Startups ranked by AI-estimated valuation
France’s 25 most valuable startups
A quarterly ranking of non-listed French startups that have already raised funds, established by artificial intelligence from public information. The market sets the value; our AI estimates it.
The market at a glance
25companies ranked
13companies on the radar
EUR 7.4bn (~USD 8.4bn)raised in 2025
618rounds in 2025
618 deals in 2025, down 5% in value and 15% in volume. Mistral AI’s EUR 1.7bn round alone is about a quarter of the total; without it, the market fell 26%. First half of 2026: EUR 4.6bn over 280 deals, led by AMI Labs. Sources: EY, Maddyness (H1 2026). Intention counters will be shown above a threshold of amount and number of Backers.
Listed benchmarks
Pasqal · Quantum computing · Nasdaq listing via SPAC, Aug 2026 · USD 2bn pre-moneyPlanisware · Project portfolio software · Euronext Paris IPO Apr 2024 · about EUR 1.1bn valuationExosens · Photonics for defence and life sciences · Euronext Paris IPO Jun 2024 · about EUR 1bn market cap
Not ranked: no intention is possible on a listed company.
National ranking · all sectors
Snapshot30 Sep 2026A snapshot taken on 30 Sep 2026
This ranking shows the startups as they stood on 30 Sep 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 19 Oct 2026.
Spotted a more recent round? Tell us →First edition: no movements yet.
This ranking shows the startups as they stood on 30 Sep 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 19 Oct 2026.
Spotted a more recent round? Tell us →First edition: no movements yet.
| # | Company | Sub-sector | Known funding | Estimated valuation (AI) · range | Pool of InterestsInterest: a free, non-binding declaration on a company, or on a sector within an area, made during the free phase of a pool. Pool: all the Interests declared on the same target. This column shows the number of Backers and the combined amount of their tickets. Terms for Backers → | BackBacking a startup on Uback (pronounced “you back”) can be done in two ways: Interest · free: a non-binding declaration that signals your demand for a company or a sector. You can move or withdraw it at any time, with up to 5 at once. Intention · coming soon: a paid, confirmed declaration, still non-binding. Once its pool reaches critical mass, it is presented to a company by a local partner. Neither is an order nor a commitment to invest. Terms for Backers → |
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| 1 | Mistral AIParis · founded 2023HQ Paris Total is an approximate sum of equity rounds; USD 830M of data-centre debt (Mar 2026) not counted. Largest equity round ever raised by a European tech company. |
AI › foundation models | USD ~6.6bn (EUR ~5.8bn) raised Series D · USD ~3.5bn (EUR 3bn) · Sep 2026 (Samsung; EQT Scaleup Europe Fund, PSG Equity) |
Last known equity round: Series D · USD 3.5bn · Sep 2026 (Samsung; EQT Scaleup Europe Fund, PSG Equity) Published valuation: USD 24bn (Sep 2026)Method |
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| 2 | AlanParis · founded 2016HQ Paris; operations in France, Spain, Belgium and Canada The June 2026 round is subject to regulatory approval, including from the French authorities. Earlier EUR 100M at EUR 5bn in Mar 2026. |
Insurtech › health insurance | USD ~1.4bn (EUR >1.2bn) raised Series G · USD 550M (EUR 480M) · Jun 2026 (Prosus; Teachers’ Venture Growth, Index Ventures, Dara Holdings) |
Last known equity round: Series G · USD 550M · Jun 2026 (Prosus; Teachers’ Venture Growth, Index Ventures, Dara Holdings) Published valuation: USD 6.3bn (Jun 2026)Method |
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| 3 | AMI LabsParis · founded 2025HQ Paris; offices in New York, Montreal and Singapore Advanced Machine Intelligence, co-founded by Yann LeCun. Reported USD 3.5bn pre-money; post-money derived by adding the round. Largest seed round in Europe. |
AI › world models | USD ~1.03bn (EUR ~890M) raised Seed · USD 1.03bn (EUR ~890M) · Mar 2026 (Cathay Innovation, Greycroft, Hiro, HV Capital, Bezos Expeditions) |
Last known equity round: Seed · USD 1bn · Mar 2026 (Cathay Innovation, Greycroft, Hiro, HV Capital, Bezos Expeditions) Published valuation: USD 4.5bn (Mar 2026)Method |
