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A New French Revolution
NVCA Dinner
September 11, 2017
3 missions
Support Innovative
Companies
Foster
Entrepreneurship
Provide Eximbank
Tools
A new concept of a Bank for Entrepreneurs
Bank Loan
Guarantees
and Credit
Insurance
Loans
Innovation
Financing
VC
Small Cap
Eq. Invt
Mid-Large
Cap Eq. Invt
Fund of
Funds


€8B
p/y guarantees

€16B

p/y export credit
insurance




€15B
per year


€1,3B
per year

(soft loans /
subsidies)


€1,5B 

AUM


€1,4B 

AUM


€14B

AUM


€4B
in 330 Funds

€1B
committed in 2017
60,000
companies
per year
20,000
companies
per year
4,000
startups 



2,000 

SMBs
per year
7 Funds



50 invts
per year
4 Funds


100 invts
per year
Orange, Gemalto,
STmicro,
Ingenico, Soitec,
Criteo, Talend…
including
Atomico,
Balderton, Versant
Ventures, New
Leaf, Advent
The « French Silicon Valley Bank »
What is going on
in France ?
Rising 

VC Industry
Large
Talent Pool
New
Culture
A New Tech Revolution
A Large
Talent Pool
Easy
Access
Competitive
Workforce
Scientific
Excellence
1,000,000 engineers
= Germany
$60,000 / year
+ 30% Tax Credit
IoT / Telcos
80,000+ devs / year Low Turnover AI / Analytics
70,000+PhD / year
47% foreigners
60 hours / week Biotech
Secret sauce: the talent pool
«France already has one of the strongest
AI research communities in the world»
Mark Zuckerberg
June 2, 2015
Math Nation
A New
Culture
A massive cultural shift
50%of 18-24 year old French people want to create
their own company
Poll IdInvest / ViaVoice, April 2015
Early leaders
Role Models
New Kids on the Block
Frédéric
Mazella
Antoine
Martin
Nicolas
Dessaigne
Jonathan
Benhamou
Jérôme
LecatOlivier
Pomel
Daniel
Marhely
Bertrand
Diard
Pierre
Chappaz
Xavier Niel
Jean-Baptiste RudelleJean-David Blanc
Pierre K-Morizet
Marc SimonciniLoic Le Meur
Jacques-Antoine Granjon
A full fledged Startup Nation
They have offices in the USA
Ivalua	
Keymetrics	
Kizbat
Launchmetrics
Ledger
Mediabong
Mirakl
Mobydish
Myfeelback
MyFox
Netvibes
News Republic
AODocs
Adok
Adwanted
Adways
Soap
Stickyads
Stilog
Storefront
OVH
Palacebnb
Paws En Vogue
PeopleDoc
Phasics
Clarityad
Cognit
Concord
Concord
Vidcoin
VideoStitch
Voice Polls
Voxeet
Wellbot
Whatt
Wimi
Wittycircle
Ysance
Yuzu
Genymotion
Giroptic
HelloBill
Hexo
Hi
Hudson Mind
HumanGive
Hyphen
Ifeelgoods
Dataiku
Datawords
Devialet
Dowsa
Doz
Easymovie
Easyroomate
Shapr
ShopingFeed
Sightcall
Silver Credit
Sindup
Sinequa
Sketchfab
Skylights
Secret Media
SellSecure
Sellsy
SevenHugs
Beekast
Birdly
Blupods
Botify
Bubble
BulldozAir
CallR
Calso
Checkr
Planetassur
Pradeo
Prismic
Prodontis
Prynt
Redbird
Rythm
Ryze
Samocat
Scoop-It
Sculpteo
Seald
Tempow
Tilkee

Tondo

Topi
Inovia
Insuite
Invibes
Appaloosa
Artlist
Bandsintown
Be-Bound
FreshPlanet
iAdvize
Fruition Sciences
Gandi
Email Hunter
Evercontact
Exosun
Ezakus
Fittingbox
Matooma
Once
One2Team
OneKloud
Openio
Orbirental
Outscale
Stupeflix
Sublime Skinz
Synthesio
Tech4stress
Triby
Tricy
Tunsy
TvTy
Uppler
1000Mercis
Nuxeo
Octoly
Invoxia
Inwebo	
Itrust
Cosmo
Curioos
Dailymotion
NewsMatic
Nexway
Teads
Talend
Criteo Placemeter
VestiaireCollective
Zenly
Tribe
Sigfox
Invivox
FollowAnalytics
Ubisoft
Exoplatform
Instaply
Dashlane
Logmatic
Wit-AI
Tellmeplus
Babbler
Algolia
DxO
Jarvis
ConnectThings
Deezer Algama
Odaseva
TextMe
Scality
Lalilo
Letsignit
ListenOnRepeat
Login People
Nomalys
SensioLabs
« Among our foreign founders, 

