The number of new unicorns minted last year in Europe fell significantly from previous years, reaching its lowest level since 2018.
Some 10 startups reached a €1 billion-plus valuation in 2023, according to PitchBook data, down from 46 the year before. A lack of mega-rounds and continued valuation corrections across all stages led to last year’s smaller cohort.
But investors are predicting that 2024 may see a recovery in overall venture dealmaking which, if true, would mean a swell in the size of Europe’s unicorn herd.
We’ve put together a list of some of the region’s VC-backed companies that could cross the €1 billion threshold this year.
Poolside AI
Most recent post-money valuation: N/A
Generative AI is going to be the major theme of 2024. European unicorns that were minted in the space last year include OpenAI competitor Mistral AI and video synthesis platform Synthesia.
Originally based in the US but having relocated to Paris, Poolside AI could be the next in line to achieve a €1 billion valuation. The startup is creating a ChatGPT-like tool that can write software code. The aim is that people with no coding experience would be able to build apps using the tool.
Poolside AI’s current valuation is unknown but in August, the startup raised a pretty sizable seed round totaling $126 million from the likes of Felicis and French billionaire Xavier Niel—who is also a backer of Mistral AI.
Pasqal
Most recent post-money valuation: €409.7 million (2023)
Last year saw record levels of VC dealmaking in quantum computing with €515 million raised across 43 rounds, according to PitchBook data.
Appetite for startups in the space is likely to remain high in 2024, and French company Pasqal may well benefit from the increased interest.
Launched in 2019 based on the research of cofounder and Nobel Prize winner Alain Aspect, Pasqal builds quantum computers from ordered neutral atoms. The startup raised a €100 million Series B last year and released research that its technology could solve complex financial optimization problems as accurately as classical computers.
Isar Aerospace
Most recent post-money valuation: €415.2 million (2021)
With no independent means to access space, European Space Agency director general Josef Aschbacher says the continent is in the midst of a “launcher crisis.”
Isar Aerospace is developing next-generation rockets for sustainable access to space for small and medium satellites. It is planning to launch its first rocket from Norway in 2024, giving continental Europe its first spaceport for orbital missions.
Space tech was also another sector to see record amounts of VC investment in 2023 with €870.9 million raised compared to €497.4 million in 2022. If Isar Aerospace’s mission is successful, it could draw in more capital and a €1 billion-plus price tag.
SkyCell
Most recent post-money valuation: €567.9 million (2023)
The global healthcare sector contributes to 4.4% of global net emissions with the pharmaceutical industry estimated to generate around 52 megatons of CO2e annually—more than the automotive sector.
Swiss startup SkyCell is helping the pharmaceutical industry move toward a CO2 neutral supply chain by building smart containers to transport medicines. By controlling temperatures and eliminating loading risks, SkyCell reduces waste and offers a platform to help customers predict their CO2 impact and plan sustainable routes.
SkyCell secured $57 million in October in a round led by M&G‘s Catalyst Fund, bringing its total raised to over €150 million.
DNA Script
Most recent post-money valuation: €583.4 million (2022)
Life sciences has historically been a key area of focus for VCs and will likely attract significant funding this year despite declines in activity in 2023.
Paris-based DNA Script offers an alternative to traditional DNA synthesis by giving scientists the ability to print DNA through its proprietary technology. Its last funding round—a $200 million Series C—was in 2022 which means that it could be in the market for fresh funding soon.
Featured image by zoff-photo/Getty Images
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