The French Tech 120 and Next40

What this page covers

For each laureate: the amount raised since 2020, the number of rounds tracked, sector, city, and above all the funds on its cap table. A ranking of the most present funds completes the list, singling out those that were already in at the first round.

Next40 and French Tech 120

The Next40 is not a separate list: it is forty of the one hundred and twenty laureates, singled out by a committee within the same cohort. Every Next40 company is therefore part of the French Tech 120. This page covers both, with a filter to isolate the Next40.

About the figures

Amounts cover rounds tracked since 2020, in euros: for older companies this is a minimum, not a total. The ≥ sign means at least one round has no public amount. We only show a valuation when it has been publicly confirmed, and we never total them. A laureate whose rounds have no public amount appears without one rather than being dropped from the list.

Frequently asked questions

What is the French Tech Next40/120?

An official selection run by the Mission French Tech, part of the French Ministry of the Economy, naming 120 French tech companies each year deemed most likely to scale internationally. It grants access to dedicated support: an assigned start-up manager, a network of contacts across government bodies, and help expanding abroad.

What is the difference between the Next40 and the French Tech 120?

The Next40 is not a separate list: it is forty of the one hundred and twenty laureates, singled out by a committee within the same cohort. Every Next40 company is therefore part of the French Tech 120. On this page, a filter isolates the 40 we track.

How are the companies selected?

On economic criteria: at least 20 million euros in revenue with 15% average annual growth over three years, or at least 20 million euros raised over the period. Sixty places are awarded by descending revenue, sixty by cumulative fundraising. Eligibility also requires a French head office, less than twenty years of existence, no stock market listing, and demonstrated innovation.

How much have the French Tech 120 laureates raised?

€26.9B in total across the 120 companies whose funding we track, counting rounds since 2020. That is a floor: our data starts in 2020, so earlier rounds of the oldest companies are not included.

Who funds the French Tech 120 laureates?

571 different funds sit on the cap table of at least one laureate. We rank them by number of companies, separating out those where the fund was already in at the first round we track: coming in early and joining at Series D are not the same signal.

Are all the cohort's laureates on this page?

120 of the 120 laureates in the 2026 cohort have a page here. Some have no venture round tracked since 2020 — profitable companies that qualified on revenue, debt financing, or rounds predating our data: their amount then shows as not disclosed, rather than dropping them from the list.

Does the cohort change every year?

Yes. Each cohort is rebuilt on that year's criteria, and laureates drop out as new ones come in. This page reflects the 2026 cohort: companies no longer in it do not appear, even if they were named in previous years.

