Unicorns and big exits: Outlook on Europe’s most valuable companies

Europe counts at least 154 tech companies valued over $1 billion (roughly €0.8 billion)
About Techcelerate Ventures

Tech Investment and Growth Advisory for Series A in the UK, operating in £150k to £5m investment market, working with #SaaS #FinTech #HealthTech #MarketPlaces and #PropTech companies.
United Kingdom venture capital corporate Group unicorn company unicorn worth United Kingdom fintech 1B corporate private equity Germany exit
Europe counts at least 154 tech companies valued over $1 billion (roughly €0.8 billion)
About Techcelerate Ventures

Tech Investment and Growth Advisory for Series A in the UK, operating in £150k to £5m investment market, working with #SaaS #FinTech #HealthTech #MarketPlaces and #PropTech companies.
United Kingdom venture capital corporate Group unicorn company unicorn worth United Kingdom fintech 1B corporate private equity Germany exit
<p>19 March 2018
Unicorns and big exits:
Outlook on Europe's 
most valuable companies
The intelligent global database to identify growth 
opportunities and track innovative companies
Cover: Maui, Hawaii, January 16 2016. Professional surfer Joao Marco Maffini rides a giant wave at the legendary big wave surf break known as "Jaws" on one the largest swells of the year.
Does Europe produce enough big VC-backed exits?
Does Europe 
produce big tech 
companies?

Big tech goes beyond unicorn definition only: Europe counts at least 154 tech companies valued over $1 billion (roughly 0.8 billion)
-
31 tech companies are known European unicorns, here defined as private VC-backed companies over $1 billion
-
12 tech companies are private equity backed and may exit soon
-
35 tech companies are under corporate ownership, following an acquisition
-
76 tech companies are publicly traded, some of them never having gone through any institutional venture capital funding stages
 UK, Germany, Sweden, Netherlands, Spain and Switzerland are generating the biggest returns in Europe, both historically and looking ahead. 
Among those countries UK, Germany and Sweden are in the lead
Which VCs are 
consistently backing 
big tech?
 Historically, Index Ventures most consistently delivers big exits, followed by Accel, HV Partners, and Insight Venture

Looking ahead, Accel Partners has the most unicorns in its portfolio (7 companies), followed by Index Ventures (6 companies). Late stage 
firms like Baillie Gifford, Softbank and DST also have several unicorns in their portfolio
 Other notable "heavy hitters" include Lakestar, Vitruvian, Scottish Equity Partners, Atomico, Bessemer, Insight VP, Institutional VP, Balderton, 
83North, Northzone and Piton Capital
Outlook: does 
Europe produce 
enough VC-backed 
exits?

Big exits really do matter: the ten biggest exits typically represent 70-80% of the returns, in most years

