Paris mobile app publisher Kovalee has topped Sifted’s France leaderboard, which ranks the country’s fastest-growing startups based on revenue growth over the past three financial years. Kovalee, founded in 2020, boasts an impressive 626% two-year revenue growth. Following closely is fintech Swan, also based in Paris, which supports companies in setting up banking features.
Swan showed a 558.17% compound annual growth rate (CAGR). The third spot is claimed by Dalma, a digital-first pet insurer with a growth rate of 549.08%. Paris claims a dominant presence on the leaderboard with 34 out of the 50 companies based in the capital.
Marseilles, with three startups, follows as a distant second.
Kovalee tops growth leaderboard
Business-to-business software companies form the largest group on the list with 21 entries, trailed by climate tech startups (nine) and fintechs (eight).
The 50 companies on the leaderboard have raised an average of €39 million and have grown at an average rate of 132.72% over two years. Alma, a “buy now, pay later” service, has raised the most funding at €145 million. Insurtech firm Seyna boasts the highest revenue growth per employee ratio at €1.4 million per employee.
Bpifrance, France’s public funder, has backed 16 of the companies on the list, making it the most prolific investor. Venture capital firm Kima Ventures comes next with nine companies in its portfolio, followed by Eurazeo and Founders Future, each backing six companies. To qualify for the rankings, companies had to be headquartered in France, founded in or after 2014, have a maximum headcount of 999, be private and independent, and generate the majority of their revenue from proprietary technology.
They also had to submit at least three years of revenue data, with revenues starting at a minimum of €50,000 in the base year and reaching at least €500,000 in the latest financial year.