The 120 French Tech 120 laureates we track

• Mistral AI : Next40, AI tools & infra, Paris, founded 2023, €5.7B raised since 2020 across 5 rounds, unicorn, centaur.
• Verkor : Next40, Climate, Cleantech & Energy, Grenoble, founded 2020, ≥ €2.5B raised since 2020 across 6 rounds, unicorn.
• Alan : Next40, Fintech & Insurtech, Paris, founded 2016, ≥ €1.2B raised since 2020 across 10 rounds, unicorn, centaur.
• ContentSquare : Next40, Adtech, Paris, founded 2008, €1.1B raised since 2020 across 7 rounds, unicorn, centaur.
• AMI Labs : Next40, AI tools & infra, Paris, founded 2024, €890M raised since 2020 across 1 round, unicorn.
• Back Market : Next40, Retail & Future of Commerce, Paris, founded 2014, €884M raised since 2020 across 6 rounds, unicorn, centaur.
• Doctolib : Next40, Healthcare & Life Sciences, Levallois-Perret, founded 2013, ≥ €833M raised since 2020 across 10 rounds, unicorn, centaur.
• Ecovadis : Next40, Legaltech, Regtech & Govtech, Paris, founded 2007, ≥ €689M raised since 2020 across 8 rounds, unicorn, centaur.
• Qonto : Next40, Fintech & Insurtech, Paris, founded 2016, €627M raised since 2020 across 6 rounds, unicorn, centaur.
• Vestiaire Collective : Retail & Future of Commerce, Paris, founded 2009, €589M raised since 2020 across 11 rounds, unicorn, centaur.
• BlaBlaCar : Next40, Mobility & Smart Cities, Paris, founded 2006, ≥ €490M raised since 2020 across 10 rounds, unicorn, centaur.
• Ledger : Next40, Fintech & Insurtech, Paris, founded 2014, ≥ €484M raised since 2020 across 8 rounds, unicorn, centaur.
• Electra : Next40, Climate, Cleantech & Energy, Paris, founded 2021, €479M raised since 2020 across 3 rounds.
• Pasqal : Next40, Electronics & Telco, Palaiseau, founded 2019, ≥ €466M raised since 2020 across 5 rounds, unicorn.
• Voodoo : Next40, Culture & Divertissement, Paris, founded 2013, ≥ €440M raised since 2020 across 5 rounds, unicorn, centaur.
• Payfit : Next40, Future of work & HR, Paris, founded 2015, ≥ €434M raised since 2020 across 7 rounds, unicorn.
• Pennylane : Next40, Fintech & Insurtech, Paris, founded 2019, €404M raised since 2020 across 8 rounds, unicorn, centaur.
• Exotec : Next40, Industry & Manufacturing, Wasquehal, founded 2015, €392M raised since 2020 across 5 rounds, unicorn, centaur.
• InnovaFeed : Next40, Agrifood, Nesle, founded 2016, €388M raised since 2020 across 5 rounds.
• Pigment : Next40, Productivity & Collaboration, Paris, founded 2019, ≥ €366M raised since 2020 across 6 rounds, unicorn.
• NW Groupe : Next40, Climate, Cleantech & Energy, Paris, founded 2007, €334M raised since 2020 across 2 rounds, unicorn.
• Swile : Next40, Fintech & Insurtech, Montpellier, founded 2016, €288M raised since 2020 across 5 rounds, unicorn, centaur.
• Shift Technology : Next40, Fintech & Insurtech, Paris, founded 2013, ≥ €270M raised since 2020 across 6 rounds, unicorn.
• Spendesk : Next40, Fintech & Insurtech, Paris, founded 2016, ≥ €260M raised since 2020 across 7 rounds, unicorn.
• Tissium : Next40, Healthcare & Life Sciences, Paris, founded 2013, €229M raised since 2020 across 6 rounds.
• H Company : Next40, AI tools & infra, Paris, founded 2023, €203M raised since 2020 across 1 round.
• ChapsVision : Next40, Data & Infrastructure, Suresnes, founded 2019, €185M raised since 2020 across 2 rounds, centaur.
• Bump Charge : Climate, Cleantech & Energy, Paris, founded 2021, €180M raised since 2020 across 1 round.
• Akur8 : Fintech & Insurtech, Paris, founded 2018, €156M raised since 2020 across 3 rounds.
• Homa Games : Culture & Divertissement, Paris, founded 2018, €155M raised since 2020 across 3 rounds.
• Deepki : Climate, Cleantech & Energy, Paris, founded 2014, €150M raised since 2020 across 1 round.
• 360Learning : Education, Paris, founded 2009, €147M raised since 2020 across 1 round.
• Agicap : Fintech & Insurtech, Lyon, founded 2016, €140M raised since 2020 across 3 rounds.
• Quobly : Next40, Electronics & Telco, Grenoble, founded 2022, €140M raised since 2020 across 3 rounds.
