French venture capital landscape 2019 - White Star Capital

French Venture Capital
Landscape 2019
From the eyes of an
International Investor

“The combination of high-end
talent, innovation, and emphasis
on collaboration makes it a
very exciting time in the French
Tech ecosystem. I see a lot of
similarities to the New York VC
ecosystem from just 5 years ago!”
Eric Martineau-Fortin
Managing Partner
Matthieu Lattes
General Partner (Paris)
White Star Capital 2
“The ambition of French
Entrepreneurs is
increasingly global and
matches with their world-
class technical skills and
creativity: the perfect
French touch!”
“2019 has witnessed the largest
fundraisings in the history of the
French Tech. France has always
nurtured phenomenal talent but
can now take advantage of an
unprecedented amount of resources
to build global champions!”
Mitchell Gorodokin
Senior Associate (Paris)
Pauline Studer
Associate (Paris)
Duc Nguyen
Analyst (Paris)
In this edition of our report, we aim to share our enthusiasm on
the French Tech and Venture Capital ecosystem as well as touch
upon a few additional topics.
We wish to share our excitement about France and dive into a few
data points that show the country’s explosive growth in tech and VC
investments over the last four years. We look at the role that the public
sector has had on catalysing this growth. We also look at the diversity
and talent which makes up this ecosystem and end by diving into the
main VCs and investors that have been injecting capital into France.
At White Star Capital, we started investing in France in 2016 and have
made three landmark investments in the country into Klaxoon, Meero
and Mindsay. We established a permanent office in Paris in 2017
and since formally set up a regulated fund in France in the second
half of 2018.
We also welcomed a few weeks ago Mitchell Gorodokin to join us
in France as a Senior Associate with the intention to strengthen
our continental European team. We are much looking forward
to continuing investing in the fast-growing French market!
Over the past few years, we’ve been fortunate to witness the fast
acceleration of the French tech ecosystem. We are now building
global champions out of France in technology, as we’ve seen decades
ago with a number of our local international champions in what have
now become traditional industries. Our French entrepreneurs are as
ambitious as others, fearless and do think global well from Day 1. We
succeeded in creating over the last few years an environment of trust,
bringing top-tier French and international investors to support growth
stories in technologies to a large scale.
We are engaged since mid 2018 to build in Paris a solid team
of professionals with strong complementary international
backgrounds, supported by our colleagues out of New York,
London, Tokyo, Hong Kong and Montreal. In addition to Meero
and Klaxoon we added a third company to our French portfolio:
Mindsay. We are looking forward to meeting the promising
start-ups that will join them in the coming months!

White Star Capital
Section 1 French Venture Capital: An Overview 04–21
Section 2 Ecosystem 22–39
3
Contents

White Star Capital
1French Venture Capital:
An Overview
4

White Star Capital French Venture Capital: An Overview 5
The French Venture Capital
Ecosystem in the Spotlight
In Europe for
deep-tech funding(6)
2nd
Largest European
Tech Hub(3)
2nd
In Europe for its
access to capital(3)
2nd
Globally for number
of unicorns(1)
7th
For Venture Capital
funding in Europe(2)
3rd
Globally for smartphone
penetration(5)
7th
(1) Statista
(2) Sifted
(3) Business France
(4) Ecommerce Europe
(5) Newzoo
(6) Business France
(7) Pitchbook
3rd
In Europe for number
of exits in 2018(7)
4th
in H1 2019
2nd
Largest European
ecommerce market(4)
Paris is the
Paris is

Deal Value Deal Volume
$0.2bn
$0.5bn $0.5bn $0.6bn $0.6bn $0.7bn
$1.4bn
$1.8bn
$2.4bn
$3.3bn
$2.7bn
68
100
126 142 148
177
228
349
407 408
369
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 H1 2019
2017 2018 H1 2019
Europe UK France Germany Canada Japan
$15bn
$6bn
$2bn $2bn $2bn
$1bn
$18bn
$5bn
$3bn $3bn
$2bn $2bn
$13bn
$5bn
$3bn
$2bn
$1bn $0bn
2019 is set to beat the record
levels of 2018 VC activity
France’s activity in 2019 is expected to
be well above the record levels of 2018
French VC investments in H1 2019 represent 23% of European ones
Deal volume and value
Deal volume and value
Source: CB Insights
• H1 2019 funding in $ is already 80% of 2018’s activity
• H1 2019 number of deals is already 90% of 2018’s activity
• H1 2019 number of deals is already 1.5x H1 2018’s activity (249 deals)

