For a long time, the talents that left Europe for Silicon Valley, London or Singapore were considered “lost” for local ecosystems. Today, some investment funds reversed the perspective. Rather than trying to repatriate the brains, they choose to Finance the founders from diasporaswhere they are, with the ambition to reconnect their projects to their country of origin. A strategy now structured in several European countries, especially in France.
France structures its bridges with its tech diaspora
Among the actors most committed to supporting expatriate founders, OneRagtime,, Frenchfounders And Newfund play a central role.
Frenchfoundersinternational network of French -speaking entrepreneurs, launched Lefonds In 2020 under the direction of Géraldine Le Meur. This vehicle specifically targets startups created by French speakers abroad, based on a network of more than 25,000 members in 19 large metropolises. The ambition is to transform the diaspora into an active investment lever, by facilitating access to capital, network and mentoring where entrepreneurs are.
To talk about it, Géraldine Le Meur agreed to tell us more about his experience on these investments committed for 5 years:
FW: Why did you choose to integrate the expatriate founders into your investment thesis?
Géraldine Le Meur: “Simply because our investment platform would never have seen the light of day without Frenchfounders. Frenchfounders is the Business #1 network in the French diaspora around the world. I often say that we are not the locomotive but rather a wagon on a train that forms around a fundraising: that of the international. Our role is to strengthen a dynamic already underway, bringing a powerful, active and operational international network. More than a financial contribution, what drives us is post-lever support. We put our whole network at the service of the founders to open the doors to new markets, especially the United States, where we are present by their side. »»
FW: What criteria give you confidence in a project led from abroad but connected to Europe?
Géraldine Le Meur: “Above all: ambition. A global vision from the start, and the clear desire to create a business within international scope. Today, thinking of “global” is no longer an option – this is a necessary condition for scaling permanently. »»
FW: Can you share one or two concrete examples of diaspora startups that you have accompanied?
Géraldine Le Meur: “We are going to support Veesion in its expansion in the United States, following their B series. We also support companies like Wondrcraft or Worldia. And more Early Stage, Zeffy is a superb example – a very beautiful success story from the diaspora, and our second exit with the Frenchfounders fund. »»
FW: What do you think are the limits or tensions of this model?
Géraldine Le Meur: “From the moment you have a clear spine and a strong DNA, there are not really limits. At Frenchfounders, our compass is the accompaniment. We only invest when we know that we can be useful: vertically (via the sectors represented in the network), and geographically (thanks to the establishment of the network in countries). It is a real success factor on an alignment with the time to market. »»
FW: And more broadly, how do you see this relationship between European diaspora and VC?
Géraldine Le Meur: “Pretty good!” I really believe in cross-books. But for an entrepreneur, especially at the start of the adventure, it is essential to be able to exchange with investors who share the same cultural frame of reference. VCS capable of playing a role of “coach” in internationalization, with a real understanding of the codes and practices of their counterparts across the Atlantic in particular-this is where the collaboration between diaspora and European VCS can really create value. »»
For his part, OneRagtimefounded by Stéphanie Hospital, notably supported startups such as Gloss (founded in New York), Rippletide (San Francisco / Paris)or Jellysmackco -founded by Michael PhilippeFrench based in the United States, which has become the world leader in the distribution of content for creators on social platforms.
Newfundfor its part, combines an operational presence in Paris and San Francisco to support the French founders on the North American market. The fund supported startups such as Aircall, Tageos or In2bones by focusing on transatlantic growth models. It is distinguished by an ability to invest early in projects carried out by French people located in the United States, while maintaining an active link with the European ecosystem.
Finally alongside these pioneering structures, several French funds have integrated the diasporical dimension into their strategy. Capital quadrillewith offices in Paris and San Francisco, supports French founders in California in their transatlantic expansion, in particular via participations in Forehead Or Algolia. Isai Bases on a community of LPS entrepreneurs very connected to French diasporas in New York, London or Tel Aviv. Xangeactive between Paris and Berlin, regularly finances French founders installed abroad but developing their activity in Europe. Frstspecialized in pre-seed, also argued Jellysmackfrom its beginnings, illustrating the relevance of early support for models designed generally from the outset.