• Upsun : Data & Infrastructure, Paris, founded 2010, €133M raised since 2020 across 1 round.
• Alice & Bob : Next40, Electronics & Telco, Paris, founded 2020, ≥ €130M raised since 2020 across 4 rounds.
• TSE : Climate, Cleantech & Energy, Valbonne, founded 2016, €130M raised since 2020 across 1 round.
• Waat : Climate, Cleantech & Energy, Paris, founded 2018, €130M raised since 2020 across 2 rounds.
• Flowdesk : Fintech & Insurtech, Paris, founded 2020, €129M raised since 2020 across 3 rounds.
• ClubFunding Group : Fintech & Insurtech, Paris, founded 2014, €125M raised since 2020 across 1 round.
• Descartes Underwriting : Next40, Fintech & Insurtech, Paris, founded 2018, €123M raised since 2020 across 2 rounds.
• Akeneo : Data & Infrastructure, Nantes, founded 2013, €122M raised since 2020 across 1 round.
• Flying whales : Next40, Defense & Aerospace, Suresnes, founded 2012, €122M raised since 2020 across 1 round.
• SparingVision : Healthcare & Life Sciences, Paris, founded 2016, €120M raised since 2020 across 2 rounds.
• Malt : Next40, Future of work & HR, Paris, founded 2013, €111M raised since 2020 across 3 rounds.
• Mylight150 : Climate, Cleantech & Energy, Villeurbanne, founded 2014, €107M raised since 2020 across 2 rounds.
• Wandercraft : Next40, Healthcare & Life Sciences, Paris, founded 2012, €106M raised since 2020 across 2 rounds.
• Unseenlabs : Defense & Aerospace, Cesson-Sevigne, founded 2015, €105M raised since 2020 across 2 rounds.
• Fairmat : Climate, Cleantech & Energy, Paris, founded 2020, €104M raised since 2020 across 4 rounds.
• Iten : Electronics & Telco, Dardilly, founded 2014, €100M raised since 2020 across 4 rounds.
• Swan : Fintech & Insurtech, Paris, founded 2019, €100M raised since 2020 across 4 rounds.
• Ornikar : Education, Paris, founded 2014, €100M raised since 2020 across 1 round.
• Animaj : Culture & Divertissement, Paris, founded 2022, €98M raised since 2020 across 3 rounds.
• Jimmy Energy : Climate, Cleantech & Energy, Paris, founded 2020, €97M raised since 2020 across 3 rounds.
• Aqemia : Next40, Healthcare & Life Sciences, Paris, founded 2019, €97M raised since 2020 across 4 rounds.
• Shippeo : Logistics & Supply chain, Paris, founded 2014, €95M raised since 2020 across 4 rounds.
• LegalPlace : Next40, Legaltech, Regtech & Govtech, Nanterre, founded 2016, €90M raised since 2020 across 2 rounds.
• Naboo : Hospitality, Tourism & Travel, Paris, founded 2021, €88M raised since 2020 across 4 rounds.
• Gradium : AI tools & infra, Paris, founded 2025, €86M raised since 2020 across 2 rounds.
• Shares : Fintech & Insurtech, Paris, founded 2021, €86M raised since 2020 across 3 rounds.
• Sweep : Climate, Cleantech & Energy, Montpellier, founded 2020, €86M raised since 2020 across 2 rounds.
• Planity : Beauty & Fashion, Paris, founded 2016, €85M raised since 2020 across 3 rounds.
• GitGuardian : Cyber & Security, Paris, founded 2017, €81M raised since 2020 across 2 rounds.
• Agryco : Agrifood, Villejuif, founded 2014, ≥ €74M raised since 2020 across 5 rounds.
• Greenly : Climate, Cleantech & Energy, Paris, founded 2019, €73M raised since 2020 across 4 rounds.
• Sekoia : Cyber & Security, Rennes, founded 2008, €71M raised since 2020 across 3 rounds.
• Alma : Next40, Fintech & Insurtech, Neuilly-Sur-Seine, founded 2016, €69M raised since 2020 across 2 rounds.
• Resilience : Healthcare & Life Sciences, Paris, founded 2021, €68M raised since 2020 across 3 rounds.
• Elicit Plant : Agrifood, Moulins-Sur-Tardoire, founded 2017, €66M raised since 2020 across 3 rounds.
• Exotrail : Defense & Aerospace, Massy, founded 2017, €65M raised since 2020 across 2 rounds.
• Scintil Photonics : Electronics & Telco, Grenoble, founded 2018, €64M raised since 2020 across 2 rounds.
• Corwave : Healthcare & Life Sciences, Clichy, founded 2012, €61M raised since 2020 across 1 round.
• GravitHy : Climate, Cleantech & Energy, Marseille, founded 2022, €60M raised since 2020 across 1 round.
• Stoik : Cyber & Security, Paris, founded 2020, €56M raised since 2020 across 3 rounds.
