Venture Capital in France: EY publishes the results for the first half of 2023

EY publishes the results of its analysis on venture capital in France for the first half of 2023

EY’s study compiles equity financing transactions of companies in the startup or early stages of their existence, with transaction dates from January 1st to June 30th, 2023, and published before July 5th, 2023.

Key elements from the first half of 2023:

Since the beginning of the year, French innovative companies have completed 395 fundraising transactions amounting to 4.2 billion euros (an increase of 9% in volume but a decrease of 49% in value compared to H1 2022).

The market was driven by five major transactions involving Driveco, Ynsect, the Côte d’Azur cleantech company TSE, Amyolit Pharma, and finally Mistral AI.

This Top 5 in total raised amount is 2.5 times lower than that of June 30, 2022. This phenomenon reflects the significant decline in fundraising above €100 million (-78% compared to 2022) and the disappearance of fundraisings above €300 million.

The sectoral ranking has been reorganized

On the sectoral level, the fintech sector is no longer on the podium, and the ranking has been extensively reshuffled. For the first time, the CleanTech sector takes the lead with €1.2 billion raised.

Software and IT services come in second place with nearly €1 billion raised.

The Life Sciences sector completes the podium with €0.6 billion raised, experiencing a decline in both volume and value (-14% and -24%).

France’s position on the European stage

The Île-de-France region remains the leading ecosystem with nearly 70% of the raised amounts. The Auvergne-Rhône-Alpes region takes second place with 8% of the investments, followed by the Provence-Alpes-Côte d’Azur region, which accounts for 7% of the raised amounts.

On the Côte d’Azur territory, 11 companies have successfully raised funds in the first half of the year: TSE with €130 million, SiPearl with €90 million, Ecoat with €10 million, Mycophyto with €4.155 million, Earthwake Enterprise with €2.2 million, GoMecano with €2 million, BiOceanOr with €2 million as of July 5, 2023, Qiti with €1.9 million, Native Spaces with €2 million, Qiti with €1.9 million, Oghji with €1.3 million, and Gandee with €0.5 million.

On the European level, France still holds the first position among European Union countries, even though its main contender, Germany, is closely behind with €3.9 billion raised. Both France and Germany have experienced a significant decrease in value (-37%) and volume (-8%).

The United Kingdom remains highly active in Europe but also faces challenges, as the raised amounts have decreased by 62% in value and 18% in volume for the semester. However, they still amount to €7 billion, narrowing the gap between France and the United Kingdom in terms of raised amounts.

“While the FrenchTech ecosystem has demonstrated resilience in recent months, the rise in interest rates and macroeconomic uncertainties have slowed down a system that had been gaining momentum. In response, initial public offerings (IPOs) came to a halt in the United States, valuations plummeted, and a significant number of investors decided to put their investments on hold, leading to a contraction in investment volumes, first in the United States and then in Europe.” says Franck Sebag, EY Partner.

You can find the detailed study on LinkedIn

Fund raising – Nice Côte d’Azur

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