French startups ready to take on Silicon Valley

In its latest annual report “The State of European Tech 2017, the international venture capital fund Atomico has ranked France ahead of the United Kingdom for venture capital deals this year. With 753 transactions already recorded in 2017, France has outperformed its neighbor for the first time.

The report was published to coincide with the Slush startup event in Helsinki in November, and features some very encouraging figures for the European tech scene. Importantly, a total of US$19 billion was invested in 2017, US$4.6 billion more than last year. There are now 41 European companies founded in 2003 or later that are currently valued at more than €1 billion.

France achieved a record US$2 billion of investment in startups during this time, with a significant increase in investments worth more than US$50 million. These include Doctolib (US$72 million), ManoMano (US$71 million), Younited Credit (US$50 million), Blade (US$60 million), Actility (US$82 million), Ivalua (US$75 million), and OVH, which tops the list (US$474 million in debt financing).

The results of Atomico’s report suggest that Europe’s tech scene is becoming more and more of a serious rival for Silicon Valley.

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