France fosters a lot StartUp creation, with infrastructure, research tax credit etc that supports its top talents in launching their business. Nevertheless, until now the equity gap was a key issue for young StartUps. In 2014, we can observe an increase (+15%) in average deal value  while the number of deals has slightly reduced. >> Less deals with bigger amounts: does it suggest that young French StartUps are becoming ‘SMB-Up’?

1. In partnership with
FRENCH STARTUPS
2014 FUNDING REPORT
This study is proprietary of SourcInno ‐ www.sourcinno.com – © SourcInno – Published in June 2015

2. WHO WE ARE: SOURCINNO.COM
A SaaS platform
where Companies and Investors
SourcInno wants to allow
StartUps and Established players where Companies and Investors
find StartUps in a database of
+300,000 STARTUPS WORLDWIDE
StartUps and Established players
(Corporates, SMEs, Investors …)
to change the world … TOGETHER
Some GLOBAL and MULTI-LOCAL sources
where we listen the web and collect data
via Big Data & Machine Learning
An international team on three continents
with COMPLEMENTARY EXPERIENCES in
Advanced Technologies, Open Innovation, Data
+ Human expertise management, Entrepreneurship and Consulting
2This study is proprietary of SourcInno

3. KEY INSIGHTS
1‐ From StartUp to SMB‐Up? France fosters a lot StartUp creation, with infrastructure, research tax credit etc that supports its
AND IF FRENCH STARTUPS WERE ABOUT TO BECOME STRONGER?
1 From StartUp to SMB Up? France fosters a lot StartUp creation, with infrastructure, research tax credit etc that supports its
top talents in launching their business. Nevertheless, until now the equity gap was a key issue for young StartUps.
In 2014, we can observe an increase (+15%) in average deal value while the number of deals has slightly reduced.
>> Less deals with bigger amounts: does it suggest that young French StartUps are becoming ‘SMB‐Up’?
2‐ Future French Unicorns? “Unicorns”, these StartUps that have been valuated 1 billion $ are the 'holy grail’ for many countries
due to the impact they have in terms of growth and employment. The US has many.
In 2014 in France two StartUps have attracted large valuations (e g Blablacar or Sarenza with > 70 M€ each); inIn 2014, in France, two StartUps have attracted large valuations (e.g. Blablacar or Sarenza with > 70 M€ each); in
2015, SigFox, in France raised 100 M€; in 2015, Lending Club, created by a French guy, entered the US stock market with a 400
M€ valuation.
>> Does this launch the signal of the emergence of French Unicorns in the near future?g f g f f
ANALYSIS OF FUNDS RAISED BY
Quarter Geography Size RoundSectorVolume & Value
3
Note on the methodology performed to produce this study: This study presents a 2014 vs 2013 comparison on the funds raised by French StartUps based on the
SourcInno StartUp database and a continuous monitoring of public announcements of fund raisings done by French StartUps in France. The companies taken into
account in this study are the ones that the ecosystem and media have identified and qualified as being a StartUp (either in an article, competition, prize….).

4. Deals VALUE
In a challenging economic context the total amount of funds raised increased in 2014In a challenging economic context, the total amount of funds raised increased in 2014
€964.6 M €2.1 M
€ 942.9 M [2013]
2014 Total funds raised
€ 1.8 M [2013]
2014 Average funds raised by
financing event
V t C it l F d B i A l
MOST ACTIVE PRIVATE INVESTORS
KIMA VENTURES
ELAIA PARTNERSALVEN CAPITAL
DEMETER PARTNERS
JA. GRANJON
SIGMA GESTION
Venture Capital Funds Business Angels
PARTECH VENTURES INTERNATIONAL
O.MATHIOTNESTADIO CAPITAL IDINVEST PARTNERS
XANGE PRIVATE EQUITY INVESTESSOR
4This study is proprietary of SourcInno

5. Deals VOLUME
StartUp fundraising events and exits have declined in 2014StartUp fundraising events and exits have declined in 2014
11%
‘14‐’13
459459Fundraisings
31% 7%
Startups exits are lower in ’14 vs. ‘13
5
58
Acquisitions
12
IPO
(out of scope of this study).
This study is proprietary of SourcInno

