Welcome to French Tech Updates! Your weekly source of startup, VC, and tech news and insights. I’m James, a startup-obsessed American living in Paris.

All quiet on the startup front (for now) 😴

This past week marks another slow start to the new year. Other than an entertaining spat over the price of PepsiCo products, the week was relatively quiet. But that may change soon.

Q1 is historically a busy quarter for deal activity and new deals may be on the horizon. According to TechCrunch, PhotoRoom, the popular Paris-based AI photo editing app, is already close to completing a new round with €50M-€60M in funding.

In other news, while France wasn’t immune to the global slowdown in venture funding, a new report from Sifted shows that French VCs actually ended the year on a high note with a total of €4.2B raised across 29 new funds, up slightly from 2022. That makes France one of only two European countries where VCs managed to raise more capital in 2023 than the previous year. That capital will need to be deployed, which could bode well for the French ecosystem this year.

Speaking of fundraising, are you a founder getting ready to raise your next round of funding? Hugo Berthoumieux (VC at Serena) and Jean Crosetti (Co-Founder of Green Tsunami) want to help you put your best deck forward with Roast My Deck—a new service where they’ll review your pitch and help you hone it to perfection.

And with that, let’s jump into this week’s update!

Startup To Watch – OVRSEA 👀

For the second time in the last 4 years, global shipping has grabbed headlines for unfortunate reasons. Many of us first became aware of how fragile international logistics can be in 2020 as the COVID-19 pandemic swept the globe (and swept shelves) of everything from sewing machines to toilet paper. This year, logistics are back in the spotlight following attacks on ships in the Red Sea which have caused companies like shipping giant Maersk to divert ships around the area.

Logistics are complex and businesses and consumers are both feeling the pain from repeated years of disruptions. OVRSEA is a next-generation freight forwarder tackling this global issue. Founded in 2017, OVRSEA has developed a proprietary platform to ship, track, and manage transportation by sea and air, optimize supply chains, manage inventory and customs clearance, and reduce carbon emissions from freight transport.

The complexity of freight logistics, increasing demand for solutions, and OVRSEA’s 6-year head start make them a startup to watch in 2024.

New Funding 💶

Three companies raised €59M across diverse sectors from food to semiconductors. What do two of them have in common? Both received new investments from French State funds—a key source of capital for France’s tech ecosystem.

Exits 🚪

Intel has acquired Silicon Mobility, a Valbonne-based maker of system-on-a-chip products for energy management on electric vehicles, for an undisclosed price.

Events This Month 🗓

• Wednesday, January 24th 19:00: Thinking about launching a startup? Networking with 360 Capital

• Wednesday, January 24th 12:00-13:00: Revenue, runway and returns: How to go-to-market in 2024

• Wednesday, January 24 – Saturday, January 27: MID3M+24, international music conference in Cannes.

What Else I’m Reading 📚

• Seismic Waves for 2024: VC Predictions (Rex Woodbury)

• State of European Angels (BCG and Nordic Angels)

• 99 Problems That Inspired the Biggest Startups (OpinionX)

• French Tech, What To Expect in 2024 (Maddyness)