Private equity data collector Pitchbook is out with a fascinating look at which unicorn companies were the fastest to $1 billion in valuation and which were the slowest. (For newbies, a unicorn company is one with a private valuation of $1 billion or more).
Before taking a look, which 10 companies would you guess show up on the top 10 fastest? Which would you guess show upon the top 10 slowest to a billion?
Fastest to $1 Billion
The fastest company to unicorn status is Desktop Metal. It took Desktop Metal 1 year and 9 months to reach unicorn status since its founding in October 2015. Along the way, Desktop Metal raised about $277 million from venture capitalists.
In second place is Grail, a biotech firm developing an early cancer detection test. Grail also took 1 year and 9 months to reach unicorn status since its founding in January 2016, raising $1.3 billion along the way.
In third place is Essential, a manufacturer of smartphones and mobile phone accessories. It took Essential 1 year and 11 months to reach a $1 billion valuation since its founding in November 2015, raising $330 million along the way.
In fourth place is Letgo, an online marketplace for buying and selling used goods. It took Letgo 2 years from January 2015 to reach unicorn status, acquiring $475 million in venture capital funding along the way.
In fifth place is Zoox, a provider of self-driving vehicles and control systems. Zoox took 2 years to reach a unicorn valuation since its founding in July 2014, amassing a valuation of $3.5 billion and $302 million in venture capital funding en route to unicorn status.
The bottom five members of the top 10 include Katerra (2 years and 1 month, $1.1 billion in venture capital funding); Illumio (2 years and 3 months, $267 million in venture capital funding); Instacart (2 years and 4 months, $1 billion in venture capital); Opendoor (2 years and 8 months, $320 million in venture capital funding); and Airbnb (2 years and 11 months, $3.4 billion in venture capital funding).
Source: Pitchbook
Slowest to $1 Billion
Shifting to the tortoises, the companies that took the longest to reach unicorn status.
The top tortoise (or bottom, depending upon your perspective) is Vice, a digital media company. It took Vice 19 years to reach a unicorn status after its founding in 1994.
In second place is Intarcia, also taking 19 years to reach a $1 billion valuation. The developer of medical technology therapies that target chronic diseases raised $1.4 billion since its founding in 1995.
In third place is SMS Assist, taking 17 years to reach unicorn status after amassing $259 in venture capital funding since its founding in 1999.
In fourth place is Xavidxchange, an invoice automation and bill payment processing software. Xavidxchange was founded in 2000, and didn’t reach unicorn status until 2017, garnering $568 million in venture capital funding along the way.
In fifth place is Proteus, a digital feedback system intended to monitor health. It took Proteus 16 years since its 1998 founding to attract $388 million in venture capital funding and eventually reach its $1 billion valuation.
The bottom five members of the tortoise club include Deem (15 years), Medallia (14 years), MarkLogic (14 years), Payoneer (12 years), and Unity (11 years).
Source: Pitchbook
Conclusion
Overall, Pitchbook provided an interesting view of the companies that took the longest to reach unicorn status and the companies that reached $1 billion in valuation the fastest.
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