In the business world, the term 'unicorn' is used to describe privately owned startups that have a valuation of over $1 billion. These companies are relatively rare, and is classified as a unicorn is a significant achievement that brings with it increased attention, resources, and opportunities for growth.
As of 2023, there are over 1,400 pre-IPO unicorn companies worldwide. These companies span a wide range of industries, from e-commerce to biotech to space exploration. In this article, we will take an in-depth look at the current state of the unicorn landscape, including new additions to the list, companies that have exited the list, and the countries and industries that produce the most unicorn companies.
New Additions to the Unicorn Companies List
In the past year, 308 companies have joined the unicorn list, representing 21.52% of all unicorn companies. One of the most notable new additions is Miro, a visual collaboration platform based in the United States. Miro is valued at $18 billion and is used by companies such as Walmart, Cisco, and Volvo.
Other companies that joined the list last year include financial technology company SumUp, which is valued at $8 billion, and supply chain and retail planning platform Relex Solutions, which is valued at $6 billion.
These new additions to the unicorn list demonstrate the continued growth and innovation of the startup ecosystem. As new technologies and business models emerge, there will undoubtedly be more companies that reach unicorn status in the years to come.
Unicorn Companies That Have Exited the List
While new companies are joining the unicorn list every year, some companies are also leaving the list. In the past year, 38 companies have exited the unicorn list, with 13 of them originating in the United States. These companies include Fair, a car leasing company that exited the list in March, and Prime Medicine, a biotechnology company that exited the list in October.
China is also seeing some companies exit the unicorn list, with 11 companies leaving in the past year. These companies include MGI Tech, a developer of advanced life science tools that exited the list in September, and Zhihu, a social network platform that exited the list in April.
Other countries that lost unicorn companies last year include Germany, India, the United Kingdom, and Japan. These exits demonstrate the risks and challenges that startups face as they grow and mature. It is not uncommon for companies to face setbacks or fail to meet expectations, and some companies may ultimately fail to sustain their unicorn status.
The Countries with the Most Unicorn Companies
While unicorn companies are found around the world, certain countries and regions have proven to be particularly fertile ground for startups. Here are the countries with the most unicorn companies as of 2023:
United States: American companies dominate the unicorn list, with 712 companies based in the United States. This accounts for almost 50% of the total 1,431 current unicorn companies. While the United States has seen a slight decrease in its majority, it is clear that most unicorn companies are still being born in the United States.
China: China is home to the second-highest number of unicorn companies, with 248 in total, accounting for 17.33% of the list. While China has seen some companies exit the unicorn list in the past year, there are still many successful startups emerging from the region.
India: India has seen a surge in unicorn companies in the past year, with 20 new Indian companies joining the list since the last report. These companies account for almost 6% of the list, and there are three
This article is summarized of 'Unicorn Hunting' by author Daniel Sorensen. Daniel Sorensen is a financial writer covering business and corporate accounting.