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| 4 | PennylaneParis · founded 2020HQ Paris Post-money reported at EUR 3.5bn to 3.6bn (USD 4.25bn per Bloomberg). |
Fintech › SME accounting and finance software | USD ~470M (EUR >400M) raised Series E · USD ~205M (EUR 175M) · Jan 2026 (TCV, Blackstone Growth) |
Last known equity round: Series E · USD 205M · Jan 2026 (TCV, Blackstone Growth) Published valuation: USD 4.2bn (Jan 2026)Method |
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| 5 | DoctolibParis · founded 2013HQ Paris; operations in France, Germany, Italy and the Netherlands The Apr 2026 secondary sale valued the company at EUR 3.6bn, 38% below the EUR 5.8bn of Mar 2022. Total may include debt from the 2022 round (split undisclosed). |
Healthtech › appointment booking and practice software | USD ~840M (EUR ~770M) raised Secondary share sale · USD ~345M (EUR ~300M) · Apr 2026 (Generation IM and others) |
Last known equity round: Late-stage round (equity and debt) · USD 549M · Mar 2022 Published valuation: USD 4.1bn (Apr 2026)Method |
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| 6 | BrevoParis · founded 2012HQ Paris Formerly Sendinblue. Exact valuation undisclosed (announced as a unicorn); part of the Dec 2025 round may be secondary. Debt not counted. |
Business software › CRM and marketing automation | USD ~780M (EUR ~680M) raised Series C · USD 583M (EUR 500M) · Dec 2025 (General Atlantic, Oakley Capital) |
Last known equity round: Series C · USD 583M · Dec 2025 (General Atlantic, Oakley Capital)Method | Be the first | Back |
| 7 | MiraklParis · founded 2012Dual HQ Paris and Boston (US) No round since 2021. Group profitable in 2025 (company). |
Business software › marketplace platforms | USD ~955M (EUR ~810M) raised Series E · USD 555M (EUR ~473M) · Sep 2021 (Silver Lake) |
Last known equity round: Series E · USD 555M · Sep 2021 (Silver Lake) Published valuation: USD 3.5bn (Sep 2021)Method |
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| 8 | QontoParis · founded 2016HQ Paris No round since 2022. A secondary share sale was announced in Oct 2025; completion not confirmed. |
Fintech › SME neobank | USD ~700M (EUR ~622M) raised Series D · USD 552M (EUR 486M) · Jan 2022 (Tiger Global, TCV) |
Last known equity round: Series D · USD 552M · Jan 2022 (Tiger Global, TCV) Published valuation: USD 5bn (Jan 2022)Method |
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| 9 | Back MarketParis · founded 2014HQ Paris; operations in Europe, the US, Japan and Australia No round since 2022. Global EBITDA break-even in 2025 (company). |
E-commerce › refurbished electronics marketplace | USD >1bn (EUR ~900M) raised Series F · USD 510M (EUR ~450M) · Jan 2022 (Sprints Capital) |
Last known equity round: Series F · USD 510M · Jan 2022 (Sprints Capital) Published valuation: USD 5.7bn (Jan 2022)Method |
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| 10 | EcoVadisParis · founded 2007HQ Paris Backed by private equity (CVC since 2020, Astorg and General Atlantic since 2022). No valuation published. |
Business software › supplier sustainability ratings | USD >725M (EUR ~680M) raised Growth equity · USD 500M (EUR ~475M) · Jun 2022 (Astorg, General Atlantic BeyondNetZero) |
Last known equity round: Growth equity · USD 500M · Jun 2022 (Astorg, General Atlantic BeyondNetZero)Method | Be the first | Back |
| 11 | ContentsquareParis · founded 2012HQ Paris; large US presence (New York) USD 200M of the 2022 round was debt and is not counted. No round since 2022. |
Business software › digital experience analytics | USD ~1.2bn equity raised Series F · USD 400M equity (+ USD 200M debt) · Jul 2022 (Sixth Street Growth) |
Last known equity round: Series F · USD 400M · Jul 2022 (Sixth Street Growth) Published valuation: USD 5.6bn (Jul 2022)Method |
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| 12 | MorphoParis · founded 2021Morpho Labs (Paris) and Morpho Association; protocol operates on-chain The Jun 2026 round was reportedly a purchase of MORPHO tokens, not shares. The USD 2bn valuation is reported by the press, not by the company. Last equity: Series B, USD 50M, Aug 2024 (Ribbit Capital). |