• La Fourche : Agrifood, Mitry-Mory, founded 2018, €56M raised since 2020 across 2 rounds.
• Moon Surgical : Healthcare & Life Sciences, Paris, founded 2019, €54M raised since 2020 across 2 rounds.
• MWM : Culture & Divertissement, Boulogne-Billancourt, founded 2009, ≥ €54M raised since 2020 across 5 rounds.
• Aura Aero : Next40, Defense & Aerospace, Cugnaux, founded 2018, €50M raised since 2020 across 2 rounds.
• Qair : Climate, Cleantech & Energy, Paris, founded 2017, ≥ €45M raised since 2020 across 3 rounds.
• Stockly : Retail & Future of Commerce, Ivry-Sur-Seine, founded 2017, €43M raised since 2020 across 3 rounds.
• Hublo : Next40, Future of work & HR, Montreuil, founded 2016, ≥ €43M raised since 2020 across 5 rounds.
• Seyna : Fintech & Insurtech, Neuilly-Sur-Seine, founded 2018, €43M raised since 2020 across 2 rounds.
• Yubo : Consumer, Paris, founded 2015, €41M raised since 2020 across 1 round.
• Medadom : Next40, Healthcare & Life Sciences, Paris, founded 2017, €40M raised since 2020 across 1 round.
• Verley : Agrifood, Lyon, founded 2021, €40M raised since 2020 across 2 rounds.
• Step Pharma : Healthcare & Life Sciences, Paris, founded 2014, €38M raised since 2020 across 1 round.
• Latitude : Defense & Aerospace, Reims, founded 2019, €38M raised since 2020 across 3 rounds.
• Foodles : Next40, Agrifood, Clichy, founded 2014, €31M raised since 2020 across 1 round.
• Metron : Climate, Cleantech & Energy, Paris, founded 2013, €31M raised since 2020 across 2 rounds.
• Ouihelp : Healthcare & Life Sciences, Paris, founded 2016, €30M raised since 2020 across 1 round.
• Acheel : Fintech & Insurtech, Paris, founded 2019, €29M raised since 2020 across 1 round.
• Spore.Bio : Agrifood, Boulogne-Billancourt, founded 2016, €29M raised since 2020 across 2 rounds.
• Yespark : Mobility & Smart Cities, Paris, founded 2014, €28M raised since 2020 across 1 round.
• Papernest : Fintech & Insurtech, Paris, founded 2015, €25M raised since 2020 across 2 rounds.
• Ekimetrics : Next40, Martech, Paris, founded 2006, €24M raised since 2020 across 1 round.
• Shopopop : Logistics & Supply chain, Nantes, founded 2015, €20M raised since 2020 across 1 round.
• Bigblue : Logistics & Supply chain, Toulouse, founded 2018, €17M raised since 2020 across 2 rounds.
• Locala : Adtech, Paris, founded 2011, ≥ €16M raised since 2020 across 3 rounds.
• Partoo : Martech, Paris, founded 2014, €15M raised since 2020 across 1 round.
• Adikteev : Adtech, Paris, founded 2012, ≥ €11M raised since 2020 across 5 rounds.
• Stych : Education, Paris, founded 2014, €10M raised since 2020 across 1 round.
• HomeExchange : Hospitality, Tourism & Travel, Paris, founded 2008, €8M raised since 2020 across 1 round.
• LeHibou : Future of work & HR, Boulogne-Billancourt, founded 2014, €8M raised since 2020 across 2 rounds.
• MyUnisoft : Fintech & Insurtech, Montigny-Le-Bretonneux, founded 2018, €6M raised since 2020 across 1 round.
• Pixmania : Retail & Future of Commerce, Paris, founded 2000, €5M raised since 2020 across 2 rounds.
• Zeplug : Mobility & Smart Cities, Paris, founded 2014, €5M raised since 2020 across 1 round.
• Crème de la Crème : Future of work & HR, Paris, founded 2015, ≥ €4M raised since 2020 across 4 rounds.
• Foodflow : Agrifood, Paris, founded 2023, €2M raised since 2020 across 1 round.
• Libon : Electronics & Telco, Paris, founded 2018, €2M raised since 2020 across 1 round.
• Weezevent : Culture & Divertissement, Dijon, founded 2008, ≥ €1M raised since 2020 across 4 rounds.
• Chargemap : Climate, Cleantech & Energy, Strasbourg, founded 2015, €1M raised since 2020 across 1 round.
• 52 Entertainment : Culture & Divertissement, Villeneuve-D'Ascq, founded 1994.
• Energy Pool : Climate, Cleantech & Energy, Le Bourget-Du-Lac, founded 2009.
• FreelanceRepublik : Neuilly-Sur-Seine.
• HelloCSE : Lyon.
• iSupplier : Courbevoie.
• Mistertemp' Group : Future of work & HR, Clichy, founded 2009.
• Positive : Martech, Hem, founded 2001.
• Superprof : Paris.
• Voltalis : Climate, Cleantech & Energy, Paris, founded 2006.

