Across Europe growth capital remains hard to come by — and France is no exception.
Dealroom data shows in 2024 French scaleups picked up €2.6bn in Series B and C funding, falling for the second time in a row compared to 2023 (€3.1bn) and 2022 (€4.4bn).
Yet a cohort of scaleups, many of which raised large rounds during the highs of the post-pandemic era, are likely to be looking for fresh funding soon
Using Dealroom data, Sifted identified which ones might be raising in the next few months, focusing on companies that haven’t secured fresh funding for the past 24 months. We only considered scaleups that have raised at least €50m to date, have more than 50 employees, and haven’t yet reported profitability.
Sorare
Founded: 2018
Last raise: $680m Series B, 2021
Investors: SoftBank, Accel, Atomico
Sorare, which has built a global blockchain-based fantasy sports platform backed by a number of professional football players, last raised a hefty $680m Series B in 2021, hitting a $4.3bn valuation. Since then, the company has hit headwinds, laying off 13% of staff last year as the Web3 space fell on hard times.
The company recently told French publication Les Echos it has implemented a more rigorous strategy, and that it is preparing a fundraise led by a large US-based crypto player.
A spokesperson for Sorare told Sifted: “Sorare will soon welcome an capital increase from a US crypto player to consolidate its position globally. Although Sorare remains attentive to market opportunities, the company is not preparing a fundraise in the coming months.”
PayFit
Founded: 2015
Last raise: $289m Series E, 2022
Investors: General Atlantic, Accel, Eurazeo
PayFit reached a $2.1bn valuation when it raised €254m in Series E funding in 2022. The company provides a platform to automate HR processes and payroll for SMBs and is behind a sprawling founders’ factory, but it’s not all been plain sailing. PayFit reportedly carried out two rounds of layoffs in 2023 and 2024 in which more than 300 employees were let go. It has since said that it hopes to be profitable in 2026.
PayFit did not reply to a request for comment.
Exotec
Founded: 2015
Last raise: $335m Series D, 2022
Investors: Goldman Sachs Asset Management, 83North, Dell Technologies Capital
Exotec, which is HQ’d in Croix in the north of France, builds robotic systems for warehouses. It hit a $2bn valuation when it raised a $335m Series D in 2022 and has since grown at pace, reaching a headcount of 1.3k employees and deploying systems for retailers across Europe, North America and Asia.
An Exotec spokesperson told Sifted: “Currently, our priority is innovation and growth, while maintaining a cautious approach to cash flow management. We will raise funds only if and when it is appropriate.”
Ankorstore
Founded: 2019
Last raise: $283m Series C, 2022
Investors: Bain Capital Ventures, Tiger Global, Coatue Management, Index Ventures
‘Anti-Amazon’ Ankorstore reached unicorn status when it hit a $2bn valuation in 2022 as it raised a $283m Series C. The scaleup runs an online marketplace where up-and-coming brands can sell directly to independent shops, and says it now works with more than 300k retailers and 300k brands across 28 European countries.
Ankorstore did not reply to a request for comment.
Pasqal
Founded: 2019
Last raise: $117m Series B, 2023
Investors: Temasek, Wa’ed Ventures, Quantonation
Quantum computing darling Pasqal, which builds quantum devices based on neutral atoms, has grown fast since raising a $117m Series B at the start of 2023. The scaleup’s technology is trailing that of US-based tech giants like IBM (who it recently inked a partnership with) and it has started selling its quantum computers, including to Saudi oil and gas giant Aramco.
Pasqal investor Christophe Jurczak previously told Sifted the company will need to raise again, “clearly in the triple digits”. Pascal declined to comment on its fundraising plans.
Innovafeed
Founded: 2016
Last raise: $260m Series D, 2022; plus an $11m grant in 2024
Investors: Qatar Investment Authority (QIA), Temasek, Creadev
One of the most high-profile insect protein companies in France, Innovafeed farms black solder flies and transforms them into protein ingredients for animal and human food. The scaleup has built a 55 square metre industrial site in France and says it has secured over €1bn in contracts over the next 10 years. This comes, however, as the insect protein sector faces some significant challenges, particularly following the collapse of French champion Ÿnsect, a leading company in the space.
Innovafeed declined to comment on its fundraising plans.
Homa Games
Founded: 2018
Last raise: $100m Series B, 2022
Investors: Quadrille Capital, Headline, Northzone, Singular
After bootstrapping for a couple of years, mobile games publisher Homa Games raised over $150m in just a year and a half, last securing a $100m Series B in 2022. The scaleup publishes games created by external developers and builds its own games internally, while also looking at opportunities to acquire game development studios. In 2023 it exceeded $100m in revenues.
Homa Games declined to comment on its fundraising plans.
Sweep
Founded: 2020
Last raise: $73m Series B, 2022
Investors: Coatue Management, Balderton Capital, New Wave
Carbon management platform Sweep, when it raised a $73m Series B in 2022 — just two years after launching — became one of Europe’s best-funded climate software companies. The scaleup’s platform helps large-scale, high-emissions businesses measure their carbon output, set targets and model emission reduction strategies.
A spokesperson for Sweep told Sifted: “Company revenue, customer retention, and developing the best ESG platform on the market generates the best money for our business. Not just fundraising.”
Upway
Founded: 2021
Last raise: $30m Series B, 2023
Investors: Sequoia, Korelya Capital, Exor Ventures
Upway, which sells refurbished e-bikes, raised a $30m Series B in November 2023 — in the midst of a tough year for the micromobility sector. The scaleup buys second-hand electric bikes from retailers, manufacturers and users and refurbishes them in its own warehouses before selling them to consumers with a one-year warranty. Upway hopes to be refurbishing up to 1m bikes a year in the next few years.
Upway confirmed to Sifted it is likely to be raising again in the next 12 months.
Exotrail
Founded: 2017
Last raise: $58m Series B, 2023
Investors: Bpifrance, Eurazeo, Celad
Spacetech Exotrail builds small satellite propulsion systems for deployment and movement around space. It also provides analysis and operating software that it says helps to optimise satellites’ performance.
The scaleup has grown its team fast since raising a $58m Series B at the start of 2023, and has opened subsidiaries in the US. Exotrail did not reply to a request for comment.
Read the orginal article: https://sifted.eu/articles/french-startups-due-a-fundraise-2025/
