Next40/FT120: who's behind startup fundraising?

As he does every year, Cédric O, Secretary of State for Digital Transition and Electronic Communications, unveiled the 2022 class of the Next40/ French Tech 120, the list of the 120 most promising startups. These new unicorns have raised record amounts of capital.

Nearly 50 million euros in funds raised

The Next40 / French Tech 120 list brings together the French startups judged to be the most promising in terms of funds raised and sales growth.

Those on the list benefit fromspecial support. In particular, they have access to :

  • Enhanced visibility through lobbying, communications and presence in official delegations abroad;
  • an adapted service offering,
  • identification of their needs (regulations and public policies);
  • the community of French Tech 120 members to share experiences.

In 2021, 22 rounds of financing in excess of 100 million euros were completed, for a total value of 5 billion euros, a spectacular 194% increase on 2020, demonstrating the ecosystem's financing capabilities.

This year, Next40 companies raised €49.6 million, compared with €22 million last year, according to figures announced by Cédric O. Given the vitality of the ecosystem, the renewal rate of the list of 120 startups is around one-third (i.e. 36 entrants/exits on average). In the end, 6 companies moved from the Next40 to the French Tech 120 and 7 start-ups left the list.

Eurazeo and Bpifrance are the most active investors

The France Digitale association has taken stock of the investors involved in the growth of the startups making up the Next40 / French Tech 120 class of 2022. The "Next40: who are the investors behind France's tech nuggets" study, which does not take into account individual private investors, shows that 441 investors were involved at various stages of the companies' development. Of these, 41% were French investors.

The Eurazeo fund, with €5.2 billion raised in Europe by 2021, is the most frequent investor in the Next40, with a total of 22 investments. It is the second most active fund in the Next40 / French Tech 120, with some 40 investments in financing rounds (Deezer, Back Market, Alma, Malt, Klaxoon...). Bpifrance is also the most active French investor, with 48 participations in the FT120, including Contentsquare, Payfit and Kinéis.


France Digitale's ranking shows that Anglo-Saxon funds are almost as numerous as French investors. Indeed, almost one in two Next40 / FT120 investors injected non-European funds. All, except Japan's SoftBank (5 investments), are American investors.