UPDATED: Whereas the US leads the way in which with regards to precise numbers of unicorns, these tech corporations valued at over $1bn, Europe and particularly the UK are catching up – and shortly.
In actual fact, the variety of unicorns being minted in Europe is rising at a quicker price than Silicon Valley ever skilled. London is now a hub for thrilling tech begin ups, all aiming for that elusive unicorn standing, with six extra gaining it in 2023 and extra anticipated by the tip of 2024.
What’s unicorn standing?
A unicorn is a predominantly privately-owned firm price no less than $1bn. This valuation is both achieved by an fairness financing spherical or by way of monetary efficiency indicators.
These start-ups on the verge of becoming a member of this prestigious billion-dollar membership have been known as “soonicorns”. These are start-ups buyers imagine will break the barrier and make unicorn standing inside simply 24 months.
What number of unicorns are there within the UK?
There have been a record-breaking 85 new tech unicorns created in Europe in 2021, and as of 2024, the UK is on the epicentre with 43. Because the increase 0f 2021 (which noticed 25 corporations get unicorn standing), eight have since exited the non-public market by going public.
In accordance with the European Unicorn & Soonicorn, the UK and Eire produced essentially the most helpful unicorns in Europe, making up greater than 38 per cent of the continent’s total unicorn worth, creating round 40,000 jobs within the course of.
However though the UK is quick changing into a manufacturing unit for these revolutionary companies, 48 per cent of funding nonetheless comes from exterior Europe, the overwhelming majority from US-based buyers.
Which sectors are trending?
There have been some notable traits within the newest unicorns, notably fintech (unsurprisingly), IT and telecommunications, and AI. And it appears like that development will stay with the recent crop of soonicorns, too.
In accordance with the soonicorn report, the UK has 73 fast-growing start-ups more likely to be part of the unicorn membership, using round 21,000 individuals.
When it comes to non-financial traits, worryingly, solely 4 per cent of unicorn and soonicorn founders are feminine. The feminine-founded unicorns on this checklist embody Catherin Vines of Zepz, Anne Boden of Starling Financial institution, Marcia Kilgore of Magnificence Pie, and Victoria van Lennep of Lendable.
UK tech unicorns: the entire checklist
#1 – Checkout.com
Worth: $35.4bn
Based: 2012
What do they do? Fee platform
Bio: The UK’s Most worthy fintech, London-based Checkout.com simplifies cost processes for companies. For retailers, its goal is to maximise digital cost efficiency by boosting cost acceptance charges in each main market. For his or her clients, it serves to maximise the quantity of accessible card cost choices. This 12 months, the agency raised $1bn in collection D funding.
#2 – Revolut
Worth: $27.8bn
Based: 2015
What do they do? Fintech
Bio: Based in 2015, Revolut began off providing cash switch and alternate. Now, the corporate boasts 18 million customers, providing financial institution accounts, abroad transfers, crypto alternate and options like early wage funds – supporting over 30 in-app currencies. In 2020, Revolut raised $580m (£444m) in collection D funding.
#3 – World Change
Worth: $9.6bn
Based: 1998
What do they do? Information
Bio: World Change create information centres offering connectivity throughout Europe and Asia-Pacific. These centres embody an organization’s routers, firewalls, storage programs and servers. At the moment, the corporate has 13 information centres in metropolis central areas.
#4 – Hopin
Worth: $7.75bn
Based: 2019
What do they do? On-line occasions
Bio: A start-up that actually cashed in on the pandemic videoconferencing wave, Hopin’s 27-year-old founder Johnny Boufarhat is estimated to be the UK’s youngest self-made billionaire, in line with the Sunday Instances Wealthy Checklist. Hopin is an all-in-one administration platform the place customers can create a digital venue, create branded video streams and promotional instruments and handle on-site occasions. It covers all phases of an event-holding course of, from promoting tickets, to internet hosting and displaying analytics.
#5 – Blockchain.com
Worth: $5bn (Forbes)
Based: 2011
What do they do? Cryptocurrency
Bio: Blockchain.com permits customers to purchase, commerce and promote cryptocurrency. Possessing 37m verified customers, it has grow to be a monetary buzzword during the last couple of years. It has hosted over $1 trillion in crypto transactions since its inception and takes a big chunk of the crypto market, taking a 3rd of all bitcoin transactions on the platform. It’s also noteworthy that Blockchain.com’s CFO is a feminine, Macrina Kgil – nonetheless a rarity within the cryptocurrency house.
