Antonin Léonard

🚀 For the last 6 months, we've been working on a new programme to accelerate VCs raising their next fund... 🎙️ I am delighted to announce we are now live! Applications are now open to participate in the first programme for emerging VC managers based in Europe, providing fundraising workshops from fundraising experts, LP connections and world-class mentoring. We kick off the first cohort of 15 - 20 VCs in Q1 2025. 🧐 Fundraising is hard. Hard for founders. Even harder for VCs. There is a vacuum of fundraising support for funds, and there's never been a more difficult time to get one off the ground... So what do participating funds receive? 1️⃣ Warm introductions to Limited Partners and Family Offices 2️⃣ Fundraising templates 3️⃣ 10+ hours of world-class mentoring 4️⃣ Content delivered through workshops with a focus on fundraising 5️⃣ Strong peer community 6️⃣ Opportunity of an LP commit from our network Who are the mentors? 👥 VC mentors include founding partners from some of the most successful VCs in Europe such as LocalGlobe, Dawn Capital, Hoxton Ventures, Partech, Heartcore, Speedinvest, and many more. Collectively, they have raised over $11bn across 80 funds 🤯 👥 LP mentors include investors from some of the most active Limited Partners such as the BBB, KfW, Isomer and many more. Who is the programme for? 🚀 Emerging VCs (broadly those raising Funds I - III) based in Europe 💰 We expect applicants to already be exceptional investors, we will focus on making them exceptional fundraisers. How much does it cost? 💰 👉 It's completely free! With no hidden costs. We want to avoid selection bias and level the playing field for under-represented managers What is the time commitment? ⏲️ 👉 Designed to fit a General Partner's busy schedule, participants will attend at least 3 LP networking events, 6 days of high-impact workshops over a 3-month period and receive 10 hours of mentoring. How to apply? 🎯 👉 You can learn more & apply directly from our website 👉 All those applying will receive access to LP investor lists, fundraising templates and exclusive benefits from our partners. How will we select the funds? ⚖️ With the help of Blue Future Partners, our fund selection partner, we will select VCs with a differentiated strategy, a partner team with deep domain experience, and those that we believe will most likely become the next generation of top-tier funds. 🎗️ I researched and dilligenced all the VC service providers I was recommended, to select partners with a track record of supporting the Emerging Manager community. This programme would not have been possible without the support of: HFL as our fund admin partner 📕 Osborne Clarke as our legal partner 📃 Sage as our technology partner 🧑‍💻 Ballou as our PR partner 🎤 Leela Capital Regulatory Solutions as our regulatory partner 𝍍 Johnston Carmichael Chartered Accountants and Business Advisers as our accounting partner 🧾

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[🎙️] Do you know what French companies are doing to achieve their ecological transition and develop an economy that respects planetary boundaries? 🌍 Let me introduce you to the « CEC » (Convention of Companies for Climate), for which I’ve just been appointed (one of the many) spokesperson (or Top Voice, as LinkedIn likes to call it 😉). I had the incredible opportunity to take part in the very first edition back in 2021 (I'll tell you more about the origins of this initiative and the people in the photo in a future post.), right when the world was debating whether we should continue business as usual or completely rethink our societal and economic models. The experience was so eye-opening that I offered to become the CEC’s Minister of Foreign Affairs (yes, I’m shooting high! 😅) to share this initiative and its learnings with our friends around the globe 🌍. After all, I had been elected Minister of Foreign Affairs of the « ideal Social Economy government » by Carenews readers in 2018. We’ll start by sharing some content in English. But first, a quick intro for those wondering: What exactly is the CEC?👇 Founded in December 2020, the Convention of Companies for Climate (CEC) aims to make the transition from an extractive economy to a regenerative one irresistible by 2030. It’s ambitious, but with motivated leaders and engaged experts, anything is possible 💪 Between 2021 and 2022, the first edition brought business leaders together in a collective effort to redefine their models within planetary boundaries. Today, there are 17 CEC programs, with over 2,000 leaders (CEOs & « Planet Champions ») and 1,000 companies redesigning their future. And the cherry on top 🍒: the CEC is expanding to Switzerland and Belgium soon! If you’re curious to learn more, check out what the CEC is all about 👉 https://lnkd.in/eTbMeEXt That being said, over the coming weeks, I will share with you stories, tools, and concrete examples of businesses of all sizes undergoing their transformation 🌱🌍 #CEC #TopVoice #Climate #Business #Economy #FutureIsNow

