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The search for funding is difficult everywhere right now, as an economic hangover takes hold in the wake of the pandemic. But for Parisian startups, the picture is sunnier.
The French capital has consistently outperformed its continental peers from a growth perspective. In the past year, almost $3 billion has been raised by French firms, accounting for 25 percent of the European total, according to figures from market data platform PitchBook. In the last five years, Paris has witnessed the greatest growth in funding of any European city.
The Parisian scene is diverse, home to startups working on problems from deep space exploration to the genetic modification of plants. There are a “zillion reasons” to launch a company in Paris, says El Mehdi Hachad, founder of ecommerce startup Elyn, ranging from a deep pool of technical talent to non-dilutive financial support from the government.
Astride an electric bicycle, even a long commute is made effortless. But unfortunately, ebikes remain prohibitively expensive, while the expertise required to assess the condition of electronic components makes it perilous to buy secondhand.
Enter Upway, an online marketplace for professionally refurbished ebikes. Started in 2021 by Toussaint Wattinne and Stéphane Ficaja, the startup purchases used ebikes, tunes them up, and sells them on with a one-year guarantee. “The only thing that would tell you the bike had a previous life might be a few scratches to the paintwork,” says Wattinne. By promoting secondhand sales, Upway hopes to slash the e-waste associated with ebikes, as demand continues to explode. The startup has refurbished 10,000 so far, and with expansion into new markets on the horizon, 1 million is the goal. Upway has attracted $31 million in funding from investors including Sequoia Capital and Origins, a fund started by French footballer Blaise Matuidi. upway.co
Neoplants, founded by Lionel Mora and Patrick Torbey in 2018, is bioengineering a new breed of plants that clean indoor air by removing dangerous pollutants. Its first plant, the Neo P1, is genetically modified to capture large quantities of airborne carcinogens like xylene and formaldehyde. These molecules typically accumulate in the tissues of regular house plants until a point of saturation, but the Neo P1 recycles them into water, sugars, oxygen, and amino acids, increasing purification efficiency by up to 30 times.
Neoplants has raised $20 million from True Ventures, Heartcore Capital, and incubator program Entrepreneur First to fund its vision. But tackling indoor pollutants is only the first step. The startup’s “North Star,” Torbey says, is to help tackle climate change by engineering new outdoor breeds capable of purging greenhouse gases from the atmosphere. “This kind of innovation has been sitting in academic labs for decades,” says Mora. “We’re trying to bring it to market.” neoplants.com
Industrial processes emit gigatons of carbon dioxide into the atmosphere each year. But Fairbrics, founded in 2019 by Tawfiq Nasr Allah and Benoît Illy, is turning those emissions into a utility. By reacting carbon dioxide with a solvent, Fairbrics produces chemicals that form polyester pellets when bound together. These pellets are spun into yarn, which is then turned into fabric for clothing. The idea speaks to a fashion industry in urgent pursuit of climate targets, explains Illy. But the same technology, he says, could be used to develop new sustainable packaging or even replace plastics.
The VC arm of H&M, the global fashion brand, is among the investors that have contributed to the €6.5 million in funding. In January, the EU awarded Fairbrics an €18 million grant, which—in combination with a Series A round scheduled for later this year—will be put towards building new factories, securing patents, and turning emissions into new molecules. fairbrics.co
Elyn is revamping the online shopping experience by giving buyers a chance to try before they buy. Founded last year by El Mehdi Hachad and Hamza Sentissi, the startup has raised €2.5 million in pre-seed funding from Headline, Sequoia Capital, and others. The mission: to help individual retailers keep pace with Amazon and other ecommerce megacorporations. Part of the secret to Amazon’s dominance, says Hachad, is the potent combination of try-before-you-buy and flexible returns options for clothing purchases. But with the help of Elyn, any merchant can extend the same luxuries to its customers. “Our job is to bridge the gap,” he says.