In 2017, fewer big exits in 2017 resulted in a 60% drop in total realised exit value
 However, the visible pipeline of big exits is strong at 60 billion. That figure still excludes high-potential companies such as (GoEurope, 
GetYourGuide, Monzo, Trustpilot, Atom Bank, Made.com, Ozon, Kreditech and many others) and companies under-the-radar
3
 104B 
 85B 
 75B 
 40B 
 36B 
 27B 
 25B 
 24B 
 21B 
 18B 
 11B 
 10B 
 8B 
 8B 
 8B 
 6B 
 5B 
SAP SE
Booking
ASML
NXP
ARM Group
Amadeus
Infineon
Nokia
STMicroelectronics
IHS Markit
Zalando
Supercell
Asos
Just Eat
Skype
Delivery Hero
King.com
Big tech goes beyond unicorns only: many of Europe's 
most valuable tech companies are publicly traded
Source: public market prices or last known transaction value.
Note: Adyen, Farfetch and Check24 are indicative Dealroom estimates. Booking is US company, but main profit center (Booking.com) is founded and based in Amsterdam.
Market value or last transaction value of European big tech companies
4
Selected European Unicorns
 11B 
~ 5B
~ 4B
 3B 
~ 3B
 2.8B 
 2.5B 
 2.3B 
 1.6B 
~ 1.5B
 1.5B 
 1.4B 
 1.3B 
 1B 
 1B 
 1B 
 1B 
 1B 
Spotify
Adyen
Farfetch
Auto1 Group
Telegram
The Hut Group
Klarna
BioNTech
Deliveroo
Check24
BenevolentAI
CureVac
TransferWise
Oxford Nanopore Tech
Cabify
MindMaze
Letgo
Improbable
Strategic Exit
Skype (6.9B)
Biovex (1.0B)
CityDeal (0.8B)
Autonomy (10B)
Trivago (0.7B)
PokerStars (4.5B)
CSR (2.0B)
Mojang (2.0B)
 VKontakte (1.8B)
 King.com (4.8B)
 AVITO (2.5B)
Airwave (1.0B)
Wood Mackenzie (2.3B)
Skrill (1.1B)
 Supercell (7.9B)
AcertaPharma (6.4B)
 Fleetmatics (2.2B)
Skyscanner (1.7B)
NXP (43B)
ARM (27B)
Outfit7 (0.8B)
Bambora (1.5B)
Bureau van Dijk (2.7B)
WorldPay (11B)
MobilEye (14B, Israel)
Hybris (0.8B)
IPO
Yandex (8B)
Fleetmatics (0.6B)
CRITEO (1.5B)
Rocket (6.7B)
Zalando (5.3B)
Markit (4.1B)
Zoopla (1.0B)
King.com (5.7B)
Just-Eat (1.7B) 
Scout24 (3.2B)
WorldPay (7.1B)
Auto Trader (3.1B)
Trivago (2.3B)
Takeaway.com (1.0B)
 Delivery Hero (4.4B)
Alfa (1.1B)
Rovio (0.9B)
 HelloFresh (1.8B)
 Spotify (11B)
 Farfetch (4B)
Buyout
Markit (3.0B)
Wood Mackenzie (1.2B)
Supercell (2.8B)
Scout24 (2.0B)
Vkontakte (1.3B)
TeamViewer (0.9B)
Avast (0.8B)
TeamSystem (1.2B)
1&1 Internet (2.6B)
Sitecore (1.0B)
Allegro (3.0B)
Allfunds Bank (1.8B)
Klarna (2B) (1)
Matchesfashion (0.8B)
Investment 
@ $1 billion+
Spotify (1.0B)
Rovio (2.3B)
Zalando (1.0B)
Ulmart (5.7B)
Klarna (1.0B)
Scout24 (2.0B)
Rocket (6.7B) 
Powa (2.5B)
Mojang (2.2B)
BlaBlaCar (1.5B) 
Adyen (1.2B)
AVITO (1.0B) 
DeliveryHero (1.0B)
HelloFresh (2.6B)
CureVac (1.5B)
Blippar (1.2B) 
FanDuel (1.1B) 
Farfetch (1.0B)
TransferWise (1.0B)
Shazam (1.0B)
BenevolentAI(1.0B)
GlobalFashion (1.0B)
Auto1Group (1.0B)
AcertaPharma (6.5B)
Trivago (2.7B)
Deliveroo (1.0B)
Home24 (1.0B)
OxfordNano (1.0B)
MindMaze (1.0B)
Funding Circle (1.0B)
OVH (1.0B)
Roivant (~2B+)
TheHutGroup (2.8B)
Bambora (1.5B)
Improbable (1.0B)
Letgo (1.0B)
UIPath (1.0B)
Cabify (1.0B)
Telegram
Year
2010-11
2012
2013
2014
2015
2016
2017
2018 YTD
Dipped below
$1 billion
 Conduit (Israel)
Wonga
 Powa (Bankruptcy)
 Ironsource (Israel)
 Shazam (still 0.4B exit)
 VE Interactive (2M sale)
 Blippar
 Blablacar
 Ulmart
 Home24
 Rovio (valued 0.4B)
Evolution of Europe's leading tech companies:
Nearly 100 transactions valued > $1 billion since 2011
Note: Includes some landmark Israeli companies. Amounts represent total firm value. Excludes telecom & cable. 
1. Minority secondary transaction.
 = reached $1B later
 = value increase
 = decline in value later
 = reached $1B later
 = value increase
5
Current state of affairs in Europe: Venture-backed 
companies valued over $1 billion (aka Unicorns)
6
Company
Location
Industry vertical
Founding 
Year
Unicorn 
Year
Years to 
Unicorn
Valuation    Momentum Ownership
#1
Spotify
Sweden
Music streaming
2006
2011
5
 11B 

Venture capital
#2
Adyen
Netherlands
Payment platform
2006
2014
8
 5B*

Venture capital
#3
Farfetch
UK
Fashion marketplace
2008
2015
7
 4B*

Venture capital, corporate
#4
Auto1 Group
Germany
Automotive marketplace
2012
2015
3
 3B 

Venture capital
#5
Telegram
UK/Dubai
Encrypted messaging
2013
2018
5
 3B*

Private
#6
Vente Privee
France
Fashion eCommerce
2001
2013
12
 2.7B 

Growth equity
#7
The Hut Group
UK
eCommerce
2004
2017
13
 2.8B 

Venture capital, growth equity
#8
Klarna
Sweden
Payment platform
2005
2013
8
 2.5B 

