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- 🇫🇷 French Tech Updates — May 5, 2024. €116m in new funding for French companies.
🇫🇷 French Tech Updates — May 5, 2024. €116m in new funding for French companies.
What you need to know this week in France: 💶 new VC funds, 🕵️♂️ Meta under investigation again, and 📈 15 companies raise new rounds.
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.
✈️ This intro brought to you by jet lag
I just got back from 2.5 weeks in the US and the jet lag is very real. So today’s intro is a little bit shorter than usual. Last week was a busy one here in France with 15 companies announcing new funding, two VCs raising new funds, and some interesting startup data coming from April.
For everything you need to know let’s jump into this week’s update!
…but first, whether you’re team Drake or team Kendrick, can we all agree that LinkedIn is getting out of hand?
📝 Quiz: Which 4 countries saw the most companies raise new funding in April?
(answer at the bottom of the newsletter)
A.) United States, China, Canada, UK
B.) France, India, United States, Germany
C.) China, Japan, United States, UK
D.) France, India, UK, United States
What’s new this week in 🇫🇷
💶 Intuition raises €15m fund to invest in 40 consumer tech companies: the new fund, based in Paris, will cover pre-seed to seed-stage consumer-focused companies in Europe and the U.S.
📈 Ventech launches 6th fund fresh off of a 36x return on Believe investment: The target size for the new fund is €225 million.
🇪🇺 Meta faces investigation over election misinformation: Another week, another investigation—this time with some added time pressure ahead of the approaching EU elections,
New Funding 💶
13 companies raised €116m in the last week, including €1m raised by mobile application Gleeph, €1.3m by United Visual Researchers, €1.4m by kamaé, and €1.75m by Touch Sensitivity.
Klineo | €2m | Healthtech
Paris-based digital health startup Klineo closed on €2 million in funding led by Bpifrance. Helmed by CEO Thomas Peyresblanques and CTO Nicolas Drizard, Klineo offers an AI-powered platform to connect doctors and patients to cancer clinical trials. Klineo aims to cover all cancers by the end of 2024.
VoltR | €2m | Energy
Lithium battery reconditioning startup VoltR closed a €2m round with an additional €2m raised in debt and grants. Based in Angers, VoltR focuses on repackaging used batteries for reuse to address the growing demand for sustainable energy amid the ongoing electrification of many industries.
neuroClues | €5m | Medtech
Paris-based neuroClues secured €5 million in funding led by White Fund and the European Commission’s EIC Accelerator program. The startup, founded by Antoine Pouppez and Pierre Daye, is developing an eye-tracking medical device to aid in the early diagnosis of neurological diseases like Parkinson’s and Alzheimer’s.
VelyVelo | €6m | Transportation
Paris-based VelyVelo raised €6m led by NCI to expand its electric utility bike and cargo tricycle rental business for professionals. VelyVelo aims to scale its cyclo-logistics services for last-mile delivery for clients like Uber Eats and Deliveroo across France and Spain.
SpinEM Robotics | €10m | Robotics/Medtech
The robotic spinal surgery navigation startup based in Saint-Martin d’Hères received €10m in investment from Spineart as part of a strategic partnership.
3Deus Dynamics | €10m | Deeptech
Lyon-based 3Deus Dynamics raised €10m to fund global expansion. Specializing in Silicone 3D printing, the four-year-old startup specializes in customizable composites to serve use cases in health, aeronautics, and defense.
4P-Pharma | €15m | Biotech
Lille-based clinical-stage biotech company and startup studio announced €15m raised in their second round of funding. The business focuses on developing new therapies for untreated diseases.
Carbonfact | €15m | Carbon Management
Paris-based startup Carbonfact has secured a €15m Series A round led by Alven to provide a specialized carbon management and reporting tool exclusively for the fashion industry. Carbonfact focuses on the fashion sector's specific needs, like retrieving data from ERP and internal systems to calculate product-level carbon footprints.
See You Sun | €46m | Energy
The Rennes-based startup raised €46m in their second round of funding. Specializing in photovoltaic shade structures, the company installs solar power plants for businesses and communities. With over 2,000 new solar power plants planned, See You Sun plans to expand its territorial coverage and create additional local service hubs across France.
Events This Month 🗓
May 6: The Symposium: AI Edition
May 7: AI Pioneers, How Europe Is Driving Innovation & Regulation
May 22-25: Vivatech 2024
May 23: La French Tech Europe Gathering
May 31: Paris Entrepreneurial Network
Interesting Jobs 👩💻
👩💼 CMO @ Beev
What Else I’m Reading 📚
Why France’s one-time $15 billion tech champion needs state aid (Bloomberg)
How athletes and entertainers get financially duped by those they trust most (Los Angeles Times)
A morning with the Rabbit R1: a fun, funky, unfinished AI gadget (The Verge)
Europe’s financial sector is a drag (Financial Times)
French National Quantum Update (The Quantum Insider)
Why France’s largest VC is government-owned (Maddyness)
Quiz answer: A.) United States, China, Canada, UK
In April, these four countries saw 1,883 companies raise new funding. Here’s the breakdown by country:
🇺🇸 United States: 1,323
🇨🇳 China: 197
🇨🇦 Canada: 185
🇬🇧 United Kingdom: 178