Crypto › decentralised lending protocol | USD ~70M equity (plus USD 175M token purchase) raised Token purchase · USD 175M · Jun 2026 (Paradigm, a16z crypto, Ribbit Capital) |
Last known equity round: Series B · USD 50M · Aug 2024 Published valuation: USD 2bn (Jun 2026)Method |
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| 13 | ManoManoParis · founded 2013HQ Paris; operations in France, Spain, Italy, Germany and the UK No round since 2021. Restructuring in Oct 2023 (up to 230 jobs). |
E-commerce › DIY and garden marketplace | USD ~700M (EUR ~600M) raised Series F · USD 355M (EUR ~300M) · Jul 2021 (Dragoneer) |
Last known equity round: Series F · USD 355M · Jul 2021 (Dragoneer) Published valuation: USD 2.6bn (Jul 2021)Method |
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| 14 | BlaBlaCarParis · founded 2006Comuto SA, HQ Paris; operations in about 20 countries EUR 100M debt facility (2024) not counted. Profitable. |
Mobility › carpooling and bus marketplace | USD ~550M raised Convertible note · USD 115M (EUR 97M) · Apr 2021 (VNV Global) |
Last known equity round: Convertible note · USD 115M · Apr 2021 (VNV Global) Published valuation: USD 2bn (Apr 2021)Method |
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| 15 | ExotecCroix (Lille) · founded 2015HQ Croix; operations in Europe, the US and Japan No round since 2022. Total is approximate. |
Robotics › warehouse automation | USD ~450M (EUR ~400M) raised Series D · USD 335M (EUR ~293M) · Jan 2022 (Goldman Sachs Asset Management) |
Last known equity round: Series D · USD 335M · Jan 2022 (Goldman Sachs Asset Management) Published valuation: USD 2bn (Jan 2022)Method |
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| 16 | ElectraParis · founded 2021HQ Paris; network in 9 European countries Equity only; the EUR 433M green loan of Jul 2025 is not counted. No valuation published. |
Mobility › EV fast charging | USD ~650M (EUR ~600M) equity raised Series B · USD ~332M (EUR 304M) · Jan 2024 (PGGM) |
Last known equity round: Series B · USD 332M · Jan 2024 (PGGM)Method | Be the first | Back |
| 17 | LedgerParis · founded 2014HQ Paris; manufacturing in Vierzon A US listing targeted above USD 4bn (reported Jan 2026) was put on hold in May 2026. Total is approximate. |
Crypto › hardware wallets and security | USD ~575M (EUR ~530M) raised Series C extension · USD ~108M (EUR 100M) · Mar 2023 (True Global Ventures, 10T, Cathay Innovation) |
Last known equity round: Series C extension · USD 108M · Mar 2023 (True Global Ventures, 10T, Cathay Innovation) Published valuation: USD 1.4bn (Mar 2023)Method |
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| 18 | VoodooParis · founded 2013HQ Paris; studios worldwide Owner of BeReal since 2024. Tencent’s 2020 investment undisclosed. Profitable (company). |
Gaming › mobile games publisher | USD >500M raised Growth · USD ~315M (EUR 266M) · Jul 2021 (Groupe Bruxelles Lambert) |
Last known equity round: Growth round · USD 315M · Jul 2021 (Groupe Bruxelles Lambert) Published valuation: USD 2bn (Jul 2021)Method |
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| 19 | VerkorGrenoble · founded 2020HQ Grenoble; gigafactory in Dunkirk Equity only; EIB debt and grants of the 2023 package not counted. 18-month production delay reported in Jun 2026. |
Climate tech › EV battery cells | USD ~1.3bn (EUR ~1.2bn) equity raised Series C · USD ~910M (EUR 850M) · Sep 2023 (Macquarie, Meridiam, Renault, EQT) |
Last known equity round: Series C · USD 910M · Sep 2023 (Macquarie, Meridiam, Renault, EQT)Method | Be the first | Back |
| 20 | DentalMonitoringParis · founded 2014HQ Paris; US base in Austin 2026 valuation undisclosed. Earlier rounds partly not itemised. |
Healthtech › AI remote orthodontic monitoring | USD >250M raised Growth · USD 100M (EUR ~85M) · Feb 2026 (Lazard Elaia Capital) |
Last known equity round: Growth round · USD 100M · Feb 2026 (Lazard Elaia Capital) Published valuation: USD 1bn (Oct 2021)Method |
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| 21 | PayFitParis · founded 2015HQ Paris; operations in France, Spain and the UK No round since 2022. Staff cuts in 2023 and 2024; profitable in 2026 (company). |
HR tech › payroll and HR for SMEs | USD ~495M (EUR ~433M) raised Series E · USD ~290M (EUR 254M) · Jan 2022 (General Atlantic) |