Venture capital
#9
BioNTech
Germany
Cancer immunotherapies
2008
2018
10
 2.3B 

Venture capital
#10 Roivant
Switzerland
Drug development
2014
2017
3
 2B*

Venture capital
#11 Deliveroo
UK
Food delivery
2012
2016
4
 1.6B 

Venture capital
#12 Check24
Germany
Price comparison
1999
--
--
 1.5B 

Venture capital
#13 BenevolentAI
UK
AI for science
2013
2015
2
 1.5B 

Venture capital
#14 BlaBlaCar
France
Ride sharing platform
2006
2014
8
 1.5B 

Venture capital
#15 CureVac
Germany
Drug development
2000
2015
15
 1.4B 

Venture capital
#16 TransferWise
UK
Money transfer
2010
2016
6
 1.3B 

Venture capital
#17 Blippar
UK
Augmented Reality
2011
2015
4
 1.2B 

Venture capital
#18 Oxford Nanopore Tech
UK
Molecular analysis technology
2005
2016
11
 1.2B 

Venture capital
#19 OakNorth Bank
UK
Business banking
2013
2017
4
 1.1B 

Financial institutions
#20 Cabify
Spain
Ride-hailing app
2011
2018
7
 1.1B 

Venture capital, corporate
#21
Jumia Group
France/Africa African online marketplaces
2012
2016
4
 1.0B 

Venture capital, corporate
#22 Global Fashion Group
Germany
Fashion eCommerce
2011
2015
4
 1.0B 

Venture capital, corporate
#23 Funding Circle
UK
Lending marketplace
2010
2016
6
 1.0B 

Venture capital
#24 OVH
France
Hosting
1999
2018
19
 1.0B 

Growth equity
#25 Fanduel
UK/US
Fantasy sports
2009
2015
6
 0.9B 

Venture capital, private equity, corporate
#26
Immunocore
Switzerland
Drug development
2008
2015
7
 0.9B 

Venture Capital
#27 UiPath
Romania
Industrial robotics
2012
2018
6
 0.9B 

Venture Capital
#28 MindMaze
Switzerland
Neurotechnology
2012
2016
4
 0.9B 

Venture Capital
#29 Letgo
Spain
Marketplace
2015
2017
2
 0.9B 

Venture capital
#30
Improbable
UK
Game developer software
2012
2017
5
 0.9B 

Venture capital
#31 Tricentis
Austria
Software testing solutions
2008
2018
10
 0.9B 

Venture capital
Note: BrewDog is valued over 1 billion but not a tech company.
7
The ten biggest exits make 70-80% of venture capital 
returns. Fewer big exits in 2017 meant a 60% drop in 
realised exit value
Source: Dealroom.co. Excludes Israel. 
Note: Realised value is based on % sold. Unrealised value is based on remaining % unsold.
Supercell (1.4B)
Cambridge Silicon Radio (CSR) (2.0B)
King.com (5.4B)
Supercell (7.8B)
Allfunds Bank (1.8B)
Hybris (0.9B)
Rocket Internet SE (1.6B)
Axis Communications (2.5B)
Acerta Pharma (5B)
Delivery Hero (0.9B)
Skrill (0.7B)
Markit (1.0B)
TeamSystem (1.2B)
Allegro (3.6B)
Rovio (0.9B)
Neolane (0.5B)
Advanced Computer Software (0.9B)
Skrill (1.1B)
FleetMatics (3B)
Delivery Hero (0.7B)
G4S (0.5B)
TeamViewer (0.9B)
AVITO (1.1B)
Skyscanner (2.2B)
Imagination Technologies (0.7B)
Acuris (0.5B)
Fotolia (0.7B)
Supercell (1.1B)
AVG (1.7B)
Momondo Group (0.5B)
Zipcar (0.4B)
Zalando (0.6B)
360T (0.7B)
Sisal (1.2B)
Ogeda (0.5B)
Devgen (0.4B)
Google DeepMind (0.5B)
Rocket Internet SE (0.6B)
Heptagon (1B)
Rigontec (0.5B)
Ogone (0.4B)
NaturalMotion (0.5B)
Yemeksepeti (0.5B)
Arcam (0.8B)
euNetworks (0.5B)
CRITEO (0.2B)
Zoopla (0.4B)
Auto Trader UK (0.5B)
Hibernia Networks (0.6B)
Symetis (0.4B)
 1.1B
 5.5B
 7.1B
 7.6B
 5.2B
 7.0B
 14.5B
 21.8B
 30.0B
 12.0B
2013
2014
2015
2016
2017
Top-10
VC backed 
exits
 7B  
 15B  
 22B  
 30B  
 12B  
 4B  
 24B  
 16B  
 21B  
 18B  
 11B  
 38B  
 37B  
 56B  
 30B  
 59B+  
83  
122  
230  
274  
294  

