A brutal return to earth for French tech start-ups

The party is over. After two years of happiness, Fundraising Notes and a pink notebook French technology Completed by the birth of twenty unicorns (these companies are worth more than 1 billion euros) in eighteen months, the return to earth is sometimes violent.

Funding is becoming scarcer, and investors are paying more attention. “Cyclical reversal is strong”, That sums up Bpifrance innovation director Paul-François Fournier. France is suffering the effects of the global economic crisis and rising interest rates, even if the consequences for local tech players are less violent than in the US.

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The change is not visible at first glance. Since the beginning of the year, French start-ups have actually raised more than 13 billion dollars, 17% better than last year, according to EY. This exhaustive record should not obscure a more complex reality after 2021, an exceptional year. Starting in 2022…