$3.2bn
$1.7bn
$1.1bn
$0.4bn $0.4bn
London Paris Berlin Stockholm Barcelona
1.9x
1.5x
465
206
143
113
80
Paris is the 2nd largest
European tech hub (1/2)
Both in terms of deal volume and deal amount
Top European cities by Total Deal Amount (2018)
Top European cities by Total Deal Volume (2018)
Source: CB Insights

2.1x
2.5x
$218m
$104m
$42m
$23m
$12m
106
49
37 37
18
Paris is the 2nd largest
European tech hub (2/2)
Focus on Seed funding only
Top European cities by Total Deal
Amount in Seed funding (2018)
Top European cities by Total Deal Volume in Seed funding (2018)
Source: CB Insights
When looking at Seed funding only,
Paris’s scale ahead of other cities
becomes even more apparent,
which is setting this market up for
several more years of funding and
deal volume growth as the seed
companies funded today begin
to mature.

Snapshot of France’s strongest
subsectors over the past 3 years
Deeptech / AI
Deal AmountDeal Volume
Mobility / Transportation
Foodtech / Agtech
EdTech / HRTech
French Venture Capital: An Overview 9
Note: Illustrative and non-exhaustive list of start-ups
Source: CB Insights, Tracxn
$36m
$169m $154m
11
22 22
2016 2017 2018
$108m
$69m $81m
22
18
7
2016 2017 2018
$84m
$143m
$345m21
33 36
2016 2017 2018
$127m
$280m
$182m
34 33
29
2016 2017 2018
White Star Capital

The French investment structure is
evolving, with an increasing number
of Series A and B...
Source: CB Insights
Share of Deals by Stage Type in 2018 and CAGR since 2016
China Japan Germany France UK Canada US
Seed/Angel
share of deals
35% 47% 47% 53% 52% 54% 38%
+6% +4% (6%) (10)% (11)% (10)% (10)%
Series A
share of deals
34% 30% 30% 30% 27% 27% 26%
(2)% (3)% +3% +5% +8% +7% +1%
Series B
share of deals
18% 14% 16% 13% 12% 10% 17%
(4)% (3)% +4% +5% +2% +1% +4%
Series C
share of deals
9% 7% 4% 3% 5% 5% 9%
(1)% +2% (2)% (1)% +1% (1)% +1%
Series D
share of deals
2% 3% 3% 1% 2% 3% 5%
(1)% (1)% +1% +1% +1% +2% +2%
Series E
share of deals
1% 1% 1% 1% 2% 1% 4%
+1% +1% (1)% (1)% +1% +1% +1%

...combined with an increase in pre-money
valuations...
However, even though valuations are increasing in the
French ecosystem, the pace is slower than in other
European countries such as the UK or Germany
Pre-Money Valuation for Major Start-up Hubs
and evolution since 2011 (2011–17 CAGR)
Source: Pitchbook
China Japan Canada US France UK Germany
Seed
$8m $6m $5m $7m $3m $4m $6m
+9% +14% +6% +9% +1% +9% +4%
Series A
$50m $45m $26m $20m $18m $18m $17m
+13% +14% +6% +16% +12% +19% +19%
Series B
$250m $70m $47m $60m $65m $64m $50m
+15% +22% +7% +15% +14% +29% +16%

…and an increase in deals
average value (1/2)
The average and median deal value have been
significantly increasing in the recent years
This is partially explained by an increasing number of large rounds
Source: Pitchbook
$4.0m $3.6m
$5.5m
$3.8m
$4.0m
$6.0m
$9.0m
$1.3m $1.4m $1.5m
$1.1m $1.2m
$1.8m
$4.2m
2013 2014 2015 2016 2017 2018 H1 2019
Average Deal Value Median Deal Value
Average and median deal value over the past years
Total funding allocated to top 10 deals
42% 44%
48%
33%
22%
28%
40%
2013 2014 2015 2016 2017 2018 H1 2019