#6 – ZEPZ
Worth: $5bn
Based: 2010
What do they do? Fintech
Bio: A low-cost cost platform that permits cash switch, Zepz permits clients to cash internationally. Its manufacturers embody WorldRemit, an app to ship cash shortly to over 130 international locations, and Sendwave, primarily the identical as WorldRemit however to Africa and Asia. Founder Ismail Ahmed learnt of the significance of remittance when fleeing the civil conflict in Somalia within the early 90s and based the start-up in 2010 after being pissed off with the excessive transaction charges when sending cash to East Africa. In August 2021, ZEPZ raised $292m in a funding spherical which noticed its valuation enhance to $5bn.
#7 – Howden Group Holdings
Worth: $4-$4.5bn
Based: 1994
What do they do? Insurance coverage
Bio: Howden Group Holdings is the most important European insurance coverage middleman group on this planet, managing premiums of greater than £10bn. The group includes of brokering agency Howden, underwriting company DUAL, MGA and its information and analytics arm HX. Workers make up its largest shareholder group and in March 2022, the group acquired Italy’s largest insurance coverage dealer, Assiteca.
#8 – Monzo
Worth: $4.5bn
Based: 2015
What do they do? Fintech
Bio: Monzo is a digital banking app that shows transactions, permits cash to be positioned in saving “pots” and permits abroad transactions. It additionally works as a traditional financial institution. Monzo struggled at first of the pandemic, with its worth plummeting however recovered by diversifying its product providing and the hundreds of ensuing new clients helped it obtain document revenues. The digital financial institution not too long ago introduced plans to introduce a “purchase now, pay later” characteristic permitting loans of as much as £3,000.
#9 – Lendable
Worth: £3.5bn reported
Based: 2014
What do they do? Fintech
Bio: Lendable gives quick loans that don’t have an effect on credit score scores utilizing AI and automation. The platform connects buyers with debtors by loans, bank cards and automotive finance. The London-based start-up raised £210m this 12 months in a spherical led by Ontario Academics’ Pension Plan.
#10 – BGL
Worth: $3.2bn
Based: 1992
What do they do? Monetary companies
Bio: In the event you haven’t heard of BGL, you’ll have definitely heard of its manufacturers, like comparethemarket.com. A “digital distributor of insurance coverage and family monetary companies”, BGL presently serves 11 million clients. In January 2022, the Peterborough-based group was acquired by Kent-based Markerstudy in a deal reported to be price £400m.
#11 – CMR Surgical
Worth: $3bn
Based: 2014
What do they do? Medtech
Bio: Surgical robots serving to to carry out keyhole surgical procedure is already a actuality in some hospitals, together with inside the NHS since February 2020, due to Cambridge-based CMR Surgical. The beginning-up’s ‘Versius’ robotic mimics a human arm and wrist for flexibility and precision and helps make keyhole surgical procedure more easy for a surgeon to carry out. Managed by a doctor utilizing PlayStation controllers (sure, actually) to manage needles, blades and tweezers, it has helped with greater than 1,000 operations world wide up to now.
#12 – Graphcore
Worth: $2.8bn
Based: 2016
What do they do? AI
Bio: Graphcore, the College of Bristol spinout which creates processors for AI computing, was final 12 months’s second largest college spinout fairness funding recipient at £162m. Graphcore’s founders, Nigel Toon and Simon Knowles, definitely have a powerful observe document with regards to founding profitable start-ups. They offered their earlier semiconductor firm for £436m.
#13 – Copper
Worth: $2-$2.5bn
Based: 2018
What do they do? Cryptocurrency
Bio: Former Chancellor Philip Hammond joined London-based start-up Copper in October 2021 as an advisor. The unicorn offers institutional buyers the chance to spend money on cryptocurrency property by companies resembling brokerage, safety and custody.
#14 – Many Pets
Worth: $2.35bn
Based: 2012
What do they do? Pet insurance coverage
Bio: A brand new pet insurance coverage supplier on the block, Many Pets made unicorn standing in June 2021, providing companies resembling dental cowl and lifelong vet payment cowl. Tech is on the coronary heart of this start-up although, providing clients a faster path to make a declare by way of its form-free app.
