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In 2024, the French tech ecosystem has raised 7.1 billion euros through 518 funding rounds, confirming its place as 3rd largest technological ecosystem in Europe, driven by advances in artificial intelligence. With 5 flagship unicorns (Dataiku, Hugging Face, Mistral, Owkin, Poolside), AI is redefining the landscape.
French unicorns are accelerating their trajectory: 45 unicorns in totalincluding 3 new ones in 2024 (Pennylane, Pigment, Poolside), and an average access to status in 7.1 years.
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On the exits side, 2024 saw three major acquisitions exceeding €200M (Preligens, BeReal, Lumapps)
“The years 2023 and 2024 marked a sharp contraction in the venture capital market,” explains Jean-David Chamboredon, CEO of ISAI. After a decade of upward growth initiated in 2009, French Tech is entering a phase of restructuring. “Many entrepreneurs and investors, having only experienced one bullish cycle, are now discovering the realities of bearish cycles. »
We welcome Jean-David Chamboredon, to discuss the profound changes in venture capital in France and Europe,
2025 trends
The role of private equity and M&A dynamics
Private equity plays a growing role in venture capital liquidity, often outpacing IPOs in Europe. “Private equity allows medium-sized or large companies to consolidate their ecosystem by buying smaller structures,” illustrates JDC, citing examples such as the acquisition of Obilet by BlaBlaCar.
This strategy, implemented by Isai in 2012, provides for close collaboration between venture capital and private equity. He insists: “Today, the bar for an IPO is very high, even in the United States. Private equity has become the main source of liquidity. »
AI at the center of attention
Generative AI represents between 20% and 25% of venture capital investments, according to Jean-David Chamboredon. However, he notes immature adoption and models that are still very expensive: “The amounts invested in computing power to make these models work are enormous, which makes this sector inaccessible to small funds. »
He nevertheless remains very optimistic about the opportunities that artificial intelligence offers for entrepreneurs: “A new generation of companies will emerge with disruptive applications in the upper layers of existing models. »
For entrepreneurs looking to raise funds in 2025, he recommends progressive ambition: “The best stories are built in stages, with ambition that grows gradually. » The alignment between financing and growth is fundamental and reminds us that overvaluation can be disastrous in the event of a market downturn.