Elyn claims its try-before-you-buy service increases conversion rates by as much as 30 percent, while its returns facilities convert around 40 percent of item returns into eventual sales, in the form of size swaps, store credit, and other options. elyn.io
In the grocery business, the prevailing wisdom is that local is best. Omie & Cie, founded in 2021 by Christian Jorge, Joséphine Bournonville, Coline Burland, and Benoit Del Basso, is an online grocery store with a focus on provenance and climate impact. Each listing includes information about the origin of ingredients (as many as possible are produced in France to minimize carbon footprint), as well as the packaging material and the division of profits. The startup now counts 260 products in its range and has attracted 10,000 customers in total. It recently raised a €15 million Series A led by 2050 and XAnge, bringing its total funding to €17 million. omie.fr
Donating to environmental causes can be as simple as doing nothing at all. Unlike legacy banks, many of which have ties to the fossil fuel sector, neobank Green-Got gives customers a way to fund eco projects passively. The bank charges account holders €6 per month, but funnels interchange fees (paid by merchants whenever someone uses their debit card) into forest preservation and other climate projects.
Launched by Maud Caillaux, Fabien Huet, and Andréa Ganovelli in 2020, the neobank has raised €2 million in crowdfunding and a €7 million seed round, from investors including Pale Blue Dot and Aera VC. The next step: to help its 15,000 customers invest in environmental causes directly. green-got.com
To explore the depths of space, humanity may need to rely on an age-old technology: the sail. Gama is developing special solar sails that convert photons of light into forward momentum, with the aim of making possible space missions previously considered too complex—for example, traveling to the rings of Saturn.
Since 2020, Thibaud Elziere, Louis de Goüyon Matignon, and Andrew Nutter have raised €2.5 million from Possible Ventures, Kima Ventures, and others, with additional funding from the space agencies of France and Germany. Its first satellite is already in orbit, but Gama is now preparing for its maiden journey into deep space. gamaspace.com
Noelly Michoux has always had a hard time finding skin-care products which suited her darker tone. The simple reason: Most research focuses on the needs of lighter skin. To solve this iniquity, Acheson started 4.5.6 Skin in 2020, alongside cofounders Imen Jerbi and Carlos A. Charles. The startup has developed specially formulated products for the needs of melanin-rich skin, from oils and serums to moisturizers and exfoliants, which are already available in Europe. The trio has raised $1.7 million from Kima Ventures and various angels, which will fund further research. A UK launch is also on the horizon. 456skin.com
Quantum computers are expected to perform calculations out of reach to even today’s most advanced supercomputers. Launched in 2019, PASQAL is developing the special processors that power these computers—using beams of laser light. Founded by Georges-Olivier Reymond, Christophe Jurczak, Antoine Browaeys, Thierry Lahaye, and Nobel Prize winner Alain Aspect, the startup has raised €140 million in funding from Temasek, Wa’ed Ventures, the European Innovation Council, and others. Businesses including Crédit Agricole and EDF have already been able to achieve modest performance gains by applying PASQAL technology to credit-risk calculations, energy allocation optimization, and other tasks. By 2024, PASQAL aims to deliver a prototype that showcases the full advantage of quantum technology. pasqal.com
Foie gras has a rich culinary history but a checkered reputation. The traditional production process, whereby ducks are force-fed until their livers swell, is banned in many countries. But one startup, GOURMEY, has found an alternative way to produce the delicacy. Established in 2019 by Nicolas Morin-Forest, Antoine Davydoff, and Victor Sayous, GOURMEY cultivates foie gras and other poultry products in the lab, from duck cells. The startup has secured $60 million in total funding, including a $48 million Series A led by Earlybird Venture Capital. gourmey.com
This article appears in the January/February 2024 issue of WIRED UK magazine.
Updated 12-14-2023 10:30 am GMT: The amount of funding secured by GOURMEY was corrected.
Update 6/3/25 9:00 am EST: This story has been updated to correct Noelly Michoux's name.
This article was originally published by WIRED UK
