WOWLS! Unicorn VC Big-Tech Corporations, Companies, LLCs, INCs etc… – Here’s How To HUNT & KILL THEM!

WOWLS! The Unicorn Killers!

Unicorn hunting? GO FOR IT!

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WOWLS! How To HUNT AND KILL Unicorn Big-Tech VC Funded Companies / Organizations!

Take a look at all these Geek’d the fuck out BRANDS!

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# Unicorns Total valuation
(US$ billions) Date Reported by
82 Late January 2015 Forbes, CB Insights[8]
229 1,300 January 2016 VentureBeat[9]
208 761 December 2016 TechCrunch[5]
224 771.9 April 2017 TechCrunch
193 665 April 2017 Inc magazine[10]
266 861 August 2018 CB Insights[3]
394 1,200 August 2019 CB Insights[11]
495 1,566 November 2020 CB Insights[11]
List
Ambox current red Asia Australia.svg
This section needs to be updated. Please help update this article to reflect recent events or newly available information. (April 2021)
Unicorns are concentrated in a few countries/regions: United States (240), China (86), India (70), Israel (32), UK (28), France (22), Canada (17), Germany (16), South Korea (13), Brazil (12), Singapore (10), Hong Kong (8), Australia (7), Japan (7), Indonesia (6), Sweden (6), Portugal (5), Switzerland (5), Mexico (4), Argentina (3), Ireland (3), Netherlands (3), Nigeria (3), Spain (3), Turkey (3), Austria (2), Belgium (2), Denmark (2), Estonia (2), Norway (2), Philippines (2), Thailand (2), UAE (2) and ten other countries (1 each).

A SpaceX’s Falcon 9 lifting off from LC-39A in May 2020, starting Demo-2.

Instacart delivery of groceries on a countertop

Epic’s Fortnite exhibition space at E3 2018.

A DJI Phantom 2 Vision+ V3 drone

A Grab rider in Indonesia.