6. Deals per QUARTER
The big deals occurred in Q2 (SARENZA 74 M€) and Q3 (BLABLACAR 73 M€)The big deals occurred in Q2 (SARENZA, 74 M€) and Q3 (BLABLACAR 73 M€)
VALUE of Deals (€ M)VOLUME of Deals
136 139
121
127
123 124
113 278.6
[VALEUR].0
99
194.6
225.1
244.7
178,6
199,7
250,4
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
6
20142013
This study is proprietary of SourcInno

7. Deals volume per GEOGRAPHY
The Ile‐de‐France region maintains its importance in the France FrenchTech ecosystemThe Ile de France region maintains its importance in the France FrenchTech ecosystem
2
3
18
2
20
2
1 5249
19
2
11
1
54%
46%
43
1
1
17Ile‐de‐France
18
17
16
39
Other regions
7
1
This study is proprietary of SourcInno

8. Deals per SECTOR
The internet sector concentrates ~50% of financing events with a stable volume of dealsThe internet sector concentrates 50% of financing events with a stable volume of deals.
229 ‐1%
2013
10%
‐8%
2013
2013
72
42
9 6
94
7
‐10%
2013
‐36%
2013 ‐53%
2013
+16%
2013
‐11%
2013
2013
9 6 7
Biotech, Greentech Electronic, Devices Industry Internet Fashion, Clothes Software Transport
2013 2013
ERYTECH
[2004] €30 M
SIGFOX
[2009] €15 M
FINEXCAP
[2012] €18 M
SARENZA
[2005] €74 M
LINEA ZEN
[2009] €2.4 M
RED LUXURY
[2012] €1 M
1. WATTMOBILE
[2010] €1.5 M
VOLUNTIS
[2001] €20.75M
INTOREM
ISORG
[2010] €6.4 M
SUNNA DESIGN
INTERSEC
[2004] €17 M
DASHLANE
BLABLACAR
[2007] €73 M
MENINVEST
YOOJI
[2012] €1.5 M
EON MOTORS
LES ATELIERES
[2012] €0.65 M
ART OF SOULE
2.
3.
FREEMOOS
[2008] €1.2 M
MUSES
8
[2013] €18 M [2011] €5.3 M [2009] €16.1 M[2009] €23 M[2010] €1 M [2006] €0.32 M [2009] €1.1 M
[X] = Date of Founding | €X M = Amount RaisedThis study is proprietary of SourcInno

9. Deals per SECTOR >> Focus on INTERNET
FinTech and Entertainment (Art Culture ) have more than 100% growth in deals volumeFinTech and Entertainment (Art, Culture...) have more than 100% growth in deals volume
72 42 9
229
6
94
7
INTERNET DEAL VOLUME
27
2
17
22
3
9
Mobile apps
Real estate ads
Transport 2013
2014
20
6
18
10
38
6
7
Education E learning
E‐commerce
Price comparator
Art, Culture, Music
30
16
3
15
29
7
10
10
Marketing, Media
Finance, Crowdfunding
Job, Recruitment
Education, E‐learning
12
16
10
46
18
10
6
Internet : Other
Travel, Accomodation
Food, Receips
Fashion
37
46
0 5 10 15 20 25 30 35 40 45 50
Internet : Other
9This study is proprietary of SourcInno

10. “Early stage StartUps”(5 10 employees) is the fastest growing segment corresponding to a stable “seed
Deal volume by TEAM SIZE and ROUND
Early stage StartUps (5 ‐ 10 employees) is the fastest growing segment, corresponding to a stable seed
investment” level. Later‐stage investments are challenged, maybe due to a focus on a smaller number of deals
‐70%
12
3 1‐4TEAM SIZE
(% Change ‘14 ’13)
‐11%
‐33%
70%
121
171
5‐10
11‐50
‐17%
(% Change 14‐ 13)
152
51‐100
100++10%
FINANCING ROUND
(% Change ‘14‐’13)
BA C GFED
251 129 48 21 2 6 2
‐16 %
2013
+1 %
2013
‐60%
2013
‐34 %
2013
‐28%
2013
‐75%
2013
‐25%
2013
251 129 48 21 2 6 2
10This study is proprietary of SourcInno

11. Visit us on www.sourcinno.com
This study is proprietary of SourcInno