Paris is Back - A vibrant early-stage investment environment

HELLO,
Thanks for inviting me ;) 
I’m Alice, CEO of TheFamily.
@_TheFamily 
alice@thefamily.co

THE
FRENCHIE
#TRADITION
#ART-DE-VIVRE
#CREATIVITY

Entrepreneurs
sleep 35h a week ;)
Young & innovative compagnies
get significant tax rebates.
*JEI & CIR Schemes
Trial periods of 6 months
allow you to test before hiring.
THEY
WORK
35H/WEEK?
THEY
PAY
HIGH TAXES?
THEY
CAN’T
HIRE & FIRE FAST?
CLICHÉS

40-50%
30%
Soft &
Internet
Concentrated in Paris
$1.4M
Average ticket invested
$1B
Invested per year
in 700+ companies
On-par with the UK where $1.3B was invested in 2013.
A VIBRANT EARLY-STAGE
INVESTMENT ENVIRONMENT

THERE IS LOCAL MONEY
AT THE EARLY STAGE
$1.5B
raised by 9 top
early-stage funds
in the past 3 years.
$363M
$157M
$61M
$121M
$121M
$72M
$145M
$54M
$424M

THE TOP 3 EUROPEAN FUNDS
ARE ACTIVE ON THE GROUND
FRED
DESTIN
PHILIPPE
BOTTERI
DOMINIQUE
VIDAL
MARTIN
MIGNOT
BERNARD
LIAUTAUD
NICOLAS
DEBOCK
SOFIA HMICH

AND MANY OTHERS
HAVE BEEN ACTIVE TOO

$90M(est.)$70M
ACQ. BY
RED HAT
$1,7Bn
VALUATION
$600M
$275M
$140M $90M
ACQ. BY
ADOBE
ND
ACQ. BY
MICROSOFTACQ. BY
ETSY
ACQ. BY
FILMALAC GROUP
ACQ. BY
TRIPADVISOR
ACQ. BY
AU FÉMININ
OVER THE PAST 18 MONTHS

HIGH PROFILE COMPANIES
GETTING FUNDED
In the past 12 months

MANY UNICORNS
YOU ALREADY KNOW

INVEST TIME
AND MONEY
IN PARIS?
3
- SERIOUSLY?
IN PARIS
SERIOUSLY?
ONE 
EUROPEAN 
STARTUP 
ECOSYSTEM

TECH CITY LONDON 
STARTUP CITY BERLIN  
LA FRENCH TECH 
STARTUPS.BE 
BUDAPEST RUNWAY 2020 
…

EUROPE WON’T BE  
ONE ECOSYSTEM  
AS LONG AS THERE  
IS NOT ONE LEGAL STATUS
FOR A EUROPEAN
CORPORATION

WE
DID IT
WITH
€ Schengen
passport

With its own legislative framework.
Avoiding the legal and practical
constraints from different legal systems.
NATIONAL TAX SYSTEM 
NATIONAL BANK SYSTEM
CAN WE DO ONE LEGAL STATUS?

WORD CLASS
INFRASTRUCTURE
1H BRUSSELS
2H LONDON
3H GENEVA
4H
ZURICH
FRANKFURT
AMSTERDAM
LUXEMBOURG

ENGINEERING
EXCELLENCE
TALENTED
WORLD CLASS SCIENCE
13 FIELD MEDALS
9 PHYSICS NOBELS
8 CHEMISTRY NOBELS
12 MEDICINE NOBELS
#2 PATENTS FILING I
ABUNDANT
60K ENGINEERS/YEAR
& MOST OF THEM ARE IN PARIS
AFFORDABLE
$50-80K for mid-level dev
NOBEL
PRIZE
WINNER
AND MON
IN PARIS
3
- SERIOUSLY?
INVEST T
AND MON
IN PARIS?
3
- SERIOUSLY?
INVEST T
AND MON
IN PARIS
3