…and an increase in deals
average value (2/2)
Signs of a growing ecosystem of later stage investor betting
on the development of France-born global champions
2016-18 CAGR of Early-Stage Round Sizes
13
Source: CB Insights
Japan
France
UK
Germany
China
Canada
US
$2m19%
14%
16%
10%
11%
20%
10%
21%
17%
10%
16%
14%
9%
15%
10%
13%
(1)%
(1)%
1%
4%
5%
$8m
$15m
$1m
$7m
$10m
$2m
$9m
$21m
$1m
$7m
$15m
$2m
$5m
$15m
$1m
$4m
$14m
$1m
$3m
$6m
Seed Series A Series B
White Star Capital French Venture Capital: An Overview

French start-ups are increasingly
funded…
Top funded VC-backed French companies
Source: CB Insights
$70m
$70m
$71m
$72m
$86m
$86m
$87m
$91m
$92m
$93m
$100m
$102m
$104m
$108m
$113m
$122m
$122m
$147m
$147m
$150m
$161m
$173m
$176m
$179m
$215m
$267m
$297m
$311m
$442m
$449m
Funding as of H2 2014Funding as of H1 2019

The French ecosystem is diversifying and
grants access to various types of capital
Selected VCs investing in France
Vanilla VC
Seed Funds
HardTech/BioTech VC
European VC
US VC
Impact VC
UK
San Francisco
New York
Boston
Germany
Note: Illustrative and non-exhaustive list of funds
Source: Serena, White Star Capital
France Foreign Funds
Corporate VC
Growth Funds
Regional VC

…And as international investors seek to
deploy more capital, mega rounds are
becoming a regular feature
However, across Europe, UK still dominates the mega rounds landscape
French Mega Rounds ($70m)
Share of Mega Rounds by Number Share of Mega Rounds by Value
Source: CB Insights
2015 2016 2017 2018 2019
$200m $160m $75m $185m $230m
$115m $109m $72m $101m $170m
$70m $80m $125m
$75m $125m
$111m
UKFrance Germany Rest of Europe
11% 11% 15%
30%
44%
52% 39%
21%
22%
15%
18% 19%
22% 22% 27% 30%
2016 2017 2018 H1 2019
17%
7% 10%
18%
56%
61%
42%
42%
8% 11%
20%
21%
19% 21%
28%
19%
2016 2017 2018 H1 2019
White Star Capital

France is now home
to 7 unicorns(1)
…
1999 → 2016
$1.1bn
2006 → 2018
$1.2bn
2006 → 2015
$1.6bn
2013 → 2019
$1.1bn
2001 → 2007
+$1.0bn
2000 → 2019
$1.0bn
2005 → 2013
$1.1bn
(1) Unicorn defined as a private venture-backed company raising a round of financing at a valuation of $1bn.

…and has the third highest
concentration of unicorns(1)
in Europe
SwedenPortugal
EstoniaSpain
UK
Netherlands
Switzerland
Belgium
Romania
Malta
$3.5bn$1.0bn
$1.0bn$1.4bn
$1.3bn
$7.0bn $1.0bn
$1.0bn
$7.1bn
$1.0bn
Germany
$1.0bn
$1.0bn
$1.0bn$3.5bn
$1.0bn$3.5bn
$1.7bn
$1.0bn
France is also home to a large number
of potential unicorns in Europe…(2)
(1) Unicorn defined as a private venture-backed company raising a round of financing at a valuation of $1bn.
(2) Selected “Soonicorns” from Tracxn database. Tracxn defines Soonicorns as companies that have the potential
to scale to a $1bn valuation based primarily on funding, valuation and the company’s disclosed growth metrics.
France
$1.2bn$1.6bn
$1.1bn$1.1bn
$1.1bn
+$1.0bn
$1.0bn
17
1
1
1
1
1
1
1
1
2
8
7

