Overview of the unicorn race worldwide with special focus on Europe. Deep dives in the unicorn landscape for Germany, UK and France.

1. J U N E 2 0 2 1
The
Unicorn
Land
Smilen Hadzhikostov
Twitter: @smilenteo

2. 0 100 200 300 400
United States
China
India
Israel
Brazil
Canada
South Korea
373
145
34
29
18
17
15
12
11
10
Europe is still lagging behind Asia and the US in
the unicorn race
NUMBER OF UNICORNS PER COUNTRY
United Kingdom
Germany
France
Smilen Hadzhikostov
Twitter: @smilenteo
Source: CB Insights, Dealroom
2

3. 0 200 400 600 800 1,000 1,200
United States
China
India
United Kingdom
Brazil
Germany
South Korea
Israel
Canada
1,194
559
119
91
58
50
43
26
24
23
Surprisingly, Sweden unicorns land a top 5
position in total valuation¹
TOTAL VALUATION OF UNICORNS IN BN USD PER COUNTRY
1. Due to the high valuation of the e-commerce payment solutions platform Klarna - 46bn USD
Sweden
Smilen Hadzhikostov
Twitter: @smilenteo
Source: CB Insights, Dealroom
3

4. 0 50 100 150
Bytedance
Stripe
SpaceX
Didi Chuxing
Instacart
Nubank
Epic Games
Databricks
Rivian
140
95
74
62
46
39
30
29
28
28
Klarna is the highest valued unicorn in Europe
with 45bn USD valuation
VALUATION OF TOP 10 HIGHEST-VALUED UNICORNS WORLDWIDE IN BN USD
Klarna
Smilen Hadzhikostov
Twitter: @smilenteo
Source: CB Insights, Dealroom
4

5. 0.0 1.0 2.0 3.0 4.0 5.0
United States
United Kingdom
Germany
France
4.0
3.5
3.0
3.0
3.0
1.5
The average unicorn valuation in Asia is higher
than the rest of the world
AVERAGE VALUATION OF AN UNICORN IN BN USD PER COUNTRY
China
India
Smilen Hadzhikostov
Twitter: @smilenteo
Source: CB Insights, Dealroom
5

6. 0
50
100
150
2016 2017 2018 2019 2020 2021
5
19
50
57
73
137
12
21
41
22
15
11
2 4 6 8 9
US China India
US has been the leading place, where unicorns
were born since 2018
NUMBER OF UNICORNS PER COUNTRY IN THE LAST 5 YEARS
Smilen Hadzhikostov
Twitter: @smilenteo
Source: CB Insights, Dealroom
6

7. 0
2
4
6
8
2016 2017 2018 2019 2020 2021
1 1
3
2
6
1
3
5
1
7
1
5
4
5 5
7
France Germany UK
European countries are growing unicorns but
at much slower pace
NUMBER OF UNICORNS PER COUNTRY IN THE LAST 5 YEARS
Smilen Hadzhikostov
Twitter: @smilenteo 7

8. Europe -
Deep Dive
8

9. 0 10 20 30
United Kingdom
Germany
France
Switzerland
Sweden
Netherlands
Spain
Ireland
Austria
Turkey
Norway
Luxembourg
Lithuania
Finland
Estonia
Croatia
Belgium
29
17
15
5
4
4
2
2
2
1
1
1
1
1
1
1
1
UK is the leader in the unicorn race in Europe
NUMBER OF UNICORNS IN EUROPE PER COUNTRY
Smilen Hadzhikostov
Twitter: @smilenteo
Source: CB Insights, Dealroom
9

10. 30% of the European unicorns are coming from
the fintech space
Fintech
E-commerce & direct-to-consumer
Internet software & services
Auto & transportation
Data management & analytics
Supply chain, logistics, & delivery
Artificial intelligence
Health
Mobile & telecommunications
Hardware
Other
26
9
7
4
4
4
6
7
3
3
15
NUMBER OF UNICORNS IN EUROPE PER INDUSTRY
Smilen Hadzhikostov
Twitter: @smilenteo
Source: CB Insights, Dealroom
1 0

11. 48% of the unicorns in Europe are founded in
London, Paris or Berlin
London
Paris
Berlin
Vienna
Amsterdam
Munich
Stockholm
Other
21
13
9
2
4
4
4
31
NUMBER OF UNICORNS IN EUROPE PER CITY
Smilen Hadzhikostov
Twitter: @smilenteo
Source: CB Insights, Dealroom
1 1

12. 0.0 10.0 20.0 30.0 40.0 50.0
Klarna
Checkout.com
Global Switch
Northvolt
Getir
Mollie
Hopin
Revolut
45.6
15.0
11.1
11.0
9.1
7.5
6.5
5.7
5.5
5.3
2 of the top 10 highest-valued unicorns in
Europe started in Germany
VALUATION OF TOP 10 HIGHEST-VALUED UNICORNS IN EUROPE IN BN USD
Trade Republic
Smilen Hadzhikostov
Twitter: @smilenteo
Celonis
Source: CB Insights, Dealroom
1 2

