After Europe, the scale-up fighting cyber threats is taking on the American and Asian markets with a €44 million raise. Its founders, who come from France’s external intelligence service, remain in control.
Nothing stops Tehtris, the cyberthreat-fighting expert founded by former members of the Direction générale de la sécurité extérieure (DGSE), France’s external intelligence agency. The start-up has landed one of the biggest fundraisings of the year in French cybersecurity, at €44 million. This financing comes just two years after a €20 million funding round.
Once again, Tehtris has done without Anglo-Saxon venture capital funds: the start-up keeps its French DNA with the arrival of Jolt Capital, the lead investor in this round, alongside its historical backers: Tikehau Ace Capital, CNP Assurances, Nouvelle-Aquitaine Co-Investissement and business angels. The founders, Eléna Poincet, who came from the Action service of the external intelligence service, and Laurent Oudot, formerly of the technical directorate, remain in control.
Sovereign solution
Tehtris’ goal is to accelerate its grip on international markets, in the face of very aggressive American and Israeli-American competitors such as CyberHorizon or SentinelOne, by recruiting 300 people within two to three years. After Europe, the cyber gem is targeting Canada and Japan as early as December.
“Our roadmap is to give European companies and government agencies autonomy in their fight against hacking, espionage and data theft. We are expanding internationally as an alternative to Anglo-Saxon or affiliated solutions. Our solution acts as a trusted third party,” says Eléna
“Tehtris is the only player with global potential capable of competing with non-European players and helping to offer a sovereign solution,” states Guillaume Girard, Managing Partner at Jolt Capital.
This trajectory is in line with that of the Minister Delegate for Digital Affairs, Jean-Noël Barrot, who wants to triple the revenue of the cybersecurity sector by 2025, see three unicorns emerge and create 37,000 jobs. As of the end of June 2022, according to a study by Wavestone Bpifrance, the amounts raised by cybersecurity start-ups and scale-ups, some 180 in France, have increased more than sixfold in one year, to €630 million.
An underfunded sector in France
Historically underfunded, the sector is maturing. Mailinblack, a software publisher that protects email inboxes, announced in mid-September that it had raised €50 million, and Zama about €40 million. “The main challenge for these start-ups is the next stage. Beyond €100 million, even Israeli start-ups are forced to seek funding in the United States,” says Gérôme Billois, Partner at Wavestone.
That is, if they are not bought out beforehand, like Alsid and Sqreen, by American groups. “We are waiting for the funding round that will break through the ceiling in Europe,” he continues. Eléna Poincet’s response is unequivocal: “Our goal is to create a global leader, not to race for funding. Our funding round will remain European.”
Legal Counsel
Joffe & Associé / Thomas SALTIEL, Camille MALBEZIN & Rudy DIAMANT
