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PostHeaderIcon [VivaTech 2019] Funding and Growing Tomorrow’s Unicorns

A 25-minute panel at VivaTech 2019, moderated by Emmanuelle Duten of Les Echos/Capital Finance, featured Philippe Botteri, Partner at Accel, Virginie Morgon, CEO of Eurazeo, and David Thevenon, Partner at SoftBank Investment Advisers, available on YouTube. Connected via LinkedInLinkedIn, and LinkedIn, they discussed Europe’s unicorn boom. This 1000–1200-word post, for investors, entrepreneurs, and policymakers, explores the drivers of unicorn growth.

Europe’s Unicorn Momentum

Philippe highlighted Europe’s unicorn surge, with 17–18 created in 2018, fueled by $23 billion in investments. Accel’s $575 million fund targets 22 European cities, a shift from London-Tel Aviv dominance 15 years ago. Virginie noted that two-thirds of 2018’s new unicorns were European, driven by ambitious founders and growing growth capital. David emphasized Europe’s robust ecosystem, with SoftBank’s investments in Germany and beyond, signaling that the region now rivals global hubs, supported by professional early-stage and growth investors.

Characteristics of Unicorn Founders

Virginie stressed that unicorn founders, like Farfetch’s José Neves, exhibit exceptional execution and ambition, mastering complex platforms (e.g., logistics, delivery). Philippe cited Doctolib’s Stan, whose passion for transforming European healthcare inspired Accel’s Series A investment, now a unicorn. David pointed to OYO’s Ritesh Agarwal, scaling from 13 to 200,000 hotel rooms since 2015, driven by urgency and global vision. These founders combine strategic thinking, platform-building (e.g., Grab’s shift to financial services), and relentless focus, distinguishing them in competitive markets.

Supporting Unicorn Growth

Beyond capital, VCs provide operational support. Philippe’s Accel leverages its global network (Silicon Valley, London, India) to help software startups relocate to the U.S., hiring top sales talent. Virginie’s Eurazeo offers strategic guidance, from commercial partnerships to U.S. expansion, as seen with ContentSquare. David’s SoftBank provides long-term capital (12-year funds) and market access (China, Latin America), fostering peace of mind for innovation. This hands-on partnership—$100 million on average to reach unicorn status—ensures rapid scaling, even if profitability lags behind growth.

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