The French ecosystem of blockchain start-ups is taking shape

Two start-up studios dedicated to blockchain and cryptocurrencies have just opened in quick succession in Paris. This Monday, May 16, it is eFounders, founded in 2011 and at the origin of 33 start-ups (including Aircall, Spendesk and Yousign) announcing the creation of a new structure dedicated to “web3”, a somewhat catchall word which designates decentralized applications based on blockchain.

Pyratzlabs, a structure founded in 2021 that accompanied the play to gain game Dogami, opened its first 1000 m2 premises installed in Levallois-Perret on 10 May, which it imagines as a “an unprecedented place for exchanges and technological bubbles”.

Pyratzlabs took the opportunity to announce a € 3 million fundraiser from Animoca Brands (The Sandbox), family office and business angel (including Jonathan Cherki of ContentSquare). The company considers itself a “facilitator”, able to create synergies between the start-ups that adhere to its structure. It currently supports 10 start-ups.

The same recipe for eFounders

eFounders, for its part, is an incubator already closed. Originally present in the software as a service sector, in January 2021 it opened a structure dedicated to fintech, Logic Founders. The new entity specializing in blockchain is called 3founders. eFounders, however, already has commitments in the sector. It accompanied Multis, a cryptocurrency accounting management application launched in 2018, which raised $ 7 million last February.

“With 3founders, we want to build the fundamental building blocks, tools and applications so that companies and teams can fully and easily take advantage of the many possibilities offered by Web3.”, explains Thibaud Elziere, co-founder of eFounders and interim head of the firm of 3founders, in a press release. The first start up of 3founders is called Cohort. This is a marketing agency specializing in NFT, which has recently worked with Etam.

“We are currently working on several ideas, including that of a CRM designed for a native web3 world in order to reinvent customer relationships. We are also exploring the idea of ​​developer tools that remove the complexity of web3 without compromising the user experience to enable web2 companies to launch web3 experiences “explains Florent Quinti, 3founders product manager. In fact, eFounders always work on the same model whatever the sector: being at the origin of the idea then associating with entrepreneurs, to create a start-up and sell it to investors.

A dynamic ecosystem

The French blockchain ecosystem is dynamic and already relatively structured. France has several “unicorns” in the industry (Sorare, Ledger) and nuggets like Sandbox; federations (Association for the development of digital resources, French Federation of blockchain professionals); the largest European event dedicated to blockchain, the Paris Blockchain Week Summit; and other accelerators and incubators, such as SIGNVM and Station F’s new Web3 space.

There are certainly few specialized venture capital funds, but Paris is notably home to an office of Sparkle Ventures and Leadblock Partners (which has invested specifically in Yuga Labs). In addition, generalist funds are starting to take an interest in the sector (Kima Ventures, Isai, Xange, etc.).

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