Ten of them in detail

Mistral AI

Generative AI lab building open-weight and proprietary large language models (LLMs), and the tooling to put them to work — from the assistant to the GPU clusters, self-hosted or on its own European cloud: the Mistral and Voxtral model families, Vibe (formerly Le Chat) as an enterprise work agent, Vibe for Code for engineering teams, Studio to build and observe agents, Forge to train custom models, and Compute for the underlying infrastructure. Founded by Arthur Mensch, Guillaume Lample, Timothée Lacroix. 43 funds on its cap table, 12 from the first tracked round and 12 across several rounds. Valued at €21.3B in September 2026.

Verkor

Industrial manufacturer of low-carbon lithium-ion battery cells for electric vehicles and stationary energy storage — running an R&D and pilot innovation centre plus a large gigafactory to supply European carmakers with cells produced from low-emission electricity. Founded by Benoit Lemaignan, Christophe Mille, Philippe Chain, Sylvain Paineau. 23 funds on its cap table, 4 from the first tracked round and 8 across several rounds. Valued at $1.0B in September 2023.

Alan

Online health and income-protection insurer that bundles cover and care in a single subscription — claims from the app, Clinique Alan with practitioners reachable by chat, Alan Mind for mental health, Alan Play for prevention, optical and nutrition. Sold to companies for their teams, but also to freelancers and retirees. Operating in France, Belgium, Spain and Canada. Founded by Charles Gorintin, Jean-Charles Samuelian. 25 funds on its cap table, 1 from the first tracked round and 12 across several rounds. Valued at €5.5B in June 2026.

ContentSquare

Digital experience analytics platform for enterprise brands — from session replay and heatmaps to journey and product analytics, performance monitoring, error detection and conversation intelligence, with Sense as its AI layer. Helps product and digital teams optimise conversion across web, mobile and LLM-driven traffic. Founded by Jonathan Cherki. 12 funds on its cap table, 1 from the first tracked round and 9 across several rounds. Valued at $5.6B in July 2022.

AMI Labs

Frontier AI lab building world models — systems designed to understand the physical world, hold persistent memory, reason and plan, and stay controllable and safe — founded by Yann LeCun and led by Alex LeBrun. Founded by Alexandre LeBrun, Laurent Solly, Michael Rabbat, Pascale Fung, Saining Xie, Yann LeCun. 33 funds on its cap table, 33 from the first tracked round. Valued at €3.2B in March 2026.

Back Market

Marketplace for refurbished consumer electronics — smartphones, laptops, tablets, gaming consoles, home appliances and audio gear — connecting certified professional refurbishers with consumers, with a warranty and a return window on every purchase. Operating across Europe, the US and Japan. Founded by Quentin Le Brouster, Thibaud Hug de Larauze, Vianney Vaute. 8 funds on its cap table, 6 across several rounds. Valued at $5.7B in January 2022.

Doctolib

Healthcare booking and practice management platform connecting patients and providers — from teleconsultation to the Doctolib Pro practice software, the Siilo secure messaging app between clinicians, and AI assistants that draft consultation notes and answer the phone. Operating in France, Germany, Italy and the United Kingdom. Founded by Ivan Schneider, Jessy Bernal, Stanislas Niox-Chateau, Thomas Landais. 9 funds on its cap table, 1 from the first tracked round and 6 across several rounds. Valued at €3.6B in April 2026.