Bird scooters on the sidewalk in San Jose
Company Valuation
(US$ billions) Valuation date Industry Country/
countries Founder(s)
ByteDance 140 April 2021[12] Internet China Zhang Yiming, Liang Rubo
SpaceX 100 October 2021[13] Aerospace US Elon Musk
Stripe 95 March 2021[14] Financial services US /  Ireland Patrick and John Collison
Klarna 45.6 June 2021[15] Financial technology Sweden Sebastian Siemiatkowski, Niklas Adalberth, Victor Jacobsson
Canva 40 September 2021[16] Graphic design Australia Melanie Perkins, Clifford Obrecht, Cameron Adams
Instacart 39 March 2021[17] Retail US Apoorva Mehta, Max Mullen, Brandon Leonardo
Databricks38August 2021[18]Software US
Revolut 33 July 2021[19] Financial technology UK Nikolay Storonsky, Vlad Yatsenko
Nubank 30 June 2021[20] Financial services Brazil David Velez, Edward Wible, Cristina Junqueira
Telegram 30 January 2021[21] Internet UK /  UAE Nikolai and Pavel Durov
Epic Games 28.7 April 2021[22] Video games US Tim Sweeney
Chime 25 August 2021[23] Financial services US Chris Britt and Ryan King
FTX25October 2021[24]Cryptocurrency Bahamas
Byju’s 21 November 2021[25] Education technology India Byju Raveendran, Divya Gokulnath
Xiaohongshu20October 2021[26]E-commerce China
Fanatics18August 2021[27]E-commerce US
GoTo18May 2021[28]Technology Indonesia
Dunamu 17 November 2021[29] Cryptocurrency South Korea Song Chi-hyung
Trendyol 16.5 May 2021[30] E-commerce Turkey Demet Mutlu
Yuanfudao 15.5 October 2020[31] Education technology China
Checkout.com 15 January 2021[32] Financial technology UK
DJI 15 September 2016[1] Technology China Frank Wang (Wang Tao)
GoPuff 15 July 2021[33] E-commerce US Yakir Gola, Rafael Ilishayev
Shein 15 February 2021[34] E-commerce China Chris Xu
Grab 14 March 2019[35] Technology Singapore Anthony Tan, Tan Hooi Ling
Plaid 13.4 April 2021[36] Financial Technology US Zach Perret, William Hockey
Grammarly13November 2021[37]Software US
Faire12.4November 2021[38]E-commerce US
Brex 12.3 October 2021[39] Finance US Henrique Dubugras and Pedro Franceschi
Biosplice Therapeutics 12 April 2021[40] Health US Osman Kibar
Bitmain12June 2018[citation needed]Cryptocurrency China
GoodLeap12October 2021[41] US
SenseTime12January 2021[42]Artificial intelligence China /  Hong Kong
Northvolt11.75June 2021[43]Batteries Sweden
Celonis11June 2021[44]Software Germany
ZongMu Technology11June 2021[45]Self-driving cars China
Aurora10December 2020[46]Self-driving cars US
Chehaoduo10July 2021[47]Marketplace China
Digital Currency Group10November 2021[48]Venture capital US
Figma 10 June 2021[49] Software US Dylan Field and Evan Wallace
Gusto 10 August 2021[50] Software US Joshua Reeves and Edward Kim
Lalamove10January 2021[51]Logistics Hong Kong /  China
Notion Labs10October 2021[52]Software US
Reddit 10 August 2021[53] Internet media US Steve Huffman, Aaron Swartz, Alexis Ohanian
Ripple10December 2019[54]Computer software US
Talkdesk 10 August 2021[55] Software as a service Portugal /  US Cristina Fonseca, Tiago Paiva
Oyo 9.6 August 2021[56] Hospitality India Ritesh Agarwal
Klaviyo9.5May 2021[57]Marketing US
OutSystems9.5February 2021[58]Software development Portugal /  US
ServiceTitan9.5June 2021[59]Software US
Tanium 9 June 2020[60] Technology US David Hindawi, Orion Hindawi
Rapyd8.7August 2021[61]Financial technology UK
Nuro8.6November 2021[62]Robotics US
Snyk8.5September 2021[63]Application security UK
Lacework8.3November 2021[64]Cloud security US
Tempus8.1December 2020[65]Health US
Dream11 8 November 2021[66] Fantasy sports India Harsh Jain, Bhavit Sheth
J&T Express7.8April 2021[67]Logistics Indonesia
Hopin7.75August 2021[68]Virtual events UK
Dapper Labs7.6September 2021[69]NFT Canada
Getir 7.56 June 2021[70] Retail Turkey Nazım Salur
Netskope 7.5 July 2021[71] Computer security US Sanjay Beri, Lebin Cheng, Ravi Ithal, Krishna Narayanaswamy
Carta 7.4 August 2021[72] Software US Henry Ward
Viva Republica (Toss)7.4June 2021[73]Financial technology South Korea
Scale AI7.3April 2021[74]Artificial intelligence US
Argo AI 7.25 July 2020[75] Artificial intelligence US Bryan Salesky and Peter Rander
Gong7.25June 2021[76]Artificial intelligence US
TripActions 7.25 October 2021[77] Travel US Ariel Cohen and Ilan Twig
Discord 7 December 2020[78] Software US Jason Citron, Stanislav Vishnevsky
Automation Anywhere6.8November 2019[79]Robotic process automation US
WeDoctor6.8February 2021[80]Healthcare China
Ziroom6.6March 2020[81]Real estate technology China
Mollie6.5June 2021[82]Financial technology Netherlands
Rippling 6.5 October 2021[83] Workforce management US Parker Conrad
DataRobot6.3July 2021[84]Artificial intelligence US
Personio6.3October 2021[85]Software Germany
Ola Cabs 6.2 March 2019[86] Transportation India Bhavish Aggarwal, Ankit Bhati
Lianjia (Homelink)6.04April 2017[87]Real estate China
Better.com6April 2021[88]Financial services US
Wiz6October 2021[89]Cybersecurity Israel
Xingsheng Youxuan6January 2021[90]Retail China
Airtable 5.77 March 2021[91] Collaborative software US Howie Liu, Andrew Ofstad, Emmett Nicholas
Vice Media5.7February 2020[92]Mass media US
Fivetran5.6September 2021[93]Data infrastructure US
PharmEasy5.6October 2021[94]Health technology India
Postman5.6August 2021[95]Software as a service India /  US
Airwallex5.5November 2021[96]Financial services Australia /  Hong Kong
PhonePe 5.5 December 2020[97] Financial technology India Sameer Nigam, Rahul Chari
Swiggy 5.5 July 2021[98] Food delivery India Nandan Reddy, Sriharsha Majety
Samsara5.4May 2020[99]Technology US
Pony.ai5.3November 2020[100]Artificial intelligence China /  US
Trade Republic5.3May 2021[101]Financial technology Germany
Rappi5.25July 2021[102]Transportation Colombia
Blockchain.com5.2March 2021[103]Cryptocurrency UK
HashiCorp5.1March 2020[104]Cloud computing US
OneTrust5.1December 2020[105]Cybersecurity UK /  US
SambaNova5.1April 2021[106]Artificial intelligence US
Collibra 5+ January 2019[107] Data governance Belgium Pieter De Leenheer, Felix Van de Maele, Stijn Christiaens
Thrasio5+October 2021[108] US
CloudKitchens5November 2019[109][110]Ghost kitchen US
Hello TransTech5March 2021[111]Transportation China
JUUL Labs5October 2019[112]Electronic Cigarettes US
Ro5March 2021[113]Health technology US
Royole5August 2018[114]Flexible electronics China /  US
UBtech Robotics5May 2018[115]Robotics China
United Imaging Healthcare5September 2017[67]Healthcare China
Zepz5August 2021[116]Financial technology UK
Meesho 4.9 September 2021[117] E-commerce India Vidit Aatrey, Sanjeev Barnwal
Bolt 4.75 August 2021[118] Transportation Estonia data
Anduril Industries4.6June 2021[119]Defense Technology US
Checkr4.6August 2021[120] US
Dataiku4.6August 2021[121]Artificial intelligence France /  US
Magic Leap4.5February 2016[1][5]Augmented Reality US
Socure4.5November 2021[122]Identity management US
Vinted4.5May 2021[123]Marketplace Lithuania
Zenefits4.5May 2015[2][5]Human resource management US
Meizu4.4October 2016[67]Consumer electronics China
Outreach4.4June 2021[124]Sales US
Arctic Wolf Networks4.3July 2021[125]Cybersecurity US
Sorare4.3September 2021[126]Fantasy sports France
Chainalysis4.2June 2021[citation needed]Blockchain US
Relativity Space4.2June 2021[127]Aerospace US
SSENSE4.15June 2021[128]E-commerce Canada
Bitpanda4.1August 2021[129]Cryptocurrency Austria
Dataminr4.1March 2021[130]Data analytics US
Yello Mobile4.05November 2016[5][131]Software industry South Korea
BrowserStack 4 June 2021[132] Software India Ritesh Arora, Nakul Aggarwal
Clubhouse4April 2021[133]Messaging US
CRED 4 October 2021[134] Financial technology India Kunal Shah
Houzz4June 2017[135]Interior design US
iCapital Network4July 2021[136]Financial services US