Last known equity round: Series E · USD 290M · Jan 2022 (General Atlantic) Published valuation: USD 2.1bn (Jan 2022)Method |
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| 22 | AnkorstoreParis · founded 2019HQ Paris; operations across Europe No round since 2022. Total is a sum of disclosed rounds. |
E-commerce › wholesale marketplace for independent retail | USD ~430M (EUR ~380M) raised Series C · USD ~283M (EUR 250M) · Jan 2022 (Bond, Tiger Global) |
Last known equity round: Series C · USD 283M · Jan 2022 (Bond, Tiger Global) Published valuation: USD 2bn (Jan 2022)Method |
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| 23 | Harmattan AIParis · founded 2024HQ Paris; entities in Morocco, Switzerland, the UAE, the UK and the US Valuation of USD 1.4bn post-money confirmed by the company. Seed amount not verified. |
Defence tech › autonomous systems | USD ~230M raised Series B · USD 200M (EUR ~172M) · Jan 2026 (Dassault Aviation) |
Last known equity round: Series B · USD 200M · Jan 2026 (Dassault Aviation) Published valuation: USD 1.4bn (Jan 2026)Method |
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| 24 | SorareParis · founded 2018HQ Paris About 35% of staff laid off in Nov 2025. No round since 2021. |
Gaming › fantasy sports with digital collectibles | USD ~740M raised Series B · USD 680M · Sep 2021 (SoftBank Vision Fund 2) |
Last known equity round: Series B · USD 680M · Sep 2021 (SoftBank Vision Fund 2) Published valuation: USD 4.3bn (Sep 2021)Method |
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| 25 | H CompanyParis · founded 2023HQ Paris No round since 2024. New CEO in Jun 2025. No valuation published. |
AI › agentic models | USD ~220M raised Seed · USD 220M · May 2024 (Accel, Eric Schmidt, Amazon, Bpifrance, UiPath) |
Last known equity round: Seed · USD 220M · May 2024 (Accel, Eric Schmidt, Amazon, Bpifrance, UiPath)Method | Be the first | Back |
Back · Backing on Uback (pronounced “you back”) means declaring an Interest (free) or an Intention (coming soon). Backing does not mean that this company is raising funds or that a shareholder is selling shares, and it is not a commitment to invest. Any deal, through a funding round or a sale by an existing shareholder, is handled by a local partner. · Terms
Ranking in descending order of AI-estimated valuation, based on public information, with no human intervention on the order. The valuations, ranges and brackets shown are editorial estimates produced by AI, purely indicative and imperfect by nature: neither a financial valuation, nor an offer, nor investment advice. Only the market sets a company’s value, through a funding round or a sale. Ranking established by Claude (Anthropic) from public information, following the published rules. A consensus of several AIs will apply from 1 December 2026. Eligibility: at least $1M raised in equity, non-listed company, main operations in France. Request a correction
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How to read this ranking
Rank
Companies are ranked by AI-estimated valuation, highest first. The market sets the value; our AI estimates it.
Estimate
An AI-estimated valuation, its uncertainty range and its order of magnitude. Indicative, and imperfect by nature.
- Hundreds of k$
- Millions $
- Tens of M$
- Hundreds of M$
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Rankings by sector
Four verticals at launch, more when the feasibility test allows.Coming soon · Top 10
Artificial intelligence
Foundation models, world models, agents and AI for science.
Coming soon · Top 10
Fintech & insurance
SME banking, accounting, health insurance and crypto.
Coming soon · Top 10
B2B software
CRM, marketplaces, analytics, HR and payroll.
Coming soon · Top 10
Commerce & consumer
Marketplaces, refurbished goods, mobility and gaming.
HealthtechDefenceClimate & energyRoboticsQuantum
The Uback partner in France
Introductions made by a local partner, currently being selected
M&A boutique or capital raising adviser regulated by the AMF (Autorité des marchés financiers), the only party entitled to contact companies and structure deals. Uback remains a media: it ranks and aggregates intentions, it takes part in no transaction.