 60
 120
 180
 240
 300
 360

 10B  
 20B  
 30B  
 40B  
 50B  
 60B  
2013
2014
2015
2016
2017
2018-2019
VC-backed exits: realised exit value (B)
Unrealized value (B)
Number of exits
8
.. however, the pipeline of big exits is worth 60 billion. That 
still excludes < $1bn exits and companies below-the-radar 
Source: Dealroom.co. Excludes Israel. 
Note: Realised value is based on % sold. Unrealised value is based on remaining % unsold.
Increasing number of 
VC-backed exits
Unrealised, meaning:
If 75% of a company is 
sold for 750M then the 
remaining 25% is counted 
as 250M unrealised
Pipeline of 
unicorns in VC 
portfolios. 
Excludes 
companies such 
as GoEurope, 
GetYourGuide, 
Atom Bank and 
many others. 
Also excludes 
under-the-radar 
companies
Excludes ARM IPO
9
Earlier
2013
2014
2015
2016
2017
Potential 2018-2020 exits
Index Ventures
Asos (3.5B), Betfair (1.7B), 
MySQL(0.8B), Skype (3.3B)
CRITEO (1.5B IPO)
Supercell (2.8B)
Just-Eat (1.7B IPO)
King.com (5.7B IPO)
Photobox (0.5B)
Mimecast (0.5B)
Privalia (0.5B)
SwiftKey (0.2B)
Adyen (~5B), Farfetch (~4B), Deliveroo (1.6B), Funding Circle (1B), 
BlaBlaCar (1.5B), TransferWise (1.3B), Ozon (0.6B)
Accel Partners
Supercell (2.8B)
Avito.ru (2.5B)
Showroomprivee (0.7B)
SwiftKey (0.2B)
Rovio (0.9B)
Spotify (11B), Deliveroo (1.6B), Funding Circle (1B), BlaBlaCar (1.5B), 
Letgo (1B), Check24 (1.5B), UiPath (1B)
Insight Venture Partners
Trivago (0.7B)
TeamViewer (0.9B)
Photobox (0.5B)
Mimecast (0.5B)
Privalia (0.5B)
Delivery Hero (4.4B IPO), 
HelloFresh (1.8B IPO)
Letgo (1B), BlaBlaCar (1.5B), Tricentis (0.8B)
HV Holtzbrinck Ventures
CityDeal (0.8B)
Rocket (6.7B IPO)
Zalando (5.3B IPO)
Delivery Hero (4.4B IPO)
HelloFresh (1.7B IPO)
Home24 (0.4B), Ozon (0.6B)
Balderton Capital
Betfair (1.7B), MySQL (0.9B), 
Yoox (1.8B), Bebo (0.7B)
NaturalMotion (0.4B)
Talend (0.6B IPO USA) 
The Hut Group (2.8B)
Institutional Venture Partners MySQL (0.8B), Fleetmatics (2.2B)
Supercell (2.8B)
Shazam (0.4B)
Klarna (2.5B), TransferWise (1.3B)
Highland Europe
Photobox (0.5B)
Privalia (0.5B)
Matchesfashion (0.8B)
Social Point (0.3B)
Rocket Internet SE
CityDeal (0.8B)
Zalando (5.3B IPO)
Delivery Hero (4.4B IPO)
HelloFresh (1.7B IPO)
Global Fashion (1B), Funding Circle (1B), Jumia (1B)
Scottish Equity Partners
BioVex (0.8B)
CSR (2.0B)
Skyscanner (1.7B)
Matchesfashion (0.8B)
83North
Hybris (0.8B)
Just-Eat (1.7B IPO)
Social Point (0.3B)
Bessemer Venture Partners
Skype (3.3B)
CRITEO (1.5B IPO)
TeamViewer (0.9B) 
Baring Vostok
Yandex (7.3B IPO)
Avito.ru (2.5B)
Ozon (0.6B), BlaBlaCar (1.5B)
Lakestar
Skype (3.3B)
King.com (5.7B IPO)
Spotify (11B), Klarna (2.5B)
Vitruvian Partners
Just-Eat (1.7B IPO)
Skyscanner (1.7B)
Farfetch (3-4B)
Baillie Gifford
Skyscanner (1.7B)
HelloFresh (1.7B IPO)
Spotify (11B),Auto1 (3B), Funding Circle (1B), 
TransferWise (1.3B), Home24 (0.4B), CureVac (1.4B)
Northzone
Avito.ru (2.5B)
Letgo (1B), Spotify (11B), Klarna (2.5B)
DST Global
Zalando (5.3B IPO)
Spotify (11B), Klarna (2.5B), Auto1 (3B), Funding Circle (1B), 
Deliveroo (1.6B), Farfetch (4B)
Atomico
Skype (3.3B)
Supercell (2.8B)
Rovio (0.9B)
Klarna (2.5B)
Softbank
Betfair (1.7B)
CRITEO (1.5B IPO)
