Sesame Summit is back, learn more

Investor panel @ Sesamers on Tour (France)

That’s a welcome shift for French founders. But it’s also presented challenges for some of those international VCs as they try to navigate France’s startup community.

blank

In a recent conversation as part of the French Tech edition of the Sesamers on Tour conference, 3 international venture capitalists shared their perspective on why France has become so much more attractive and the hurdles they face as they hunt for the right deals.

“There has been a huge change in the founders’ mindset,” said Marguerite de Tavernost of Cherry Ventures. “The fact that think about international expansion from the beginning and that fact that they are trying to build companies with an international, English-first culture in order to attract international talent. I think that’s very new and has emerged in just that last three years.”

While Cherry is a European Fund based in Berlin, de Tavernost is now located in Paris. She was joined on the panel by Sweden-based Maxine Rior of Northzone and Austria-based Michael Schuster of Speedinvest. Of this group, Speedinvest has been the most active in France with 10 deals and now with an office in Paris.

“We tried to broaden our reach much more and also hired an amazing person in France,” Schuster said. “She hasn’t been to the office for a while but she’s there on the ground, and that has massively increased our perspective on France.”

Cherry, which now has a Paris office, and Northzone, which does not have one, are still looking for their first French deals. Rior of Northzone said the Nordic firm felt the French ecosystem seemed too closed and hesitated to pursue investments there for a long time. But more recently, the size of the deals and the success of startups made it too compelling to ignore.

“France has been almost this black spot on the map for us,” she said. “But over the past year or so, because we’ve spent more time on it, we realized that it’s an amazing ecosystem. So we’re currently hunting to make a couple of investments.”

Schuster said the growing international interest flows from the increased ambitions French entrepreneurs.

“I think the quality and was always there, but the ambition to go abroad wasn’t,” he said. “There was this happiness to win the French market. And I think now the message has traveled that if you want to be successful in this world you need to build a global company from the outset. To be honest, we still see a lot of French companies that have maybe an English pitch deck, but the product is still all in French.”

Rior echoed that, saying a few years ago many French entrepreneurs didn’t always have a slide on international expansion in their pitch decks. Now those founders have that international plan from the start and are looking for international VCs than can help them achieve that.

Barriers To Entry

While there is a greater will to invest in France, finding a way isn’t always easy.

Part of what Northzone is experiencing, Rior said, is that the early-stage funding scene has become extremely crowded in France. Meanwhile, it’s taking time to build the network of entrepreneurs to tap into the best potential deals.

As outsiders, there is still some sense that the ecosystem can feel closed with people having built connections from their university ties or other French associations. Decoding all the cultural cues, and the reputation of different institutions takes time and means local players have an ability sometimes to move faster.

“If you look to a lot of the companies that have recently raised Series A, it’s not unusual to kind of look at their Seed rounds and see all French consortiums which is quite unique for the European market,” Rior said. “That’s because there are so many high-quality French Seed funds.”

Cherry has tried to overcome this by placing de Tavernost in Paris in the hopes of breaking in. But because Cherry wants to be one of the first investors in a startup, it’s taking time to develop the intelligence and contacts that help spot those companies under the radar. Indeed, Schuster said since opening a Paris office last year, Speedinvest has seen its deal flow steadily increase.

But another emerging concern is the cost of some of the deals. Rior said Northzone has pursued a few deals in France, but ultimately didn’t get them due to valuation concerns. “We’ve tried over the past year, but deals are also very expensive,” she said.

There have been whispers about an early stage bubble, or at least that things are getting a bit frothy in Paris. Does Rior agree?

“Let me put it this way,” she said. “I don’t understand how a few other funds kind of make their economics with the valuations they pay or the bets they take. I’m very impressed and would love to kind of understand the conviction behind them.”

Some of that valuation rise again may come down to local knowledge. According to de Tavernost those local firms may simply have a greater sense for the quality of founders, and therefore the real potential of startup.

“Some local firms have a very clear investment thesis,” she said. “And they’re investing at certain valuation points because they really believe the company has the potential. And so, they just go for it. There is less time between first contact and a deal. So, we need to adapt to that timing and timeframe where sometimes things can happen within 12 hours.”

This article is the first of a series produced in partnership with La French Tech & the French Tech Journal.