French are now second after Canadians »
Michael Seibel, CEO

Y Combinator
A global ambition
2010 2014 2015 2016 2017*2012
A talented community in the US
Yann Lecun
Head of AI
Alex Dayon
Pres. Product
Gilbert Passin
VP Manufacturing
J-P Courtois
Exec. VP
Marc Onetto

ex SVP Operations
Fidji Simo
VP Product
Frederic Lalluyaux
Former CEO
JB Rudelle
Founder
Alex Lebrun

Founder
David Gurle

Founder
Eric Setton

Founder
Jérôme Lecat

Founder
Mathilde Collin
Founder
Nicolas Dessaigne
Founder
Time to think BIG
Station F
The Largest Tech Campus in The World
1,000
startups
A Rising
VC Industry
Investments($M)
0
100
200
300
400
500
600
700
800
900
1000
1100
1200
1300
1400
1500
Numberofdeals
0
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
170
180
190
200
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Deals Investments
1452
586
679
870
302294
203
477
342
269
1004
204
167
121126114
74
297
253
87
142177
167
188
144
150
133
81
49
66
69
65
43
35
47
52
37
31
36
30
40
24
41
3333
41
24
40
30
36
31
37
52
47
35
43
65
69
66
49
81
133
150
144
188
167
2012 2013 2014 2015 2016 2017
VC x3 in 3 years
Source
0
1
2
3
4
2012 2014 2016
3,2
3,8
3,2
1,31,3
0
1
2
3
4
2012 2014 2016
2,7
1,5
0,8
0,6
0,5
0
1
2
3
4
2012 2014 2016
2,7
1,8
1,2
0,50,5
0
1
2
3
4
2012 2014 2016
2
2,9
2
0,60,6
UK France GermanyIsrael
France is now #2 in Europe
Volume in $B (2012 - 2016)
Source
4,110
France is now #2 in Europe
100
37,5
375
12,5
650
2012 2014 2016
410
542
644
545
520
100
237,5
375
512,5
650
2012 2014 2016
118
167
180
243
590
100
237,5
375
512,5
650
2012 2014 2016
132
166
241 231 237,5
375
512,5
650
2012 2014 2016
165
245
288
353
380
Number of deals (2012 - 2016)
Source
UK France GermanyIsrael
France is now #2 in Europe
Q2 2017
0
0,575
1,15
1,725
2,3
1,3
1,5
2,3
Volume in $B
0
60
120
180
240
112
167
231
Number of deals
UK France GER UK France GER
Source
Number of deals by regions 

(Q1 & Q2 2017)
341
36
52
33
23
5
17
23
9
3
16
15
1
Source
$6,2B
VC Dry powder
Shift towards larger deal size
10 %
20 %
30 %
40 %
50 %
60 %
70 %
80 %
90 %
100 %
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*
< 1M 1M - 5M 5M - 10M 10M - 25M > 25M
Early stage
Expansion
Growth
Source
60% (82% in 2014)
% of deals
30% (17% in 2014)
10% (1% in 2014)
Increasing median ticket size ($M)
Seed Series A Series B Series C
2
4
6
8
10
12
14
16
2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016
14,1
5,9
2,4
0,9
14,1
5,1
2,1
0,6
7
3,5
1,7
0,6
But lower burn rate 

in FR
Our challenge:
Expansion ~ Late
US

$6M
US

$2M
US

$16M
US

$33M
0
40
80
120
160
2012 2016
160
80
Average size of 

French VC funds (€M)
x2
Today’s challenge: growth stage
Largest rounds in the last 12 months ($M)
OVH 250 KKR, Towerbrook Capital Partners
Sigfox 150
Salesforce Ventures, Bpifrance,
Total, Alto Invest, Intel Capital, Elliott
Deezer 110 Access Industries, Orange
Devialet 105
Bpifrance, Korelya Capital,
Foxconn, Renault, SharpCM CIC
Actility 75
IdInvest, Bpifrance, Creadev,
Foxconn, Ginko
Oodrive 71 Tikehau Capital, MI3, NextStage
Vestiaire Collective 62 IdInvest, Eurazeo, Vitruvian
Blade 51 Business Angels
Algolia 53
Accel, SaasTr Fund, Alven, Point
Nine Capital, Storm Ventures
GuestToGuest 35 Alyan, MAIF
$308M Altice
$275M Wolters Kluver
$213M Snap
$191M Nokia
$189M Trainline
$122M IPO
$106M iHealth
$57M enea
Top exits last 12 months
They believe in French entrepreneurs
THANK YOU
nicolas.dufourcq@bpifrance.fr