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in French :) https://lnkd.in/e7W5Hu6T #capitalraising #startups #fundraising #founders #venturecapital #investors #vc #vcfunding #technology #startup #tech

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I simply can't wait for this ! You are Invited to Meet The Entrepreneur Who Turned Startups into Exits -Not Once, but 12 TIMES! ✨ This Monday - a Virtual Session with *International Expert Gregory shepard. 🌎* The Webinar Will Provide Insights On: -EXACT Pitfalls That Kill 90% of Startups -The 7-Phase Methodology That Works -Insider Secrets to Attracting Investors -Proven Strategies for Fundraising Arieli Capital *Register Now:

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💡 7,5€ Billion (with a B). That’s the annual amount the French state provides to innovative companies through just one program: the CIR (Crédit d'Impôt Recherche). As an entrepreneur, my companies have been fortunate beneficiaries! But did you know that beyond the CIR, there are also: CII, JEI, JEA, BPI, CIMA, CICE, ACCRE, ACRE, FSE, ANR, FUI, PGE, FSN, PIA, FISAC, PTZ, FCTVA, AIF, and 1,753 other official grants and subsidies available? Combined, they represent well over €20 billion annually in funding for businesses. 😢 The catch (number 1)? Accessing these funds is often a bureaucratic nightmare. This is where agencies step in—offering to handle the process but taking a significant cut in return. 🚀 Enter REKI. We’ve developed the first software platform designed to simplify access to these subsidies. With Reki, companies can: 🔍 Discover all eligible opportunities   📑 Automatically generate applications and required documents   💾 Manage and update key data for compliance REKI is led by a seasoned duo of non-dilutive funding experts: Cyril Fougères (ex-BPI and iii-financements) and Aurélien Sibiril (repeat CTO). If you are looking for non-dilutive fundings, simply complete for form on our website (link in comment) Go Meghan Regior Victor Gross Nic Touron Calliste Duru Quentin Le Gall Thibaud Elziere Amaury Sepulchre Quentin Nickmans 🥰 catch (number 2) France is not alone, most countries are doing the same and we are going after it too :)

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Thank you Les Echos for talking about how HERA.I is improving investors’ lives with AI! ⚡ • For French speakers, check out the fantastic article here: https://lnkd.in/eZUEzS99 • For English speakers, here’s a recap: Last week, Edda released a revolutionary suite of AI tools in HERA.I. These powerful features will transform how you handle some of the most tedious investing tasks thanks to unprecedented AI efficiency. HERA.I tool include: 🔍 Pitch Deck Reader - Analyze pitch decks in seconds ⭐ Due Diligence Assistant - Supercharge your due diligence process ✍️ Decision Writer - Generate comprehensive decision reports effortlessly 🔢 Cap Table Importer - Simplify cap table management like never before 🌍 FinGreen AI Integration for ESG Reporting - Seamlessly integrate ESG data with FinGreen AI Thank you, Charlie Perreau, for the wonderful interview and fantastic article! Your support in sharing our story means a lot to us. 🙏 Learn more by visiting Edda’s page or talking to our team! (link in 1st comment)