Supercell (7.9B)
Auto1 (3B), Improbable (1B), OneWeb (2.3B), ARM (26B), 
Roivant (~2B)
Piton Capital
Betfair (1.7B)
Auto1 (3B), Fanduel (1.1B)
Index Ventures has the most consistently delivered big exits, 
followed by Accel, HV Partners, and Insight VP
Accel Partners and Index Ventures have the most unicorns 
in their portfolio, followed by late stage firm DST
10
Source: Dealroom.co. 
1. As per Dealroom's investor prominence ranking.
Softbank also plans to 
re-list ARM (36B+)
Dealroom Prominence Rank
 (1)
#7
#1
#117
#98
#267
#8
#9
#14
#95
#4
#34
#189
#50
#145
#5
#21
#27
#126
#55
#131
Accel 
Partners 
Index 
Ventures DST Global
Baillie 
Gifford
Fidelity 
Insight 
Venture 
Partners 
Rocket 
Internet
Goldman 
Sachs
Temasek Northzone
KKR
Softbank
Summit 
Partners
IVP
Lakestar Creandum
General 
Atlantic
LocalGlobe
Piton 
Capital Woodford
Investments in portfolio
7
6
6
5
4
3
3
3
3
3
3
3
2
2
2
2
2
2
2
2
Spotify  11.0B 
V
V
V
V
V
V
V
V
Spotify
Adyen
 5B*
V
V
V
Adyen
Farfetch
 4B*
V
V
V
Farfetch
Auto1 Group
 3.0B 
V
V
V
V
V
Auto1 Group
Telegram
 3B*
Telegram
Vente Privee
 2.7B 
V
Vente Privee
The Hut Group
 2.8B 
V
The Hut Group
Klarna
 2.5B 
V
V
V
V
V
V
Klarna
BioNTech
 2.3B 
V
BioNTech
Roivant
 2.0B 
V
Roivant
Deliveroo
 1.6B 
V
V
V
V
Deliveroo
Check24  1.5B*
V
Check24
BenevolentAI
 1.5B 
V
BenevolentAI
BlaBlaCar
 1.5B 
V
V
V
BlaBlaCar
CureVac
 1.4B 
V
CureVac
TransferWise
 1.3B 
V
V
V
V
TransferWise
Blippar
 1.2B 
Blippar
Oxford Nanopore Tech
 1.2B 
V
Oxford Nanopore Tech
OakNorth Bank
 1.1B 
OakNorth Bank
Cabify
 1.1B 
Cabify
Jumia Group
 1.0B 
V
V
V
Jumia Group
Global Fashion Group
 1.0B 
V
Global Fashion Group
Funding Circle
 1.0B 
V
V
V
V
V
V
Funding Circle
OVH  1.0B*
V
OVH
Fanduel
 0.9B 
V
V
Fanduel
Immunocore
 0.9B 
Immunocore
UiPath
 0.9B 
V
UiPath
MindMaze
 0.9B 
MindMaze
Letgo
 0.9B 
V
V
V
V
Letgo
Improbable
 0.9B 
V
V
Improbable
Tricentis
 0.9B 
V
Tricentis
Leaderboard: notable heavy hitting venture capital investors 
into big European (potential) exits
Source: Dealroom.co
Notable mention: like HV Ventures, Kinnevik invested in Rocket, Zalando, HelloFresh, Avito
Realised exits > $1B
(Potential) Unicorns still in portfolio
11
MySQL
CRITEO
Betfair
Just Eat
Skype
 Asos
Supercell 
King.com
Adyen
Deliveroo
Funding Circle
BlaBlaCar
TransferWise
Farfetch
6 unicorns worth 14B
 21B 
 0.8B 
 1.5B 
 1.7B 
 1.7B 
 3.3B 
 3.5B 
 2.8B 
 5.4B 
 5B 
 1.6B 
 1.0B 
 1.5B 
 1.3B 
 4.0B 
Potential unicorns: Ozon
CityDeal
HelloFresh
Delivery Hero
Zalando
Rocket Internet
Global Fashion 1 unicorns worth 1B
2 unicorns worth 1B
 19B 
 0.8B 
 1.7B 
 4.4B 
 5.3B 
 6.7B 
 1.0B 
Potential unicorns: Home24, Ozon
CityDeal
HelloFresh
Delivery Hero
Zalando
Global Fashion
Funding Circle
Jumia Group
3 unicorns worth 3B
 12B 
 0.8B 
 1.7B 
 4.4B 
 5.3B 
 1.0B 
 1.0B 
 1.0B 
Potential unicorn: Home24
Matchesfashion
BioVex
Skyscanner 
CSR
promising portfolio
 5B 
 0.8B 
 0.8B 
 1.6B 
 2.0B 
Rocket Internet
HelloFresh
Zalando
Avito.ru
Global Fashion 1 unicorns worth 1B
 16B 
 6.7B 
 1.7B 
 5.3B 
 2.5B 
 1.0B 
Rovio
Showroomprivee
Avito.ru
Supercell
Spotify
Letgo
Check24
Funding Circle
Deliveroo
BlaBlaCar
UiPath
7 unicorns worth 18B