13. 7 startups have obtained a unicorn status in
2021 in Germany
0.0
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4.0
6.0
8.0
10.0
12.0
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11.0
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1.7
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5.3
1.4 1.2
VALUATION OF GERMAN UNICORNS IN BN USD
2017 2018 2019 2021
2020
C
e
l
o
n
i
s
Smilen Hadzhikostov
Twitter: @smilenteo
Source: CB Insights, Dealroom
1 3

14. Fintech is the leading industry for unicorns in
Germany
E-commerce & direct-to-consumer
Travel
Supply chain, logistics, & delivery
Internet software & services
Data management & analytics
Auto & transportation
Other
Health
Fintech
2
2
2
1
1
1
2
1
6
NUMBER OF UNICORNS IN GERMANY PER INDUSTRY
Smilen Hadzhikostov
Twitter: @smilenteo
Source: CB Insights, Dealroom
1 4

15. Berlin is the headquarter of more than half of
the German unicorns
Munich
Hamburg
Duderstadt
Unterfoehring
Wessling
Berlin
4
1
1
1
1
9
NUMBER OF UNICORNS IN GERMANY PER CITY
Smilen Hadzhikostov
Twitter: @smilenteo
Source: CB Insights, Dealroom
1 5

16. 0.0 10.0 20.0 30.0 40.0 50.0
Klarna
Celonis
Northvolt
Getir
Mollie
Trade Republic
45.6
15.0
11.1
11.0
9.1
7.5
6.5
5.7
5.5
5.3
4 of the top 10 highest-valued unicorns in
Europe started in UK
VALUATION OF TOP 10 HIGHEST-VALUED UNICORNS IN EUROPE IN BN USD
Hopin
Revolut
Checkout.com
Global Switch
Smilen Hadzhikostov
Twitter: @smilenteo
Source: CB Insights, Dealroom
1 6

17. Global Switch and Checkout are the two
decacorns in UK
0.0
5.0
10.0
15.0
20.0
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3.5
1.0
11.1
3.0 2.8
2.0
1.2 1.1
5.5
4.0
2.8
1.6
15.0
2.5 2.0
1.3 1.0
5.7
5.0
2.5
1.5 1.0
5.2
2.4 2.0
1.1 1.0 1.0 1.0
VALUATION OF UK UNICORNS IN BN USD
2017 2019 2021
2020
2012 2015 2016
G
l
o
b
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S
w
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C
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o
m
Smilen Hadzhikostov
Twitter: @smilenteo
Source: CB Insights, Dealroom
1 7

18. 48% of the unicorns in UK are fintech startups
Fintech
Artificial intelligence
Supply chain, logistics, & delivery
E-commerce & direct-to-consumer
Health
Other
Internet software & services
Hardware
Consumer & retail
Fintech
14
4
1
2
2
3
1
1
1
6
NUMBER OF UNICORNS IN UK PER INDUSTRY
Smilen Hadzhikostov
Twitter: @smilenteo
Source: CB Insights, Dealroom
1 8

19. More than 70% of the unicorns in UK started in
London
Oxford
Crewe
Cambridge
Bristol
Aberdeen
London
Peterborough
Solihull
1
1
1
2
1
21
1
1
NUMBER OF UNICORNS IN UK PER CITY
Smilen Hadzhikostov
Twitter: @smilenteo
Source: CB Insights, Dealroom
1 9

20. 6 of the 15 unicorns in France got their unicorn
status in 2021
0.0
1.0
2.0
3.0
4.0
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1.4
2.0
1.1
1.4
1.1
1.0 1.0
1.5 1.4
3.2
2.8
1.7
1.5
1.0 1.0
VALUATION OF FRENCH UNICORNS IN BN USD
2018 2019 2021
2020
2007 2015 2016
Smilen Hadzhikostov
Twitter: @smilenteo
Source: CB Insights, Dealroom 2 0

21. E-commerce is the leading industry for
unicorns in France
E-commerce & direct-to-consumer
Other
Artificial intelligence
Internet software & services
Health
Hardware
Fintech
Auto & transportation
4
3
2
2
1
1
1
1
NUMBER OF UNICORNS IN FRANCE PER INDUSTRY
Smilen Hadzhikostov
Twitter: @smilenteo
Source: CB Insights, Dealroom
2 1

22. Paris is the undisputed location for unicorns in
France
Evry
Paris
Roubaix
1
13
1
NUMBER OF UNICORNS IN FRANCE PER CITY
Smilen Hadzhikostov
Twitter: @smilenteo
Source: CB Insights, Dealroom
2 2

23. •
•
•
•
Source of data - The Complete List Of Unicorn Companies
by CB Insights
Data analysed as of June 2021
Aware of small sample bias
For further insights or any comments, contact me at
@smilenteo
Disclaimer