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La French Tech France Tech Trends q32016
La French Tech France Tech Trends q32016
La French Tech France Tech Trends q32016
TABLE OF CONTENTS
6 Investment Trends
www.cbinsights.com
SUMMARY OF FINDINGS
BOOM IN DEAL ACTIVITY TO TECH COMPANIES IN FRANCE:
Deal flow has been trending up since 2012 and recently surged
71% over 2015 full-year for a 4-year high of 368 deals in just the
first three quarters of 2016.
TECH COMPANY FUNDING REACHES A 7-QUARTER HIGH:
Funding to tech companies in France also reached a new high
mark of $1.5B in 2016. Remarkably, this is a high hit in just the
first 3 quarters of the year. Funding has generally been trending
up since Q213. In Q415, funding dropped but has since then
been growing each quarter. From Q216 to Q316, funding grew
200% to reach $857M in total funding over 145 deals.
FRENCH TECH IN STRIKING DISTANCE OF PEERS: In Q316,
France saw more funding than German tech startups and neared
the levels seen by UK startups.
EARLY-STAGE COMPANIES TAKE MORE DEALS: As with many
nascent tech investment markets, early-stage deal activity
dominates. 62% of deals in Q316 were at the early stage.
ENABLON IS MOST HIGHLY VALUED EXIT IN 2016 YTD:
Valued at $275M at the time of its acquisition by Wolters Kluwer,
Enablon comes in as the highest-valued tech exit in 2016 year-todate. Four of the top French tech exits this year were valued at
>$100M. In second was Nokias acquisition of Withings.
www.cbinsights.com
$5.5 BILLION
across
1,018 DEALS
www.cbinsights.com
www.cbinsights.com
Investment Trends:
DEALS & DOLLARS
www.cbinsights.com
368
215
166
$602
$1,482
$1,253
$1,507
131
$659
138
2012
2013
2014
2015
2016
Investments ($M)
2016 ALREADY A
RECORD YEAR IN
DEALS AND DOLLARS
FOR FRENCH TECH
Deals
www.cbinsights.com
145
128
2012
Investments ($M)
2013
2014
Deals
59
56
48
56
2015
2016
$857
$273
$258
$198
$464
36
$335
$202
$159
31
$256
35
$121
$114
$68
$253
$87
$142
$177
29
28
24
$297
33
39
$124
40
41
46
$999
53
52
EARLY-STAGE DEALS
MAKE UP 62% OF
TOTAL DEALS IN
Q316
Q3'15 - Q3'16
6%
11%
3%
16%
3%
2%
1%
13%
14%
13%
8%
3%
7%
1%
11%
12%
1%
17%
4%
6%
11%
22%
13%
56%
55%
64%
66%
62%
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Seed / Angel
Series A
Series B
Series C
Series D
Series E+
0.4%
Early-stage deals
continue to occupy the
largest deal share in
Q316 with 62% of the
total deal count. Latestage deals tend to
occupy no more than
13% of the total deal
share and in Q316 that
share is only at 4%.
Series C rounds are
down for the secondconsecutive quarter.
Other
www.cbinsights.com
Q3'15 - Q3'16
$1.4
$1.3
$1.2
$1.1
$0.9
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
10
11%
19%
18%
17%
21%
CORPORATES
PARTICIPATE IN ONEFIFTH OF TOTAL TECH
DEALS IN FRANCE
Q415 saw an uptick in
the share of deals
backed by CVCs before
falling for 2 consecutive
quarters.
Q316, however, is up 4
percentage points over
Q216 for a 5-quarter high
of 21% of total deal flow.
89%
81%
82%
83%
79%
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Other Investors
11
12
www.cbinsights.com
13
PARIS DOMINATES
DEAL FLOW TO
FRANCE-BASED
STARTUPS
Paris leads France with
162 deals to private
companies in 2016
through Q316. No other
city managed to grab
more than 8 deals.