#15 – Rezolve
Worth: $1.75-$2bn
Based: 2007
What do they do? Salesware
Bio: Based by tech entrepreneur Dan Wagner, Rezolve creates cell buyer engagement options like scannable imagery, location-based personalised advertising and marketing and immediate buying checkout processes. Briefly, it may possibly flip a cell right into a transaction system and customers should purchase a product from scanning a compliant advert within the “actual world”, primarily changing the QR code. Not too long ago, it has been acquired by Armada Acquisition Corp in a deal price $2bn.
#16 – BenevolentAI
Worth: $1.75-$2bn
Based: 2013
What do they do? AI drug discovery
Bio: Cambridge-based BenevolentAI “empower scientists to find new methods to deal with illness”. How they do that is by scanning biology information to raised perceive its complexities and uncover new and higher remedies. By feeding details about a virus or illness into an algorithm, it finds authorized medication to repurpose to assist battle it. The unicorn used it for coronavirus, and in 4 days discovered a drug for repurposing – the primary time AI had discovered a drug to repurpose.
#17 – Unbelievable
Worth: $2bn
Based: 2012
What do they do? AI
Bio: After leaving his household’s development empire, Unbelievable founder Herman Narula is seeking to construct his personal (digital) world with Unbelievable. The beginning-up has developed know-how to allow over 10,000 customers to work together in the identical digital house. On the finish of final 12 months, Unbelievable hosted a Okay-pop live performance the place followers had been capable of dance and work together with performer AleXa.
#18 – Zilch
Worth: $2bn
Based: 2018
What do they do? Fintech
Bio: London-based Zilch grew to become the quickest unicorn ever in November 2021. A purchase now, pay later (BNPL) platform, Zilch boasts over 3.5 million clients and is getting into the US market. There was a notable uplift in demand for BNPL platforms, regardless of the trade coming beneath shut scrutiny from the FCA. Zilch, one of many first BNPL suppliers to be FCA regulated, secured $110m from Goldman Sachs and DMG Ventures in July 2021.
#19 – Brewdog
Worth: $2bn
Based: 2007
What do they do? Brewery
Bio: Brewdog sells craft beer – however the distinction with the model is its skill to remain related by releasing bespoke beer which fits down a storm on social media. Craft beer for Ukraine, protest beer, a golden can – the checklist continues. Brewdog can also be aiming to grow to be the world’s first carbon unfavorable brewery as a part of its imaginative and prescient to grow to be the world’s most sustainable drinks model, not too long ago saying plans to plant Scotland’s largest forest.
#20 – Multiverse
Worth: $1.7bn
Based: 2016
What do they do? Edtech
Bio: Fronted by Tony Blair’s son, Euan Blair, Multiverse shot as much as unicorn standing in June 2022. The edtech arranges apprenticeships, networking occasions and coaching programmes – notably for these from underrepresented ethnic backgrounds.
#21 – Starling Financial institution
Worth: $1.5-$1.75bn
Based: 2014
What do they do? Fintech
Bio: Launched in 2014 by banker Anne Boden, Starling Financial institution is among the solely female-founded unicorns on this checklist. Starling, like Monzo, gives clients oversight of transactions in actual time, however by growing its SME market share by 7.5 per cent in 4 years, it’s additionally racking up the numbers within the small enterprise house, too.
#22 – Gett
Worth: $1.5bn
Based: 2010
What do they do? Transport
Bio: With over 2,000 accomplice fleets, Gett offers totally different transportation choices in a single place permitting you to e-book a taxi for company groups. Suppose Uber however only for taxi drivers. Over the past decade, the London-based agency now serves 25 per cent of the Fortune 500 corporations, servicing busy enterprise travellers and the managers who oversee their journeys.
#23 – Matillion
Worth: $1.5bn
Based: 2010
What do they do? Information integration
Bio: Manchester-based Matillion offers full information integration and transformation purpose-built for the cloud and information warehouses. Briefly, it lets companies make higher sense of their information. It grew to become a unicorn in September 2021 after elevating an extra $150m and turns into the sixth unicorn to come back out of Manchester – becoming a member of AutoTrader, AO and Boohoo.
#24 – Paddle
Worth: $1.4bn
Based: 2012
What do they do? Funds
Bio: Paddle offers funds infrastructure, resembling compliance and subscription administration to SaaS companies. The London-based agency raised $200m in Sequence D funding in 2022, to convey its valuation to $1.4bn and a spot within the UK unicorn membership.