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The End of French (and Europe) Tech as We Know It? France’s newly formed government unveiled its 2025 budget proposal last week, and it hasn’t been well received by startup founders. The draft budget slashes key mechanisms that benefit startups, such as tax breaks for those building innovative products and for companies recruiting R&D teams—potentially increasing hiring costs by 40%. ➡️ “The impact on companies’ capacity to innovate could be colossal,” said Marianne Tordeux Bitker, Director of Public Affairs at France Digitale, a lobby for startups and VCs, in an interview with Sifted. ➡️ “It’s a negative signal for the sector,” some founders remarked. One founder even told Sifted that the proposal was the final push to register their new company in the U.S. rather than France. ➡️ “It risks partly killing the dynamic,” they added. Across Europe—at least in the UK - see the petition to the UK Chancellor, Italy - the recent law, and now France—governments appear to be downplaying efforts to support startup ecosystems in a moment where the new EU Commission seems to be willing to give a push. This doesn’t seem like nor a visionary neither a timely move. Is it what we should expect from today’s political national landscape? Are we moving forward or back? Axelle Lemaire Thomas Sattelberger Ricardo Marvão 🇵🇹🇫🇷 Isidro Laso Giovanni Iozzia Simon Schaefer Giorgio Ciron The Entrepreneurs Network András G. Inotai Jean-David Malo Mind the Bridge Gianluca Dettori

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📩 How did September fly by so fast? Here’s a snapshot of what RAISE Sherpas portfolio has been up to 👇🏼 💰 🎉🎉🎉 - La Solive raised €4 million round lead by Partech. They offer short, intensive courses to retrain adults as energy renovation project managers. - Jump secured €11M to enhance the lives of freelancers across Europe, making work more flexible and fulfilling. 🤝🏼🤝🏼🤝🏼🤝🏼 - Maxime Mistretta, PhD. from Spore.Bio has been recognized as one of the most promising professionals in food safety by Stop Foodborne Illness, the leading global NGO in the field. - Osium AI (YC S23) has partnered with DECATHLON PULSE to push boundaries in material innovation through AI. - finres was at the PREVENT Project, highlighting Mediterranean climate risks like water scarcity and wildfires. Collaboration with European experts is vital for developing evidence-based solutions to enhance climate resilience in the region - Oklima and Riverse have united to support industrial decarbonization with certified carbon contribution projects. - Upway launched an exclusive e-bike series with Antoine Dupont, with profits going to charity—merging sports with social good. - Theremia is in the new cohort of SISTA Entrepreneurs x @Connect Her by BNP Paribas. We are also looking for our next star intern To support the financing of high-impact startups, from pre-seed to Series B.> https://lnkd.in/gRWPNZX9 If you're a founder, operator, or investor, evolving in impact sectors - I'd be happy to connect!

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There a fewer and fewer public companies.  They were +8000 in the US in 1996 and are now only 4642.  That’s down 43%. How did this happened? You can explain this in many ways :  The regulation makes it increasingly difficult for a company to IPO VC & PE have be on the rise for the last decade Acquisitions are also on the rise. To give you a snapshot : 870 publics companies were acquired by one of the magnificient seven (google, apple, Meta, Amazon, Microsoft, Tesla and Nvidia) And what’s the consequence? More and more companies, facing difficulties by IPO are drawn to VC & PE were there are more and more investors. Even though the private market lack transparency and available data, VC and PE firms have been working on tools to obtain data in ordre to make better investment décision. It’s the case for Earlybird or EQT Ventures. And also a lot of start-ups that are now working to create tools to help VC in their decision making process. So now the question is : will private markets one day have a sufficient data level for investors to make as informed decision as they would in public markets ? On my side I truly believe that in the upcoming years, we'll see the first quants VC. If you want to read some more : https://lnkd.in/eKFZuyeE

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What are some valuable insights into the European startup ecosystem? I recently had the opportunity to read an insightful discussion between two established investors in the European venture space - Saul Klein of LocalGlobe and Raluca Ragab of Eurazeo. At the TechCrunch StrictlyVC event in London, they generously shared their perspectives on the opportunities and challenges facing founders and investors across the continent (for source or entire article see comment). While the fundamentals of starting and scaling a high-growth business remain similar everywhere, Saul and Raluca highlighted some key differences that impact the European landscape. One aspect they discussed was the relative lack of liquidity events compared to the U.S., which makes returns riskier for investors. With fewer large exits, it can be more difficult to attract later stage capital. 🔝 At the same time, both highlighted many promising qualities of Europe's startup hubs. Talent pools are deep, and multinational collaboration comes naturally to entrepreneurs in the region. Government programs also aim to foster innovation, and COVID has accelerated the digital transformation of traditional industries 🏭. However, Klein and Ragab's perspectives underscore the work that still needs to be done in Europe to catch up with the U.S. exit environment. Their balanced view got me thinking about how to strengthen Europe's network effects in the long term. As leaders seeking to build an inclusive world of shared prosperity, what innovative strategies could help connect the continent's many vibrant startup ecosystems? I'd love to hear your thoughts. #D11ZVentures #techcrunch #FutureOfTech #VCInsights