Other notable exits below $1 billion:
 7B 
 0.9B 
 0.8B 
 2.2B 
 2.8B 
 11.0B 
 0.9B 
 1.5B 
 1.0B 
1.6
 1.5B 
 0.9B 
Index: Privalia, Photobox, Mimecast, Swiftkey
Supercell 
 Criteo 
 Betfair
Auto1
Improbable
 OneWeb
ARM
Roivant
5 unicorns worth 34B
Balderton: Bebo, Talend (US), NaturalMotion
 11B 
 7.9B 
 1.5B 
 1.9B 
 3.0B 
 0.9B 
 2.3B 
 26.0B 
 2B 
Accel: SwiftKey
TeamViewer
CRITEO
Skype
promising portfolio
Bessemer: Wix
 6B 
 0.9B 
 1.5B 
 3.3B 
Insight: Wix, Photobox, Mimecast
Trivago
HelloFresh
Delivery Hero
Letgo
BlaBlaCar
Tricentis
3 unicorns worth 3B
83 North: Social Point
 7B 
 0.8B 
 1.7B 
 4.4B 
 0.9B 
 1.5B 
 0.9B 
MySQL
Fleetmatics
Supercell
Klarna
TransferWise
2 unicorns worth 4B
 6B 
 0.8B 
 2.2B 
 2.8B 
 2.5B 
 1.3B 
MySQL
Yoox
Betfair
The Hut
1 unicorns worth 3B
 4B 
 0.8B 
 1.8B 
 1.7B 
 2.8B 
Rovio
Supercell
Skype
Klarna
1 unicorns worth 3B
 7B 
 0.9B 
 2.8B 
 3.3B 
 2.5B 
Avito.ru
Yandex
BlaBlaCar
1 unicorns worth 2B
 10B 
 2.5B 
 7.3B 
 1.5B 
Potential unicorns: Ozon
Skype
King.com 
Spotify
Klarna
2 unicorns worth 14B
 9B 
 3.3B 
 5.4B 
 11.0B 
 2.5B 
Skyscanner 
Just Eat
Farfetch
1 unicorns worth 4B
 3B 
 1.7B 
 1.7B 
 4.0B 
Hybris
Just Eat
promising portfolio
 3B 
 0.8B 
 1.7B 
HelloFresh
Skyscanner 
Spotify
Auto1 
CureVac
TransferWise
Funding Circle 5 unicorns worth 18B
 3B 
 1.7B 
 1.7B 
 11.0B 
 3.0B 
 1.4B 
 1.3B 
 1.0B 
Avito.ru
Spotify
Klarna
Letgo
3 unicorns worth 14B
 3B 
 2.5B 
 11.0B 
 2.5B 
 0.9B 
Zalando
Spotify
Auto1 
Klarna
Deliveroo
Funding Circle
Farfetch
6 unicorns worth 23B
 5B 
 5.3B 
 11.0B 
 3.0B 
 2.5B 
 1.6B 
 1.0B 
 4.0B 
83North
Softbank
Scottish 
Equity
Rocket 
Internet
DST Global
Northzone
Kinnevik
Baillie 
Gifford
Vitruvian
Lakestar
Baring 
Vostok
Bessemer
Atomico
Balderton 
Insight VP
Index 
Ventures
Institutional 
VP
HV Ventures
Accel 
Partners
UK, Germany and Sweden are in the lead in terms of 
generating big exits for investors
Venture backed exits 2013-2017
Total firm value at transaction
Source: Dealroom.co
Total value of known unicorns
Market value or last transaction value
12
 57B 
 35B 
 25B 
 11B 
 8B 
 4B 
 4B 
UK
Germany
Sweden
Netherlands
France
Spain
Switzerland
 17B 
 9B 
 14B 
 5B 
 5B 
 2B 
 4B 
UK
Germany
Sweden
Netherlands
France
Spain
Switzerland
10 companies
5  
2  
1  
3  
2  
3  
Acquired tech companies valued over $1 billion
13
Company
Location
Industry vertical
Valuation
Ownership
Parent Company
#1
ARM Group
United Kingdom
semiconductors
 24B 
Private equity
SoftBank
#2
Avio Aero
Italy
transportation
 4B 
Private equity
Cinven
#3
Allegro
Poland
fashion, home
 3B 
Private equity
Cinven, Permira, Mid Europa Partners
#4
1&1 Internet
Germany
hosting
 3B 
Private equity
United Internet AG, Warburg Pincus
#5
Anticimex
Sweden
agritech
 2B 
Private equity
EQT Private Equity
#6
Cambridge Silicon Radio (CSR)
United Kingdom
semiconductors
 2B 
Private equity
Qualcomm
#7
Allfunds Bank
Spain
fintech
 2B 
Private equity
Hellman & Friedman, Singapore GIC
#8
Hotelbeds Group
Spain
travel, back office
 1B 
Private equity
Cinven
#9
Argus Media
United Kingdom
analytics, energy
 1B 
Private equity
General Atlantic
#10
Sisal
Italy
poker gambling
 1B 