Paris-based Zenly was
the largest mobile deal of
the quarter.
www.cbinsights.com
14
65
65
PARIS: $304M
DEPLOYED ACROSS
65 DEALS TO TECH
COMPANIES IN Q316
Top Deals - Q316
OCTO Technology
$61M // Corporate Minority
32
27
BlaBlaCar
$24M // Private Equity
23
$388
$85
$225
$185
$304
Zenly
$23M // Series B
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Investments ($M)
Deals
www.cbinsights.com
15
16
www.cbinsights.com
17
SECTOR BREAKDOWN
www.cbinsights.com
18
6%
13%
13%
4%
15%
7%
7%
9%
2%
7%
10%
6%
13%
13%
20%
70%
67%
64%
70%
57%
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Internet
Computer Hardware & Services
Software (non-internet/mobile)
www.cbinsights.com
19
29
17
WeMap
$2M // Seed
9
Nomad Education
$0.9M // Seed
$38
$28
$17
$98
$22
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Investments ($M)
Deals
www.cbinsights.com
20
$33.7M
$23.6M
$22.7M
$20.5M
$12.3M
21
$307M INVESTED
OVER 83 DEALS TO
INTERNET
COMPANIES IN Q316
Top Deals Q316
BlaBlaCar
$24M // Private Equity
39
32
Alkemics
$23M // Series B
36
$438
$96
$200
$208
$307
Cityscoot
$17M // Series A
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Investments ($M)
Deals
www.cbinsights.com
22
23
11
TVTY
$7M // Series B
Sync2ad
$2M // Series A
$13
$5
$1
$8
$30
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Investments ($M)
Deals
www.cbinsights.com
24
Q3'15 - Q3'16
10
9
Investments ($M)
$42
$34
Q4'15
$9
Q3'15
Ulule
$6M // Series A
$2
$36
Q1'16
Q2'16
Q3'16
Deals
www.cbinsights.com
25
13
Cityscoot
$17M // Series A
Yescapa
$3M // Series A
Group Corner
$1M // Seed
Investments ($M)
$23
Q4'15
$66
Q3'15
$4
$1
$25
Q1'16
Q2'16
Q3'16
Deals
www.cbinsights.com
26
27
INVESTOR
SELECT INVESTMENTS
RANK
INVESTOR
SELECT INVESTMENTS
Alkemics, Evaneos
HomeRez, Tellmeplus
Dictanova, Argosim
Zenly, Dayuse
13
OpenClassrooms, Sqreen
13
AntVoice, Wizbii
Klassroom, Evioo
13
Babbler, Intersec
BPIFRANCE LEADS
AS THE MOST ACTIVE
INVESTOR IN FRANCE
THROUGH Q316
Bpifrance and Kima
Ventures round out the
1st and 2nd spots for
most deals in the first 3
quarters of 2016. Partech
Ventures and Crdit
Agricole tied at the No. 3
spot while 360 Capital
Partners, MAIF, and
SmartAngels.fr round out
the top 5.
www.cbinsights.com
28
AMOUNT/ROUND
ROUND INVESTORS
Accenture
Keensight Capital
$23M/ Series B
Benchmark,
IDInvest Partners,
Kima Ventures,
Jerry Murdock
$23M/ Series B
Partech Ventures,
Serena Capital,
SEB Alliance,
Index Ventures,
Cathay Capital Private Equity
$20M/ Series B
Aster Capital,
Serena Capital,
CapHorn Invest
$17M/ Series A
LeasePlan
$15M/ Series B
Ventech,
CoVent Partners,
IDInvest Partners,
Airtek Capital Group (ACG)
$13M/ Series C
Omnes Capital,
CapHorn Invest,
Naxicap Partners
www.cbinsights.com
29
WEARABLES AND
SOFTWARE-AS-ASERVICE TOP EXITS
RANKINGS
The most highly valued
exit by a French VCbacked tech company in
2016 YTD was the March
acquisition of software
company Enablon by
Wolters Kluwer.
In 2nd was the $191M
acquisition of wearables
company Withings by
Nokia.
www.cbinsights.com
30
INSURANCE FRAUD
PREVENTION
SOFTWARE TOPS AI
DEALS
After completing a $10M
Series A in May 2016,
Paris-based Shift
Technology is now the
most well-funded AI
company in France.
In 2nd is Tellmeplus,
based in Paris and
Montpellier, with $4.7M
in Seed financing from
February 2016.
www.cbinsights.com
31
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32
@LaFrenchTech
www.lafrenchtech.com
@cbinsights
www.cbinsights.com