you might also like

From Slush 2024 highlights website
Events 23 hours ago

Tech is evolving faster than ever, and in 2025, staying ahead isn’t an option—it’s a necessity. From AI breakthroughs to game-changing startups, Europe’s tech scene is buzzing with opportunities to connect, innovate, and scale. This year, the continent will once again host some of the most influential tech events, where entrepreneurs, investors, and industry leaders come together to share insights, forge partnerships, and shape the future. Whether you’re a startup founder seeking funding, a corporate leader driving transformation, or an ecosystem builder scouting the next big trend, these must-attend European tech events are where big ideas turn into reality. Don’t miss out! What Are the Top Tech Events in Europe for 2025? MID3M+ 2025 January 24-27 | Cannes, France MID3M+ is a leading music industry event that serves as a neutral platform for discussions, collaboration, and innovation. Held in France, it brings together artists, industry professionals, policymakers, and tech innovators to tackle the current and future challenges of the music industry. With a focus on digital transformation, policy alignment, and emerging trends, MID3M+ fosters meaningful debates and strategic partnerships, shaping the future of music, media, and entertainment on a global scale. GoWest Conference 2025 January 28-30 | Gothenburg, Sweden Held in Gothenburg, West Sweden, this leading venture capital forum serves as a key hub for startups, scaleups, and investors, showcasing the region’s rich industrial heritage and forward-thinking innovation. The event offers a prime opportunity for networking, matchmaking, and presenting cutting-edge research and development, reinforcing Sweden’s role in tech growth and investment. TechChill Riga 2025 February 5-7 | Riga, Latvia One of the Baltic region’s leading tech and startup events, this Riga-based gathering will unite global and local investors, founders, and key ecosystem players. With over 2,300 attendees, 310 startups, and 230 investors, the event will spotlight Frontier Technologies, Startup Growth, and Industry Shifts, while showcasing the latest emerging innovations. Techarena 2025 February 20-21 | Stockholm, Sweden This flagship Scandinavian event will bring together business leaders, entrepreneurs, investors, and policymakers in a dynamic setting. With a strong focus on innovation, entrepreneurship, and sustainability, the program features keynotes, panel discussions, and interactive sessions, fostering collaboration and forward-thinking solutions. 4YFN & MWC Barcelona 2025 March 3-6 | Barcelona, Spain Taking place side by side, 4YFN (4 Years From Now) and Mobile World Congress (MWC) Barcelona create one of the most significant global gatherings for startups, investors, and technology leaders. 4YFN is the ultimate platform for early-stage companies, focusing on startup growth and fundraising opportunities, while MWC Barcelona serves as the world’s largest mobile and connectivity event, showcasing advancements in 5G, AI, fintech, IoT, and digital transformation. With 100,000+ visitors at once, Barcelona becomes the perfect hub for networking, deal-making, and trendspotting in early 2025. JEC World 2025 March 4-6 | Paris, France JEC World is the leading global event for the composites industry, bringing together innovators, researchers, and manufacturers to showcase cutting-edge materials, technologies, and applications. The event serves as a hub for networking, knowledge exchange, and business opportunities, shaping the future of composites and advanced materials across industries such as aerospace, automotive, and construction. A key highlight is JEC Investor Day, where startups and scaleups in the composites sector connect with top investors, fostering funding opportunities and strategic partnerships to drive industry innovation. hello tomorrow Global Summit 2025 March 13-14 | Paris, France Founded in 2011, Hello Tomorrow’s Global Summit is a leading event dedicated to advancing deep tech solutions that drive progress in human and planetary health. The summit brings together startups, investors, corporates, and researchers, with a focus on science-driven and engineering-based innovations. By highlighting breakthrough technologies that tackle global challenges and unlock new market opportunities, it fosters a cross-disciplinary ecosystem beyond traditional industry boundaries. START Summit 2025 March 20-21 | St. Gallen, Switzerland This prestigious event provides 30 early-stage startups with a unique platform to showcase their ventures to industry leaders, experienced founders, and top European venture capitalists. Designed to inspire both current and future innovators, the event builds momentum through Quarterfinals, Semifinals, and a high-stakes Final, making it an exciting highlight for entrepreneurs and investors alike. Tech.eu 2025 March 25-26 | London, UK A must-attend event for European startups, VCs, and ecosystem leaders, Tech.eu Summit focuses on scaling startups, venture capital trends, and deep tech innovations. If you’re looking for data-driven insights into the European startup ecosystem, this is the place to be. 0100 Europe 2025 April 2-4 | Amsterdam, Netherlands A high-level private equity and venture capital conference where top fund managers, investors, and startups gather to discuss trends in the investment landscape. If you’re a founder looking to meet VCs or an investor scouting for promising startups, this event provides exclusive deal-making opportunities. Gitex Europe 2025 April 21-23 | Berlin, Germany Gitex Europe is a massive global technology event, originally from Dubai, now expanding into Europe for the first time. Covering AI, cybersecurity, cloud, and deep tech, this event is perfect for corporates, investors, and startups pushing the boundaries of digital transformation. EU Startups Summit 2025 April 24-25 | Valetta, Malta Bringing together over 2,000 founders, investors, and ecosystem players, EU Startups Summit is one of Europe’s leading startup conferences. The event features pitch competitions, networking opportunities, and insights from top European entrepreneurs, making it an excellent place to connect with early-stage startups and venture capitalists. ChangeNOW 2025 April 24-26 | Paris, France Set to take place in Paris, this influential event aims to accelerate and inspire change for a more sustainable future. Bringing together over 1,000 innovative solutions and 500 speakers, it serves as a meeting point for change-makers from various industries. The event offers a platform to showcase groundbreaking ideas, foster collaboration, and create meaningful impact in tackling global challenges. Turing Fest 2025 May 7-8 | Edinburgh, Scotland Turing Fest is one of Europe’s top conferences for startup growth, product development, and scaling businesses. Bringing together founders, operators, and investors, the event features expert-led talks, hands-on workshops, and high-impact networking, making it a must-attend for those looking to build and scale successful tech

blank
Lithuania 2 days ago

At the heart of Lithuania's dynamic tech ecosystem are ten venture capital firms that fuel innovation by providing crucial funding to startups.

Tom Henriksson - OpenOcean
Podcast 1 week ago

Now a general partner at pan-European VC firm OpenOcean, Finnish investor Tom Henriksson has been involved with venture investing and startups since the mid-nineties, with some notable successes.

Subscribe to
our Newsletter!

Stay at the forefront with our curated guide to the best upcoming Tech events.