Kavak4April 2021[137]Marketplace Mexico
Megvii4May 2019[138]Technology China
Melio4September 2021[139]Financial technology Israel
Next Insurance4March 2021[140]Insurance US
Olive4June 2021[141]Health technology US
Patreon4April 2021[142] US
PointClickCare4January 2021[143]Software Canada
QuintoAndar [pt]4May 2021[144]Real Estate Brazil
Niantic3.95January 2019[145]Video games US
StockX3.8April 2021[146]E-commerce US
Articulate3.75July 2021[147]Education technology US
Cohesity3.7March 2021[148]Software US
Noom3.7May 2021[149]Healthcare US
Papaya Global3.7September 2021[150]Workforce management Israel /  US
VAST Data3.7May 2021[151] US
WHOOP3.6August 2021[152]Wearable technology US
Shouqi3.55December 2016[67] China
Alchemy3.5October 2021[153]Blockchain US
Coalition3.5September 2021[154]Cybersecurity US
Commure3.5September 2021[155]Health technology US
Digit Insurance 3.5 July 2021[156] Insurance India Kamesh Goyal
Hopper3.5August 2021[157]Travel Canada
Mirakl3.5September 2021[158]Marketplace France
N263.5July 2019[159]Financial services Germany
OwnBackup3.35August 2021[160]Data storage US
Preferred Networks3.33September 2019[161]Artificial intelligence Japan
Rubrik 3.3 January 2019[162] Computer storage US Bipul Sinha, Arvind Jain, Soham Mazumdar, Arvind Nithrakashyap
Scopely3.3October 2020[163]Mobile gaming US
WeRide3.3June 2021[164]Self-driving cars China
Youxia Motors3.3October 2018[165]Electric vehicles China
MoonPay3.4November 2021[166]Cryptocurrency US
Unacademy 3.4 August 2021[167] Education Technology India Gaurav Munjal
ApplyBoard 3.2 June 2021[168] Education technology Canada Martin Basiri, Massi Basiri, Meti Basiri
Back Market3.2May 2021[169]Marketplace France
Blockstream3.2August 2021[170]Fintech Canada
ConsenSys3.2November 2021[171]Blockchain US
Cybereason3.2July 2021[172]Cybersecurity Israel /  US
Eruditus3.2August 2021[173]Educational technology India
PsiQuantum3.15July 2021[174]Quantum computing US
SpotOn3.15September 2021[175]Financial technology US
TiendaNube3.1August 2021[176]E-commerce Argentina
SentinelOne3.1November 2020[177] US
Udaan 3.1 January 2021[178] B2B e-commerce India Vaibhav Gupta, Amod Malviya, Sujeet Kumar
Wildlife3+August 2020[179]Mobile gaming Brazil
ActiveCampaign3April 2021[180]Marketing US
Age of Learning, Inc.3June 2021[181]Education US
Automattic 3 September 2019[182] Internet US Matt Mullenweg
Calendly3January 2021[183]Software US
Contentful3July 2021[184]Content management system Germany
Delhivery3May 2021[185]Logistics India
Forter3May 2021[186]Software Israel /  US
Grafana Labs3August 2021[187]Software US
Groww 3 April 2021[188] Financial technology India Lalit Keshre, Harsh Jain, Ishan Bansal, Neeraj Singh
Hinge Health3January 2021[189]Healthcare US
Horizon Robotics3February 2018[190]Semiconductors China
Lucid Software3June 2021[191]Software US
MessageBird3October 2020[192]Cloud communications Netherlands
OfBusiness 3 September 2021[193] B2B e-commerce India Bhuvan Gupta, Vasant Sridhar, Ruchi Kalra, Nitin Jain, Asish Mohapatra
Ola Electric 3 September 2021[194] Electric vehicles India Bhavish Aggarwal
Paytm Mall3July 2019[195]E-commerce India
Pine Labs 3 May 2021[196] Financial technology India Lokvir Kapoor, Rajul Garg, Tarun Upaday
Razorpay3April 2021[197]Financial technology India
Seismic3August 2021[198]Software US
Sky Mavis3October 2021[199]Video games Vietnam
Souche3September 2018[200]Marketplace China
TradingView3October 2021[201]Finance UK
Upstox3November 2021[202]Financial technology India
VANCL3February 2014[5] China
VIPKID3June 2018[203]Education China
Warby Parker3August 2020[204]Retail US
Wefox 3 June 2021[205] Germany
Yixia Technology3November 2016[67] China
OVO2.9October 2020[206]Financial technology Indonesia
Workrise2.9May 2021[207]Workforce management US
DriveWealth2.85August 2021[208]Financial technology US
BharatPe 2.8 August 2021[209] Financial technology India Ashneer Grover
Contentsquare2.8May 2021[210]Software as a service France
Graphcore2.8December 2020[211]Semiconductors UK
Icertis 2.8 March 2021[212] Software India /  US Samir Bodas, Monish Darda.
OakNorth2.8February 2019[213]Finance UK
UnionPay2.8October 2016[67]Finance China
Bird2.78October 2019[214]Transportation US
Convoy2.75November 2019[215]Trucking US
Illumio2.75June 2021[216]Cybersecurity US
MasterClass2.75May 2021[217]Education technology US
Traveloka2.75October 2020[218]Travel Indonesia
Zipline2.75June 2021[219]Logistics US
Karrot Market2.7August 2021[220]E-commerce South Korea
Nextiva2.7September 2021[221]Software US
Tradeshift2.7March 2021[222]Financial technology US
Odoo2.63July 2021[223]CRM Belgium
AmWINS Group2.6October 2016[224] US
ManoMano2.6July 2021[225]E-commerce France
Pendo2.6July 2021[226]Software US
Sourcegraph2.6July 2021[227] US
Jumpcloud2.56September 2021[228]Software US
eToro2.5December 2020[229]Financial technology Israel
Infra.Market2.5August 2021[230] India
Lenskart 2.5 May 2021[231] Retail India Peyush Bansal, Amit Chaudhary, Sumeet Kapahi
Monzo2.5June 2019[232]Financial services UK
Ualá2.45November 2019[citation needed]Personal finance Argentina
HoneyBook2.4November 2021[233]Financial services Israel /  US
BitSight 2.4 September 2021[234] Cybersecurity US Nagarjuna Venna, Stephen Boyer
Exabeam2.4June 2021[235]Cybersecurity US
Paxos2.4April 2021[236]Cryptocurrency US
Mozido2.39October 2014[5]E-commerce US
Wemakeprice2.33September 2015[237] South Korea
Highspot2.3February 2021[238]Sales US
MPL2.3September 2021[239]Mobile gaming India
Uptake2.3November 2017[240] US
Algolia2.25June 2021[241]Software France /  US
KeepTruckin2.25June 2021[242]Logistics US
Via Transportation2.25March 2020[243]Transportation US
Zume2.25November 2018[244] US
Acorns2.2May 2021[245]Financial technology US
Animoca Brands 2.2 October 2021[246] Cryptocurrency Australia Yat Siu
Bitso2.2May 2021[247]Cryptocurrency Mexico
Gympass2.2June 2021[248] Brazil /  US
Kurly2.2July 2021[249]E-commerce South Korea
Addepar2.17June 2021[250]Financial technology US
Eightfold.ai2.1+June 2021[251]Artificial intelligence US
6sense2.1March 2021[252]Artificial intelligence US
C6 Bank [pt]2.1December 2020[253]Financial services Brazil
Mambu2.1January 2021[254]Financial technology Germany
Moveworks2.1June 2021[255]Artificial intelligence US
Nextdoor2.1May 2019[256]Social network US
ShareChat 2.1 April 2021[257] Social network India Ankush Sachdeva, Bhanu Pratap Singh, Farid Ahsan
Webflow2.1January 2021[258]Web development US
Octopus Energy2.06December 2020[259]Energy supply UK
Babylon Health2+August 2019[260]Healthcare UK
Bought By Many2+June 2021[261]Insurance UK
FlixMobility2+August 2019[262]Transportation Germany
Tipalti2+October 2020[citation needed]Financial Technology US /  Israel
XtalPi2+August 2021[263]Pharmaceuticals China
Mural 2 July 2021[264] Technology Argentina /  US Patricio Jutard
1Password2July 2021[265]Password manager Canada
Aiven2October 2021[266] Finland
AppsFlyer2November 2020[267]Mobile Marketing Analytics Israel /  US
Beijing Weiying Technology2April 2016[5] China
BlaBlaCar2April 2021[268]Transportation France
Calm2December 2020[269] US
Clearco2April 2021[270]Financial services Canada
ClickHouse2October 2021[271]Database management US
Clip2June 2021[272]Financial technology Mexico
Cockroach Labs2January 2021[273]Database management US
Deliverr2November 2021[274]Logistics US
Divvy Homes2August 2021[275]Real estate technology US
Firstp2p2September 2016[5] China
Formlabs2May 2021[276]3D printing US
Huimin.cn2September 2016[67] China
Iterable2June 2021[277]Marketing US
Kry2April 2021[278][279]Healthcare Sweden
Meicai.cn2June 2016[67] China
