Brevo and Pennylane, two École Polytechnique’s start-ups, in the spotlight

Brevo (formerly SendinBlue), founded in 2007 by Armand Thiberge (X2002), has joined the exclusive club of French unicorns, start-ups valued at over $1 billion. 

On December 4, 2025, the company announced the completion of a new €500 million funding round, which sees two new investors join its capital: the investment funds General Atlantic and Oakley.

Specializing in digital customer relationship management, Brevo was already rubbing shoulders with France's Centaurs, those start-ups with annual revenues exceeding €100 million. 

In a press release, Brevo stated that this fundraising will enable it to continue investing in artificial intelligence, accelerate its growth in the United States, and intensify its merger and acquisition strategy.

The company says it will exceed €200 million in annual recurring revenue (ARR), the equivalent of turnover in the software sector, in 2025 with a double-digit operating margin, and that it is aiming for €1 billion in annual turnover by 2030. 

Co-founded in 2020 by five alumni of the École Polytechnique (X) - Arthur Waller (M2013, Sciences Po), Quentin de Metz (X2009), Tancrède Besnard (X2009), Thierry Déo (X2010), Félix Blossier (M2012, ENA) - and Alexandre Roquoplo (ENOES, School of Accounting and Auditing) and Édouard Mascré (HEC), Pennylane has announced that it will exceed €100 million in ARR in 2025, joining the ranks of French Centaurs.

A unicorn since raising €40 million in 2024, Pennylane claims to have 700,000 business customers and more than 6,000 partner accounting firms. 

According to financial news agency Bloomberg, the company is in talks with several funds for a new $200 million fundraising round based on a valuation now estimated at between $4 billion and $5 billion.

In 2025, Brevo joined the list of 40 startups labeled Next40, while Pennylane confirmed its place in this annual ranking.

The success stories of Pennylane and Brevo illustrate the relevance of the business model of start-ups specializing in enterprise software in a sluggish economic and financial environment, particularly for entrepreneurship.