25
51
38
41
28
24
17
15
10
14
7
MA IPO Total
7 9 8 10 11 12 18 36 31 47 24
5
2
5
6
12
10
5
7
4
1
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 H1 2019
Source: CB Insights
(1) IPO in the US
French exits are multiplying, with MA
remaining the go-to option
Date Company Valuation
Apr 2011 $345m
Oct 2013 $1.7bn
Apr 2014 $253m
Apr 2014 $147m
Jul 2014 $231m
Oct 2015 $730m
Jul 2016 $165m
May 2018 $123m
Jun 2018 $111m
Jul 2018 $222m
Date Target Acquirer Valuation
Apr 2015 $292m
Jul 2015 $233m
Apr 2016 $191m
Mar 2017 $308m
Jun 2017 $213m
Dec 2017 $200m
Feb 2018 $100m
Apr 2018 $434m
Jul 2018 $300m
Jan 2019 $150m
Apr 2019 $300m
Jul 2019 $1.1bn
French VC-Backed Exits
Acquisition is the primary exit route
Selected VC-Backed IPO ExitsSelected VC-Backed MA Exits
White Star Capital
(1)
(1)

10%
14%
21%
24%
35%
3% 2%
8% 9%
20%
0% 1%
4% 3%
13%
France UK Europe USA China
Raised $15m Raised $50m Raised $100m
Source: CB Insights
(1) Based on median share of seed stage rounds from 1-Jan-2009 to 31-Dec-2018, that go on to raise a total funding amount of $15m+, $50m+ and $100m+
Note 1: +$100m rounds are highlighted in blue
Note 2: Illustrative and non-exhaustive list of investments
France has historically suffered from a
funding gap in the growth stage space…
% of Seed Start-Ups That Raise
$15m+, $50m+ and $100m+(1)
… yet several French growth funds are filling out this gap …
White Star Capital
$79m (2019)
€30m (2016) $75m (2017)
$125m (2019)$80 m (2018)
$40m (2019)
$60m (2019)
$79m (2019)
$125m (2019)
$230m (2019)
$170m (2019)
$125m (2019)

… And international funds are more and
more active in France, especially on the
larger rounds
White Star Capital
Note 1: Stages of investment and size of rounds correspond to either initial rounds in which the selected
international investment funds invested or rounds they led or co-led
Note 2: +$50m rounds are highlighted in blue
Note 3: Illustrative and non-exhaustive list of investments and international funds investing in France
Source: Crunchbase, CB Insights
B $60m (2018)
C $60m (2018)
E $170m (2019)
Undisclosed
(2018)
B $10m (2012)
B $20m (2015)
B $14m (2017)
B $28m (2017)
B $53m (2017)
A €2.5m (2014)
B $10m (2008)
B $38m (2019)
B $40m (2019)
C $100m (2014)
B $9m (2015)
B $34m (2017)
B $20m (2018)
B $20m (2015)
A $15m (2018)
E $62m (2017)
$45m (2019)
C $7m (2010)
C $60m (2019)
C $70m (2019)C $230m (2019)B $28m (2017)
D $200m (2015) B $42m (2018)
C $46m (2019)
A €16m (2017)
B $20m (2015)
B $40m (2019)
C $12m (2009)
A $8m (2016)
F $40m (2017)
B $40m (2019)
US
UK
Canada
France
Hong Kong
US
UK
Japan
US
US
US
US
US US US
US
Germany
Israel
Switzerland
Russia
UK
UK UK UK
C $25m (2015)
C $100m (2016)
A $20m (2016)
C €50m (2019)

White Star Capital
2Ecosystem
22

Ecosystem 23
The White Star Capital model
for a venture capital ecosystem
At White Star Capital, we believe there are 4 key
constituents to the VC ecosystem
Market
Government
Talent
Capital
Naturally occurring,
uncontrollable aspects
of the landscape
Key Characteristics
• Technological adoption
• Digital penetration
• Size and growth
• Tailwinds or headwinds
Controllable, human-led aspects
of the landscape
Key Characteristics
• Tax incentives
• Government led incubators
and hubs
• Regulation
The abundance of strong
founders and employees
and the underlying initiatives
supporting them
Key Characteristics
• Education
• Major corporates
Financing available in the market
Key Characteristics
• Angel investors
• Presence of funds across
sectors and stages
• Access to international funding
1.
3.
2.
4.
White Star Capital

