In 2024, three companies joined the elite list of French unicorns—Pennylane, an accounting software startup; Pigment, a SaaS company; and Poolside, an AI-driven coding platform. This marks an improvement from 2023, which saw only two startups reach the billion-dollar valuation mark: the AI powerhouse Mistral and gigafactory developer Verkor. However, the numbers still pale in comparison to 2021, a record year when 17 French startups achieved unicorn status. That success prompted French President Emmanuel Macron to set an ambitious goal: 100 unicorns in France by 2030.
Despite economic fluctuations, 2024 has started on a strong note. In January, spacetech company Loft Orbital surpassed the billion-dollar valuation threshold following a €170 million Series C funding round. Using data from Dealroom, Sifted has identified 10 French startups that could soon join the unicorn ranks.
Startups on the Brink of Unicorn Status
Deepki (Valuation: $660M–$990M)
Deepki specializes in ESG (environmental, social, and governance) data analytics for the real estate industry. The platform consolidates key sustainability metrics such as carbon emissions, energy and water consumption, and waste production to help property owners achieve greener operations. After securing a $156 million Series C round in 2022, Deepki partnered with U.S. real estate giant CBRE in 2023, further solidifying its market presence.
Brevo (Valuation: $601M–$901M)
Brevo, a SaaS company, provides advanced customer relationship management (CRM) tools to businesses. Following a $163 million Series B funding round in 2020, the company reached profitability in 2023 and reported $186 million in annual recurring revenue (ARR) in 2024. Since 2019, Brevo has acquired ten companies, expanding its international reach—70% of its business now comes from outside France.
Alma (Valuation: $506M–$759M)
Alma operates in the Buy Now, Pay Later (BNPL) sector, enabling merchants to receive payments upfront while offering customers flexible installment plans. In 2022, Alma raised a €115 million Series C and secured an additional $300 million in debt from banking giant BNP Paribas, positioning itself as a leading player in the European BNPL market.
Ornikar (Valuation: $750M)
Ornikar, a digital driving school, offers online theory courses and connects learners with driving instructors. In 2021, the company secured $120 million in Series C funding, valuing it at $750 million. Since then, Ornikar has expanded into car insurance services and doubled its revenue, surpassing the $100 million mark in 2024.
MyLight150 (Valuation: $440M–$660M)
Specializing in renewable energy solutions, MyLight150 provides integrated solar power management systems, including solar panels, energy storage, and smart heat pumps. In 2023, the company raised $105 million in a Series B round, positioning itself as a key player in the residential solar market.
Pasqal (Valuation: $440M–$660M)
Founded by Nobel Prize-winning physicist Alain Aspect, Pasqal is developing quantum computers using neutral atom technology. In 2022, the company merged with Dutch quantum software startup Qu&Co and later partnered with industry leaders like EDF and Crédit Agricole. At the start of 2023, Pasqal secured €100 million in Series B funding and announced a collaboration with IBM to integrate quantum computing with classical computing models.
Homa Games (Valuation: $400M–$600M)
Homa Games offers an all-in-one development suite for mobile game creators, streamlining the process of building, testing, optimizing, and monetizing games. By significantly reducing development timelines, Homa Games has gained traction, surpassing $100 million in revenue in 2023. The company previously secured $100 million in Series B funding in 2022.
Descartes Underwriting (Valuation: $500M)
Descartes Underwriting specializes in insurance solutions for large corporations and governments, focusing on climate risks like droughts, hurricanes, and wildfires. In 2024, the company expanded its coverage to include cyberattack risks. Utilizing AI and data from IoT sensors and satellite imagery, Descartes aims to revolutionize risk assessment. It raised a $120 million Series B round in 2022, reportedly pushing its valuation past $500 million.
Photoroom (Valuation: $500M)
Photoroom, a generative AI startup, develops an AI-powered photo-editing platform used in high-profile campaigns, including promotions for the Barbie movie and Taylor Swift’s latest album. The company reached a $500 million valuation after securing $43 million in Series B funding in 2023. Since launching in 2019, Photoroom has been profitable and reported €50 million in ARR in 2023.
ChapsVision (Valuation: $495M)
Often dubbed “Europe’s Palantir,” ChapsVision specializes in big data analytics for enterprises, helping organizations extract actionable insights from vast amounts of information. The company generated approximately €200 million in revenue in 2024 and remains profitable. In 2023, ChapsVision secured €85 million in funding to fuel its aggressive acquisition strategy, having already acquired 27 companies.
While the French startup ecosystem has yet to match its record-breaking 2021, the steady pipeline of high-growth companies suggests a strong future. With continued investment and innovation, France remains on track to reach its goal of 100 unicorns by 2030.
