In collaboration with GP Bullhound, Viva Technology has unveiled the “Top 100 Next Unicorns” list for 2024, showcasing Europe’s most promising scaleups poised to achieve valuations exceeding USD 1 billion soon.
This annual compilation highlights the innovative prowess of European technology companies, with the United Kingdom (22), France (21), and Germany (14) emerging as the dominant trio of countries fostering potential unicorns. Notably, these companies span diverse sectors, with Software as a Service (SaaS) leading the charge with 43 entries, closely followed by Digital Media (16). Making a notable debut in the top three sectors is Artificial Intelligence/Big Data (16), underscoring Europe’s growing prominence in cutting-edge technologies.
François Bitouzet, Managing Director of Viva Technology, emphasized the structural evolution of Europe’s technology ecosystem, particularly in burgeoning sectors like SaaS and AI. “SaaS and AI sectors, where investment has been on the rise, are not only enabling Europe to hold its own against the United States and Asia but also to distinguish itself through a unique approach, promoting a model of innovation that is both sustainable from a business point of view and sustainable from a human and environmental point of view.”
Manish Madhvani, Managing Partner at GP Bullhound, expressed excitement about Europe’s tech innovation and the transformative role of AI across various sectors. “The rise of AI and Big Data companies in the Top 100 Next Unicorns list reflects Europe’s commitment to pushing technological boundaries, and we eagerly anticipate supporting these transformative companies in reshaping our world.”
The “Top 100 Next Unicorns” list has a track record of success, with nearly a third of previous entrants achieving unicorn status. Notable examples include Pennylane and Flo Health, reflecting the dynamic growth of Europe’s tech landscape. Additionally, the investment momentum remains strong, with companies raising an average of EUR 170 million, indicating sustained investor interest in European tech startups.
France stands out as a thriving hub for unicorns, with companies like Alan, Content Square, and ManoMano significantly contributing to previous list editions. Notable mentions include Matillon and Beamery in the United Kingdom, with Taxfix representing Germany’s tech prowess.
Compiled with investment bank GP Bullhound, the “Top 100 Next Unicorns” list was rigorously assessed based on actual and potential growth, total funds raised, headcount growth, geographical distribution, and societal impact. GP Bullhound will further explore Europe’s tech growth trends with its annual Titans of Tech report launch during VivaTech, which will feature insightful discussions with industry leaders.