White Star Capital Ecosystem: Market 24
Favorable demographics
make the French market
very attractive
Most fertile European
country(3)
Growing market
1st
Highest GDP in the world(4)
High spending power
6th
France is the 2nd
most
populated country in Europe (1)
Huge market
67m most used language
on the internet(2)
Great accessibility
4th
(1) Le Planificateur Acontresens
(2) Le Monde
(3) Insee
(4) World Population Review
(5) Culture Trip
(6) World By Map
Top 10of the most culturally
diverse cities in the world(5)
Diverse market
1st
Youngest country of the EU(6)
Openness to digital
Paris is in the
French is the

Ecosystem: CapitalEcosystem: Talent 25
French business and engineering schools
are among the best in the world and train
the entrepreneurs of tomorrow
France’s world class universities
Masters in management(1)
Most prestigious French
engineering schools
largest
mathematics
institution in
the world after
Princeton
MBA program
in Europe
Stanislas Niox-Chateau
Co-founder and CEO
Frederic Mazzella
Co-founder
Jean-Baptiste Rudelle
Co-founder and CEO
Malek Debs
Co-founder deputy CEO
Céline Lazorthes
Founder and CEO
Nicolas Brusson
Co-founder and CEO
Cédric Hutchings
Co-founder
Eric Sibony
Co-founder CSO
Selected start-up founders
(1) QS World University Rankings
White Star Capital
1
4
9
2nd
1st

Ecosystem: CapitalEcosystem: Talent 26
France attracts more and
more foreign talents
The attraction of foreign talent now constitutes
a key to create France-born global champions
Various programs boost the attraction of foreign talents
An innovative public initiative led by
the Ministry of the Economy which
aims to boost a collective dynamic
in order to place France among the
greatest start-up nations.
This program offers a 12-month accelerator
program for international entrepreneurs
who want to build up in France.
The start-ups joining this program have
access to a fast-track procedure to obtain
a residence permit. Also, each team
receives €45K and will be part of one
of the 41 selected partner incubators.
Initiated by iconic start-ups (BlaBlaCar,
Chauffeur Privé, showroomprivé.com,
Sigfox…).
“WONDERLEON” first launched to
attract French expatriates and is now
opening up to international talent as well.
The French Tech Visa established
in June 2017 in order to facilitate
the reception and setup of tech
international talents gives access to
a 4-year residence and work permit.
White Star Capital
of the PhDs in
France come from
outside France
41%
Target % of foreign start-
ups aimed for Paris-based
incubators by 2020
30%
Source: La French Tech, Les Echos Start

Ecosystem: Talent 27
Women in leadership
Julie Chapon
Co-founder
Hélène Falchier
Partner
Mathilde Lacombe
Co-founder
Fany Péchiodat
Co-founder
Sophie Viger
Director
Rachel Delacour
Co-founder
Clara Gaymard
Co-founder
Géraldine Le Meur
Founding partner
and GP Fund I
Fleur Pellerin
Founder
Agathe Wautier
Co-founder
Marie Ekeland
Co-founder
Stéphanie Hospital
Founder
Marie-Christine Levet
Co-founder
Roxanne Varza
Director
Alice Zagury
Co-founder
A few of France’s most inspiring women
White Star Capital
Source: News Run