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There's a new revolution in France! - NVCA dinner - Sept 11, 2017

  • 1. A New French Revolution NVCA Dinner September 11, 2017
  • 2. 3 missions Support Innovative Companies Foster Entrepreneurship Provide Eximbank Tools A new concept of a Bank for Entrepreneurs
  • 3. Bank Loan Guarantees and Credit Insurance Loans Innovation Financing VC Small Cap Eq. Invt Mid-Large Cap Eq. Invt Fund of Funds 
 €8B p/y guarantees
 €16B
 p/y export credit insurance 
 
 €15B per year 
 €1,3B per year
 (soft loans / subsidies) 
 €1,5B 
 AUM 
 €1,4B 
 AUM 
 €14B
 AUM 
 €4B in 330 Funds
 €1B committed in 2017 60,000 companies per year 20,000 companies per year 4,000 startups 
 
 2,000 
 SMBs per year 7 Funds
 
 50 invts per year 4 Funds 
 100 invts per year Orange, Gemalto, STmicro, Ingenico, Soitec, Criteo, Talend… including Atomico, Balderton, Versant Ventures, New Leaf, Advent The « French Silicon Valley Bank »
  • 4. What is going on in France ?
  • 5. Rising 
 VC Industry Large Talent Pool New Culture A New Tech Revolution
  • 7. Easy Access Competitive Workforce Scientific Excellence 1,000,000 engineers = Germany $60,000 / year + 30% Tax Credit IoT / Telcos 80,000+ devs / year Low Turnover AI / Analytics 70,000+PhD / year 47% foreigners 60 hours / week Biotech Secret sauce: the talent pool
  • 8. «France already has one of the strongest AI research communities in the world» Mark Zuckerberg June 2, 2015 Math Nation
  • 10. A massive cultural shift 50%of 18-24 year old French people want to create their own company Poll IdInvest / ViaVoice, April 2015
  • 11. Early leaders Role Models New Kids on the Block Frédéric Mazella Antoine Martin Nicolas Dessaigne Jonathan Benhamou Jérôme LecatOlivier Pomel Daniel Marhely Bertrand Diard Pierre Chappaz Xavier Niel Jean-Baptiste RudelleJean-David Blanc Pierre K-Morizet Marc SimonciniLoic Le Meur Jacques-Antoine Granjon
  • 12. A full fledged Startup Nation They have offices in the USA Ivalua Keymetrics Kizbat Launchmetrics Ledger Mediabong Mirakl Mobydish Myfeelback MyFox Netvibes News Republic AODocs Adok Adwanted Adways Soap Stickyads Stilog Storefront OVH Palacebnb Paws En Vogue PeopleDoc Phasics Clarityad Cognit Concord Concord Vidcoin VideoStitch Voice Polls Voxeet Wellbot Whatt Wimi Wittycircle Ysance Yuzu Genymotion Giroptic HelloBill Hexo Hi Hudson Mind HumanGive Hyphen Ifeelgoods Dataiku Datawords Devialet Dowsa Doz Easymovie Easyroomate Shapr ShopingFeed Sightcall Silver Credit Sindup Sinequa Sketchfab Skylights Secret Media SellSecure Sellsy SevenHugs Beekast Birdly Blupods Botify Bubble BulldozAir CallR Calso Checkr Planetassur Pradeo Prismic Prodontis Prynt Redbird Rythm Ryze Samocat Scoop-It Sculpteo Seald Tempow Tilkee Tondo Topi Inovia Insuite Invibes Appaloosa Artlist Bandsintown Be-Bound FreshPlanet iAdvize Fruition Sciences Gandi Email Hunter Evercontact Exosun Ezakus Fittingbox Matooma Once One2Team OneKloud Openio Orbirental Outscale Stupeflix Sublime Skinz Synthesio Tech4stress Triby Tricy Tunsy TvTy Uppler 1000Mercis Nuxeo Octoly Invoxia Inwebo Itrust Cosmo Curioos Dailymotion NewsMatic Nexway Teads Talend Criteo Placemeter VestiaireCollective Zenly Tribe Sigfox Invivox FollowAnalytics Ubisoft Exoplatform Instaply Dashlane Logmatic Wit-AI Tellmeplus Babbler Algolia DxO Jarvis ConnectThings Deezer Algama Odaseva TextMe Scality Lalilo Letsignit ListenOnRepeat Login People Nomalys SensioLabs