Mynt 2 November 2021[280] Financial technology Philippines
OPay2August 2021[281]Financial technology Nigeria
Oxford Nanopore Technologies2November 2012[282]Nanopore sequencing UK
StarkWare2November 2021[283]Blockchain Israel
Sword Health2November 2021[284]Health Portugal
Taopiaopiao2July 2017[67] China
Trendy International Group2February 2012[5][285] China /  Hong Kong
Unqork2October 2020[286]Software development US
Urban Company2April 2021[287]Home improvement India
Zerodha2May 2021[288]Financial technology India
Zilch2November 2021[289]Financial technology UK
Avant1.98September 2015[5]Consumer Finance US
Intarcia Therapeutics1.95September 2016[5]Pharmaceutical US
ThoughtSpot1.95August 2019[290][291]Analytics US
Yinlong Group1.95December 2016[67] China
Sanpower Group1.93March 2018[67] China
Bunq1.9July 2021[292]Financial services Netherlands
CoinSwitch Kuber 1.9 October 2021[293] Cryptocurrency India Ashish Singhal, Vimal Sagar Tiwari, Govind Soni
Dfinity1.9August 2018[294]Cloud computing  Switzerland
Prosper Marketplace1.9August 2015[5]Financial technology US
Musinsa1.89November 2019[237] South Korea
Apus Group1.85August 2017[67]Mobile internet China
BenevolentAI1.85August 2015[5] UK
CARS24 1.84 September 2021[295] Marketplace India Vikram Chopra, Mehul Agrawal, Gajendra Jangid and Ruchit Agarwal
Landa Digital Printing1.8June 2018[296]Printing Israel
Lightricks1.8September 2021[297]Software development Israel
NantOmics1.8June 2015[5]Biotechnology US
Orca Security1.8October 2021[298]Cybersecurity Israel
Quora1.8April 2017[299]Social Network US
Zocdoc1.8August 2015[5]Healthcare US
L&P Cosmetic1.78March 2018[237] South Korea
Creditas [pt] 1.75 December 2020[citation needed] Financial services Brazil
Spinny 1.75 November 2021[300] Marketplace India Niraj Singh, Ramanshu Mahaur, Ganesh Pawar, Mohit Gupta
Trulioo1.75June 2021[301]Identity management Canada
Dragos1.7October 2021[302]Cybersecurity US
dutchie1.7March 2021[303]Cannabis US
Harness 1.7 June 2021[304] Software US Jyoti Bansal
PAX Labs1.7April 2019[305]Cannabis US
Pleo 1.7 July 2021[306] Financial technology Denmark
Taihe Music Group1.7June 2018[67] China
Thumbtack1.7July 2019[307][2] US
Vestiaire Collective1.7September 2021[308]Marketplace France
VTEX [pt]1.7September 2020[309]Technology Brazil
Wave1.7September 2021[310]Financial technology Senegal /  US
Workato1.7December 2020Technology US
Alan1.68April 2021[311]Health technology France
GoStudent1.67June 2021[312]Education technology Austria
Solarisbank1.65July 2021[313]Financial Technology Germany
Afiniti1.6May 2017[314]Software development US
Aiways1.6April 2018[67]Electric vehicles China
Caocao Zhuanche1.6January 2018[67] China
Clari1.6March 2021[315]Software US
Clio1.6April 2021[316]Legal technology Canada
Cognite1.6May 2021Software Norway
HomeLight1.6September 2021[317]Real estate US
Infinidat1.6October 2017[citation needed]Data storage Israel /  US
Judo Bank1.6December 2020[318]Financial services Australia
SafetyCulture 1.6 May 2021[319] Technology Australia Luke Anear
SmartHR1.6May 2021[320] Japan
Unite Us1.6March 2021[321]Healthcare US
CureFit 1.56 November 2021[322] India Mukesh Bansal, Ankit Nagori
HeartFlow1.5+February 2018[323] US
Aihuishou1.5January 2018[67] China
Andela1.5September 2021[324]Education Nigeria /  US
Culture Amp1.5July 2021[325]Software Australia
Devo Inc1.5October 2021[326]Software Spain
Gett1.5May 2019[327]Transportation Israel
ID.me1.5March 2021[328]Identity verification service US
Ledger1.5June 2021[329]Cryptocurrency France
Matillion1.5September 2021[330]Data analytics UK
MOLOCO1.5August 2021[331]Advertising technology US
Mu Sigma1.5February 2013[332]Management consulting India /  US
NextSilicon1.5June 2021[333]Semiconductors Israel
NotCo1.5July 2021[334]Food technology Chile
Podium1.5August 2019[335]Software US
Remote1.5July 2021[336]Software Portugal /  US[337]
Spring Rain Software1.5June 2016[67] China
Starling Bank1.5March 2021[338]Financial technology UK
Tujia.com1.5October 2017[339][340] China
ZBJ.com1.5June 2015[67] China
Ascend Money1.5September 2021[341]Financial technology Thailand
Hellobike1.47June 2018[67] China
Suning Sports1.47July 2018[67]Holding company China
Koudai Gouwu1.45October 2014[67] China
M1 Finance1.45July 2021[342]Financial technology US
Zeta 1.45 May 2021[343] Financial technology India Bhavin Turakhia, Ramki Gaddipati
Away1.4May 2019[344]Retail US
Cabify1.4January 2018[345]Transportation Spain
Chargebee1.4April 2021[346]Financial technology India /  US
Deezer1.4January 2016[347]Music France
Epidemic Sound 1.4 March 2021[348] Music Sweden Peer Åström, David Stenmarck, Oscar Höglund, Jan Zachrisson
FiscalNote 1.4 May 2021[349] Data analytics US Timothy Hwang, Gerald Yao, Jonathan Chen
Five Star Finance1.4March 2021[350]Financial services India
Gupshup1.4April 2021[351]Messaging India /  US
IAD[disambiguation needed]1.4Oct 2021[352]Real estate France
NetDocuments1.4May 2021[353]Software US
Panther Labs, Inc. 1.4 December 2021[354] Computer Security US Jack Naglieri
QOMPLX, Inc.1.4March 2021[citation needed]Computer Security US
Rebel Foods1.4October 2021[355]Ghost kitchen India
Stash1.4February 2021[356]Financial technology US
Symphony1.4June 2019[357][358]Software US
Yotpo1.4March 2021[359]Marketing Israel /  US
Zetwerk1.33August 2021[360] India
GPClub1.32December 2018[237] South Korea
DistroKid1.3August 2021[361]Music US
ETCP1.3October 2016[67] China
Feedzai1.3March 2021[362]Artificial intelligence Portugal /  US
G2 1.3 June 2021[363] Technology US Tim Handorf, Godard Abel, Matt Gorniak, Mark Myers, Mike Wheeler
Innovaccer 1.3 February 2021[364] Health care India /  US Abhinav Shashank, Kanav Hasija, Sandeep Gupta
Knotel1.3August 2019[365] US
Konfio1.3September 2021[366]Financial services Mexico
Kr Space1.3June 2018[67] China
Sonder1.3July 2020[367]Hospitality US
Applied Intuition1.25October 2020[368]Software US
BigID1.25May 2018[369]Cybersecurity Israel /  US
Deel1.25April 2021[370] Israel /  US
ezCater 1.25 April 2019[371] US Stefania Mallett, Briscoe Rodgers
Iwjw1.25November 2015[67] China
Marshmallow1.25September 2021[372]Insurance UK
Rec Room Inc1.25March 2021[373]Video games US
Nexii1.23September 2021[374]Building services engineering Canada
Spiber1.22September 2021[375]Biotechnology Japan
Ada1.2May 2021[376]Software Canada
Alation 1.2 June 2021[377] Software US Satyen Sangani, Aaron Kalb, Feng Niu, and Venky Ganti
Apotea1.2April 2021[279]E-commerce Sweden
Axonius1.2March 2021[378]Cybersecurity Israel /  US
Byton1.2June 2018[67]Automotive China
CarDekho1.2October 2021[379]Marketplace India
Copado1.2September 2021Software Spain /  US
Dada1.2August 2018[67] China
Dental Monitoring1.2October 2021[380]Healthcare France
Deutsche Health1.2August 2020[67] Germany /  Russia
Droom 1.2 July 2021[381] Marketplace India Sandeep Aggarwal
Fair1.2December 2018[382] US
FirstCry1.2February 2020[383]E-commerce India
FloQast1.2July 2021[384]Software US
Forto1.2June 2021[385]Software Germany
Glossier1.2March 2019[386] US
Intercom1.2March 2018[387]Software US
Kyriba1.2October 2021[388]Cloud software France
MindTickle1.2August 2021[389]Software as a service India
MyGlamm1.2November 2021[390]E-commerce India
Rohlik1.2June 2021[391]Retail Czech Republic
Starburst Data1.2January 2021[392]Technology US
upGrad1.2August 2021[393]Educational technology India
Voodoo1.2August 2020[394]Gaming France
Workhuman1.2June 2020[395]Software Ireland
Sysdig1.18April 2021[396]Cybersecurity US
Doctolib1.13March 2019[397] France
Acko1.1October 2021[398]Insurance India
Apna1.1September 2021[399] India
Carousell1.1September 2021[400]Marketplace Singapore
CoinDCX 1.1 August 2021[401] Cryptocurrency India Sumit Gupta, Neeraj Khandelwal
