France announces its 25th privately owned startup valued over $1 billion reaching government set goals three years earlier.
A unicorn is a privately held startup that has a value of over $1billion. The President of France, Emmanuel Macron, aimed for France to have 25 unicorn companies before 2025. When Exotec, a warehouse robotics specialist, raised funds at a $2 billion valuation, it completed this goal, making Exotec the 25th French startup valued at over $1 billion. On Monday, the announcement of this unicorn company achieved a goal set by Macron in September of 2019.
Macron aims big
Macron took to Twitter and released a video discussing the nation’s unicorn companies and setting a new goal. Macron aims to create 10 European tech companies, which will be valued at more than 100 billion euros. The timeline set to achieve this goal is by 2030, and Macron already has measures to achieve this. These measures are to be announced in the coming weeks.
This milestone could not have come at a better time. The government announced 21 investment projects in France to attract more foreign investors. Furthermore, Macron is flying out to North-East France to highlight his track record for bringing in foreign investors. This is beneficial considering that the presidential elections are only three months away.
The great success of Exotec has set the plan in motion as the company expands into the global market, bringing more investors into France. Macron’s goal of creating ten tech giants in just eight years may not be as farfetched as some might think. France is already on an upward trend when it comes to gaining foreign investment. Once Macron announces his plan to reach this goal, we could be looking at another target being met before the deadline.