2. Executive Summary
In 2008, Business Objects was the only European company valued over $1 billion
In 2018, there were 61 European unicorns – up from 44 in 2017
Geography
Except in 2011, the UK has consistently been the country with the highest number of unicorns founded over the
past 10 years
The UK has grown 47% of the European unicorns founded between 2008 and 2018, which amounts to 16
companies
Germany has grown 26% of them, ie 9 companies
France still needs to prove out
Sectors
Marketplace/E-commerce account for 26% of unicorns
FinTech has developed exponentially over the recent years and now accounts for 23% of European unicorns
Gaming represents 12% of the unicorns
2
3. European Unicorns – Only one European unicorn back in 2008; 2018
broke a record with 61 companies now valued over $1 billion
1 1 1 2 4
8
12
20
29
36
44
1 2
4
4
8
9
7
8
17
0
10
20
30
40
50
60
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Existing New in Year
Number of European Tech Companies valued over $1billion per year
3
4. 27 European tech companies founded before 2008 became unicorns
during the past 8 years
4
Source: https://2017.stateofeuropeantech.com/chapter/success-stories-exits/article/europes-billion-dollar-success-stories/
2004 2005 2006 20072003
European Tech Unicorns Per Year Founded (Before 2008)
5. Already 35 European tech companies founded during the past 10 years have
become unicorns
5
Source: https://2017.stateofeuropeantech.com/chapter/success-stories-exits/article/europes-billion-dollar-success-stories/
Pitchbook
GP Bullhound
2008 2009 2010 2011 2012 2013 2014 2015 2016
European Tech Unicorns Per Year Founded (2008 Onwards)
20182017
6. The UK has grown 47% of unicorns founded post 2008; Marketplace/ E-commerce,
Fintech & Gaming are the key European sectors
Russia
3%
Sweden
3%
Finland
3%
Germany
26%
UK
47%
Luxembourg
3%
Spain
6%
Estonia
3%
Switzerland
6%
9 companies
E-commerce /
Marketplace
26%Gaming
12%
Fintech
23%
AR/VR
6%
Software
9%
Mobility
9%
PropTech
3% CyberSecu
rity
3%
Biotech
6%
Consumer
Internet
3%
Geo Split of Unicorns Founded Post 2008 Sector Split of Unicorns Founded Post 2008
6
8
companies
9
companies
4
companies
16
companies
7. 2008 was the inception year of Marketplace/ E-commerce unicorns, 2009 of Gaming
and 2010 of Fintech companies
Founded Company HQ Vertical Unicorn
Year
Description Key Investors
2008 Germany
Marketplace/
E-commerce
2013 Pure-play online fashion platform
Gfc, Sevenventures,
Holtzbrinck, Rocket
2008 Russia
Marketplace/
E-commerce
2013 Operator of an online electronic retail website
daVinci Capital Group,
Baring Vostok Capital
Partners
2009 Sweden Gaming 2014
Developer of games available on PC, mobile and
PlayStation
n.d
2009 UK Gaming 2017
Designer and developer of entertainment and
gaming applications
n.d
2010 Finland Gaming 2013 Developer of mobile games
Accel, SpftBank, Atomico,
Index
2010 UK Fintech 2015
Online lending platform through which borrower
loans are originated and allocated to investors
Accel, Rocket, Index,
Temasek Holdings
2010 UK Fintech 2015
Provider of money transferring platform designed
to send money abroad
Index, az16, Kima, Passion,
SV Angel
2010 UK Fintech 2018
Developer of a web and mobile based payment
application designed to simplify online monetary
transaction
Dawn, 83North, Greylock,
Northzone, Index,
creandum
7
8. 2008-2010 – First unicorns to be founded post 2008 were in the Marketplaces/ E-
commerce, Gaming and Fintech industries; UK account for 50% of them
Sectors of Unicorns Per Founded Year
Geography Split of Unicorns Founded
between 2008 and 2010
8
2 2
1
3
0
1
2
3
4
2008 2009 2010