YOU’RE WELCOME IN PARIS.
THANK YOU

@alice_zag @_thefamily alice@thefamily.co

RESOURCES
HISTORY 
Aurelien Belanger, La Theorie de l’Information http://www.amazon.fr/La-th
%C3%A9orie-linformation-Aur%C3%A9lien-Bellanger/dp/2070138097
“6m households minitel”:
By 1993, Minitel was used in 20 percent of households and 80 percent of
businesses in France. http://www.openlearningworld.com/books/Information
%20Technology/Chapter%208%20NETWORK%20&%20COMMUNICATIONS
%20IN%20I%20T/A%20NATIONAL%20NETWORK%20INFRASTRUCTURE.html
In 1995, there were 25,000 different services offered through Minitel. In
1996, Minitel terminals were accessed for 87 million hoursof connection. The
profit yielded by France Telecom was six billion French Francs, about $1.2
billion.
http://knowledge.e.southern.edu/cgi/viewcontent.cgi?
article=1096&context=senior_research
“1999 Minitel penetration > Internet”:
http://www.internetlivestats.com/internet-users/united-states/ US internet
penetration 43% in 2000 - France minitel penetration 40%
300 startups in Silicon Sentier:
Processus mimétiques et identité collective : gloire et déclin du « Silicon Sentier
» http://www.cairn.info/zen.php?ID_ARTICLE=RFS_472_0293
1 EUR : 1.23 USD as of 6th Dec 2014
Iliad market cap: EUR 11.3 B as of 6th Dec 2014 = $13.9B
Xavier Niel’s net worth: $8.2 B as of June 2014
http://www.forbes.com/profile/xavier-niel/
INVESTMENT
http://www.idinvest.com/en/Venture-Capital-in-France-and-Europe-
publications_8.pdf
http://www.evca.eu/media/142790/2013-European-Private-Equity-Activity.pdf
http://www.chaussonfinance.com/indicateur/indicateur.htm
$1B invested per year: Chausson Finance indicateurs.
EUR 416+ 490 = EUR 906M = $1.1B
in 700 companies: Chausson Finance indicateur: 367+412 = 779
30% software and ecommerce:
Chausson Finance indicateur 17%+12% in H2 2013 and 25%+12% in H1 2013
40-50% in Paris: Chausson Finance indicateur 40% in H1 13 and 43% in H2 13
vs. UK: in 2013 GBP 841m invested in tech = $1.3B
http://www.bvca.co.uk/Portals/0/library/documents/RIA%20Guides/IAR
%20Autumn14-fin.pdf
FUNDRAISING 
http://www.rudebaguette.com/2013/10/08/partech-raises-a-7th-fund-of-e160-million-
eyes-on-europe-early-stage/
Blablacar: https://www.pehub.com/2014/07/blablacar-secures-100-mln-series-c-led-by-
index-ventures/ $100m
Sarenza: http://www.e-commercefacts.com/news/2014/06/sarenza-conquers-europe/
index.xml EUR 74m = $91m
Talend: http://techcrunch.com/2013/12/11/talend-raises-40m-to-more-aggressively-
extend-into-big-data-market-sets-sights-on-ipo/ $40m
Withings: file:///home/chronos/u-ef45abcbfeaae4199d318ef568d5ec40724c2673/
Downloads/Withings%20PR%20-%20Fundraising%20July%2017th%202013.pdf $30m
Talentsoft: http://www.finsmes.com/2013/09/talentsoft-raises-e15m.html EUR 15m:
$18m
Novapost: http://techcrunch.com/2014/05/15/peopledoc-nee-novapost-raises-17-5-
million-to-digitalize-hr/ $17.5m
Sigfox: http://www.crunchbase.com/funding-round/
c6a97abe01ab87da048c81a9f9af7ee5 EUR 15m: $18m
Dashlane: http://techcrunch.com/2014/05/19/dashlane-raises-record-22m-for-its-cloud-
based-password-manager-after-clocking-2m-users/ $22m
Synthesio: http://techcrunch.com/2014/03/14/social-analytics-platform-synthesio-
secures-20m-series-b-from-idinvest-partners/ $20m
Menlook: http://www.rudebaguette.com/2014/11/04/menlook-raised-e23-million-
idinvest-conquer-male-fashion-online/ EUR 23m : $27.6 m
Vestiaire Collective: http://techcrunch.com/2013/09/02/vestiaire-collective-raises-20-
million-from-conde-nast-and-others-to-fuel-international-growth/ $20m
Intersec: https://www.pehub.com/2014/11/intersec-attracts-20-mln-series-b/?
utm_source=PE+Hub&utm_medium=twitter&utm_campaign=Feed%3A+pehub
%2Fnews%2Fvc+%28PE+HUB+News+%28VC+Deals%29%29 $20m
Finexcap: http://techcrunch.com/2014/11/18/finexkap-offering-working-capital-to-smbs-
in-france-raises-22-5m/ $22.5m