#25 – Ovo Power
Worth: $1-$1.3bn
Based: 2009
What do they do? Power provider
Bio: Providing 100 per cent renewable power as normal, Bristol-based Ovo Power is aiming to be a net-zero carbon firm by 2030. It will get its power from photo voltaic, wind and tidal amongst different sources and has planted thousands and thousands of bushes in its inexperienced quest (planting one for each new buyer). Simply as inexperienced is the unicorn’s income: after taking up SSE in January 2020, they’re now the UK’s second largest power supplier, after British Gasoline.
#26 – Go Cardless
Worth: $1–$1.3bn
Based: 2011
What do they do? On-line cost processing
Bio: Go Cardless is a start-up for accumulating recurring funds – that’s, serving to companies gather individuals’s direct debits. Funds might be collected from world wide and makes use of intelligence to foretell cost failures and handle them. The London-based start-up reached unicorn standing in October 2021 after a funding spherical led by JPMorgan.
#27 – Marshmallow
Worth: $1.3bn
Based: 2016
What do they do? Automobile insurance coverage
Bio: Based by an identical twins Oliver and Alexander Kent-Braham alongside their pal David Goate, Marshmallow gives insurance coverage to the demographics often hit by the very best premiums from conventional suppliers, resembling younger male drivers and people within the UK on short-term visas. The beginning-up achieved unicorn standing in September 2021 after elevating $85m.
#28 – Gousto
Worth: £1.3bn
Based: 2012
What do they do? Meals supply
Bio: Gousto present subscription bins to their clients containing recipes and the precise quantity of substances wanted, in a bid to cut back meals waste and maximise comfort. Gousto excelled throughout the pandemic, as extra individuals turned to the start-up for groceries with out visiting the grocery store.
#29 – Linktree
Worth: $1.3bn reported
Based: 2016
What do they do? Social media advertising and marketing
Bio: Celebrities like Jamie Oliver and plenty of different influencers use Linktree to capitalise on social media advertising and marketing. It offers a touchdown web page for hyperlinks shared on web sites resembling Instagram to make on-line content material about an individual extra manageable. The touchdown web page might be customised with any model colors and offers analytics to see what content material is performing the most effective to audiences.
#30 – The Financial institution of London
Worth: £1.1bn
Based: 2016
What do they do? Fintech
Bio: Based by former Barclays tech boss Anthony Watson, The Financial institution of London is the world’s first purpose-built international clearing, company and transaction financial institution. It addresses the danger elements throughout funds, clearing, liquidity and settlement domestically and internationally, permitting for the fast availability of funds.
#31 – Zego
Worth: $1.1bn
Based: 2016
What do they do? Company automobile insurance coverage
Bio: London-based Zego gives low-cost automobile insurance coverage for companies, whether or not they’re sole merchants or international corporates. After beginning off providing low-price motorcycle insurance coverage for gig financial system employees, the start-up has grown to incorporate now purchasers resembling Deliveroo and Uber Eats.
#32 – Magnificence Pie
Worth: $1bn
Based: 2016
What do they do? Luxurious make-up and skincare
Bio: Launched in 2016, Magnificence Pie has shaken up the cosmetics trade since its inception and was the primary unicorn within the magnificence trade on this checklist. An unique membership service, Magnificence Pie delivers luxurious magnificence merchandise to its members for lower than the retail value and is now seeking to increase into the US market.
#33 – Gymshark
Worth: £1bn
Based: 2012
What do they do? Fitness center garments and exercise put on
Bio: Gymshark took a chew out of the UK athleisure market after its 19-year-old founder, Ben Francis, based the enterprise from his mom’s storage whereas delivering pizzas on the aspect. Promoting fitness center garments and exercise put on, primarily to the Gen Z demographic, Gymshark has grown quickly to make use of over 900 and increase in North America, which now accounts for round 50 per cent of its income.
#34 – Zopa
Worth: $1bn
Based: 2005
What do they do? Credit score loans
Bio: Zopa is a bank card and financial savings account supplier. In 2005, it constructed the primary ever peer-to-peer lending firm (apparently) and in 2020 launched Zopa Financial institution. Zopa grew to become a unicorn in October 2021 after it raised $300m and rides the wave of different “neobanks” – the app-driven banks with a younger buyer base.
