Expanding to the US does not necessarily require flipping: For instance, Goldman Sachs has invested in 6 of them, and Accel in 3 of them.Ħ. Some American funds are particularly active.Indeed, more than 50 different investment funds are shareholders in at least one of the 20 scaleups of our list. French scaleups have benefited from the diversity of the investment ecosystem in the US.The overwhelming majority end up raising from at least one American fund ( 90%) and 50% have more than 3 American funds in their equity story.However, American funds play a major role in the US expansion of French scaleups:
AIRCALL HQ SERIES
This compares to 3.2x for three France only-focused scaleups. After entering the US market, French scaleups have increased their round sizes by 5x.French scaleups which entered the US market raise more than their France only-focused peers As expected from point 1, 62% of these quick fundraisings were Series B, 15% Series A and 15% Series C.ģ.65% raised less than 1 year after their entry in the US.French scaleups often get quick fundraising after their US entry: On average, it took slightly more than 4 years after incorporating in France for the French scaleups to incorporate in the US.Ģ.30% have entered the US market right after their Pre-seed or Seed, and 45% after their Series A and 25% before their Series B.Three quarters of French scaleups active in the US have entered the country before their Series B: We conducted an analysis on a shortlist of French scaleups with activities in the US, compared them to scaleups without any activity in the US. Recently two of our landmark investments have made headlines, Aircall and Nfinite, but we wanted to reinforce our vision with a more data-driven approach. We strongly believe that such an early international expansion comes with great benefits for the product, the team, the future financings, and finally the liquidity for all.
Newfund Capital invests and supports early stage France-based startups in their US expansion.
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