Ecosystem: Talent 28
Women-led tech initiatives
Femmes Business
Angels
Fédérations
Pionnières
ESG Strategy
By BPI France
Social Builder
Women Equity
AFIC Avec Elles
Girls In Tech
Initiative France
Engage With Femme
Chefs D’Entreprise
“We are a network of female
business angels financing with
an average check size of €10K
innovative start-ups run by both
men and women.”
“We represent all the Pionnières
incubators supporting female
tech entrepreneurs in France
and abroad.”
“Our ESG investment strategy
is based on the quality of
governance and management
by promoting the integration
of women.”
“We are a social start-up that
builds gender diversity and
equality in the digital business
and entrepreneurship. We do
so by providing support and
training for women, networks
and businesses.”
”We are the first European
research, promotional, financial,
operational and supportive
program for women-led growth
companies.”
“The French Association of
Investors for Growth aims to
promote the importance of
women’s role in private equity
and venture capital.”
“With the launch of three
offices (Paris, Marseille and La
Reunion) in our French regional
chapter, we want to help
eradicate the gender disparity
in French high-tech industries.”
“By signing a national
convention (Feb 2018) we
reaffirm our mutual desire to
support female entrepreneurs.”
Sources: Femmes Business Angels, Women Equity, BPI France, Girls in Tech, Fédérations Pionnières, AFIC avec ELLES, Social Builder, IF FCE
White Star Capital
On top of the respective 20% and 30% of the French start-ups
and companies founded by women, several funds and incubators
are taking a meaningful stance on tackling gender diversity
Funds
Accelerators/Programs

White Star Capital Ecosystem: Talent 29
Technology hubs have developed throughout
the country to support the talent pool
Source: FranceisAI by France Digitale
New AI labs launched in 2018
Launched its first AI Lab in Paris in June 2018
Has opened an AI Lab in Paris in March 2018
Has one AI center in Paris since March 2018
Has an AI Center in Paris since January 2018
Built its third largest AI RD Center in Paris in March 2018

Ecosystem: Capital 30
New fund announcements
in 2018
Over $1bn in new capital raised by
French VC funds over the past months
Source: Tracxn, Pitchbook
Note: Independent funds only. A number of French CVCs launched a new fund in 2019 including
574 Invest, Vinci Immobilier, Capgemini Ventures, V13 Invest and Axa Venture Partners.
$210m
Stage: Series A, B C
Sector:
$104m
Stage: Series A B
Sector:
$174m
Stage: Seed, Series A, Growth
Sector:
$194m
Stage: Seed, Series A B
Sector:
$70m
Stage: Seed, Series A
Sector:
$163m
Sector:
$151m
Sector:
$180m
Stage: Seed, Series A B
Sector:
White Star Capital
Software
Ecommerce
CleanTech
Legend
Smart City
FinTech
AI
Mobile
Food

French Incubators
and Accelerators
Most incubators / accelerators that are running
today were started in the last 5 to 10 years
Source: Crunchbase
Note: Illustrative and non-exhaustive list of incubators and accelerators
Paris
Public incubator facilitating
start-up creation in the field
of public research
Portfolio = 290 companies
Paris
American incubator which
takes 6% of start-ups equity
in exchange of $120k
Paris
Provides start-ups with
mentoring, financing, and
office space
Paris / San Fransisco
Supports start-ups,
entrepreneurs and innovative
projects of companies
through various programs
Paris / Brussels
Start-up studio focusing
on enterprise software
companies
Paris/Berlin/London
Service infrastructure for start-ups
in Europe. Takes 5% equity for free
in exchange of long-term support
Portfolio = 200+ companies
London / Paris / Berlin / Singapour
/ Hong Kong / Bangalore
Support individual talents to build
global technology companies.
White Star Capital

Station F, the largest Start-up
campus in the world
White Star Capital
Based in Paris and inaugurated in June 2017, the 34,000
square meters incubator was created by mogul Xavier Niel
who invested €250m in the project
Some Partners:
• A hub with more than 3,000 desk stations, housing 1,000 start-ups and
offering 30 start-up programs.
• Director: Roxanne Varza (ex-Microsoft and ex-Editor in Chief of TechCrunch).
Some of the 30 start-up programs available at Station F
Open to early-stage start-ups which will get full-time desk in
Station F campus and join the community of entrepreneurs.
Facebook Start-up Garage: 6-month acceleration program targeting
all start-ups involved in personal data.
Microsoft France launches its first worldwide program focused
on artificial intelligence in partnership with INRIA at Station F.
Fashion / Tech / Retail accelerator, which aims to generate growth
for its start-ups for 9 months by testing their solution on
Veepee and by linking them to partner brands.
The Gaming Entertainment program is designed by Ubisoft to
foster the creation of original contents.