Coveo1.1November 2019[402]Software as a service Canada
Luoji Siwei1.1September 2017[67] China
Nexthink1.1February 2021[403]Technology  Switzerland
Sisense1.1January 2020[404]Business intelligence Israel /  US
SmartNews1.1August 2019[405] Japan
Trax1.1May 2019[406] Singapore /  Israel
Virta Health1.1December 2020[407]Healthcare US
Zego1.1March 2021[408]Insurance UK
Instabase1.05October 2019[409]Software US
Rivigo 1.05 October 2019[410] Logistics India Deepak Garg, Gazal Kalra
Aprogen1.04December 2019[411] South Korea
58 Daojia1+October 2015[67] China
Acronis1+September 2019[412]Software Singapore /   Switzerland
Aircall1+October 2021[413]Cloud France
Ajaib1+October 2021[414]Financial technology Indonesia
Amber Group1+June 2021[415]Cryptocurrency Hong Kong
AppDirect1+October 2015[416] US
Aqua Security1+March 2021[417]Cloud computing Israel
Beibei1+June 2016[67]E-commerce China
Blackbuck1+July 2021[418]Logistics India
Black market1+October 2021[419]E-commerce France
Bluecore1+August 2021[420]E-commerce US
Branch Metrics1+September 2018[421] US
Bringg1+June 2021[422]Logistics Israel
Calabrio1+March 2021[423]Software US
Carro1+June 2021[424]Marketplace Singapore
Carsome1+July 2021[425]Marketplace Malaysia
Cato Networks1+November 2020[426]Cybersecurity Israel
Chubao Technology1+May 2017[67] China
Dream Games1+June 2021[427]Video games Turkey
DriveNets1+January 2021[428]Software as a service Israel
Druva1+June 2019[429]Cloud computing India /  US
Dt Dream1+June 2017[67] China
DXY1+April 2018[67] China
Earnix1+February 2021[430]Financial technology Israel
Ebanx1+October 2019[431]Financial services Brazil
EMPG1+June 2020[432]Real estate technology UAE
Flash Express1+June 2021[433][434]Logistics Thailand
Flutterwave1+March 2021[435]Financial technology Nigeria /  US
FreshBooks1+August 2021[436]Accounting software Canada
Frontline Education1+September 2017[437] US
FXiaoKe1+January 2018[67] China
Gelato1+August 2021[438] Norway
GeoComply1+March 2021[439]Cybersecurity Canada
GetYourGuide1+May 2019[440]Travel Germany
Glance1+December 2020[441]Artificial intelligence India
Glovo 1+ December 2019[442] Courier service Spain
Go11+July 2021[443]Education Australia
GoGoVan1+September 2017[444]Technology Hong Kong
Gorillas1+March 2021[445]Retail Germany
Gousto1+November 2020[citation needed]Meal kit UK
Grofers1+June 2021[446]Retail India
Grove Collaborative1+September 2019[citation needed] US
Hailo1+June 2021[447]Electronics Israel
HighRadius1+January 2020[448]Software as a service India /  US
Huikedu Group1+May 2018[67] China
iCarbonX1+July 2016[67]Healthcare China
IFood1+November 2018[449]Food delivery Brazil
Improbable1+May 2017[450]Cloud computing UK
Infobip1+July 2020[451]Cloud communications Croatia /  UK
Injective 1+ April 2021[452] Financial technology US Eric Chen, Albert Chon
InMobi 1+ May 2017[453] Internet India Naveen Tewari, Mohit Saxena, Amit Gupta and Abhay Singhal
InVision1+November 2017[454] US
Ivalua1+May 2020[455] France /  US
Jollychic1+May 2018[67] China
JoyTunes1+June 2021[456]Music Israel
Kitopi1+July 2021[457]Ghost kitchen UAE
Klook1+April 2019[458][459] Hong Kong
Lamabang1+February 2017[67] China
LetsGetChecked1+June 2021[460]Healthcare Ireland
Licious 1+ October 2021[461] Retail India Abhay Hanjura, Vivek Gupta
Lilium1+June 2020[462]Transportation Germany
LinkSure Network (WiFi Master Key)1+January 2015[67] China
Liquid Group1+April 2019[463]Cryptocurrency Japan
Locus Robotics1+February 2021[464]Robotics US
Loft Brazil Technology [pt]1+January 2020[465]Real Estate Brazil
Lunar 1+ July 2021[466] Financial technology Denmark
Loggi [pt]1+June 2019[citation needed]Logistics Brazil
Lookout1+August 2014[467]Cybersecurity US
MadeiraMadeira [pt]1+January 2021[468]Furniture Brazil
Maimai1+August 2018[469] China
Matrixport1+August 2021[470]Cryptocurrency Singapore
Meero1+June 2019[471]Internet France
Mensa Brands1+November 2021[472]E-commerce India
Mia.com1+October 2016[67] China
MindMaze1+February 2016[473]  Switzerland
MobiKwik1+October 2021[474]Financial technology India
MobileCoin1+August 2021[475]Cryptocurrency US
Mobvoi1+October 2015[67]Artificial intelligence China
Mofang Apartment1+April 2016[67] China
Moglix 1+ May 2021[476] E-commerce India /  Singapore Rahul Garg
Moka1+November 2021[477]Human resource management China
Morning Consult1+June 2021[478] US
Ninja Van1+September 2021[479]Logistics Singapore
Nium1+July 2021[480]Financial technology Singapore
NoBroker 1+ November 2021[481] India Akhil Gupta, Amit Agarwal, Saurabh Garg
Numbrs1+August 2019[482]Financial technology  Switzerland
OnlinePajak1+September 2021Financial technology Indonesia
OCSiAl1+March 2019[483]Nanotechnology Luxembourg
OrCam1+February 2018[484]Health Israel
PandaDoc 1+ September 2021[485] Software as a Service US Mikita Mikado, Sergey Barysiuk
Pantheon1+July 2021[486]WebOps US
PatSnap1+March 2021[487]Intellectual property Singapore
Picsart1+August 2021[488]Graphic design Armenia /  US
Pipedrive1+November 2020[489]CRM Estonia /  US
Playco1+September 2020[490]Mobile gaming Japan
Printful1+May 2021[491]Technology Latvia
Redis Labs1+August 2020[492]Software Israel /  US
REEF Technology1+November 2020[493]Information Technology & Services US
Quizlet1+May 2020[494]Education technology US
Revolution Precrafted1+October 2017[495]Architecture Philippines
Rubicon Global1+September 2017[496]Waste management US
Sennder1+January 2021[497]Logistics Germany
Shift Technology1+May 2021[498]Artificial intelligence France
Shippo 1+ June 2021[499] US Laura Behrens Wu, Simon Kreuz
Sift1+April 2021[500]Digital Trust & Safety US
Slice1+November 2021[501]Financial technology India
SmartAsset1+June 2021[502]Financial technology US
SmartMore1+June 2021[503]Artificial intelligence China
Snapdeal 1+ May 2017[5] E-commerce India Rohit Bansal, Kunal Bahl
Socar1+October 2020[504]Car Sharing South Korea
SoundHound1+May 2018[505] US
Splashtop1+January 2021[506]Software US
Swile1+October 2021[507]Financial services France
Tekion1+October 2020[508][509]Software as a Service (SaaS) US
Tenstorrent1+May 2021[510]Semiconductors Canada
Tezign1+October 2021[511]Software China
Tongdun Technology1+October 2017[67] China
Tractable1+June 2021[512]Artificial intelligence UK
Tresata1+October 2018[513] US
TrueLayer1+September 2021[514]Financial technology UK
Trustly1+June 2020[515]Financial technology Sweden
Turo1+July 2019[516]Car sharing US
Udacity1+November 2015[517]Education US
Unisound1+July 2018[67]Technology China
Vedantu1+September 2021[518]Education technology India
Verbit1+June 2021[519]Software Israel
VerSe Innovation 1+ December 2020[520] Technology India Virendra Gupta
Visier1+June 2021[521]Technology Canada
volocopter1+March 2021[522]Transportation Germany
Vox Media1+August 2015[523]Digital media US
VTS1+May 2019[524] US
Wacai.com1+July 2018[67] China
WeLab1+December 2019[525]Financial technology Hong Kong
Womai1+October 2015[67] China
Xendit1+September 2021[526]Financial technology Indonesia
Xiaozhu.com1+November 2017[67] China
Yanolja1+February 2019[527] South Korea
YH Global1+September 2017[67]Telecommunications China
Yidian Zixun1+October 2017[67] China
Yitu Technology1+July 2018[67] China
YunQuNa1+May 2021[528]Logistics China
Zenoti1+December 2020[529]Software company India /  US
Zhaogang.com1+July 2017[67] China
Zhuanzhuan1+April 2017[67] China
Zigbang1+July 2021[530]Real Estate South Korea
Zuoyebang1+July 2018[67] China
Former unicorns
These companies were formerly unicorns, but exited the list due to IPO or acquisitions: United States (81), China (42), India (12), United Kingdom (4), Canada (3), South Korea (3), Sweden (3)

