In a recent announcement, French government has revealed the list of biggest French startups of 2023. These will not only boost the economy of the country but also offer a lot of jobs to people.
As the global recession is knocking everyone’s door, these new French startups will help a lot and will try to coverup some failures. With these, new tech will evolve and a lot of people will get the job!
So guys the biggest French startups were announcement at the LA French Tech, which is a government initiative. A lot of applications collected in this super cool event and finally 120 top applications with special category of top 40 ones are selected.
Here’s the list:
Compared to the Next40 from last year, 29 of them were already in the top group. It means that 11 new startups joined the group. Some of them, like EcoVadis, NW Storm, Innovafeed, Pigment, and Verkor, were already part of the French Tech 120 and did better than most other startups.
Real estate investment platform ClubFunding, electric vehicle charging startups Electra and ZePlug, airship maker Flying Whales, real estate marketplace SAFTI, and Wifirst are among the newcomers to the Next40 (a professional telecom company).
Some of the Next40 startups from last year became public companies. The French government only wants to include private companies in these rankings so that companies that don’t share their earnings publicly can get some attention. This is why Deezer is no longer on the list and why OVHcloud was taken off last year. Others dropped out of the rankings or moved down to the second group. For example, Meero can’t be found anywhere.
Most of your place on the Next40 list is still based on how much venture capital (VC) money you’ve raised. If your company is a “unicorn,” which means you have raised at least $1 billion in funding, it automatically becomes a “Next40” company. So, 26 companies joined the Next40 in this way. The rest of the group has raised at least €100 million ($107 million at today’s exchange rate) in funding between 2020 and 2022.
In the next category, the French Tech 120, the government chose the 40 companies that have raised the most money. At least €40 million ($43 million) has been raised by these start-ups this year.
Last, the government looked at how much money the last 40 startups that were chosen made. These businesses made at least €10 million in sales every year and have grown quickly, with at least a 25% increase in sales every year for the last three years.
And it’s true that some of these new businesses are now making a lot of money. For example, Mirakl’s annual recurring revenue has reached $135 million in 2022. The new company runs marketplaces for products from third parties on popular e-commerce sites. Last year, the company worked with $6 billion worth of goods. Sendinblue, a company that automates digital marketing, has reached €100 million in annual recurring revenue, which is about $107 million. Last year, Younited made €190 million ($203 million) in sales.
If these French startups have a problem with the government, they can contact La French Tech. Then, La French Tech can set up a meeting with a French Tech rep in one of the 60 partner administrations. These reps try to help startups get visas for their foreign employees, get a certification or patent, sell a product to the government, etc.
47,800 people work for the 120 companies that make up the French Tech 120. These startups bring in €11.3 billion ($12 billion) in revenue. In other words, most metrics are going up and to the right, but some are growing faster than others. For example, only 15 companies have at least one co-founder or CEO who is a woman. When it comes to women and diversity in the French tech ecosystem, there is still a long way to go.