Private equity
Apax Partners, Permira, CVC Capital Partners
#11
Avaloq
Switzerland
fintech
 1B 
Private equity
Warburg Pincus
#12 MATCHESFASHION.COM
United Kingdom
fashion
 1B 
Private equity
Apax Partners
Company
Location
Industry vertical
Valuation
Ownership
Parent Company
#1
Booking.com
Netherlands
travel
 85B 
Corporate
Booking Holdings
#2
Supercell
Finland
gaming
 10B 
Corporate
Tencent
#3
Drillisch
Germany
telecom
 8B 
Corporate
United Internet AG
#4
Skype
Sweden
telecom
 9B 
Corporate
Microsoft
#5 Misys
United Kingdom
fintech
 7B 
Corporate
Finastra
#6
Global Switch
United Kingdom
hosting
 5B 
Corporate
Consortium
#7
PokerStars
Isle of Man
poker gambling
 5B 
Corporate
The Stars Group - Amaya
#8
Business Objects
France
back office
 5B 
Corporate
SAP SE
#9
Acerta Pharma
Netherlands
health
 4B 
Corporate
AstraZeneca
#10
TelecityGroup
United Kingdom
hosting
 3B 
Corporate
Equinix
#11
AVITO
Russia
real estate, transportation
 3B 
Corporate
Naspers
#12
Bureau van Dijk
Belgium
fintech, analytics
 3B 
Corporate
Moody's
#13
VKontakte
Russia
content
 3B 
Corporate
Mail.ru Group
#14 Wood Mackenzie
United Kingdom
analytics, energy
 3B 
Corporate
Verisk Analytics
#15 Mojang
Sweden
gaming
 3B 
Corporate
Microsoft
#16
Interoute Communications Ltd
United Kingdom
telecom, hosting
 2B 
Corporate
Global Telecom & Technology - GTT
#17
Skyscanner
United Kingdom
travel, deal comparison
 2B 
Corporate
Ctrip
#18
Bambora
Sweden
fintech
 2B 
Corporate
Ingenico Group
#19
LM Wind Power
Denmark
energy
 2B 
Corporate
General Electric (GE)
#20
bwin
Gibraltar
sports, poker gambling
 1B 
Corporate
GVC Holdings
#21
Bol.com
Netherlands
home
 1B 
Corporate
Ahold
#22
Airwave Solutions
United Kingdom
telecom
 1B 
Corporate
Motorola Solutions
#23
Skrill
United Kingdom
fintech
 1B 
Corporate
Optimal Payments
#24
Premier Farnell
United Kingdom
semiconductors
 1B 
Corporate
Avnet
#25
BioVex
United Kingdom
health
 1B 
Corporate
Amgen
#26
Hybris
Germany
merchant tools, marketing
 1B 
Corporate
SAP SE
#27 MySQL
Sweden
developer tools, back office
 1B 
Corporate
Oracle
#28
Outfit7
Cyprus
gaming
 1B 
Corporate
United Luck Group Holdings
#29
Prexton therapeutics
Switzerland
health
 1B 
Corporate
Lundbeck
#30
Advanced Computer Software
United Kingdom
agency, back office
 1B 
Corporate
Vista Equity Partners
#31
Heptagon
Switzerland
micro-optics products
 1B 
Corporate
Ams AG
#32
VocaLink
United Kingdom
fintech
 1B 
Corporate
MasterCard
#33
GlobalCollect
Netherlands
fintech
 1B 
Corporate
Ingenico Group
#34
Ogeda
Belgium
health
 1B 
Corporate
Astellas Pharma
#35
E-shelter Berlin
Germany
hosting, back office
 1B 
Corporate
NTT communications
Private 
equity
Corporate
ownership
Publicly traded tech companies valued >$1bn (many of 
which are less widely known than their private counterparts)
Company
Location
Industry vertical
Valuation
Company
Location
Industry vertical
Valuation
#1
SAP SE
Germany
marketing, back office
 104B 
#39
GVC Holdings
Isle of Man
gaming, poker gambling
 3B 
#2
ASML
Netherlands
semiconductors
 68B 
#40
IG Group
United Kingdom
fintech
 3B 
#3
NXP Semiconductors
Netherlands
semiconductors
 40B 
#41
Abcam
United Kingdom
health
 3B 
