20 start-up associations from 16 EU countries and Ukraine have come together on the initiative of France Digitale to launch the first edition of LETS: Leading European Tech Scale-ups. No Luxembourg scale-ups met the required criteria to be included in the list.
First revealed on the stage at FDDay in Paris, the mapping highlights 135 European-made scale-ups that stand out for their international reach and the sustainability of their business model, rather than their mere valuation.
Considering this approach, the 20 European associations selected the following metrics to be included in the ranking: (1) headquartered and over 50% of their workforce in the European Union, (2) 15 million euros in yearly revenue in at least 2 markets and (3) at least 1 million euros yearly revenue in a market other than their origin country.
According to Alexandre Labarrière, communications and marketing manager at France Digital, they did not identify any Luxembourg scale-ups that met these criteria. However, considering that this is the first edition of the list and that it’s led by a French organization still looking to consolidate its network, this is unsurprising.
While only 135 scale-ups were selected for the list, more than half of them have already scaled their business beyond European borders and together they have created over 80k jobs.
To continue growing the European scale-up ecosystem, LETS suggests that the EU accelerate its plans for a Capital Markets Union so that its leading scale-ups can go public in Europe at internationally competitive conditions.
“European tech will only win if it is united in its progress and promotes its champions with a common voice. That’s what this first edition of LETS is all about – and what we’ve succeeded in doing: joining forces across Europe to spotlight scaleups that are already champions in their home country and abroad,” said Maya Noël, Managing Director of France Digitale.