2023-06-22 14:23:00
France continues to establish itself as one of the main tech nations in Europe. To the point that it is in France that most of the next unicorns are to be found, these unlisted startups valued at least one billion dollars, estimates the British investment bank GP Bullhound in its 2023 panorama of European tech.
In this study published in mid-June and entitled Titans of Tech, GP Bullhound reveals, as every year, its top 50 European startups most likely, according to it, to become unicorns in the coming years. To establish this list, the experts take into account three main criteria, each of which weighs one-third of the score assigned to each company: the amounts raised over the last four years, the growth in turnover over the last three years, and the feeling of the ecosystem on the startup. The method is not infallible, but it produces good predictions: 90% of startups that were in the top 10 of the year 2021 have indeed become unicorns. The French Qonto (neobank for SMEs), Sorare (crypto) and ManoMano (DIY/gardening marketplace) were among them.
“Tech is France’s best chance of remaining a great power” (Jean-Noël Barrot)
Fintech, enterprise software and AI in the spotlight
France is particularly well placed in the 2023 rankings: 10 of the 50 startups considered to be the most promising come from France, including half of the top 10. Lyon fintech Agicap (automated corporate cash management) even takes first place, followed by Brevo (formerly Sendinblue, relationship marketing SaaS platform for SMEs) in second place, Pennylane in fifth place (accounting for businesses, winner of a 2022 Tech for Future Award the Tribune), as well as Deepki (energy efficiency of real estate) and Akeneo (product information management software for e-commerce) respectively in ninth and tenth position.
The other five French nuggets to join the top 50 are Dashlane (password management), Oviva (dietary support application), Malt (employment of freelancers), Shippeo (logistics platform) and Pigment (financial planning, member of the Next 40).
Among the other most promising European startups are the Spanish platform Wallapop (purchase and sale of second-hand products), the Israeli IT resource management platform for AI Run AI, and the Dutch property management software Mews.
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Consolidation and readjustment of European tech
In its report, the international investment bank analyzes the current turbulence in the tech sector as a necessary phase of correction and consolidation. According to her, the European ecosystem has simply erased since mid-2022 the post-Covid euphoria in valuations and fundraising, and since the first half of 2023 has returned to its 2019 levels.
Thus, despite the unfavorable economic context, 34 new unicorns have emerged in the past twelve months, for a cumulative valuation of 59 billion dollars, notes the report. The fall compared to last year is impressive: the Old Continent had generated 125 new unicorns for a valuation of 285 billion dollars, or 80% more. Europe now claims 311 unicorns, ten times more than in 2014. The number of decacorns – nuggets valued at least 10 billion dollars – does not move to 19, but it is four times more than in 2018.
And if France is leading the race on future unicorns, France is still far behind Israel (66 unicorns), the United Kingdom (61) and Germany (38) on current unicorns. GP Bullhound attributes 33 unicorns to France, but this figure is overestimated compared to the accepted count in France of 29 unicorns.
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