As the ecosystem matures and exits mount,
the angel community has grown
Xavier Niel
Iliad (Founder)
Michaël Benabou
Veepee (Co-founder)
Céline Lazorthes
Leetchi (Founder and CEO)
Fabrice Grinda
FJ Labs, Aucland, Zingy
and OLX (Founder)
Oleg Tscheltzoff
Fotolia
Thierry Vandewalle
Wind Capital (CEO and founder)
Alexis Bonillo
Zenly (Co-founder)
Marc Simoncini
Meetic (Founder)
Pierre-Edouard Stérin
Smartbox (Founder), Otium
Capital (Founder and owner)
Frédéric Montagnon
Teads (Co-founder)
Thibaud Elzière
eFounders (Founder)
Jacques-Antoine Granjon
Veepee (CEO and co-founder)
Selected Angel Investors
Angel Investor Activity
Sources: Linkedin, Crunchbase, CB Insights, France Angels
White Star Capital
48.0m
42.7m41.2m
36.5m
2014
37.3m
20182015 2016 2017
509
415
386
356
2014 2015 2016
455
20182017
Total Deal Amount Total Deal Volume

Denmark AustriaGermany NetherlandsSweden SpainSwitzerland France BelgiumUK
69 32
424
74 36
20
109
238
377
128
24%
17%
12%
7% 7% 7%
4%
3% 3%
2%
France is among the European countries
with the most dynamic CVC activity
France is 3rd in Europe for value of CVC activity with +$2.7bn invested
France is among the countries with the most dynamic CVC activity
Source: Crunchbase, CB Insights
AustriaDenmarkBelgiumNetherlandsSweden SpainSwitzerlandFranceGermanyUK
$0.9bn $0.8bn $0.8bn $0.5bn $0.4bn $0.4bn
$1.4bn
$2.7bn
$3.7bn
$9.7bn
Deal Value for European CVC Activity Over the Last 5 Years
% of Total Deals involving CVCs from Local Corporates
Deal number for European CVC Activity Over the Last 5 Years
White Star Capital

Note: Illustrative not exhaustive list of French Corporate Venture Capital funds
Source: Serena, White Star Capital
Telecom / Media
Mobility
HealthTech
CleanTech
InsurTech
PropTech
FoodTech / RetailTech
FinTech
Other
French CVCs invest in a
number of different sectors
White Star Capital

Source: BPI France
Ecosystem: Government 36
Recent government equity programs
Created in 2013, BPI France is a public investment bank
which finances companies, from creation to development.
Bpifrance supports some of the most promising french start-ups :
White Star Capital
to finance innovation
(grants, subsidies, loans)
for 5,652 companies
€1.2bn
invested in innovation
capital in 104
companies in 2018
€328m
invested in 50 funds. 50%
in venture capital funds,
50% in development
capital funds
€962m
The French state invests more than €10bn in equity programs
Bpifrance: a key player in the French ecosystem
Date Program Name Amount Purpose
June-18 French Tech Seed Fund €400m
Focus on deep tech start-ups coming from
laboratories or incubators/accelerators
Nov-17 Franco Emirati Fund (FEF) €1bn
Co-invests alongside Abu Dhabi’s
sovereign wealth fund Mubadala and
CDC International Capital
June-17 PSIM Fund €200m
Invests exclusively in the 12 winners of
the Global Innovation Competition (CMI).
Check size ranges from €2 to €20m.
June-17
Innovation and Industry
Fund (FII)
€10bn
€150m will finance big technological
challenges
€70m will support deep tech companies
€25m will be dedicated to nanotechnologies
Dec-15
French Tech Acceleration
Fund
€200m
Invests in French accelerators and
investment funds providing acceleration
programs to start-ups
Dec-13 Large Venture Fund €1bn
Invests in fast-growing innovative start-ups
with high capital requirements (check size
between €10m and €30m)
The fund size increased to €1bn in 2017

