16 unicorns worldwide created by HEC alumni

For years, HEC Paris has solidified its reputation as a leading institution for generating high-growth ventures, playing a pivotal role in the French and global technology landscape. We take great pride in seeing HEC Alumni startups reach extraordinary heights and become pillars of the French economy and beyond. Indeed, as of January 2026, HEC alumni, including founders with successful exits, have created 16 unicorn companies worldwide. These companies represent a significant portion of the domestic ecosystem, accounting for 23% of France's 30 startups valued at over a billion dollars.

The HEC Paris Unicorn Portfolio and Their Missions

HEC-affiliated unicorns are categorized based on the status of their HEC Paris founder (active or exited) and the company’s headquarters location, with 13 companies having an active HEC Paris founder globally.

Active French Unicorns (7 Companies)

Seven companies with an active HEC founder are headquartered in France:

Qonto: Qonto is a fintech company positioning itself as the European leader in financial management for small and medium-sized enterprises (SMEs) and independent professionals. It was co-founded by Alexandre Prot (H.06).

Mirakl: A French company providing cloud-based e-commerce software co-founded by Adrien Nussenbaum (H.01).

Doctolib: A reference in France and beyond, this HealthTech/MedTech firm co-founded by Stanislas Niox-Chateau offers an online service for medical appointment booking and management, connecting patients and health professionals.

Ankorstore: Co-founded by Nicolas Cohen (HEC Entrepreneurs 2001), Ankorstore is a marketplace platform that connects independent retailers with a diverse range of suppliers, allowing them to expand their assortment easily. 

Ivalua: Co-founded by David Khuat-Duy (H06), Ivalua is a software company that streamlines purchasing processes and supply chain management for purchasing departments and other business functions.

Pennylane: Pennylane is a financial and accounting platform designed for SMBs and their accountants. Co-founded by Edouard Mascré (H.13), the company is in advanced discussions to secure around $200 million at a $4.25 billion valuation.

Younited: Co-founded by two HEC Alumni, Charles Eguy (H.03) and Geoffroy Guigou (H.03), Younited is a leading provider of instant credit in Europe, serving a diverse clientele that includes brands, e-merchants, and neobanks.

Active Unicorns with Worldwide Headquarters (6 Additional Companies)

Six more unicorns, primarily headquartered internationally or listed outside the domestic French perimeter, have active HEC Paris founders, bringing the active worldwide count to 13.

Front: A collaborative messaging platform for customer relations. Co-founded by Mathilde Collin (H.12), Front is valued at $1.7 billion and is considered the tenth French unicorn issued from the HEC Paris community.

Aircall: This startup combines cloud telephony with professional software, such as customer relationship management tools. Its co-founder is Olivier Pailhes (HEC.99).

Upgrade: Founded by Renaud Laplanche (HEC/LBS MBA Finance 95), Upgrade is a financial services company based in California, US, offering unlimited cash back on payments.

Nature's Fynd: Based in Chicago, US, this food company creates versatile alternative proteins to feed a growing population while conserving the planet. It was founded by Thomas Jonas (H.93).

Tractable: Founded by Adrien Cohen (H.08), Tractable utilizes visual AI to provide instant and accurate evaluation, primarily used to help accelerate the recovery process after accidents.

Loft Orbital: Co-founded by Antoine de Chassy (MBA.83), this startup that operates in the space industry, offering space infrastructure as a service.

Active unicorns with an HEC Paris Graduate Founder that Exited (3 Companies)

The total of HEC Paris-affiliated count reaches 16 when including companies where the HEC founder has exited, such as:

Lazada: Co-founded by Michael Mitterlehner (H.08), Lazada is a prominent e-commerce platform in Southeast Asia, has redefined the retail landscape by integrating shopping with entertainment.

Webhelp: Webhelp is a global company that specializes in creating exceptional customer experiences and providing innovative business solutions. It was co-founded by Frederic Jousset (H.92).

Evidation: Co-founded by Christine Lemke (MBA.06), Evidation is a health technology company that focuses on improving health outcomes by using data generated by individuals, known as person-generated health data (PGHD).

