April 2023 Sees New Entrants to Crunchbase Unicorn Board
In April, seven companies achieved unicorn status, joining the prestigious Crunchbase Unicorn Board. These newcomers span various sectors, including data, healthcare, security, and defense technology. Notably, the wave of advancements in artificial intelligence has been a major catalyst for growth in at least five of these firms.
Sector Breakdown of Newly Minted Unicorns
Software Dominance
Among the new additions, six companies operate within the software realm, while one represents a fusion of hardware and software in the defense sector. The healthcare firms are primarily aimed at consumer markets, contrasting with the others that focus on enterprise and government applications.
Geographic Distribution
Geographically, the majority of the unicorns (six) are based in the United States, with one company headquartered in Toronto, Canada.
Funding Trends: Up and Down Rounds
Besides the newly minted unicorns, April witnessed 38 existing members of the Unicorn Board securing additional funding. This activity included several noteworthy up rounds, as well as some challenging down rounds.
Highlighting Up Rounds
Among the standout success stories, AI lab Safe Superintelligence achieved an astronomical valuation increase of 540%, reaching $32 billion in merely seven months, marking a historic record for such rapid growth. Similarly, Chainguard, a security firm, attained a valuation of $3.5 billion, reflecting a 213% rise over nine months.
Other notable up rounds included:
- Pennylane: A French accounting fintech that doubled its valuation.
- Runway: A New York-based AI video startup that also saw its valuation double.
- Flow: The residential real estate venture by WeWork co-founder Adam Neumann, valued at $2.5 billion after a 150% increase due to funding from Andreessen Horowitz.
Exploring Down Rounds
In contrast, several firms faced down rounds. For instance:
- Plaid: A fintech company now valued at $6.1 billion, down 54% from its previous valuation.
- Nuro: A self-driving technology company that raised funds at a 30% decrease, resulting in a $6 billion valuation.
- Kavak: An online platform for used car sales in Mexico, now valued at $2.2 billion after a staggering 75% drop.
- Jobs&Talent: This Spanish firm experienced a 38% decrease, raising funds at a valuation of $1.5 billion.
It is important to note that many of these down rounds reflect valuations established during the peak market conditions observed in 2021.
Current Unicorn Landscape
The Unicorn Board now encompasses a total of 1,585 companies, collectively valued at approximately $5.9 trillion with total funding reaching $1 trillion. Notably, around 25% of these firms have secured funding since the start of 2024.
Detailed Overview of April’s New Unicorns
Data Sector
- Supabase: This open-source relational database raised $200 million and now boasts a $2 billion valuation.
- Redpanda Data: A data platform for managing data streams, it secured $100 million, reaching a valuation of $1 billion.
Healthcare Innovations
- Chapter: A Medicare platform for seniors, raised $75 million, now valued at $1.5 billion.
- Nourish: A telehealth service focused on nutrition advice, secured $70 million and attained a $1 billion valuation.
Privacy and Security Enhancements
- Tailscale: A network VPN service, raised $160 million and reached a valuation of $1.5 billion.
- Cyberhaven: Specializing in data loss prevention, it raised $100 million and has a valuation of $1 billion.
Defense Technology
- Chaos: A defense tech company focusing on detection and monitoring technology, raised $275 million, achieving a $2 billion valuation.
Crunchbase Unicorn Board Methodology
The Crunchbase Unicorn Board is a carefully curated list featuring private companies with post-money valuations exceeding $1 billion. New companies are added as they achieve this milestone during funding rounds. Notably, the valuations listed do not reflect internal assessments that differ based on specific company evaluations.
All funds raised are reported in U.S. dollars, with foreign currencies converted at historical rates from the time of the funding events.