France Digitale unveils the second edition of its ranking of European start-ups

La divulgation du classement LETS lors du France Digitale Day. DR – DR

L’association française France Digitale, qui regroupe près de 2 000 start-up, a présenté ce 18 septembre la deuxième édition du LETS, son classement des 251 start-up européennes qui performent à l’international.

The France Digitale association unveiled the second edition of its ranking of European start-ups, LETS, on September 18. This list, established with the help of 32 partner European associations, includes more than 250 companies that have an international turnover of at least €10 million.

The France Digitale association unveiled the second edition of its Leading European Tech Scaleups (LETS) ranking on Wednesday, highlighting 251 innovative European companies. This list, the result of a collaboration with 32 start-up organizations from 20 countries, lists the tech champions capable of exporting their innovations by generating at least 10 million euros in turnover internationally.

The selection criteria are strict: founded after the year 2000, these companies must employ at least 50% of their workforce in Europe and achieve more than one million euros in turnover outside their domestic market. The 2024 mapping reveals impressive growth, from 135 companies last year to 251 this year.

Read also: France Digitale unveils LETS, a new index for European scale-ups

A strong increase in the number of companies in the ranking

The impact of these nuggets is considerable. “70% of them have global customers, with North America as their largest export market” highlights the study. The United States and Canada are just ahead of the leading European markets of France, the United Kingdom and Germany.

These scale-ups are real drivers of employment, with an average of 415 employees per company. Even more encouraging, 94% of them are planning new hires. The majority are looking for between 11 and 50 talents, while 18% are aiming for between 51 and 100 recruitments.

Their financial solidity is also notable. “60% of them are already profitable and the remaining 40% expect to be profitable within the next three years” the report indicates.

A European market still fragmented

Despite these successes, challenges persist. Maya Noël, CEO of France Digitale, points to the fragmentation of the European market: “Despite the single market, Europe is still made up of more than 27 different markets, each with its own legislation. It can take from 3 months to 3 years for a country to open up.”

The issue of “exits” also remains crucial. The study reveals that “50 companies founded in Europe have filed for an IPO in the United States since 2018”. These missed opportunities would represent an economic loss of 439 billion dollars since 2015 for Europe.

Read also:Loïc Soubeyrand, founder of Swile, gives 3 entrepreneurial lessons inspired by his career

Faced with these challenges, France Digitale calls for action. “The newly elected European Parliament and the next European Commission should make answering these questions a priority of their five-year term” insists the association. Among the avenues discussed: the introduction of a “28th company regime” allowing European companies to carry out administrative procedures once for the entire single market.

Swile, the rising Montpellier start-up, in the ranking

Among the 251 companies in the LETS ranking, we find the Montpellier company Swile, specializing in payment solutions for companies. Swile specializes in employee benefits and publishes a magnetic card for digitizing meal vouchers, business expenses and corporate gifts. Thanks to its rapid growth and technological innovation, Swile has established itself as one of the nuggets of French and European tech, and is now ranked as a “unicorn”, the only one from Occitanie.

The second edition of the LETS ranking by France Digitale. DR – DR

The companies that make up LETS 2024 presented here

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