Entrepreneurship
The World’s Biggest Startups: Top Unicorns of 2021
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The World’s Biggest Startups: Top Unicorns of 2021
Many entrepreneurs start businesses around the world, but only the most successful new companies become “unicorns”—the biggest startups with a valuation above $1 billion.
Some unicorns are little-known companies making quiet but impactful strides in software, healthcare, automotive, and other fields. Others have already become well-known industry leaders, like aerospace manufacturer SpaceX and game developer and publisher Epic Games.
In total, there are more than 800 unicorn startups globally. That said, this visualization specifically hones in on the world’s decacorns (unicorns with valuations above $10 billion) as of December 2021 according to CB Insights.
Private Startups Valued at Over $10 Billion
The world’s most prominent unicorns constantly see their valuations change as they enter different rounds of funding or maturity.
In December 2021, there were 35 startups with a valuation above $10 billion, spread out across different countries and industries.
| Company | Valuation | Country | Category |
|---|---|---|---|
| Bytedance | $140B | China | Artificial intelligence |
| SpaceX | $100.3B | U.S. | Other |
| Stripe | $95B | U.S. | Fintech |
| Klarna | $45.6B | Sweden | Fintech |
| Canva | $40B | Australia | Internet software & services |
| Instacart | $39B | U.S. | Supply chain, logistics, & delivery |
| Databricks | $38B | U.S. | Data management & analytics |
| Revolut | $33B | UK | Fintech |
| Nubank | $30B | Brazil | Fintech |
| Epic Games | $28.7B | U.S. | Other |
| Chime | $25B | U.S. | Fintech |
| FTX | $25B | China (Hong Kong) | Fintech |
| BYJU's | $21B | India | Edtech |
| Xiaohongshu | $20B | China | E-commerce & direct-to-consumer |
| J&T Express | $20B | Indonesia | Supply chain, logistics, & delivery |
| Fanatics | $18B | U.S. | E-commerce & direct-to-consumer |
| Yuanfudao | $15.5B | China | Edtech |
| DJI Innovations | $15B | China | Hardware |
| SHEIN | $15B | China | E-commerce & direct-to-consumer |
| Checkout.com | $15B | UK | Fintech |
| goPuff | $15B | U.S. | E-commerce & direct-to-consumer |
| Plaid Technologies | $13.4B | U.S. | Fintech |
| Grammarly | $13B | U.S. | Internet software & services |
| Devoted Health | $12.6B | U.S. | Health |
| Faire | $12.4B | U.S. | Artificial intelligence |
| Brex | $12.3B | U.S. | Fintech |
| SenseTime | $12B | China | Artificial intelligence |
| Bitmain Technologies | $12B | China | Hardware |
| Biosplice Therapeutics | $12B | U.S. | Health |
| JUUL Labs | $12B | U.S. | Consumer & retail |
| GoodLeap | $12B | U.S. | Internet software & services |
| ZongMu Technology | $11.4B | China | Auto & transportation |
| Global Switch | $11.1B | UK | Hardware |
| Celonis | $11B | Germany | Data management & analytics |
| Weilong | $10.9B | China | Consumer & retail |
Many of the most valuable startups are already giants in their fields. For example, social media company Bytedance is the developer behind video network platform Douyin and its international version, TikTok, and has amassed a valuation of $140 billion.
Financial services and payment software company Stripe jumped from a valuation of $36 billion to $95 billion over the course of the COVID-19 pandemic.
Even less universally prominent names like Swedish fintech Klarna ($45.6 billion) and Australian graphic design platform Canva ($40.0 billion) are well known within their respective fields.
But private valuations don’t last forever. Many eventually go public, like electric vehicle maker and Tesla competitor Rivian, which had a valuation of $27.6 billion before listing on the NASDAQ.
The Biggest Startups by Industries and Countries
Breaking down the world’s biggest startups by industry highlights that tech is still king in most investing circles.