Economic Scale and Financial Milestones

The HEC Paris ecosystem demonstrates significant economic impact through massive fundraising and high valuations.

Valuations and Funding

Several HEC Paris-affiliated companies command valuations in the billions of dollars or euros:

• Doctolib is currently valued at €5.8 billion.
• Qonto achieved a valuation of €4.1 billion following its fundraising efforts.
• Mirakl is valued at €3 billion.
• Nature's Fynd is valued between €1.2 and €3.9 billion.
• Upgrade stands at €2.8 billion.
• Ankorstore is valued at €1.7 billion.
• Front has a valuation of €1.5 billion.
• Both Ivalua and Tractable are valued at €850 million.

In total, the 13 unicorns with an active HEC Paris founder worldwide have reached a combined enterprise value of €29,8 billion.

These 13 companies have collectively raised €5.2 billion in equity funding to date (Source: Dealroom).

Contributing To Job Creation

These ventures are also significant job creators in France and worldwide:

• Qonto, which has been part of the French Tech Next40 since 2021, raised €622 million in equity to accelerate its growth, employs 1,600 talents, and currently serves 600,000 clients across four European markets.
• With its record €476 million funding round in 2021, Mirakl now employs 1,300+ collaborators and develops innovative technological solutions for more than 450 major companies worldwide.
• Doctolib currently employs 3,000 people in France, in Germany, in Italy and in the Netherlands. By serving 90 million users and 500,000 professionals, Doctolib has established itself as a European leader in online health services.

The Entrepreneurial Ecosystem and Alumni Commitment

HEC Paris cultivates entrepreneurial success through specialized training, such as the HEC Entrepreneurs Master’s program, which was foundational for founders like Stanislas Niox-Chateau (Doctolib) and Mathilde Collin (Front). This program emphasizes that true learning comes from practical, operational missions and direct engagement with other entrepreneurs.

Beyond academic support, the alumni community demonstrates a profound commitment to giving back, supporting new cohorts, and leveraging their success for social impact.

Leadership in Mentorship

In 2024, Alexandre Prot (Qonto) received the HEC Prize of the Year, recognizing his exceptional career and strong values of engagement, exchange, and transmission. He also actively supports new entrepreneurs by serving as the Sponsor and President of the jury for the HEC Paris Startup Launchpad. By doing so, Alexandre dedicated time to welcoming the 150 students of the 2024 edition and provided them with valuable advice to help launch their own startups.

Adrien Nussenbaum (Mirakl), HEC Prize of the Year 2021, followed suit as a sponsor of the 2025 Launchpad cohort, a role now passed to Mathilde Collin (Front).

Commitment to Peace, Sharing Experience and Giving Back

Adrien Nussenbaum (Mirakl) founded the HEC Imagine Fellows program in 2022 in collaboration with the HEC Foundation. This initiative provides scholarships for tuition and living expenses to exceptional students from countries ravaged by war, including Afghanistan, Ukraine, Syria, and Belarus. Nussenbaum believes deeply that institutions like HEC Paris must enhance their societal role, using education, diversity, and business to foster dialogue and contribute to peace.

Expanding this commitment, Adrien Nussenbaum integrated the Imagine Fellows program with the HEC Startup Launchpad to support people exiled in France (such as refugees and those with temporary protection) by offering them entrepreneurial expertise. As of late 2024, 16 students have benefited from the program. Learn more

Stanislas Niox-Chateau (Doctolib) returned to the HEC Paris campus in September 2025 to share the principles that guided the creation of Doctolib during a HEC Talk. He highlighted how the rigorous approach developed through his studies helped him focus on building a project with a real, positive social impact in the health sector.

Mathilde Collin (Front) gives back to the broader ecosystem by investing in approximately one hundred software startups, mainly in Paris and London. 

The HEC Paris ecosystem consistently generates influential, billion-dollar companies, underscoring the business school’s capacity to nurture global entrepreneurial talent. The success of these HEC Alumni is mirrored by their dedication to the community, actively supporting future generations through mentorship, financial support, and philanthropic initiatives like the Imagine Fellows program, reinforcing the idea that entrepreneurial success carries a responsibility for positive social and educational impact.