—deals worked on
—deals closed
—average response time
M&A boutiques, capital raising advisers
Become Uback’s exclusive partner in France
- Foreign investors you would not find on your own
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- A quarterly prospecting kit for your own clients
Radar · known eligible companies, not ranked
Sorted by date of last round, with no judgement and no AI call. Undisclosed amount: the round is confirmed by the press, not its amount.
- Inbolt · Robotics › AI vision for industrial robotsEquity · USD ~12.5M (EUR 11M) · Sep 2026 (Shift4Good)Back
- Biolevate · Healthtech › AI for life-sciences regulatory workSeries A · USD ~35M (EUR 30M) · Sep 2026 (RAISE France, Orange Ventures)Back
- Wealthcome · Fintech › wealth-management softwareSeries B · USD ~17.5M (EUR 15M) · Sep 2026 (Breega, BlackFin)Back
- Syntetica · Climate tech › chemical recycling of nylon textilesSeries A · USD 30M (EUR 26.1M) · Jul 2026 (Bpifrance, lululemon, EQT Ventures)Back
- Alta Ares · Defence tech › AI anti-drone interceptorsSeries A · USD ~58M (EUR 50M) · Jun 2026 (Air Street Capital)Back
- Quobly · Quantum › silicon-spin quantum computersSeries A · USD ~134M (EUR 115M) · Jun 2026 (STMicroelectronics, Air Liquide, EIC)Back
- Dust · AI › enterprise agent platform (US HQ; team in Paris)Series B · USD 40M · May 2026 (Abstract, Sequoia)Back
- Pivot · AI › agentic procurement softwareSeries B · USD 40M · May 2026 (Forestay Capital, Notion Capital)Back
- Mantle8 · Climate tech › natural hydrogen explorationSeries A · USD ~35M (EUR 31M) · May 2026 (Sandwater, Breakthrough Energy Ventures, Bpifrance)Back
- Lucis · Healthtech › AI preventive health from blood testsSeries A · USD 20M · May 2026 (Singular, General Catalyst)Back
- Univity · SpaceTech › very-low-orbit 5G satellitesSeries A · USD ~31M (EUR 27M) · Apr 2026 (Blast, Expansion, Bpifrance)Back
- Qevlar AI · Cybersecurity › agentic AI for security operationsSeries B · USD 30M (EUR 25.8M) · Mar 2026 (Partech, Forgepoint Capital)Back
- Naboo · Business software › corporate event bookingSeries B · USD ~70M (EUR 58.7M) · Feb 2026 (Lightspeed)Back
Born in France, based elsewhere
Companies of French origin whose main operations are now abroad: not ranked, shown with the law governing their shares.
- Dataiku · AI › enterprise data science platform
Founded in Paris; HQ New York, major R&D in ParisSeries F · USD 200M · Dec 2022 (Wellington Management)Back - The Exploration Company · SpaceTech › reusable cargo capsules
French founder; Franco-German company, main sites in Munich and BordeauxSeries C · USD 450M · Sep 2026 (Bessemer, Atomico, Scaleup Europe Fund)Back - Pathway · AI › post-transformer model architecture
Founded in Paris (2020); HQ moved to Menlo Park (US) in late 2024Seed · USD 30M in total · Aug 2026 (TQ Ventures)Back - Lago · Fintech › open-source usage-based billing
Founded in Paris; HQ San FranciscoSeries A · USD 22M · Mar 2024 (FirstMark)Back
Not ranked
- Pasqal · Listed on Nasdaq via a SPAC merger (Aug 2026)
- Ÿnsect · Liquidation ordered by the Évry commercial court (Dec 2025)
- Believe · Taken private and delisted from Euronext Paris (Aug 2025)
- Luko · Assets taken over by Allianz Direct after receivership (Jan 2024)
- Talend · Taken private by Thoma Bravo (2021), merged into Qlik (May 2023)
- Hugging Face · Acquisition by Nvidia agreed (USD 12.9bn, Sep 2026), closing pending. Founded by French entrepreneurs, HQ New York
The method in France
Calendar. Quarterly ranking, published on the 19th of January, April, July and October. Next edition: October 19, 2026.
Eligibility: at least $1M raised in equity, non-listed company, main operations in France.
Partner sought. M&A boutique or capital raising adviser regulated by the AMF (Autorité des marchés financiers).
Sources. French and international business and technology press (Les Echos, Maddyness, FrenchWeb, BFM Business, L’Usine Digitale, Sifted, TechCrunch, Tech.eu, EU-Startups, Bloomberg), EY and KPMG barometers, company and investor announcements.