Four Irish firms have been named as part of the second edition of the Leading European Tech Scaleups (LETS), France Digitale’s pan-European map of innovative companies selling their product or service beyond their domestic market that is making an annual turnover of at least €10m.

Fenergo, Teamwork, Tines and Wayflyer were among the 251 companies selected for the map by France Digitale, the French association of start-ups, venture capitalists and business angels, in collaboration with 32 start-up organisations in 20 European countries, including Scale Ireland.

Companies had to be innovative and scaling, be founded after 2000, be based and employ at least 50% of their workforce in Europe, and make at least €1m of their annual turnover outside their domestic market.

Tines AI-enabled platform is used by security and IT teams to build, run and monitor mission-critical workflow processes without the need for programming skills, and it includes Canva, Databricks, Elastic, Kayak, Mars, McKesson, and Oak Ridge National Laboratory among its clients.

The company raised $50m in a Series B funding round earlier this year.

“We are honoured to be recognised alongside such exciting companies, proving that Europe can not only lead in AI development but ensure technology serves society as a whole,” said Eoin Hinchy, co-founder and CEO of Tines. 

“This recognition reflects our commitment to empowering security and IT teams to do their best work, fuelled by the relentless innovation of our incredible team at Tines.

“We look forward to helping more businesses streamline their operations and increase their impact with our smart, secure workflow automation and orchestration platform.”

Fenergo’s offers AI-powered solutions for client lifecycle management, enabling firms to digitalise interactions with clients and transform their overall user experience while also continuously monitoring risks and ensuring regulatory compliance.

“Fenergo is proud to be featured once again on the LETS Map, representing Ireland.

“We’re delighted to be recognised for fostering innovation, maintaining a strong European presence, and generating significant revenue across multiple markets,” said Stella Clarke, chief strategy and marketing officer at Fenergo.

“As an Irish-founded company, we take pride in our continued expansion across Europe, supporting firms in creating a more compliant, profitable and sustainable future.

“France Digitale and its 32 European partners are redefining business success by prioritising innovation, value creation in Europe and market impact.”

Cork-based Teamwork.com offers a cloud project management tool and reported revenues of $38.7m last year while Wayflyer, which provides financing to e-commerce companies, increased revenues three-fold (€77.3m) while making a loss of €77.3m.

LETS companies employ an average of 415 people, and 60% of them are already profitable, while the remaining 40% expect to be so in the next three years.

The US is the top export market for LETS firms, 70% (174) of which have customers beyond Europe, followed closely by France, the UK and Germany.

Japan and Australia complete the top three of non-European export markets. 

“With LETS we celebrate the international success of companies that are flag bearers of European innovation worldwide,” said Maya Noël, managing director of France Digitale.

“But we also highlight the work that remains to be done so that more companies can follow in their steps: completing the Single Market and achieving a fully-fledged Capital Markets Union”.

France Digitale estimates a total economic loss of $439bn since 2015 from “missed IPOs”, ie the 50 initial public offerings by European tech companies that were filed in the US instead of in European markets.

Martina Fitzgerald, CEO of Scale Ireland, said the organisation was delighted that Fenergo, Teamwork, Tines, and Wayflyer were recognised by LETS 2024 for their success and innovation.

“They are global leaders in their sectors, and their inclusion in LETS showcases not only their reach, but also Irish innovation and entrepreneurship throughout Europe, the US and beyond,” she added. 

“LETS also highlights our strong partnership with France Digitale, which shares our mission to support and promote indigenous tech companies to become global leaders.”

(Pic: Getty Images)