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  • 🇫🇷 French Tech Updates — November 18, 2024. €223M in new funding for French companies.

🇫🇷 French Tech Updates — November 18, 2024. €223M in new funding for French companies.

What you need to know this week in France: 🤖 OpenAI office opens in Paris, 🚀 Future 40 startups announced, 🤝 and a crypto acquisition.

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.

Meet 2024’s Future 40 🚀

Last Wednesday, Station F announced this year’s Future 40 startups—the list of companies identified by the world’s largest startup campus as the most promising out of 1,000 businesses located at Station F.

Compared to previous years, a few things stood out about 2024’s batch. The first, and most obvious is the dominance of AI—with 33 of the 40 startups listing AI or Machine Learning as their primary industry.

AI was already a hot sector in 2023, but there was a much more diverse range of primary sector focuses in last year’s batch. Some of this shift is likely due to labeling more than anything else, as more startups are leading with the AI angle year this to help with fundraising and hiring.

The 2024 Future 40 looks a lot more diverse when taking into account the secondary industries listed on Station F’s database.

The Future 40 in 2024 also appears to be the most mature group yet in terms of funding—with more startups at the seed stage than in 2023 and even two that have raised a Series A. A rule change from last year, which removed a previous limit of $1 million or less in total funding and opened up applications to all Station F startups, also probably contributed to this change.

The majority of the startups were on the younger side with 8 founded this year and the majority founded in 2023, but only 9 of the startups have a female founder or a woman on the executive team.

For more info on each of this year’s Future 40 startups, check out TechCrunch’s write up here.

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

What’s new this week in 🇫🇷

🌍 Headlines from around the world

  • 👮‍♂️ FBI seizes Polymarket CEO’s phone (NBC)

  • 👩‍⚖️ Meta to face FTC charges for acquisitions of Instagram and WhatsApp (Reuters)

  • 📈 Klarna has filed paperwork for an IPO in the US (CNBC)

  • ✂️ Layoffs at chip manufacturer AMD and EdTech giant Chegg (nerdwallet)

  • 🍎 New Apple products will focus on smart home functionality (Bloomberg)

  • ✌️The CEO of Saudi Arabian mega-project Neom has quit (The Guardian)

  • 🤖 AI search engine Perplexity will start including ads this week (TechCrunch)

New Funding 💶

16 companies raised €223M in the last week, excluding an $11.8 million grant from the USDA for InnovaFeed but including €320K by Gr33t (Digital wellbeing), €400K by Doado (Health and Wellness), €800K Ekip (Employee Benefits), and €1.5M by OuiLive (HR).

Theremia | €3M | Drug Discovery

Drug efficacy platform Theremia has raised €3 million in seed funding led by Eurazeo and Salica Investments, with support from Entrepreneur First and others. Founded this year, Theremia’s tooling uses AI to personalize drug treatments by adjusting dosage, frequency, and formula based on individual patient characteristics. Initially targeting neurology, the company partners with institutions on diseases like Alzheimer's and Parkinson's and aims to expand its team and partnerships globally.

Omaha Insights | €3.5M | Fintech

Paris-based Omaha Insights has raised €3.5 million in seed funding led by Ventech with participation from Axeleo Capital and VIA AM. Founded earlier this year, the startup offers an AI-powered platform aiming to standardize complex accounting data and help investors assess companies' financial health more accurately. The funding will support Omaha’s expansion across Europe and the US and further build-out its SaaS and API solutions for asset managers and quantitative funds.

Trace For Good | €3.5M | Supply Chain

Trace for Good has raised €3.5 million in a round led by Hi inov-Dentressangle and Ankaa Ventures with participation from CS Ventures and Seed4soft. Founded in 2022, the company offers a SaaS platform for supply chain traceability, helping brands and suppliers centralize and verify compliance data to meet CSR demands. Currently active in the textile sector with clients like IKKS and Courir, Trace for Good aims to expand into other consumer goods markets and across Europe.

Proteme | €4M | Agritech

Proteme, a French agritech startup, has raised €4 million through a crowdfunding campaign on Sowefund and private equity to advance its biodegradable "second skin" technology for food preservation. Founded in 2021 by Paul Malfoy and Valentin Sabatet, the startup targets bananas and lemons, claiming to extending shelf life by up to 10 days and reduce mold. The funds will scale production and support regulatory approvals, with commercial launch expected in 2026.

JUST | €8M | E-commerce

Paris-based e-commerce startup JUST has just (I couldn’t resist) raised €8 million in seed funding led by BACKED VC, with participation from Daphni, Otium, and FJ Labs, to drive European expansion. Founded in 2022, JUST offers a checkout solution they claim helps merchants increase revenue by 10-15%. With 1 million users and partnerships with 500 brands, JUST integrates with shopping across channels—including on social media and in-store.

Prelude | €8M | SMS Verification

Paris-based Prelude, creator of an SMS verification program, has raised €7.6 million in seed funding, led by Singular and Seedcamp. Founded in 2022, Prelude claims to reduce SMS verification costs by 40% thanks to cost-effective routing and has served over 100 million accounts globally.

IADYS | €10M | Robotics

Marseille-based IADYS has raised €10 million to expand its water decontamination technologies, including its flagship Jellyfishbot—a robotic solution for cleaning water pollution and addressing environmental challenges in waterways. The funding will support further product development and the opening of a U.S. office in Houston to serve American clients.

Polar Analytics | €18M | E-commerce

Paris-based Polar Analytics has raised €18 million in a Series A round led by Chalfen Ventures, with Point Nine and Frst also participating. The platform helps e-commerce retailers analyze first-party data to improve marketing performance, reduce customer acquisition costs, and boost email revenue. Already used by more than 3,700 brands, Polar aims to further expand in the US and Europe.

FASST | €27M | Insurtech

French insurtech startup Fasst raised €27 million in a round led by Revaia with participation from Bpifrance. Founded in 2017, Fasst digitalizes health and welfare insurance processes—half of which are still done on paper. With the new funding, the company plans to expand into additional European markets like Luxembourg, Germany, and Spain.

Agicap | €45M | Fintech

Lyon-based cash flow management platform Agicap has raised €45 million ($48 million) in a Series C round led by AVP. Agicap’s software helps CFOs centralize data and forecast cash positions across different bank accounts, subsidiaries, and currencies, as an alternative to tools like Excel for treasury management.

OpenAirlines | €45M | Aviation

Toulouse-based OpenAirlines, creator of the eco-flying software SkyBreathe, has raised €45 million in funding led by Eiffel Investment Group and Mirova. The SaaS platform uses AI to analyze flight data, claiming to help airlines reduce fuel consumption by up to 5% and significantly cut CO₂ emissions. With over 70 airlines as clients, including Air France and JetBlue, OpenAirlines plans to expand its offerings and accelerate sustainable innovation in aviation.

Elicit Plant | €45M | Agritech

Charente-based agritech Elicit Plant has raised €45 million in a Series B round led by Germany's Carbyne Equity Partners, alongside Sofinnova Partners, ECBF, and Bpifrance. Founded in 2018, Elicit Plant uses plant-derived phytosterols to create bio-based solutions they claim can improve crop yields by 10% and reduce water usage by 20%. With approvals across Europe, Ukraine, Brazil, and parts of the U.S., the funds will support its U.S. market launch for maize products.

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