EXITS
Criteo valuation: https://www.google.com/finance?cid=281026445686504
http://www.reuters.com/article/2013/10/29/criteo-ipo-idUSL3N0IJ62D20131029
$2.2B today, $1.7B at IPO - 29 Oct 2013
Neolane: https://www.adobe.com/aboutadobe/pressroom/pressreleases/
201306/062713AdobetoAcquireNeolane.html
$600m - 27 June 2013
LaFourchette: http://techcrunch.com/2014/05/07/lafourchette-gobbled-up-by-
tripadvisor/
$140m - 7 May 2014
ALittleMarket: http://techcrunch.com/2014/06/23/etsy-buys-french-startup-a-
little-market-in-its-largest-acquisition-so-far/ http://blogs.wsj.com/moneybeat/
2014/06/23/etsy-acquires-french-market-in-biggest-deal-yet/
undisclosed but thought to be c. $90m - 23 June 2014
MyLittleParis: http://techcrunch.com/2013/11/22/aufeminin-acquires-
subscription-service-and-city-guide-my-little-paris-for-90-million/
$90m - 22 Nov 2013
Jeuxvideo.com: http://www.himediagroup.com/en/blog/2014/06/05/webedia-
acquires-jeuxvideo-com-for-90-euro-million/
EUR 90m = $109m - 6 May 2014
Allocine: http://lentreprise.lexpress.fr/high-tech-innovation/rachat-d-allocine-
pourquoi-fimalac-fait-une-bonne-affaire_1523020.html EUR67m = $81m - 18 Jul
2013
Webedia: http://www.clipperton.net/transactions/webedia/
EUR 70m = $85m - 12 Sept 2013
eNovance: http://www.redhat.com/en/about/press-releases/red-hat-acquire-
enovance-leader-openstack-integration-services
EUR 70m = $85m - 18 Jun 2014
Capptain: http://azure.microsoft.com/blog/2014/05/28/announcing-the-
acquisition-of-capptain/
undisclosed - 28 May 2014
FUND CLOSING
 
http://www.rudebaguette.com/2013/10/08/partech-raises-a-7th-fund-of-
e160-million-eyes-on-europe-early-stage/
Idinvest: http://www.idinvest.com/en/Idinvest-Partners-announces-the-
initial-close-of-its-Idinvest-Digital-Fund-II-communiques_52.pdf EUR100m =
$120m - 24 Oct 2013
360: http://www.rudebaguette.com/2012/10/31/360-capital-new-fund/
EUR60m = $72.1m - 31 Oct 2012
Iris: http://www.iriscapital.com/sites/default/files/Press%20Release_Iris
%20Innovation%20Day.pdf EUR300m = $363m - 12 Mar 2012
Alven: http://www.rudebaguette.com/2013/03/08/alven-capital-iv/ EUR
120m = $145m - March 2013
Isai: http://www.rudebaguette.com/2013/09/02/isai-closes-its-e50-million-
expansion-fund-for-acquisitions-buy-outs-growth/ EUR 50m = $61m - 2 Sept
2013
Elaia: http://www.rudebaguette.com/2012/10/29/elaia-partners-alpha-fund-
seed-stage/ EUR 45m = $54m - 29 Oct 2012
Ventech: http://www.rudebaguette.com/2012/09/17/ventech-breathes-new-
air-with-a-new-e75-million-fund/ EUR100m = $121m - 17 Sept 2012
Serena: http://www.rudebaguette.com/2013/09/16/serena-capital-100-
million-fund/ EUR100m = $121m - 16 Sept 2013
Partech: http://www.unquote.com/unquote/official-record/2299266/partech-
closes-venture-and-seed-funds EUR120 = $145m - 8 OCt 2013
TOTAL = $1.2B