Marketplaces/ E-commerce Gaming Fintech
Russia
12%
Germany
13%
UK
50%
Nordics
25%
9. 2011 - Founding year of the first European FoodTech unicorns, Germany is the key
country in 2011
Founded Company HQ Vertical
Unicorn
Year
Description Key Investors
2011 Luxembourg
Marketplace/
E-commerce
2015
Developer of a shopping platform designed to bring
fashion online
Holtzbrinck, Rocket, Summit
Partners, Tengelmann Ventures
2011 Germany
Marketplace/
E-commerce
2016 Provider of meal-kit delivery
Insight Venture Partners,
Holtzbrinck, Rocket
2011 Germany
Marketplace/
E-commerce
2016
Provider of online food delivery services from
restaurants and cafes
Cavalry Ventures, FJ Labs, Gfc,
Rocket, Insight, Hotlzbrinck
2011 UK AR/VR 2016
Provider of a mobile visual discovery and augmented
reality platform intended to help users look at real-world
objects enhanced with text and digital graphics through
their smartphone camera
Qualcomm Ventures
2011 Germany Software 2018
Developer of an intelligent big data technology
designed to analyze and visualize every process in a
company
83North, Accel
2011 Spain Mobility 2018 Provider of a ride-hailing app Tenglemann, Holtbrinck
9
10. 2011 – Year of Foodtech companies, Germany overtakes the UK for
the first time
Unicorns by Sector in 2011
Geography Split of Unicorns Founded in
2011
10
Luxembourg
16%
Germany
50%
UK
17%
Spain
17%E-
commerce
16%
FoodTech
33%
AR/VR
17%
Software
17%
Mobility
17%
11. 2012 - Founding year of major European unicorns in various sectors, including
Proptech, FoodTech and Marketplace/ E-commerce
Founded Company HQ Vertical
Unicorn
Year
Description Key Investors
2012 UK PropTech 2015 Online estate agent
DN Capital, Axel Springer,
Artemis
2012 Germany
Marketplace/
E-commerce
2015
Operator of an online car trading platform intended to
buy and sell used cars
DN Capital, Target Global,
Piton, Cherry, Softbank
2012 Switzerland AR/VR 2016
Developer of a virtual reality (VR), augmented reality
and motion capture game system
Venture Kick, MedTech
Innovator
2012 UK
Marketplace/
E-commerce
2017
Provider of an online food delivery platform intended to
help users order restaurant meals
Accel, Index, Felix, General
Catalyst
2012 Germany Mobility 2018
Provider of real-time price comparison along options to
book trains, buses, flights and hotels
Atomico, GS, KPCB, Target,
NEA, Lakestar, Battery
11
UK
40%
Germany
40%
Switzerland
20%
Geo Split in 2012
PropTech
20%
Marketplace/
E-commerce
40%
AR/VR
20%
Mobility
20%
Sector Split in 2012
12. 2013 – Strong performance with 7 unicorns founded in 2013 across various sectors,
especially in the UK
Founded Company HQ Vertical
Unicorn
Year
Description Key Investors
2013 UK
Cyber-
security
2015
Provider of cyber threat defense systems
designed to detect and respond to previously
unidentified threats
Insight, Softbank, Summit,
Vitruvian
2013 UK
Tech-enabled
BioTech
2015
Developer of artificial intelligence technology
intended to develop medicines for untreated
diseases
Lundbeck, Upsher-Smith
Laboratories, Lansdowne
Partner, Woodford Inv. Mgmt
2013 UK Gaming 2017
Developer of an operating system designed
to offer virtual gaming experiences
Horizon Venture, az16,
LocalGlobe, Temasek, Softbank
2013 UK
Consumer
Internet
2018
Provider of an online cloud-based messaging
application intended to communicate easily
Atomico, draper Dragon, daVinci
Capital Group
2013 Estonia Mobility 2018
Developer of a mobile based taxi booking
platform designed to connect riders with the
best local drivers
Korelya Capital, Didi, Daimler,
Skype, Rubylight Technolgy
2013 Germany
Marketplace/
E-commerce
2018
Provider of an e-commerce platform
