What are unicorn companies?

With the rise of unicorns, what does this actually mean in the SaaS world?

With the phrase SaaS unicorn becoming ever more used Halzak looks into the meaning behind the buzz of Unicorns. The term was 1st used by Aileen Lee, Founder of Cowboy Ventures back in 2013 in her article “Welcome to the Unicorn Club: Learning from Billion-Dollar Startups”. A unicorn is a title given to any private company that has reached a valuation of at least $1b (£roughly £830m). The phrase back in 2013 was given due to the scarcity of private help start-ups achieving this level of valuation. However, in 2022 the phrase Unicorn Company is no longer so scarce.

There are thought to be over as of June 2022 1,170 companies worldwide with unicorn status with a total cumulative valuation of $3.8 trillion according to CB Insights, with the US being the current home to the largest number of unicorns. The market and the world have changed in the past 3 years following the Covid-19 pandemic seeing the emergence of new super companies coining new phrases.

Decacorns – Companies worth over $10b

Hectocorns – Companies worth over $100b – Such as ByteDance, SpaceX, and Shein

ByteDance 10 years ago didn’t exist, in 2016 TikTok was launched making ByteDance today’s the largest unicorn (a Hectocorn) valued at $360billion.However, with the growing hype of aiming to reach unicorn status, we are seeing a new wave of companies “soonicorns” – Soon-to-be – unicorns these companies are typically close to the $1b valuation or surpassed who are yet to confirm this status.

How can Halzak help?

If you are a candidate looking to join the next Unicorn, Soonicorn, or Hectocorn Halzak are here to support that journey contact us or view our live jobs for more information.

If you are a founder, executive, or head of a division scaling and need help to find the best next talent or market insight the team here at Halzak can support just reach out directly to Kellie Kwarteng or Michael Kwarteng

Halzak – Connecting people who modernize the business world.

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