60k engineers: http://www.vdi.de/uploads/media/
2010-04_IW_European_Engineering_Report_02.pdf
EUR40-60k salaries: https://angel.co/jobs#find/f!%7B%22types%22%3A%5B
%22full-time%22%5D%2C%22locations%22%3A%5B%22Paris%22%5D%2C
%22roles%22%3A%5B%22Software%20Engineer%22%5D%7D
Internet speed "Speed test results for 2013 showed an average of 8.39 Mbps
download and 3.83 Mbps upload speeds"
http://www.bandwidthplace.com/location/france/
Wifi hotspots: http://www.independent.co.uk/life-style/gadgets-and-tech/wifi-is-the-
future-of-mobile-data-global-survey-shows-one-internet-hotspot-for-every-150-
people-9835319.html
500k uber: https://action.uber.org/uberPOP_France/
Air France destinations http://en.wikipedia.org/wiki/Air_France_destinations
Trains : https://www.capitainetrain.com/search/paris/luxembourg
Bruxelles : 1:22, Luxembourg: 2:08, Londres: 2:26, Geneva: 3:05
Amsterdam: 3:45, Frankfurt: 3:48, Zurich: 4:03
INFRASTRUCTURE
INTERNATIONAL
http://www.diplomatie.gouv.fr/en/french-foreign-policy-1/economic-
diplomacy/facts-about-france/one-figure-one-fact/article/france-is-top-in-
the-ranking-of
http://www.bloomberg.com/news/2014-11-16/france-a-tax-haven-yes-for-
companies-from-microsoft-to-huawei.html
Google market share: 91% http://www.atinternet.com/en/documents/
search-engine-barometer-july-2013/
Zalando: http://www.slideshare.net/strotmannjoerg/zalando-
overview-2014
Paris AirBb: http://blog.airbnb.com/airbnb-growth-europe/
Paris Uber: experience .. screenshots
Xavier Niel Investments: 350 http://en.wikipedia.org/wiki/Xavier_Niel
http://www.bloomberg.com/news/2014-06-24/tech-billionaire-made-in-
france-seeds-paris-entrepreneurs.html
Nest: http://www.rudebaguette.com/2014/01/21/nests-european-investor-
frances-super-angel-xavier-niel/
Square: http://www.forbes.com/sites/clareoconnor/2012/03/09/french-
revolutionary-is-ex-con-xavier-niel-europes-steve-jobs/5/
MEDALS & NOBELS
3 fields medals: http://www.diplomatie.gouv.fr/en/coming-to-france/facts-about-
france/one-figure-one-fact/article/13-the-number-of-french-fields
2nd in number of patents filed: http://www.diplomatie.gouv.fr/en/french-foreign-
policy-1/economic-diplomacy-foreign-trade/facts-about-france/one-figure-one-
fact/article/france-ranks-2nd-in-europe-for-the
Nobel Prizes
9 physics
8 chemistery
12 medicine
3 economie
http://www.nobelprize.org/nobel_prizes/country-birth-map/
map.phpfromyear=1901&toyear=2014&cat=phy&region=country

-
- http://fr.wikipedia.org/wiki/Soci%C3%A9t%C3%A9_europ%C3%A9enne
=> Unifier le marché du financement (pb des avocats dans chaque langue)
=> Créer un droit spécialisé dans l’innovation et favorable à la création de
champions post-européen

Paris is Back - A vibrant early-stage investment environment

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