International founders and founders internationally, emblematic trajectories
Startups trajectory like Content,, Dataiku Or Weastain illustrates the ability of certain French founders to build companies on global influence, while relying on a European base.
Contentfounded by Jonathan Cherkiwas supported by Kima Ventures,, Bpifrance,, Eurazeo,, Highland Europe Then Softbankwith a strong anchoring in Paris and a rapid expansion to New York. Dataikuco -founded by Florian Douetteaureceived the support of Firstmark Capital (Ny), but also Cathay Innovation And Eurazeowhich played a relay role between American and European ecosystems. Weastainfounded by Tristan Frossarddeveloped between Paris, London and Singapore, with the support of Red River Westa fund specifically designed to support French scale-ups in their international expansion.
These examples highlight the entrepreneurial dynamic of the last 10 years, the French founders are no longer waiting to become global to be fundedthey are now accompanied from the first rounds by funds which include their double culture and their transnational ambition.
Atomico, the catalyst for global ambitions of European founders
Founded in 2006 by Niklas ZennströmSkype co -founder, Atomico has established itself as a major player in European venture capital, with an approach resolutely turned towards support for ambitious European founders, wherever they are. The fund has recently raised $ 1.24 billion Divided between two vehicles: Atomico Venture VI (485 million dollars) for investments in the priming phase and series A, and Atomico Growth VI ($ 754 million) for series B until the IPO.
Atomico has invested in more than 155 companies across 15 European countries, with notable participations in companies such as Deepl,, Corti,, Pelago,, Lakera And Neko Health . The fund makes it a point of honor to support European founders, including those from the diaspora, by providing them with operational and strategic support to help them reach a global scale.
London, European expatriate founders platform
In the United Kingdom, Balderton Capital also plays a structuring role in the financing of European founders installed abroad. Based in London, the fund adopts a resolutely continental approach, investing in startups created by French, German or Scandinavian entrepreneurs, whether they are already established in the British capital or left in the United States. He notably supported Aircallfounded in Paris, whose transatlantic expansion has been supported from London with relays in New York. Balonton is also invested in Collective cloakroom,, Complicated Or Zego. The team, which has several French people including Bernard Liautaud (ex-business objects), claims an ability to capture European projects thought out overall from the outset, including when they are already incorporated abroad.
In Europe, strategies with variable geometry
This is one of the lessons in the strategy ofIron Wolf Capitalbased in Vilnius. For its second vehicle, the lifting of which was announced last week of 100 million euros, the fund targets Deeptech startups in the priming phase carried by Baltic founders, including those installed abroad. “This Diapora based in the United States is still largely under-exploited,” explains Kadi-Ingrid Lilles, Partner. Kasparas Jurgelionis, Managing Partner, adds: “There is this idea that a Deeptech startup can only grow by relocating itself to Delaware. We don’t adhere to that. »»
The subject is not isolated. In Spain, Portugal, Poland or Romania, several funds now structure a investment thesis turned to the expatriate founders : entrepreneurs installed in global hubs, but whose roots, teams or the desire for impact remain European.
In Spain, K fund claims to support “the Hispanophone -speaking founders wherever they are”. The Portuguese Fund Indico Capital Partners Actively works with alumni from Google, Amazon or Meta of Portuguese origin, who wish to undertake in Lisbon. In Warsaw, Inovo VC supported Booksyfounded between Poland and the United States. Romanian GapMinder VC Bases on the networks of the Diaspora Tech in Germany, Canada or the US.
A diaspora that has become a strategic lever
This movement towards the expatriate founders responds to a structural reality: European talents do not necessarily return to the country, but they remain connected, culturally, economically, emotionally, to their original ecosystem. By accompanying them where they are, the European funds redraw the borders of the Early-Stage investment. It is no longer only a question of identifying local projects, but Recognize the overall scope of European talentswhile helping them keep a strategic anchoring on the continent.
It is a pragmatic response to a double tension to avoid the leakage of value to the dominant markets, and promote the constitution of European champions capable of operating in a multipolar world. A Europe which, instead of waiting for the return of its talents, now chooses to invest where they already succeed.
