The profile of startup managers who manage to raise funds has changed significantly in a short time, according to a study carried out by the investment bank Cambon Partners, a specialist in growing companies.
More technical profiles
The survey focuses on growth fundraising, that is to say between 10 and 15 million euros, and was carried out among 460 startups between 2018 and 2024. A significant period of time, which allows us to draw up an observation between two periods; the era of frenzy until 2022, then a much more complicated phase, affected by unfavorable economic and geopolitical contexts.
Cambon Partners’ first observation concerns the careers of the managers of the startups that raised funds during the difficult period. 74% of them have at least one founder from a STEM background (science, technology, engineering, mathematics), i.e. 9% more than in previous years.
This is also noticeable when we look at the schools from which they come. Although HEC maintains its leading position, its score has fallen by 5 points and stands at 19% in recent years. This level now places it on par with Polytechnique, which has progressed by 2 points. Generally speaking, engineering schools are marking notable progress, reflecting the recent dynamics observed within French Tech.
In this context, investors favor more technical solutions like greentech and artificial intelligence (AI), two sectors that drive startup fundraising. As a reminder, Mistral AI raised 600 million euros last June. This is also why they are moving towards less risky approaches, such as B2B to the detriment of B2C.
More experience
But times are tough. “ Spins between 10 and 50 million are now complicated for everyone. Having built software in the past is not necessarily a guarantee of help in launching an industrial startup in greentech », remarks Romain Dehaussy, partner at Cambon Partners, in an interview given to Echoes.
Along the same lines, the professional experience of managers before founding their company increased, from 8.7 years to 9.6 years. Another notable point: it seems that too many founders harm company performance. Only 6% of those who own more than four have made investments, compared to 11% during the euphoric period.
Positive point, the ecosystem continues to (slowly) become more feminine, with a notable increase: 17% of start-ups having raised between 10 and 50 million euros now include at least one woman among their founders, compared to only 12% on the period 2018-2022.
- Startup founders raising funds are more technical and experienced than in the 2018-2022 period.
- This reflects the intentions of investors, who are turning more towards technical solutions such as AI and greentech in an unfavorable context.
- The study, conducted by Cambon Partners, draws a gloomy observation for the French Tech ecosystem since 2022.