designed to offer fashion apparel and
accessories
German Media Pool,
SevenVentures, Otto Group,
Bestseller
2013 Germany FinTech 2018 Provider of mobile banking services
Insight, Tencent, Battery, Axel
Springer, Earlybird, Horizon
Ventures
12
13. 2013 – No winning sector, the UK is still a top-performing country for
growing tech unicorns
Unicorns by Sector in 2013
Geography Split of Unicorns Founded in
2013
13
Estonia
14%
Germany
29%
UK
57%
Marketplac
e/ E-
commerc…
Cybersecurity
15%
Gaming
14%
Consumer
Internet
14%
Mobility
14%
BioTech
14%
Fintech
14%
14. 2014-2018 – Fintech dominant in the recent years, with 4 companies
reaching the $1bn+ valuation threshold in less than 4 years
Founded Company HQ Vertical
Unicorn
Year
Description Key Investors
2014 Switzerland BioTech 2017
Operator of a bio-pharmaceutical company designed to
reduce the time and cost of the drug development
process
Founders Fund, SoftBank,
RTW Investments
2014 UK FinTech 2018
Operator of a mobile-only bank intended to offer internet
banking services
Anthemis, Middleton
Enterprises, Woodford
2015 UK FinTech 2017
Operator of a private bank designed to help businesses
and entrepreneurs to reach their potentia
GIC, Coltrane Asset
Management, EDBI
2015 Spain
Marketplace/
E-commerce
2017
Provider of a used goods marketplace designed to
facilitate buying and selling of local goods
8Roads, Insight, NEA,
Northzone, Mangrove, FJ
Labs, Naspers
2015 UK FinTech 2018
Provider of mobile banking and foreign exchange
services designed to help in global money transfer
Draper, Lakestar, Gfc,
Balderton, Index, Point9,
Seedcamp
2015 UK FinTech 2018
Developer of a mobile banking application designed to
make banks smarter
Accel, General Catalyst,
Goodwater Capital. Stripe,
Orange Digital Ventures,
Passion
2016 UK Software 2018
Developer of a new generation computer processor
designed to accelerate machine intelligence learning
Atomico, Sequoia, Microsoft,
Amadeus, Draper Esprit,
Foundation Capital
2018 Germany Software 2018
Operator of an omnichannel platform for consumer
services and lifestyle brands
General Atlantic
14
15. 2014-2018 – Fintech has exponentially grown in the past 4 years, the
UK remains the best performing country
Unicorns by Sector between 2014 and 2018
Geography Split of Unicorns Founded
between 2014 and 2018
15
Switzerland
12%
UK
62%
Germany
13%
Spain
13%
BioTech
15%
FinTech
57%
Marketplace/ E-
commerce
14%
Software
14%
16. Between 2008 and 2018, the UK has grown 47% of unicorns; E-commerce /
Marketplaces, Fintech & Gaming are the key European sectors
Russia
3%
Sweden
3%
Finland
3%
Germany
26%
UK
47%
Luxembourg
3%
Spain
6%
Estonia
3%
Switzerland
6%
9 companies
Marketplace/ E-
commerce
26%Gaming
12%
Fintech
23%
AR/VR
6%
Software
9%
Mobility
9%
PropTech
3% CyberSecu
rity
3%
Biotech
6%
Consumer
Internet
3%
Geo Split of Unicorns Founded Post 2008 Sector Split of Unicorns Founded Post 2008
16
8
companies
9
companies
4
companies
16
companies
17. Key Take-Aways
As of early 2019, 35 companies founded between 2008 and 2018 have reached the unicorn status
Geography
16 are based in the UK (47% of European Unicorns)
9 are based in Germany (26% of them)
Sector
9 companies are E-commerce/Marketplace businesses (26% of European Unicorns)
8 are Fintech companies (23%)
4 are Gaming companies (12%)
Software and mobility start emerging with 3 unicorns (9%) each
Average time to reach unicorn status is 5 years
Fastest were BenevolentAI, Graphcore and Darktrace, who became unicorns in 2 years
Promising companies founded between 2015 and 2018 will probably emerge as new unicorns over the next 2-4
years
17