Ecovadis

Sustainability intelligence platform that rates and monitors ESG performance across global supply chains — combining AI document analysis with human expert validation to score suppliers on environment, labor, ethics, and procurement practices, aligned with GRI and ISO 26000 standards. Founded by Frédéric Trinel, Pierre-François Thaler. 11 funds on its cap table, 1 across several rounds. Valued at €1.8B in June 2022.

Qonto

All-in-one business banking and financial management platform for SMEs and freelancers — from business accounts, Mastercard cards, and SEPA/international transfers to e-invoicing, expense management, bookkeeping, cash flow monitoring, and company creation services, available across Europe. Founded by Alexandre Prot, Steve Anavi. 16 funds on its cap table, 3 from the first tracked round and 5 across several rounds. Valued at €4.4B in January 2022.

Vestiaire Collective

Online marketplace for buying and selling pre-owned luxury and designer fashion — from clothing and handbags to watches and jewellery, with in-house expert authentication, direct or curated shipping, and seller-side pricing tools, across Europe, the US and Asia. Founded by Alexandre Cognard, Christian Jorge, Fanny Moizant, Henrique Fernandes, Sébastien Fabre, Sophie Hersan. 19 funds on its cap table, 1 from the first tracked round and 14 across several rounds. Valued at €1.1B in November 2023.

The funds most present among French Tech 120 laureates

571 funds have invested in at least one laureate, but most did so only once: 423 of them back a single company. The ten most present funds alone sit on the cap table of 75 of the 120 laureates. Seen from the companies, a laureate has 7 funds at the median, and 110 of them have kept at least one since their first round. When they raise again, 41% of their funds put in more.

• Eurazeo — 30 laureates, 15 from the first tracked round.
• Bpifrance — 24 laureates, 18 from the first tracked round.
• Kima Ventures — 17 laureates, 12 from the first tracked round.
• Bpifrance Large Venture — 15 laureates, 1 from the first tracked round.
• Bpifrance Deeptech Venture — 10 laureates, 2 from the first tracked round.
• Partech — 9 laureates, 7 from the first tracked round.
• Bpifrance Digital Venture — 9 laureates, 4 from the first tracked round.
• ISAI — 9 laureates, 4 from the first tracked round.
• Elaia Partners — 7 laureates, 7 from the first tracked round.
• Serena — 7 laureates, 6 from the first tracked round.
• XAnge — 7 laureates, 5 from the first tracked round.
• Cathay Innovation — 7 laureates, 3 from the first tracked round.
• Alven — 6 laureates, 5 from the first tracked round.
• Turenne Capital — 6 laureates, 5 from the first tracked round.
• Daphni — 6 laureates, 4 from the first tracked round.
• Founders Future — 6 laureates, 3 from the first tracked round.
• Revaia — 6 laureates, 3 from the first tracked round.
• Accel — 6 laureates, 1 from the first tracked round.
• BNP Paribas Développement — 6 laureates, 1 from the first tracked round.
• NVIDIA — 6 laureates, 1 from the first tracked round.
• Temasek — 6 laureates, 1 from the first tracked round.
• Aglaé Ventures — 5 laureates, 3 from the first tracked round.
• Omnes Capital — 5 laureates, 3 from the first tracked round.
• Ring Capital — 5 laureates, 3 from the first tracked round.
• Singular — 5 laureates, 3 from the first tracked round.
• DST Global — 5 laureates, 1 from the first tracked round.
• Index Ventures — 5 laureates, 1 from the first tracked round.
• EIC — 5 laureates, 0 from the first tracked round.
• General Atlantic — 5 laureates, 0 from the first tracked round.
• Motier Ventures — 4 laureates, 4 from the first tracked round.
• Creadev — 4 laureates, 3 from the first tracked round.
• Demea Invest — 4 laureates, 3 from the first tracked round.
• Firstmark — 4 laureates, 3 from the first tracked round.
• Frst — 4 laureates, 3 from the first tracked round.
• Global Founders Capital — 4 laureates, 3 from the first tracked round.
• Headline — 4 laureates, 3 from the first tracked round.
• Sofinnova — 4 laureates, 3 from the first tracked round.
• Bpifrance Midcap Equity — 4 laureates, 2 from the first tracked round.
• ORA Global — 4 laureates, 2 from the first tracked round.
• Samsung Ventures — 4 laureates, 2 from the first tracked round.