The startup and venture capital analysis platform Dealroom announced that Paris officially overtook London in key indicators and for the first time came out on top in its prestigious European ranking, News.bg reports.
Between 2017 and 2024, the combined market value of Parisian startups grew 5.3 times, while for London this growth was 4.2 times. Although the British capital attracts larger funding rounds ($11.3 billion in 2023 versus $7.8 billion for French companies Mistral AI, Poolside, etc.), their effect on market valuation turns out to be more limited. Paris has achieved higher capital efficiency and a noticeable impact on the local ecosystem.
Dealroom highlights that Paris is the only European city in the top 5 of global tech hubs - a list dominated by American metropolises.
The rise of the French capital coincides with the active technology policy of President Emmanuel Macron. Since 2017, France has invested in artificial intelligence and “deep technology” (deep-tech) through initiatives such as the giant incubator Station F and attracting leading companies for investment.
The recognition comes just a month before Paris hosts the global technology forum VivaTech, which will bring together executives from Nvidia, Meta, OpenAI, Alibaba, Anthropic and other innovative companies. Last year’s conference attracted more than 165,000 attendees.
“It’s not just about current competitiveness in AI, it’s also about how we continue to attract talent, investment and technology activities,“ Francois Bitouse, managing director of VivaTech, told Reuters.
At the same time, a McKinsey report warns that Europe is lagging behind the rest of the world in terms of technology. The global market capitalization of the technology, media and telecommunications sectors has grown from $7 trillion in 2000 to $34 trillion in 2023, but Europe’s share has fallen from 30% to just 7%. If the continent had maintained its previous position, it would have added another $8 trillion in value.