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Whether you're a French startup founder or investing in the French tech ecosystem, this is a must-have resource: The Serena 2024 Edition of the Ultimate VC List is live! Fundraising can be incredibly time-consuming. That’s why, back in 2016, Serena created the Ultimate VC List to streamline the process for entrepreneurs in France. Now an interactive platform, it has supported over 100,000 entrepreneurs and VCs in the ecosystem. Some key trends Sébastien Le Roy and Maxime Furet spotted when putting this edition together: 🚀 The French VC ecosystem is thriving with new funds like Resonance, OVNI Capital, Yellow, and Varsity, signaling a vibrant and expanding market. 🌍 There’s increased interest from US and European funds for French startups, particularly in AI and climate tech, and a rise in non-traditional investors such as Business Angel Clubs and Family Offices (which are now covered by a new section). 🔧 Infrastructure investors are playing a critical role in funding innovative hybrid models amid global warming challenges. ♻️ The growing presence of impact VCs highlights the focus on socially and environmentally impactful investments.

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You wanna know how startup funding is going on right now in Belgium 🇧🇪 ? 🔮 I shared with Maxime SAMAIN (L'Echo) my point of view on that matter. 🦄 < >🐌 Article here: https://lnkd.in/e9qbCKKX Discover my take on the situation in 4 points: 1️⃣ More experienced 🐼 Belgium's startup scene boomed around 2015. These early-stage investors, the Business Angels, have gained experience through their investments made between 2015 and 2020. This newfound expertise makes them more rigorous in their analysis and more demanding of startups, ultimately limiting funding for a select few. 2️⃣ Investment shift ↩ The 2022 inflation surge reshaped investor mindsets and expectations. This trend solidified in 2023, becoming the "new normal." Consequently, 2024 witnessed a significant decline in funding for startups lacking a clear path to profitability. 3️⃣ Cycle ♻ The pre-pandemic boom in startups (around 2020) is now experiencing its first wave of bankruptcies. This has understandably shaken some Business Angels' confidence. While this cycle is natural, fear currently dominates investment decisions for many. 4️⃣ Post trauma 🤕 We are in a “post trauma” period. The above elements are making Business Angels much more risk averse. To restore confidence, we need to see successful Belgian 🇧🇪 startups emerge. Thankfully, time can be a healer, and some inspiring success stories 💪 are likely unfolding even as you browse this tremendous LinkedIn post 😜. Let's scale it up! 👏 #startups #scaleups #buildingbridges

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A History of Venture Capital: Venture Capital (VC) has been a driving force behind some of the most innovative companies in history. From its early beginnings to the establishment of major funds, the evolution of VC has been marked by significant milestones that have shaped the industry. Here are some key insights from Hervé Lebret's detailed study: 1) The Early Days: The concept of VC began to take shape post-World War II but gained significant traction in the late 1950s with the founding of companies like Fairchild Semiconductor by the Traitorous Eight, which was financed by venture capitalist, Arthur Rock. 2) 1970s Growth: The 70s saw the emergence of major VC firms like Sequoia Capital and Kleiner Perkins, which played pivotal roles in funding the growth of technology and biotechnology sectors. 3) Government Influence: The Small Business Investment Act of 1958 and changes in ERISA guidelines during the 1970s provided a more favorable environment for VC investments, contributing to the industry's explosive growth. 4) Global Expansion: Although VC started in the United States, it has become a global phenomenon, with significant growth in regions like Israel and Europe, adjusting strategies according to regional entrepreneurial ecosystems. PS. check out 🔔 for a winning pitch deck the template created by Silicon Valley legend, Peter Thiel https://lnkd.in/ejp-Bhnu

