups became unicorns, promptly causing French president Emmanuel Macron to set the ambitious goal of having 100 unicorns in France by 2030.
This year has got off to a good start. In January, spacetech Loft Orbital passed the billion-dollar threshold when it raised a €170m Series C. Using Dealroom data, Sifted identified 10 French startups that are likely to be next.
All valuations are based on Dealroom estimates unless specified otherwise.
Deepki
Latest valuation: $660m-990m
Deepki collects data on ESG metrics (environment, social and governance) for the real estate industry. The platform aggregates data like carbon emissions, water and energy usage and waste to help real estate owners reach sustainability goals. It raised a $156m Series C in March 2022, followed in 2023 by a partnership with US property management company CBRE, which made an undisclosed investment in the company.
Brevo
Latest valuation: $601m-901m
SaaS company Brevo provides customer relationship management (CRM) tools for businesses. It raised a $163m Series B in 2020, reached profitability in 2023 and recently announced it made $186m in annual recurring revenues (ARR) in 2024. The company has acquired 10 companies since 2019 to expand its geographical footprint and 70% of its activity now comes from outside of France.
Alma
Latest valuation: $506m-759m
Buy now, pay later (BNPL) fintech Alma lets merchants receive payments upfront even when customers choose to pay over time in installments. In 2022 the company bagged a €115m Series C as well as $300m in debt from banking giant BNP Paribas.
Ornikar
Latest valuation: $750m (according to reports)
Ornikar is an ‘online driving school’ that provides theory driving courses and connects students with driving instructors. It last raised a $120m Series C in 2021, which was reported to value the company at $750m; at the same time, Ornikar started expanding into car insurance services. In 2024, the startup passed the $100m revenue mark, meaning that it has doubled its revenues since 2020.
MyLight150
Latest valuation: $440m-660m
MyLight150 provides a suite of products for users to set up and manage solar power sources at home, including solar panels, energy storage systems and smart heat pumps.. In 2023 the company raised a $105m Series B.
Pasqal
Latest valuation: $440m-660m
Founded by Physics Nobel Prize winner Alain Aspect, Pasqal is building quantum computers based on neutral atoms. The startup made a move into quantum software by merging with Dutch quantum company Qu&Co in 2022, and is now working on future use cases for the technology with industrial groups like EDF and French bank Crédit Agricole. It also recently partnered with US tech giant IBM to explore how to integrate quantum and classical computing. At the start of 2023, Pasqal landed a €100m Series B.
Homa Games
Latest valuation: $400m-600m
Homa Games is an all-in-one development tool for people building games for mobile. It allows users to build, test, improve and monetise their games using a single platform, and the company says that it can speed up development time from months or years to a matter of weeks. It raised a $100m Series B in 2022; in 2023, it exceeded $100m in revenues.
Descartes Underwriting
Latest valuation: $500m (according to reports)
Insurtech Descartes Underwriting provides insurance policies to large corporations and governments for climate risks like droughts, tornadoes and storms. In 2024, it also started covering cyber attacks. The startup uses AI and a variety of data sources, like ‘Internet of Things’ (IoT) sensors and satellite imagery, to assess and manage risks. It raised a $120m Series B in 2022, which reportedly valued it above $500m.
Photoroom
Latest valuation: $500m (according to reports)
Generative AI startup Photoroom announced it had reached a $500m valuation when it raised a $43m Series B last year. The company develops a photo-editing platform that’s been used to promote high-profile events ranging from the Barbie movie to Taylor Swift’s latest album release. It has seen significant traction since it launched in 2019, reaching profitability in 2020, and generating €50m in ARR in 2023.
ChapsVision
Latest valuation: $495m
Often referred to as ‘Europe’s Palantir’, Big Data startup ChapsVision has been quietly growing since it launched in 2019. The company, which provides mass data collection and analysis services for enterprises, made around €200m in revenues in 2024 and is profitable. Last year, it raised €85m to continue funding its M&A strategy — which has already seen the startup acquire 27 companies to date.
Read the orginal article: https://sifted.eu/articles/10-french-soonicorns-to-watch/
