These are all the new EU unicorns of 2024

Those working in the tech industry will remember 2021 as a banner year for both VC funding and unicorn creation. That year, it seemed like a new billion euro company was minted every week, and in fact, with a final tally of 69 for 2021, it was a huge increase on 2020’s number of unicorns at 15. 

In 2022, 47 new unicorns were minted, but things took a sharp downwards turn last year. According to Dealroom data, in 2023, just 86 startups raised more than $100m, and the year ended with just seven companies achieving billion euro status.

But the sands are shifting once again. So far in 2024, eight unicorns have emerged in Europe, and 59 companies have secured a $100m-plus round so far this year––with the final quarter of the year yet to play out.

5 European tech jobs to consider this week

• Senior IT Architect, Platinion, Boston Consulting Group, Paris
• Senior Operations Engineer, eBay, Dreilinden
• Alternation Python Developer, ISCOD, Toulouse
• Senior Intelligence Systems Mentor/PLEX Architect, General Dynamics Information Technology, Wiesbaden
• Knowledge Management SW Developer-PowerPlatform, Leidos, Stuttgart-Vaihingen

A recent European VC Valuations Report from PitchBook has found that the median deal size in Europe increased across all funding stages in the first quarter of this year. 

What is even more positive is where the funding is going. A Q2 report from Dealroom highlighted that thanks to large funding rounds involving generative AI and energy companies, Europe has seen over 1,450 rounds of $2M-plus raised by European startups in H1 2024.

Given the rapid rise in awareness of generative AI in particular, as well as mass adoption of tools like ChatGPT, Gemini and Claude, it’s not surprising that AI startups in the bloc have raised $3bn, with generative AI in particular taking 18% of all European VC funding so far this year. 

But that’s just part of this year’s more buoyant funding environment. It is the energy sector that is receiving the most funding, raising $5.7bn so far this year. Hydrogen companies have seen some of the biggest investment rounds, with HysetCo, a Paris-based startup seeking to decarbonise urban transport with hydrogen taxis, raising €200m.

Elsewhere in the sector, sustainable energy VC SET Ventures recently closed its fourth fund of €200 million, designed to back startups with digital-first, data-driven solutions which will facilitate the transition to a carbon-free energy system.

Another French cleantech company recently raised €31.5 million in a Series-B funding round. Calyzia designs, manufactures, and sells high-performing and eco-engineered microcapsule and microparticle solutions that enable global manufacturers to advance product performance and achieve sustainability goals.

Tech unicorns 2024

When it comes to this year’s unicorns, they are a varied bunch across property management tech, data, AI, quantum computing and more.

DataSnipper is a Dutch startup specialising in automating and speeding up the auditing process for finance professionals. Another new Dutch unicorn is Amsterdam-based Mews, a property management platform for hoteliers.

London-based ElevenLabs specialises in voice AI and has racked up column inches for its $19m Series A funding round. It is now a global leader in the GenAI audio sphere.

Quantinuum is also UK-based, and as the name suggests is a quantum company “leading the development of the most powerful quantum computers and the most advanced quantum software solutions”.

The UK is also home to AI startup Wayve, which is​​ leading in autonomous driving with innovative embodied AI technology.

France-based fintech Pennylane is an accounting platform designed to improve workflows between enterprises and accountants, while Pigment, also located in France, is an enterprise data-visualisation platform.

Italy boasts Bending Spoons, which creates apps for content creators, such as photo-editing, motion graphics and typography apps.

What to watch next

As one crop of unicorns matures, another one is invariably on the way. Into 2025 there are a swathe of tech startups doing interesting things, right across the continent.

In Ireland, Tines is one to watch. A security-focused solution to power workflows, it has been flagged as a soon-to-be unicorn. In the UK, the pet food company Butternut Box produces tailored dog meals based on variables such as breed, gender, age, and weight, and is currently valued at $660m.

In Germany, Vivid is a banking and investment app that offers saving, spending and investment tools. Billie, also Germany-based, is a buy-now, pay-later platform offering B2B payment solutions.

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Author

Kirstie McDermott, Senior Content Manager, Amply at Jobbio.