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Le véhicule autonome ? Pour le DARPA, d'abord pour les missions de reconnaissance ou dangereuses, hors des routes et des chemins : https://lnkd.in/eDfDerrF "When it comes to automating off-road driving, the U.S. Army can be a great customer. After all, autonomous vehicles started as a DARPA project, says Jeff Peters, a partner at Ibex Investors. DARPA (Defense Advanced Research Projects Agency) is a U.S. Department of Defense agency focused on advancing technology for military use. “The hype around AV moved a lot of the industry toward bigger potential commercial applications, but DoD projects have persisted,” Peters told TechCrunch over email, noting that autonomous mining startup SafeAI and autonomous trucking startup Kodiak Robotics have also pursued defense grants. “I think AV companies (those still around) will chase DoD projects because it offers large, non-dilutive funding in the interim prior to commercial operations.”  Overland AI is the latest byproduct of the DARPA program. Boots, a professor of machine learning at the University of Washington and founder of the Robot Learning Laboratory at the university’s school of computer science and engineering, has a long history of collaborating with the U.S. Army Research Lab and DARPA.  Overland was spun out from Boots’ research and team involved in DARPA’s RACER (Robotic Autonomy in Complex Environments with Resiliency) program, the goal of which is to develop self-driving vehicles that can handle tough terrain. The program is still ongoing. Overland, which is stacked with deep tech veterans from Google, Nvidia, Apple, Waymo, Aurora, Embark and Argo, as well as software engineers who’ve worked on mission-critical solutions at SpaceX, RTX and the U.S. Army, was recently selected to continue on to the second phase."

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Lago Raises $22M to Revolutionize Billing for Startups 💰 Paris-based Lago, an open-source billing platform, just secured $22M in funding across two rounds, backing its mission to solve complex billing challenges for developers and startups. Initially a marketing tool startup, Lago pivoted to billing after realizing the huge demand for flexible, developer-friendly billing systems. Now trusted by companies like Mistral.ai and Juni, Lago's open-source platform allows for tailored solutions that adapt to complex pricing models, especially in the AI and SaaS sectors. What’s next? Lago aims to add data analytics and explore payment orchestration, continuing to empower developers with customizable, scalable tools. P.S. How do you manage your billing? #OpenSource #BillingSolutions #StartupFunding