#35 – Thought Machine
Worth: $1bn
Based: 2014
What do they do? Banking software program
Bio: Thought Machine is a banking software program supplier whose clients are monetary establishments. Its providing contains key merchandise for retail banks, resembling present accounts, financial savings, loans, bank cards and mortgages. Utilizing API, the start-up sells cloud-based banking infrastructure to interchange outdated programs banks presently use. The London-based start-up, which now boasts a number of the UK’s largest banks together with Lloyds, grew to become a unicorn in November 2021 after closing $200m in Sequence C funding.
#36 – Motorway
Worth: $1bn
Based: 2017
What do they do? Automobile promoting platform
Bio: Motorway makes use of stay market information to supply an immediate valuation of a automotive. It additionally assists in non-public automotive gross sales, by discovering a supplier who’ll pay essentially the most for a automotive by way of a every day on-line public sale. The automotive will then be collected freed from cost inside 24 hours. Motorway grew in reputation throughout the pandemic, maybe as a result of its contactless nature and the actual fact the manufacturing of recent vehicles slowed, inflicting a heightened curiosity in second-hand vehicles for sellers.
#37 – Truelayer
Worth: $1bn
Based: 2016
What do they do? Fintech
Bio: Truelayer focuses on open banking, a means of giving regulated corporations safe, restricted entry to your checking account to supply monetary companies resembling budgeting or monetary product recommendation. Many transactions at present nonetheless use antiquated banking infrastructure, whereas TrueLayer make this course of simpler and at a decrease value to these utilizing it.
#38 – Tractable
Worth: $1bn
Based: 2014
What do they do? AI-driven restore estimates
Bio: Tractable generates immediate restore estimates to simplify and streamline claims – notably helpful for automotive and property insurers. It additionally goals to enhance buyer expertise: its AI can monitor whether or not a automotive, for instance, is reaching the tip of its life or whether or not repairs are wanted. This in flip quickens the method for companies.
#39 – SaltPay
Worth: $1bn
Based: 2019
What do they do? Fee service and software program supplier
Bio: Offering point-of-sale options, SaltPay helps small and medium-sized companies handle and develop their operations. Merchandise embody cost platforms, appointment reserving programs, inventory administration options and a service platform for eating places. The London-based firm raised $478m in early 2021.
#40 – PPro
Worth: $1bn
Based: 2006
What do they do? Fee platform
Bio: PPro builds cost infrastructure to make it simpler for companies to launch and handle cost strategies, so retailers can entry extra markets and shoppers have extra monetary freedom by way of how they want to pay. With 77 per cent of world transactions utilizing an area or various cost methodology, PPro increase a enterprise’s platform to assist drive extra gross sales.
#41 – Touchlight
Worth: $1bn
Based: 2007
What do they do? Biotech
Bio: Touchlight makes DNA to help the expansion of genetic medicines, vaccines and gene therapies. The London-based start-up has developed a platform it calls “doggybone” which makes use of enzymes in take a look at tubes to amplify the precise sequences of genetic code faster – with the DNA then getting used for vaccine improvement. It might come as no shock it performed its half throughout the pandemic, serving to to develop a number of Covid vaccines.
#42 – SumUp
Worth: $1bn
Based: 2012
What do they do? Fee platform
Bio: Over three million enterprise use SumUp for cost card readers, level of sale and enterprise accounts. These are enterprise historically thought of too small for a lot of suppliers, resembling road meals distributors. In October 2021, SumUp acquired a buyer loyalty start-up for $317m to additional increase within the US market and compete with the likes of Sq. and PayPal.
#43 – Beamery
Worth: $1bn
Based: 2013
What do they do? Recruitment
Bio: Shoreditch-based expertise administration firm Beamery makes use of AI to draw and retain expertise. It grew to become a unicorn in December 2022 after elevating an extra $50m funding spherical to convey its valuation to over $1bn.
Beamery makes use of AI to establish after which fill expertise gaps by way of coaching programmes, exhibiting related candidates jobs that match their expertise. The corporate counts the BBC and Uber amongst its purchasers.
Extra on UK tech unicorns
Steven Bartlett hunts unicorns with $100m Flight Story Fund – The fund will again entrepreneurs specializing in blockchain, biotech, well being and wellbeing, commerce, know-how and house
