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Macron aims for surge in number of French tech unicorns by 2030 -Breaking


© Reuters. Emmanuel Macron (France’s President) meets people in Paris during a June 17th, 2022 visit to the VivaTech technology and start-up conference. Michel Euler/Pool via REUTERS

By Sudip Kar-Gupta

PARIS (Reuters), Emmanuel Macron, French President, believes that growth in France’s tech sector is crucial for his plans to improve the economy. He stated Friday that he hoped for a significant increase in French technology “unicorns”, or start-ups, by 2030.

Macron stated that he wants the number of French technology-unicorns to exceed 27 by 2030.

“What goal am I setting for us?” Macron stated that he aimed to create 10 European tech giants over the next five years and increase the number to 100 unicorns by 2030.

Paris is a traditional technology hub that has lagged New York City, California, and London. However, the French tech sector recently raised significant amounts of capital for several companies.

Macron’s first election in 2017, as President, coincided with launch of the Paris tech-sector start-up website ‘Station F.

Qonto, a French online bank raised 486 millions euros ($508.8m) earlier this year. Castor, a technology and data management company raised $23.5 million. Shift Technology raised $220 million last year.

Macron appreciated the fact Paris was home to high-profile flotations in tech sectors.

French cloud computing company OVHCloud filed for bankruptcy last year. French streaming music platform Deezer plans to also list in Paris.

($1 = 0.9552 euros)