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  • 🇫🇷 French Tech Updates — June 10, 2024. €174m in new funding for French companies.

🇫🇷 French Tech Updates — June 10, 2024. €174m in new funding for French companies.

What you need to know this week in France: 🚀 a €1.2b IPO, 🪖 all eyes on France, 🔋 €1.3b for Verkor's gigafactory

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.

June is a fickle month for startups and investors. As the seasons in France change from weeks of cold rain to weeks of slightly warmer rain, this month is one of transition. The momentum of H1 will soon give way to the relative calm of the summer with deal flow slowing down and startup hubs in Paris empty out with founders and employees looking to escape the summer heat, the influx of tourists, and this year’s Olympic games.

These looming changes can also to a sense of urgency for the next 3 weeks, as cash-hungry startups sprint to secure new capital and M&A teams push to close deals before the start of summer vacations. The first week of June has already brought an uptick in activity, which could be a promising signal for the rest of the month.

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

What’s new this week in 🇫🇷

New Funding 💶

14 companies raised €174 million in the last week including smaller rounds by Seelab (€1m), Qummy (€1m), Fullwhere (€1.3m), Nova Carbon (€1.4m) and ENTROVIEW (€1.6m)

Viti-Tunnel | €2m | Agritech

Viti-Tunne, based in Bordeaux, has raised €2m from the Vitirev Innovation regional fund to move from experimental to commercial production of its innovative vineyard protection system. This system, which uses retractable tunnels powered by solar panels to shield vines from extreme weather, has shown effectiveness against mildew, frost, and hail. Unique for reducing the need for phytosanitary products, Viti-Tunnel is now set to establish a factory and aims for INAO approval.

QiOVA | €2.25m | Robotics

Saint-Etienne-based Qiova has raised €2.25m from Maison Neyret, Crédit Agricole Loire Haute-Loire Capital Innovation, ARAC III, and Métropoles Innovations. Qiova specializes in laser marking technology, offering a system that is five times faster than current methods, aimed at enhancing the serialization of consumer products.

malibou | €3m | HR/Payroll

Malibou, a Paris-based HR and payroll startup, has raised €3m in seed funding led by Breega, Y Combinator, and FCVC. Founded in 2023, Malibou targets small and medium-sized businesses in France, offering a blend of expert payroll support and a modern Human Resources Information System (HRIS). Unlike competitors like PayFit, Malibou provides comprehensive payroll services combined with a user-friendly HRIS, addressing the complexities of French labor relations.

Sopht | €3.3m | Cleantech

Sopht, a French SaaS provider specializing in reducing IT infrastructure energy consumption, has raised €3.3m. The round was co-led by Ternel and Axeleo Capital, with participation from Ring Capital, Climate Club, Wind Capital, Evolem, and Plug&Play. Sopht's "GreenOps" technology helps businesses optimize their compute usage to cut carbon emissions, with plans to significantly expand in Europe and manage 1 million tons of CO2 within four years.

Deemea | €4m | Digital Health

Digital health company Deemea has raised €4m from Karista and YZR Capital to expand its AI-powered clinical research platform across Europe. Founded in 2020, DEEMEA's "DEEMEA Research Platform" optimizes the clinical research process with advanced data collection and analysis features.

Hipli | €5m | Packaging

Hipli, a reusable packaging startup for e-commerce based in Le Havre, has raised €5m to fund international expansion with aims to collaborate with Amazon. Founded in 2020 by Léa Got and Anne-Sophie Raoult, Hipli offers textile packaging that can be reused 100 times. The company already boasts over one million packages in circulation and 350 clients, including CDiscount, Ebay, and Chantelle.

Bioptha | €6.5m | Biotech

Paris-based biotech Biophta raised €6.5m in Seed funding led by UI Investissement, Elaia, and GO Capital, with support from Unither Pharmaceuticals and HTL Biotechnology. Biophta will use the funds to advance clinical trials for ophthalmic inserts treating glaucoma and macular edema, two leading causes of blindness. Founded by Jean Cuiné and Jean Garrec, Biophta is developing a novel ocular treatment platform using "thiomer" biopolymers, providing continuous drug delivery via a hydrogel insert.

Continuity | €10m | Fintech

Continuity, a atartup specializing in AI-driven risk detection for property and casualty insurers, has raised €10m in a Series A funding round led by 115K, with support from Elaia and Bpifrance. Founded in 2019, Continuity's SaaS solutions leverage external data and AI to provide real-time risk assessment, enhancing insurers' ability to offer tailored coverage. The new funds will support technological advancements and European expansion.

Gireve | €20m | EV Charging

Paris-based Gireve has secured €20m from Partech’s Impact Fund to strengthen its position in the competitive EV charging space. Founded in 2013, the company connects mobility stakeholders with over 500,000 charging points across 35 countries, facilitating more than 100 million charging sessions yearly. This investment will support Gireve's expansion and the development of new services like Plug & Charge and Clearing.

imagino | €25m | Enterprise Software

Paris-based imagino has closed a €25 million Series A round led by Cathay Innovation, with participation from henQ, to drive growth and international expansion. Founded in 2017, imagino offers a revenue-first customer experience platform, leveraging its Customer Data Platform (CDP) to provide brands with actionable insights for marketing campaigns. With plans to expand in the UK and launch in the US, imagino aims to enhance its AI-driven features and scale its recruitment efforts to support its growth strategy.

Smart Energies | €87m | Solar Energy

Paris-based Smart Energies has raised €87m from Plenium Partners and SWEN Capital Partners, along with existing investors, to accelerate its deployment of photovoltaic (PV) systems across Europe. The funding will support the construction of over 1,000 projects in the next four years, focusing on small solar sites on roofs, parking lots, and small ground-based projects. Smart Energies specializes in mid-scale PV projects with minimal land footprint and currently owns and operates more than 500 solar sites across Europe.

Events This Month 🗓

Interesting Jobs 👩‍💻

What Else I’m Reading 📚

  • France Private Capital Breakdown (Pitchbook)

  • France is aiming to become a global AI superpower — but not without help from U.S. Big Tech (CNBC)

  • The Ballad of Birkenstock, how the 250-year-old company with Succession-level family drama transformed itself into a luxury behemoth (Bloomberg).

Before you go, I just had to share this short follow up to the “Startup Bus” problem I spoke about in the last newsletter. I guess this is different, but still a symptom of the same issue.