[Luxus Magazine] Frenchtech in 2023: Fundraising Down by 33%

In 2023, the Frenchtech generated the second largest fundraising in Europe behind the United Kingdom, despite a 33% decrease compared to 2022 according to a KPMG study. At the origin of this performance, we find Verkor with its Gigafactory, innovations in Green Tech, and the new unicorn Mistral AI in artificial intelligence.

According to the “Tech Insights” study by the consultancy KPMG, published on January 18, French startups raised 8.3 billion euros in 2023. This represents a decrease of 33%, while their British counterparts experienced a 57% decrease compared to 2022. The mobility sector leads in France with the monumental fundraising of Verkor, followed by the sustainable technology sector. French companies are also seizing the opportunity represented by AI.

French Artificial Intelligence

At the CES in Las Vegas in 2024, France was the second most represented country with its 150 startups on site, most integrating artificial intelligence technologies. To compete with ChatGPT, the French Mistral AI, founded in April 2023, is the only French unicorn of the year with a valuation of 2 billion euros. According to a ranking based on user satisfaction evaluations, its open-source model is already superior to some versions of the leader, Chat GPT (according to data from huggingface.co). Mistral AI successfully raised 385 million euros to “create a European champion with a global vocation in artificial intelligence,” aims its CEO, Arthur Mensch.