Definition
The French Tech Next40 identifies France’s 40 most advanced technology scale-ups — companies that have demonstrated rapid growth, substantial fundraising, and clear trajectories toward either IPO, significant international expansion, or unicorn valuation. The Next40 was created in 2019 alongside the French Tech 120, which it sits within as the elite tier. Next40 companies receive the highest level of government executive attention, including direct access to the President’s office for major international investment decisions and priority positioning at Choose France summits.
Role in France 2030
The Next40 serves as France’s shortlist of future European technology champions — the companies France is betting on to become global leaders in their sectors. From a France 2030 perspective, Next40 companies often represent the most advanced France 2030 beneficiaries: companies that have moved beyond the R&D and first commercialization phases that France 2030 primarily funds, and are now scaling globally on the foundation that public support helped build.
Companies like Mistral AI (large language models), Ledger (crypto hardware), Contentsquare (digital experience analytics), and Exotec (warehouse robotics) exemplify the Next40 profile: deep technological differentiation, significant revenue scale, international expansion in progress, and credible paths to global leadership. Many of these companies used France 2030 support, Bpifrance early-stage investment, or French Tech ecosystem resources during their formation phases.
The Next40 is also France’s primary lobbying platform for regulatory change. When the French government wants to demonstrate the cost of burdensome regulation — in areas like options for employees, IPO barriers, or data localization rules — Next40 CEOs are the voices it deploys. The program has been directly associated with reforms to French startup equity rules, foreign investment screening for tech companies, and stock market regulations favorable to tech IPOs.
Key Facts
- 40 elite French tech companies — the highest tier of French Tech recognition
- Selection based on revenue scale, fundraising, international traction, and growth rate
- Next40 companies receive direct access to Elysée and Prime Minister’s office for business facilitation
- Featured prominently at Choose France summits and VivaTech
- Closely overlaps with French unicorns: companies valued at €1 billion or more
- Next40 advocacy has driven regulatory reforms for French startups (equity rules, IPO framework)
- Several Next40 alumni have completed major IPOs or international acquisitions
Why It Matters
For international investors conducting France due diligence, the Next40 is the definitive reference list of France’s most investment-ready technology companies. Next40 selection signals that a company has achieved the combination of scale, growth, and institutional validation that distinguishes genuine global contenders from local niche players.
For France 2030’s long-term success assessment, the Next40 pipeline is the ultimate lagging indicator: if France 2030’s investments in deep tech, semiconductor manufacturing, and AI infrastructure produce a continuous flow of Next40 candidates over the decade, the plan will have achieved its core objective of building globally competitive industrial champions.