When we imagine Paris, the image does not often include founders of technology firms.
While the city hosting this 12 months’s Olympics could also be higher known for its art, food, architecture and history, it is also a major startup hub.
In a typical 12 months, Parisian startups raise billions of dollars in enterprise capital funding. The city is by far the country’s dominant startup capital, typically attracting the bulk of France’s enterprise capital investment.
So far, 2024 has been no exception, with startups in Paris and other regions of France collectively securing near $4.7 billion in seed through growth funding. While funding this 12 months stays well below peak levels, it looks set to be roughly in line with last 12 months, as shown in the chart below.
This 12 months’s results were boosted by several particularly large rounds. The one that grabbed the most headlines was the Paris Mistral AIwhich develops an open-source language model. The startup reportedly raised $500 million in equity and $140 million in debt in a June financing at a valuation of over $6 billion.
Electrawhich provides charging stations for electric vehicles, was one other major fundraiser. The Paris-based company closed a $330 million Series B in January, led by Bpifrance AND PGGM Investments.
HysetCowhich offers hydrogen vehicles and refueling services, also closed a $217 million jumbo round. The fundraising comes at a time of strong funding for hydrogen mobility startups.
For a longer list of French startups that have raised larger funding rounds this 12 months, we’ve included Crunchbase data below to create a list of the 10 biggest beneficiaries.
In the coming weeks, the highlight shall be on athletes, not founders, competing for glory in Paris. But long after the Olympic stars have left town, startup employees will still be working hard in the City of Light to say victory that doesn’t involve medals.