  • 13. « Among our foreign founders, 
 French are now second after Canadians » Michael Seibel, CEO
 Y Combinator A global ambition 2010 2014 2015 2016 2017*2012
  • 14. A talented community in the US Yann Lecun
Head of AI Alex Dayon
Pres. Product Gilbert Passin
VP Manufacturing J-P Courtois
Exec. VP Marc Onetto
 ex SVP Operations Fidji Simo
VP Product Frederic Lalluyaux Former CEO JB Rudelle
Founder Alex Lebrun
 Founder David Gurle
 Founder Eric Setton
 Founder Jérôme Lecat
 Founder Mathilde Collin
Founder Nicolas Dessaigne
Founder
  • 15. Time to think BIG Station F The Largest Tech Campus in The World 1,000 startups
  • 17. Investments($M) 0 100 200 300 400 500 600 700 800 900 1000 1100 1200 1300 1400 1500 Numberofdeals 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Deals Investments 1452 586 679 870 302294 203 477 342 269 1004 204 167 121126114 74 297 253 87 142177 167 188 144 150 133 81 49 66 69 65 43 35 47 52 37 31 36 30 40 24 41 3333 41 24 40 30 36 31 37 52 47 35 43 65 69 66 49 81 133 150 144 188 167 2012 2013 2014 2015 2016 2017 VC x3 in 3 years Source
  • 18. 0 1 2 3 4 2012 2014 2016 3,2 3,8 3,2 1,31,3 0 1 2 3 4 2012 2014 2016 2,7 1,5 0,8 0,6 0,5 0 1 2 3 4 2012 2014 2016 2,7 1,8 1,2 0,50,5 0 1 2 3 4 2012 2014 2016 2 2,9 2 0,60,6 UK France GermanyIsrael France is now #2 in Europe Volume in $B (2012 - 2016) Source
  • 19. 4,110 France is now #2 in Europe 100 37,5 375 12,5 650 2012 2014 2016 410 542 644 545 520 100 237,5 375 512,5 650 2012 2014 2016 118 167 180 243 590 100 237,5 375 512,5 650 2012 2014 2016 132 166 241 231 237,5 375 512,5 650 2012 2014 2016 165 245 288 353 380 Number of deals (2012 - 2016) Source UK France GermanyIsrael
  • 20. France is now #2 in Europe Q2 2017 0 0,575 1,15 1,725 2,3 1,3 1,5 2,3 Volume in $B 0 60 120 180 240 112 167 231 Number of deals UK France GER UK France GER Source
  • 21. Number of deals by regions 
 (Q1 & Q2 2017) 341 36 52 33 23 5 17 23 9 3 16 15 1 Source
  • 23. Shift towards larger deal size 10 % 20 % 30 % 40 % 50 % 60 % 70 % 80 % 90 % 100 % 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017* < 1M 1M - 5M 5M - 10M 10M - 25M > 25M Early stage Expansion Growth Source 60% (82% in 2014) % of deals 30% (17% in 2014) 10% (1% in 2014)
  • 24. Increasing median ticket size ($M) Seed Series A Series B Series C 2 4 6 8 10 12 14 16 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 14,1 5,9 2,4 0,9 14,1 5,1 2,1 0,6 7 3,5 1,7 0,6 But lower burn rate 
 in FR Our challenge: Expansion ~ Late US
 $6M US
 $2M US
 $16M US
 $33M
  • 25. 0 40 80 120 160 2012 2016 160 80 Average size of 
 French VC funds (€M) x2 Today’s challenge: growth stage Largest rounds in the last 12 months ($M) OVH 250 KKR, Towerbrook Capital Partners Sigfox 150 Salesforce Ventures, Bpifrance, Total, Alto Invest, Intel Capital, Elliott Deezer 110 Access Industries, Orange Devialet 105 Bpifrance, Korelya Capital, Foxconn, Renault, SharpCM CIC Actility 75 IdInvest, Bpifrance, Creadev, Foxconn, Ginko Oodrive 71 Tikehau Capital, MI3, NextStage Vestiaire Collective 62 IdInvest, Eurazeo, Vitruvian Blade 51 Business Angels Algolia 53 Accel, SaasTr Fund, Alven, Point Nine Capital, Storm Ventures GuestToGuest 35 Alyan, MAIF
  • 26. $308M Altice $275M Wolters Kluver $213M Snap $191M Nokia $189M Trainline $122M IPO $106M iHealth $57M enea Top exits last 12 months
  • 27. They believe in French entrepreneurs