Investors injected an outstanding amount of money into French startups in June 2019. More and more mature, the ecosystem is further nurturing its global ambition.
Last month has proved exceptional for La French Tech. In June 2019, France-based startups raised €752m ($850m). That amount exceeded by half the precedent record of €504m ($570m) which dated back to May 2018. Even better: in just one week, the best of its history, French Tech collected €449m ($507m) through 26 deals! (*)
The ecosystem’s weekly – thus monthly – performance was boosted by three champions: namely Meero, Payfit and BioSerenity. Photo specialist Meero achieved the second-largest roundtable ever among French Tech (see the article)
The same week, Payfit raised $79m. The Paris-based scale-up is playing in an industry where going global is pretty challenging. Indeed, labor laws vary significantly from one country to the other.
As a sign of the ecosystem’s maturity, the 300-staff company has diversified from its original payroll solution into a comprehensive HR toolkit covering leaves, expense reports and shifts. Payfit has even developed its own programming language, Jetlang, to “transform labor code into computer code”.
The $2.9bn raised by French Tech over the last six months almost matches the total amount of the full year 2018. This impressive performance relies on a boom of deals above $50m. As French Tech gains maturity, investors are definitely willing to take it in a new dimension.
The future of healthcare is all about connecting patients and doctors anytime and anywhere. Innovative devices are collecting body data on the go for the medical staff to diagnose and treat conditions as quickly and accurately as possible. BioSerenity is playing its part with sensor-equipped wearables combined with artificial intelligence and telemedicine solutions, focusing on three main fields: cardiology, neurology and sleep disorders. The five-year-old scale-up is based in the Brain and Spine Institute in Paris, that shares a common laboratory around AI and detection of digital biomarkers.
The medtech raised €50m ($56m) equity in June to diversify into new therapeutic areas and extend abroad – in the US primarily. The deal was led by Dassault Systèmes, a leading software editor based in France. BioSerenity already works with 200+ hospitals in France and the US. Its promise is simple, and alluring: making medical procedures both cheaper and more efficient.