French programs
unique to France
More than €80bn spent to promote innovation and attract and develop talent
Friendlier tax environment
for start-ups
Environment-focused
innovation
Innovation funding
Creating talent
• A 20% innovation tax credit has been
created for start-ups and will apply to
innovation expenses up to €400,000 per
year and per company
• President Macron announced the removal
of the highest 20% rate of the salaries’
social charges and that compensation
and bonus schemes would no longer
be included in the severance pay’s
calculations
• Bpifrance will invest €4bn for the
Energy and Ecological Transition (TEE),
a law enhancing energy savings and the
development of renewable energies. In this
context, Bpifrance has already supported
1,400 energy companies for a total amount
of €1.4bn
• In July 2017, Bpifrance launched France
Investissement Energie Environnement
(FIEE), a €100m fund that will strengthen
its offer dedicated to the TEE
• France took measures to enhance the
link between fundamental research and
business application
• The 2018 budget for the ministry of higher
education, research and innovation rose
by more than 6%, to $9.9bn (with an extra
$2.8bn to research over the next 5 years)
• French National Research Agency, which
funds individual projects on a competitive
basis, rose its budget by 5% to $818m.
France is Europe’s second country by
gross RD expenditure ($63bn) in 2018
• France has a huge pool of skilled talent
with 100,000 engineers and 70,000 PhD
students every year
• France’s universities offer high-quality
cross-disciplinary programs, resulting in
more complete future workers in terms of
skills
Source: Direction Générale des Entreprises, La Tribune, Nature.com, Statista, BPI France, La French Tech
White Star Capital

Selected regional programs
Source: L’Usine Digitale, BPI France, L’Usine Nouvelle, Nubbo, Bretagne économique, Région Hauts-de-France,
Grand Est, Région Centre-Val de Loire, Région Nouvelle-Aquitaine, Région Sud Investissement
White Star Capital
Breizh’up
€10M investment fund
to support innovative
start-ups
DeepTech Aids
Up to €8K in financial
aids for robotic
projects
Regional loans
Up to €30K at the start-up’s
birth and up to to €100K
for RD development
JEREMIE Provence-
Alpes-Côte d’Azur
€121M fund for the
development of start-ups
French Tech
Loire Valley
From €150K to €500K in
financial aids for start-ups
Start-up Investment
Up to €3M in financial aid
or loan for start-ups
Start’Oc
From €5K to €2M in
financial aids for start-ups

Ecosystem: Events 39
World class tech and
VC events in France
White Star Capital
September 18
Paris
Attendees: 4,300
Start-ups: 2,000
Paris
Attendees: 4,000+
Start-ups: 1,000
Paris
Attendees: 50,000
Start-ups: 1,800
Paris
Attendees: 25,000
Start-ups: 600
Paris
Attendees: 43,000
Start-ups: 400
March 12-13
2020
June 11-13
2020
September 24-26 October 10

40
Introduction to
White Star Capital
White Star Capital is a transatlantic fund investing in Series A and B.
Our footprint is global: we have 6 offices in the world in
New York, Montreal, London, Paris, Tokyo and Hong Kong.
We are partnering with exceptional entrepreneurs with global ambitions
and leverage our extensive experience and international networks
to help them scale their business internationally.Our investments in
France include Klaxoon, Meero and Mindsay.
We leverage
our experience
founding and
scaling businesses
to support the
internationalization
of our start-ups.
I18N
With a presence
in North America,
Western Europe
and East Asia, we
invest in early stage
companies with
global ambitions.
3 Continents
Our current funds
have close to $300m
under management
and a portfolio of
25+ core companies
which have raised
over $1bn+.
Track Record
An ideal balance
between
entrepreneurial
and operational
experience with
financial and MA
experience.
Team
White Star Capital
Global Presence and Portfolio
Canada
Physical Hubs Core Hubs
East Asia
United States France, Germany, ROE
United Kingdom Nordics

French venture capital landscape 2019 - White Star Capital

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