More than 77% of unicorns valued above $10 billion are categorized directly in tech-related fields, primarily in financial and commerce software.
| Startups Valued Above $10B By Industry | Number |
|---|---|
| Fintech | 9 |
| E-commerce & direct-to-consumer | 4 |
| Artificial intelligence | 3 |
| Hardware | 3 |
| Internet software & services | 3 |
| Consumer & retail | 2 |
| Data management & analytics | 2 |
| Edtech | 2 |
| Health | 2 |
| Other | 2 |
| Supply chain, logistics, & delivery | 2 |
| Auto & transportation | 1 |
And many of the unicorns categorized in non-tech fields are still technology companies at their core. In fact, Indonesia’s logistics and package delivery company J&T Express is one of the few unicorns not directly in tech, though it still uses automated sorting in its warehouses.
It was one of the few startups to come from somewhere other than the U.S. or China, which together accounted for over 70% of the 35 biggest startups. The UK (3) was the next most-frequently listed headquarters, while Australia, Brazil, Germany, India and Sweden each had one of these unicorns on the list.
With constantly fluctuating valuations and technological breakthroughs always around the corner, the next $10 billion unicorn could come from almost anywhere.
Entrepreneurship
The Type of Business Every Country Wants to Start
This series of maps shows a regional breakdown of the most popular types of businesses people want to start, based on online search results.
Creator Program
The Type of Business Every Country Wants to Start
View a higher resolution version of this map.
Every year, millions of new businesses are started across the world—in 2021, nearly 5.4 million new business applications were filed in the U.S. alone.
And since startups and new businesses play a significant role in shaping a country’s economic growth, encouraging entrepreneurship is vital. But what types of businesses around the world are people most interested in starting?
These maps by ZenBusiness show the most popular types of businesses that entrepreneurs in nearly every country want to start, based on analyzing relevant internet search results.
Most Searched Businesses Around the World
To source the data, ZenBusiness analyzed searches from Ahrefs, specifically looking for the term “start a business” and its equivalents in local languages as of February 2022.
They then found the relevant topic or keyword with the highest search volume, and organized the results into 11 different industries:
- Beauty & Cosmetics
- Food & Drink
- Logistics & Infrastructure
- Personal Services
- Recycling
- Software Development
- Business & Financial
- Leisure & Tourism
- Marketing
- Real Estate
- Retail & E-Commerce
The data showed that the industries entrepreneurs are most attracted to vary greatly from country to country, depending on a variety of factors such as infrastructure, business climate, and culture.
Here’s a breakdown of the most searched businesses around the world, broken down by region.
Africa
From cooking gas refills in South Africa to supplements in the Gambia, entrepreneurs across Africa seem to be interested in starting a wide range of businesses (at least according to their searches).
But while the results varied across the region, the most-searched industry was personal services such as cleaning, interior design, and contracting. Cleaning was especially popular, ranking first in six different African countries.
One African country worth highlighting is Morocco, where freight is the most-searched startup term across the country. This makes sense considering Morocco is home to several major ports, including the Port of Tanger Med, which is Africa’s largest port by cargo capacity.
Europe
In Europe, real estate is the most-searched industry, ranking number one in seven different countries across the continent. Over the last decade, the European Union’s real estate market has boomed—between 2010 and 2021, home prices in the EU increased by 42%.
Retail is also a popular industry across Europe, with clothing-related searching taking the top spot in five different European countries.
Middle East & Central Asia
From soap production in Uzbekistan to dropshipping in Azerbaijan, the Middle East & Central Asia have the most diverse searches compared to any other region.
One particularly interesting top search was in the United Arab Emirates, where imports and exports ranked first. The UAE’s economy is heavily reliant on trade, especially oil, which makes up 30% of the region’s GDP and 41% of public revenues.
Rest of Asia & Oceania
Asia and Oceania had an interesting mix of unique business searches. For instance, pig farming ranked number one in the Solomon Islands, and lawn moving took the top spot in New Zealand.
But generally speaking, retail was one of the most-searched-for business types across this region, with clothing taking the top spot in countries like Australia, Indonesia, and Singapore.
North America
Across North America, retail takes the top spot for most searched business type. In fact, the top searches in nearly half of the region’s countries are related to the retail or e-commerce industry.
The U.S. currently has the largest retail market in the world, although China is close on its heels. In 2021, America’s retail market was valued at over $6.5 trillion U.S. dollars.
South America
Food was the top searched industry across South America, ranking number one in half the countries across the region. In Brazil, sweets took the top spot, which might not be surprising considering the country is the top sugar cane producer worldwide.
Clothing was also a popular business idea, taking the top spot in five South American countries.
Which countries surprised you the most with their new business interest?
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