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French InsurTech Alan has just secured a new $193M funding round and has reached a $4.5B valuation. The French #HealthTech sector has been highly dynamic. But how does it compare to its German counterpart, the largest economy and #healthcare system in Europe? I wrote down a few thoughts. All the figures below are coming from the HealthTech Alpha platform from Galen Growth | Insights You Can Trust. 1️⃣ 𝐈𝐧 𝐭𝐞𝐫𝐦𝐬 𝐨𝐟 𝐟𝐮𝐧𝐝𝐢𝐧𝐠, 𝐅𝐫𝐞𝐧𝐜𝐡 𝐇𝐞𝐚𝐥𝐭𝐡𝐓𝐞𝐜𝐡 𝐢𝐬 𝐛𝐞𝐚𝐭𝐢𝐧𝐠 𝐆𝐞𝐫𝐦𝐚𝐧 𝐇𝐞𝐚𝐥𝐭𝐡𝐓𝐞𝐜𝐡 Total funding to date for HealthTech startups has reached nearly $10 billion in France (with 60% allocated to the top 30 companies), while in Germany, it remains below $5 billion (with over 50% going to the top 30). As a result, France boasts four officially recognized unicorns—Doctolib, Alan, Owkin, and Dental Monitoring—whereas Germany currently lacks any officially acknowledged unicorns (though Caresyntax could be considered an unofficial one). 2️⃣ 𝐅𝐫𝐚𝐧𝐜𝐞 𝐡𝐚𝐬 𝐦𝐮𝐜𝐡 𝐦𝐨𝐫𝐞 "𝐃𝐞𝐞𝐩 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡" 𝐇𝐞𝐚𝐥𝐭𝐡𝐓𝐞𝐜𝐡 𝐭𝐡𝐚𝐧 𝐆𝐞𝐫𝐦𝐚𝐧𝐲 In the top 30, #France has 3 AI drug discovery #scaleups (Owkin, Aqemia, Iktos) and even one foundation model for biology (Bioptimus). In the top 30, #Germany does not have any "Deep Research" HealthTech, except Molecular Health (founded before 2010, and therefore not listed in the visual).  3️⃣ 𝐌&𝐀 𝐚𝐜𝐭𝐢𝐯𝐢𝐭𝐢𝐞𝐬 𝐛𝐞𝐭𝐰𝐞𝐞𝐧 𝐅𝐫𝐞𝐧𝐜𝐡 & 𝐆𝐞𝐫𝐦𝐚𝐧 𝐇𝐞𝐚𝐥𝐭𝐡𝐓𝐞𝐜𝐡 𝐚𝐫𝐞 𝐞𝐱𝐩𝐞𝐜𝐭𝐞𝐝 Most of the top 30 HealthTech companies in France and Germany do not operate in both countries (Doctolib, the leading HealthTech in Europe, is an exception). Similar to how French FinTech Qonto acquired German FinTech Penta, we may see comparable acquisitions in the HealthTech sector. For example: ➡️ 🇫🇷 Alan and 🇩🇪 Ottonova, both AI-enabled InsurTech. ➡️ 🇫🇷 Incepto and 🇩🇪 Deepc, both AI algorithms aggregator platforms. ➡️ 🇫🇷 Ouihelp and 🇩🇪 Kenbi, both home-care platforms. 4️⃣ 𝐔𝐒 𝐚𝐬 𝐬𝐞𝐜𝐨𝐧𝐝 𝐦𝐚𝐫𝐤𝐞𝐭 𝐟𝐨𝐫 𝐇𝐞𝐚𝐥𝐭𝐡𝐓𝐞𝐜𝐡 𝐬𝐜𝐚𝐥𝐞-𝐮𝐩𝐬 Although founded in France or Germany, most HealthTech companies expand to the U.S. as their next step, rather than to France or to Germany (except for Doctolib). The reasoning is clear: the U.S. accounts for over 40% of the HealthTech market, while Germany represents 4% and France 3%. As a result, VC investors tend to adopt a 'go big or go home' strategy. 5️⃣ 𝐓𝐡𝐞 𝐔𝐊 𝐰𝐚𝐬 𝐢𝐧 𝐩𝐨𝐥𝐞 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝟑 𝐲𝐞𝐚𝐫𝐬 𝐚𝐠𝐨 𝐛𝐮𝐭 𝐡𝐚𝐬 𝐝𝐢𝐬𝐚𝐩𝐩𝐨𝐢𝐧𝐭𝐞𝐝 𝐬𝐢𝐧𝐜𝐞 𝐭𝐡𝐞𝐧 Besides France and Germany, UK had a leading portfolio of HealthTech scale-ups, but: ➡️ Babylon (AI virtual care) went bankrupt ➡️ Exscientia (AI drug discovery) was acquired by Recursion and recently published disappointing results for its AI developed drug. ➡️ BenevolentAI (AI drug discovery) went public with a current market cap of $100M (almost 8x less than its $766M total funding).

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Which Paris-based startups should you have your eyes on? Sifted's Daphné Leprince-Ringuet asked VCs from Motier Ventures, Partech, Serena, Alven and Kima Ventures to find out. Among them: 🇫🇷 Entalpic, which uses GenAI to accelerate the discovery of new materials and chemical compounds that are more sustainable. 🇫🇷 Orus Energy, which has built an AI-powered platform that helps businesses manage and optimise their energy consumption by shifting usage to off-peak times. 🇫🇷 Ten Ten App, which transforms phones into walkie talkies to let users communicate via voice message. You can find the rest of the list below👇 https://lnkd.in/eibKvQaN Nicolas Essayan | Alison Imbert | Marc Fournier | Margaux Gregoir | Alexis Robert

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