Company Last valuation (US $B) Valuation date Exit date Exit reason Exit valuation (US $B) Country Founders
Uber72August 2018[531]May 2019[532]IPO82.4 US
DiDi62July 2019[12]June 2021[533]IPO73 China
Facebook50January 2011May 2012[534]IPO104 US
Xiaomi45April 2015July 2018[535]IPO70 China
Alibaba42June 2016September 2014[536]IPO238 China
Lufax39.4March 2019October 2020[537]IPO33 China
UiPath35February 2021[538]April 2021[539]IPO29 US /  Romania
Airbnb31March 2017[540]December 2020[541]IPO100 US
Meituan-Dianping30.0October 2017[67]September 2018[542]IPO53 China
Kuaishou28December 2019[543]January 2021[544]IPO60.9 China
Flipkart 15.5 May 2015[545] May 2018[546] Acquired 22 India Sachin Bansal, Binny Bansal
DoorDash16June 2020[547]December 2020[548]IPO32.4 US
CATL20.0March 2018[549]June 2018[550]IPO12.3 China
Snap Inc19.3May 2016[5]March 2017[551][552]IPO24 US
Tencent Music18January 2018December 2018[553]IPO21.3 China
Paytm 16 November 2019[554] November 2021[555] IPO 20 India Vijay Shekhar Sharma
Lyft15.1June 2018[556]March 2019[557]IPO24.0 US
Adyen15.1March 2018[5]June 2018[558]IPO8.3 Netherlands
Pinduoduo15April 2018[67]July 2018[559]IPO60 China
Okta15November 2019April 2012[560]IPO2.1 US
Pinterest13.0July 2018[561]April 2019[562]IPO10.0 US
Snowflake12.4Feb 2020[563]Dec 2020[563]IPO33 US
Robinhood11.7September 2020[564]July 2021[565]IPO26.7 US
Dropbox10January 2014[566]March 2018[567]IPO12 US
Squarespace10March 2021[568]May 2021[569]Direct listing7.4 US
Zynga9.1February 2011December 2011[570]IPO7 US
Coupang9November 2018[571]March 2021[572]IPO58 South Korea
Spotify8.53March 2016[5]April 2018[573]Direct listing30 Sweden
Skype8.5May 2011September 2015[574]Acquired2.6 Sweden
Toast8November 2020[575]September 2021[576]IPO20 US
Twitter8September 2011November 2013[577]IPO14.2 US
Coinbase8October 2018[578]April 2021[579]IPO65 US
Deliveroo7.0January 2021[580]March 2021[581][582]IPO10.5 UK
Roivant Sciences7November 2018[583]September 2021[584]SPAC merger7.3  Switzerland
Slack Technologies7.0August 2018[585]IPO US
WeWork7November 2019[586]October 2021[587]SPAC merger9 US
Compass6.4July 2019[588][589]April 2021IPO7.0 US
Gitlab6January 2021[590]October 2021[591]IPO17 US
Square6October 2014November 2015[592]IPO3.6 US
SoFi6May 2020May 2021[593]SPAC merger8.65 US
Zomato 5.4 February 2021[594] July 2021 IPO 8.7 India Deepinder Goyal
Stemcentrx5September 2015April 2016[595]Acquired5.8 US
dLocal5.0April 2021[596]June 2021[597]IPO6.1 Uruguay
Groupon4.75December 2010[598]November 2011[599]IPO13 US
Krafton5August 2021[600]August 2021IPO25 South Korea
Confluent4.5April 2020[601]June 2021[602]IPO9 US
Ucar4.4March 2017July 2016[603]IPO5.5 China
Zalando4.03November 2013October 2014[604][605]IPO6.7 Germany
Amplitude4June 2021[606]September 2021[607]IPO5 US
Peloton4.0August 2018[608]September 2019IPO8.1 US
Credit Karma4March 2018[609]December 2020Acquired8.1 US
Ginkgo Bioworks4September 2019[610]September 2021[611]SPAC merger2.5 US
Lending Club3.8August 2014December 2014[612]IPO8.5 US
Sea Limited3.7March 2016October 2017[613]IPO5.3 Singapore
Freshworks 3.5 November 2019 September 2021[614] IPO 10.13 India /  US Girish Mathrubootham, Shan Krishnasamy
Bukalapak3.5April 2021[67]August 2021[615]IPO6 Indonesia
Wise3.5May 2019[616]July 2021[617]Direct listing11 UK
Zhihu3.5August 2019[618]March 2021[619]IPO5.3 China
Atlassian3.3April 2014December 2015[620]IPO7.02 Australia
e-Shang Redwood3.25July 2017[67]October 2019[621]IPO6.7 China
Udemy3.25November 2020[622]October 2021[623]IPO4 US
SmileDirectClub3.2October 2018September 2019[624]IPO8.9 US
Zoox3.2July 2018[625]July 2020[626]Acquired1.3 US
Oscar Health3.2March 2018[627]March 2021[628]IPO7.9 US
Cloudflare3March 2019September 2019[629]IPO4 US
Pure Storage3August 2014[630]October 2015IPO3.1 US
Maoyan3.0November 2017January 2019[631]IPO2.2 China
Jia.com3February 2015[67]July 2018[632]IPO0.74 China
Mogu3January 2016December 2018[633]IPO1.3 China
Luckin Coffee2.9April 2019[67][634]May 2019IPO China
Pivotal2.8May 2016[5]April 2018[635][636]IPO3.9 US
Monday.com2.7May 2020[637]June 2021[638]IPO6.8 Israel
Cazoo2.6September 2020[639]August 2021[640]SPAC merger8 UK
Woowa Brothers2.6March 2018[504]December 2019[641]Acquired4 South Korea
Ucommune2.6August 2018[67]November 2020SPAC merger0.769 China
Coursera2.5July 2020[642]March 2021[643]IPO4.3 US
Cambricon2.5June 2018[67]June 2020[644]IPO China
The Hut Group2.5August 2017[645]September 2020[646]IPO5.8 UK
Postmates2.4September 2019[647]December 2020[648]Acquired2.65 US
Box2.4July 2014January 2015[649]IPO1.67 US
Mercari2.4March 2018[650]June 2018[651]IPO3.7 Japan
Kingsoft2.4January 2018[67]May 2020[652]IPO3.7 China
Sportradar2.4July 2018[653]September 2021[654]IPO21  Switzerland
PolicyBazaar 2.4 March 2021[655] November 2021[656] IPO 6 India Yashish Dahiya, Alok Bansal, Avaneesh Nirjar
GoPro2.25December 2012June 2014[657]IPO2.96 US
Babytree2.19May 2018November 2018[658]IPO1.47 China
Roku, Inc.2.1September 2017September 2017[659]IPO2.1 US
Three Squirrels2.09September 2015[67]July 2019[660]IPO0.86 China
AppDynamics2.05November 2015January 2017[661]Acquired3.7 US
AvidXchange2January 2020[662]October 2021[663]IPO4.9 US
Wayfair2March 2014October 2014[664]IPO2.4 US
NantHealth2January 2016June 2016[665]IPO1.7 US
Meitu2December 2014December 2016IPO4.6 China
Nutanix2September 2016September 2016IPO2.21 US
Uxin2.0January 2017[67]June 2018[666]IPO China
Careem2October 2018March 2019[667]Acquired3.1 UAE
AppLovin2July 2018[668]April 2021[669]IPO28.6 US
ReNew Power 2 February 2017[670] August 2021[671] SPAC merger 4.5 India Sumant Sinha
Auth01.92July 2020[672]March 2021[673]Acquired6.5 Argentina /  US
Mobileye1.9July 2013August 2014IPO7.6 Israel
WalkMe1.9December 2019June 2021[674]IPO2.6 Israel /  US
Avito.ru1.82February 2014[5][675]January 2019[676]Acquired1.16 Russia
BillDesk 1.8 November 2018[677] August 2021[678] Acquired 4.7 India M.N. Srinivasu, Ajay Kaushal, Karthik Ganapathy
23andMe1.75September 2017[679]June 2021[680]SPAC merger3.5 US
IronSource1.75October 2019[681]June 2021[682]SPAC merger11 Israel
MedMen1.65February 2018[683]May 2018Reverse takeover2.0 US
Better Place1.6November 2012July 2013Acquired0.012 US
Farfetch1.5May 2016[684]September 2018[685]IPO6.2 Portugal /  UK
Freshly1.5October 2020[686]October 2020Acquired1.5 US
MuleSoft1.5May 2015March 2015IPO, Acquired6.5 US
Jet.com1.5November 2015[687]August 2016[688]Acquired3.3 US
LivingSocial1.5February 2013October 2016Acquired US
WhatsApp1.5July 2013February 2014Acquired19 US
Lakala1.5June 2015[67]April 2019IPO China
UCloud1.5June 2018[67]January 2020[689]IPO1.9 China
One Medical1.5August 2018[690]January 2020[691]IPO1.7 US
Quikr 1.5 October 2015[692] February 2020[693] Devalued 0.57 India Pranay Chulet
Letgo1.5August 2018[694]March 2020[695]Acquired Spain /  US
Ninebot1.5October 2017[67]October 2020[696]IPO China
DouYu1.5March 2018[67]July 2019[697]IPO3.73 China
Proteus Digital Health1.5February 2016[698]July 2020[699]Bankruptcy US
Duolingo1.5December 2019July 2021[700]IPO3.6 US
Tuandaiwang1.46May 2017[67]April 2019[701]Bankruptcy China
HomeAway1.4October 2010November 2016Acquired3.9 US
Hike Messenger 1.4 August 2016[670] January 2021[702] Defunct India Kavin Bharti Mittal
Jasper1.35April 2014February 2016Acquired1.4 US
Paidy1.32March 2021[703]September 2021[704]Acquired2.7 Japan
eFront1.3March 2019[705]May 2019[706]Acquired1.3 France
Sunrun1.3July 2016August 2015IPO1.4 US
Solstice1.7July 2018December 2009Acquired1.3 US
Darktrace1.25May 2018[707]April 2021[708]IPO2.37 UK
Good Technology1.2September 2014September 2015Acquired0.425 US
Bigbasket 1.2 March 2019[709] February 2021[710] Acquired 1.8 India V. S. Sudhakar, Hari Menon, Vipul Parekh, Abhinay Choudhari, V. S. Ramesh
Nykaa 1.2 April 2020[711] November 2021[712] IPO 7.4 India Falguni Nayar
HeadSpin1.16February 2020August 2020[713]Devalued0.25 US
Fab1.15August 2013March 2015Acquired0.015 US
Gilt Groupe1.15February 2015January 2016Acquired0.25 US
Vonage1.11August 2014May 2006IPO2.65 US
ShopClues 1.1 January 2016 October 2019[714] Acquired 0.1 India Sanjay Sethi, Sandeep Aggarwal, Radhika Aggarwal
Global Fashion Group1.1July 2016[715]July 2019[716]IPO Luxembourg
TuSimple1.1February 2019[717]April 2021[718]IPO8.5 US
Wheels Up1.1August 2019[719]July 2021SPAC merger2.1 US
Zulily1.09November 2012October 2015Acquired2.4 US
Coupa1.08June 2015October 2016IPO1.68 US
LinkedIn1.06February 2016May 2011IPO4.3 US
Twilio1.03July 2015June 2016IPO1.2 US
SimpliVity1.03March 2015January 2017Acquired0.65 US
Kabam1+December 2016[citation needed]February 2017[720]Acquired0.8 Canada
Rent the Runway1+March 2019[721]October 2021[722]IPO1.4 US
Zoom1January 2017April 2019IPO[723]9.0 US
Shopify1December 2013May 2015IPO1.3 Canada
Truecaller1July 2015[724]October 2021[725]IPO2 Sweden
Kik1+August 2015October 2019Acquired Canada
AirWatch1May 2013January 2014Acquired1.54 US
Lynda.com1January 2015April 2015Acquired1.5 US
New Relic1April 2014December 2014IPO1.42 US
Quotient Technology1April 2016March 2014IPO1.17 US
Shape Security1September 2019[726]December 2019[727]Acquired1 US
Futu Holdings1+June 2017[67]March 2019[728]IPO China
Peak Games1+May 2020[729]Acquired1.8 Turkey
Skyscanner1.6February 2016[730]November 2016[731]Acquired1.74 UK
Blue Apron2January 2015[5]June 2017[732]IPO2 US
Stitch FixNovember 2017[733][734]IPO1.5 US
Shazam1January 2015[735]December 2017[736]Acquired0.4 UK
Flywire1+February 2020[737]May 2021[738]IPO2.4 US
Mobike3July 2017[739]April 2018[740]Acquired2.7 China
Ele.me6.0June 2017[67][741]April 2018[742]Acquired9.5 China
Duo Security1.17October 2017[743]August 2018[744]Acquired2.35 US
Bloom Energy2.83January 2015[5]July 2018[745]IPO1.6 US
Moderna Therapeutics7.5February 2018[746]December 2018IPO7.5 US
Vlocity1.0March 2019[747]February 2020[748]Acquired1.33 US
JFrog1+October 2018[749]September 2020[750]IPO3.9 Israel /  US
Innovent Biologics1+April 2018[67]November 2018[751]IPO2.1 China
iTutorGroup1+August 2016[67]July 2019[752]Acquired China
9F1+March 2018[67]August 2019[citation needed]IPO2.1 China
Fangdd.com1+September 2015[67]November 2019[753]IPO1.2 China
36Kr Media1+December 2017[67]November 2019[754]IPO0.67 China
Fanli1+April 2015[67]March 2020[755]Direct listing China
17Zuoye1+March 2018[67]December 2020[756]IPO2.2 China
Zimi1+February 2015[67]March 2021[757]Acquired0.4 China
QingCloud1+June 2017[67]March 2021[758]IPO0.46 China
Novogene1+November 2016[67]April 2021IPO China
MissFresh1+December 2017[67]June 2021[759]IPO2.5 China
Essential Products 1+ August 2017[760] February 2020[761] Defunct US

