Record number of unicorns born
The US venture industry 2021 generated a record number of so called unicorn companies valued at more than USD 1 billion, surpassing the combined total of each of the past five years. Investors deployed more than USD 71 billion across 340 unicorn deals last year, according to financial data and software company PitchBook.
“A flood of funding from non-traditional and crossover investors has played a crucial role in driving up valuations. The average pre-money valuation for late-stage VC deals with non-traditional investor participation had hit a high of USD 1.13 billion as of the end of the third quarter, according to PitchBook.
“While much of the capital has gone toward late-stage mega-deals with lofty new valuations, 2021 also set a record for early-stage unicorn deals in the US.”
The company also reports that Europe has its first 2022 unicorn with French payroll software developer PayFit’s Euro 254 million funding. The round values the French startup at Euro 1.82 billion and was led by General Atlantic with participation from existing backers Eurazeo, Bpifrance and Accel. PayFit has now raised Euro 433 million in total funding.
“The European HR tech sector saw an explosion of VC investment in 2021 as the global shift to remote or hybrid work has made managing human capital more complex. Startups in the industry raised a total of Euro 2.6 billion, an increase of 289% over 2020, PitchBook reports.
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