#4
Amadeus
Spain
travel
 27B 
#42
Nemetschek Group
Germany
construction
 3B 
#5 WPP
United Kingdom
marketing
 26B 
#43
CRITEO
France
marketing
 3B 
#6
Infineon Technologies
Germany
semiconductors
 25B 
#44
Avio
Italy
transportation
 3B 
#7
Nokia
Finland
telecom
 24B 
#45
Boohoo.com
United Kingdom
fashion
 2B 
#8
IHS Markit
United Kingdom
fintech, analytics
 20B 
#46
Trivago
Germany
travel, deal comparison
 2B 
#9
STMicroelectronics
Switzerland
semiconductors
 18B 
#47
FleetMatics
Ireland
analytics, transportation
 2B 
#10
United Internet AG
Germany
telecom, hosting
 13B 
#48
Rocket Internet SE
Germany
fashion, food
 2B 
#11
IGT
United Kingdom
gaming
 12B 
#49
Takeaway.com
Netherlands
directory, food
 2B 
#12 WireCard
Germany
fintech
 12B 
#50
Zoopla
United Kingdom
real estate
 2B 
#13
RTL Group
Luxembourg
content
 11B 
#51 MoneySupermarket
United Kingdom
fintech, deal comparison
 2B 
#14
Zalando
Germany
fashion
 11B 
#52
Play Communications
Poland
telecom
 2B 
#15
Sage Group
United Kingdom
fintech, back office
 10B 
#53
Evolution Gaming
Sweden
poker gambling
 2B 
#16
Axel Springer
Germany
Classifieds, content
 9B 
#54
BCA Marketplace
United Kingdom
transportation
 2B 
#17
Asos
United Kingdom
fashion
 7B 
#55
TomTom
Netherlands
iot internetofthings, transportation
 2B 
#18
Just Eat
United Kingdom
directory, food
 7B 
#56
HelloFresh
Germany
food
 2B 
#19
Admiral Group
United Kingdom
fintech
 7B 
#57 Mimecast
United Kingdom
security, back office
 2B 
#20
King.com
United Kingdom
gaming
 6B 
#58
Alfa
United Kingdom
fintech, transportation
 2B 
#21
Delivery Hero
Germany
directory, food
 6B 
#59
ARGENX
Belgium
health
 2B 
#22
Schibsted Media Group
Norway
content
 6B 
#60
Equniti
United Kingdom
fintech, back office
 2B 
#23 Markit
United Kingdom
fintech, analytics
 6B 
#61
XING AG
Germany
jobs recruitment
 1B 
#24
Gemalto
Netherlands
security
 5B 
#62
PurpleBricks
United Kingdom
real estate
 1B 
#25
Rightmove
United Kingdom
real estate
 5B 
#63
AVG
Netherlands
security
 1B 
#26
Auto Trader UK
United Kingdom
transportation
 5B 
#64
Luxoft
Russia
fintech, back office
 1B 
#27
Scout24 Holding
Germany
real estate, transportation
 4B 
#65
Blue Prism Group PLC
United Kingdom
robotics
 1B 
#28
Ocado
United Kingdom
food
 4B 
#66
Zooplus
Germany
pets
 1B 
#29
Interxion
United Kingdom
hosting
 4B 
#67
SoLocal Group
France
directory, marketing
 1B 
#30
Kuka
Germany
robotics, semiconductors
 4B 
#68
888 Holdings
Gibraltar
gambling
 1B 
#31
Stroeer Media
Germany
marketing
 4B 
#69
Leovegas
Malta
gambling
 1B 
#32 William Hill Online
United Kingdom
gaming
 4B 
#70
Net Entertainment
Sweden
gambling
 1B 
#33
Ablynx
Belgium
health
 4B 
#71
Rank Group
United Kingdom
gambling
 1B 
#34
CTS EVENTIM
Germany
events
 4B 
#72
THQ Nordic
Austria
gaming
 1B 
#35
Yoox Net-a-Porter
Italy
fashion
 3B 
#73
On The Beach Holidays
United Kingdom
travel
 1B 
#36
Travelport
United Kingdom
travel, marketing
 3B 
#74
eDreams ODIGEO
Spain
travel
 1B 
#37
Kindred Group
United Kingdom
gaming, poker gambling
 3B 
#75
Catena Media
Malta
marketing
 1B 
#38
Unibet Group
United Kingdom
poker gambling
 3B 
#76
Sophos
United Kingdom
security
 1B 
14
</p>