History
When Aileen Lee originally coined the term “unicorn” in 2013, there were only thirty-nine companies that were considered unicorns.[9] In a different study done by the Harvard Business Review, it was determined that startups founded between 2012 and 2015 were growing in valuation twice as fast as companies from startups founded between 2000 and 2013.[10]

In 2018, 16 U.S. companies became unicorns, resulting in 119 private companies worldwide valued at $1 billion or more.[11]

Reasons behind the rapid growth of unicorns
Fast-growing strategy
According to academics in 2007, investors and venture capital firms are adopting the get big fast (GBF) strategy for startups, also known as Blitzscaling. GBF is a strategy where a startup tries to expand at a high rate through large funding rounds and price cutting to gain an advantage on market share and push away rival competitors as fast as possible.[12] The rapid returns through this strategy seem to be attractive to all parties involved. However, there is always the cautionary note of the dot-com bubble of 2000 and the lack of long-term sustainability in value creation of the companies born from the Internet age.

Company buyouts
Many unicorns were created through buyouts from large public companies. In a low-interest-rate and slow-growth environment, many companies like Apple, Facebook, and Google focus on acquisitions instead of focusing on capital expenditures and development of internal investment projects.[13] Some large companies would rather bolster their businesses through buying out established technology and business models rather than creating it themselves.

