UnternehmerTUM's press office gave us TUM's 23-company unicorn list. We checked all 23: its role is on record at two, plus HappyRobot via TUM Venture Labs.

Scalable Capital, Munich's neobroker unicorn, manages more than €30bn for over 1M clients and won a full ECB banking licence in 2025. Inside the $1.4B fintech's model — and where its valuation actually stands.

Personio, the Munich HR-software unicorn led by Hanno Renner, was last priced at $8.5B (June 2022, Greenoaks) and reported its first profitable quarter in 2026. How Europe's mid-market HRIS makes money — and where its valuation stands.

RobCo announced a $1B valuation on 5 Oct 2026. What's real, what's reported, and how Munich's robotics-as-a-service unicorn actually makes money.

DeepL, the Cologne AI-translation company led by Jaroslaw Kutylowski, hit a $2B valuation in 2024 (Index Ventures) and is reportedly weighing a US IPO. How it makes money and why its valuation is a moving target.

Flix — FlixBus, FlixTrain, Greyhound, Kâmil Koç — €2B 2023 revenue, €104M EBITDA, ~€3B implied after EQT and Kühne's 35% stake (2024). The asset-light global mobility unicorn, in full.

Trade Republic hit €12.5B / ~$14.7B in a Dec 2025 secondary, confirming decacorn status. Inside the model, ECB banking licence, €150B AUM, full funding history and the June-2026 PFOF cliff.

Spectrum reached orbit on its second flight. The factory near Munich is built for 40 rockets a year; the spaceport is licensed for 30 launches a year and has one working pad.

N26 turned its first full-year net profit in 2025 (€1.6M on €501.6M). Inside Europe's pioneering neobank: the BaFin growth cap, the founder-to-CEO handover, full valuation history and what it's worth now.

Quantum Systems reached an $8B valuation (July 2026) on a $1.2B Series D. Inside Germany's defence-drone champion: Vector/Twister, the Bundeswehr contract, the funding ladder and the scarcity-premium question.

HappyRobot announced a $1.2B post-money valuation in August 2026. TUM calls it unicorn #23. It is a Delaware corporation headquartered in San Francisco. Inside the four-address gap between where a company is formed and who ends up owning it.

Celonis, Germany's process-mining decacorn, was last primary-priced at ~$13B (2022); a 2024 secondary implies ~$7.7B. Inside the category, the founders, full valuation history and the SAP antitrust fight.

Berlin fintech Moss closed a €35M Series C at a €1B valuation — Germany's newest unicorn. Inside its bet on steerable Finance AI over autonomous agents.

An independent 2026 mark-to-market stress test estimates Europe's 199 VC-backed unicorns have lost roughly €123 billion in paper value, with about 60 modeled below $1B. Europe didn't lose 60 unicorns — it finally began pricing them again. Modeled estimates, attributed.

Helsing closed $1.8bn Series E at $18bn on July 13, 2026, led by Dragoneer and Lightspeed. Real product, real war, wartime valuation. First entry in the Unicorn Atlas.

Scaling a startup in DACH is now constrained less by talent than by growth-stage capital. The latest 2024–2025 funding data, scaling hubs, and the Series B+ gap across Germany, Austria & Switzerland.

Explore the Unicorn Atlas: Germany, Austria & Switzerland’s $1B+ startups, trends, IPOs, and exclusive interviews.