Increase of private capital available
The average age of a technology company before it goes public is 11 years, as opposed to an average life of four years back in 1999.[14] This new dynamic stems from the increased amount of private capital available to unicorns and the passing of the U.S.’s Jumpstart Our Business Startups (JOBS) Act in 2012, which increased by a factor of four the number of shareholders a company can have before it has to disclose its financials publicly. The amount of private capital invested in software companies has increased three-fold from 2013 to 2015.[15]

Prevent IPO
Through many funding rounds, companies do not need to go through an initial public offering (IPO) to obtain a capital or a higher valuation; they can just go back to their investors for more capital. IPOs also run the risk of devaluation of a company if the public market thinks a company is worth less than its investors.[15] A few recent examples of this situation were Square, best known for its mobile payments and financial services business, and Trivago, a popular German hotel search engine, both of which were priced below their initial offer prices by the market.[16][17] This was because of the severe over-valuation of both companies in the private market by investors and venture capital firms. The market did not agree with both companies’ valuations, and therefore, dropped the price of each stock from their initial IPO range.

Investors and startups also do not want to deal with the hassle of going public because of increased regulations. Regulations like the Sarbanes–Oxley Act have implemented more stringent regulations following several bankruptcy cases in the U.S. market that many of these companies want to avoid.[13]

Technological advancements
Startups are taking advantage of the flood of new technology of the last decade to obtain Unicorn status. With the explosion of social media and access to millions utilizing this technology to gain massive economies of scale, startups have the ability to expand their business faster than ever.[13] New innovations in technology including mobile smartphones, P2P platforms, and cloud computing with the combination of social media applications has aided in the growth of unicorns.

Valuation
The valuations that lead these start-up companies to become unicorns and decacorns are unique compared to more established companies. A valuation for an established company stems from past years’ performances, while a start-up company’s valuation is derived from its growth opportunities and its expected development in the long term for its potential market.[18] Valuations for unicorns usually come from funding rounds of large venture capital firms investing in these start-up companies. Another significant final valuation of start-ups is when a much larger company buys out a unicorn and gives them that valuation. Recent examples are Unilever buying Dollar Shave Club[19] and Facebook buying Instagram[20] for $1 billion each, effectively turning Dollar Shave Club and Instagram into unicorns.

Bill Gurley, a partner at venture capital firm Benchmark predicted in March 2015 and earlier that the rapid increase in the number of unicorns may “have moved into a world that is both speculative and unsustainable”, that will leave in its wake what he terms “dead unicorns”.[21][22][23] Also he said that the main reason of Unicorns’ valuation is the “excessive amount of money” available for them.[24] Similarly, in 2015 William Danoff who manages the Fidelity Contrafund said unicorns might be “going to lose a bit of luster” due to their more frequent occurrence and several cases of their stock price being devalued.[25] Research by Stanford professors published in 2018 suggests that unicorns are overvalued by an average of 48%.[26][27]

Valuation of high-growth companies
For high-growth companies looking for the highest valuations possible, it comes down to potential and opportunity. When investors of high-growth companies are deciding on whether they should invest in a company or not, they look for signs of a home run to make exponential returns on their investment along with the right personality that fits the company.[28] To give such high valuations in funding rounds, venture capital firms have to believe in the vision of both the entrepreneur and the company as a whole. They have to believe the company can evolve from its unstable, uncertain present standing into a company that can generate and sustain moderate growth in the future.[18]

Market sizing
To judge the potential future growth of a company, there needs to be an in-depth analysis of the target market.[18] When a company or investor determines its market size, there are a few steps they need to consider to figure out how large the market really is:[29]

Defining the sub-segment of the market (no company can target 100% market share, also known as monopolization)
Top-Down market sizing[30]
Bottom-Up analysis[30]
Competitor analysis
After the market is reasonably estimated, a financial forecast can be made based on the size of the market and how much a company thinks it can grow in a certain time period.

Estimation of finances
To properly judge the valuation of a company after the revenue forecast is completed, a forecast of the operating margin, analysis of needed capital investments, and return on invested capital needs to be completed to judge the growth and potential return to investors of a company.[18] Assumptions of where a company can grow to needs to be realistic, especially when trying to get venture capital firms to give the valuation a company wants. Venture capitalists know the payout on their investment will not be realized for another five to ten years, and they want to make sure from the start that financial forecasts are realistic.[28]

Working back to the present
With the financial forecasts set, investors need to know what the company should be valued in the present day. This is where more established valuation methods become more relevant.

This includes the three most common valuation methods:[31]

Discounted cash flow analysis
Market comparable method
Comparable transactions
Investors can derive a final valuation from these methods and the amount of capital they offer for a percentage of equity within a company becomes the final valuation for a startup. Competitor financials and past transactions also play an important part when providing a basis for valuing a startup and finding a correct valuation for these companies.

Trends
Sharing economy
The sharing economy, also known as “collaborative consumption” or “on-demand economy”, is based on the concept of sharing personal resources. This trend of sharing resources has made three of the top five largest unicorns (Uber, DiDi, and Airbnb) become the most valuable startups in the world. The economic trends of the 2010s powered consumers to learn to be more conservative with spending and the sharing economy reflected this.[32]

E-commerce
E-commerce and the innovation of the online marketplace have been slowly taking over the needs for physical locations of store brands. A prime example of this is the decline of malls within the United States, the sales of which declined from $87.46 billion in 2005 to $60.65 billion in 2015.[33] The emergence of e-commerce companies like Amazon and Alibaba (both unicorns before they went public) has decreased the need for physical locations to buy consumer goods. Many large corporations have seen this trend for a while and have tried to adapt to the e-commerce trend. Walmart in 2016 bought Jet.com, an American e-commerce company, for $3.3 billion to try to adapt to consumer preferences.[34]

Innovative business model
In support of the sharing economy, unicorns and successful startups have built an operating model defined as “network orchestrators”.[35] In this business model, there is a network of peers creating value through interaction and sharing. Network orchestrators may sell products/services, collaborate, share reviews, and build relations through their businesses. Examples of network orchestrators include all sharing economy companies (i.e. Uber, Airbnb), companies that let consumers share information (i.e. TripAdvisor, Yelp), and peer-to-peer or business-to-person selling platforms (i.e. Amazon, Alibaba).

Data
Data as of March 13, 2018
Number of unicorns: 279
Total combined valuation of unicorns: $1 trillion
Total amount of capital raised: $205.8 billion
Number of new tech unicorns in 2016: 25 (down 68% YoY)
Total number of new unicorns in 2016: 51[7][36]