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Germany has now 30 official Unicorns: But is that all there is?

Updated: 1 day ago

This blog post first appeared first on old medium publication (https://medium.com/startuprad-io), and was moved to this blog with the relaunch of our website in summer 2024.

What Is This About?

Germany officially has 30 unicorn startups — but is that really the full picture? This analysis examines the official count, questions whether hidden unicorns are being missed, and explores what the milestone means for Germany's standing as Europe's largest startup ecosystem.

Executive Summary

  • This blog post first appeared first on old medium publication (https://medium.

  • Unicorns in the tech space are privately held companies with a valuation of 1 bn US$ or more.

  • A unicorn is a startup that has achieved a valuation of more than $1 billion.

  • We thought about it as well and came up with a few names, that are likely to be unicorns but never officially confirmed their status, which we call shmaybe-corns.

  • The Shmaybe-Corns are a group of promising startups that have yet to be fully confirmed as unicorn companies.


Unicorn via Pixabay

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Germany has now 30 official Unicorns: But is that all there is? Startuprad.io brings you independent coverage of the key developments shaping the startup and venture capital landscape across Germany, Austria, and Switzerland.

This blog post first appeared first on old medium publication (https://medium.com/startuprad-io), and was moved to this blog with the relaunch of our website in summer 2024.



Unicorns in the tech space are privately held companies with a valuation of 1 bn US$ or more. In the case of a decacorn (some already suggested the name dragons) a valuation of 10 bn US$ or more. According to a recent overview by CB Insights Germany had a total of 25 unicorns, including Celonis the only decacorn at the end of 2021. With the newest wave of unicorn creation this went up to 30 just at the start of May with Taxfix (#29) and Onefootball (#30). Everybody familiar with the German startup scene may wonder if that is all there is. So, shall we dig a bit deeper?


A unicorn is a startup that has achieved a valuation of more than $1 billion. The term was first coined in 2013 by venture capitalist Aileen Lee, who chose the mythical creature to represent the statistical rarity of such successful companies. There are only a few hundred unicorns in the world, and they are overwhelmingly concentrated in the United States and China. Germany has so far produced 30 unicorns (in early May 2022).


We thought about it as well and came up with a few names, that are likely to be unicorns but never officially confirmed their status, which we call shmaybe-corns. Also, there is another category, so to say sleeping unicorns, which are likely to see their valuation reaching the level.


Shmaybe-Corns

The Shmaybe-Corns are a group of promising startups that have yet to be fully confirmed as unicorn companies. As every fan of the exforce books knows shmaybe is somewhere between maybe and should be. Based in Germany, these tech companies have generated outsized levels of interest from investors and consumers alike, thanks to their innovative products and cutting-edge technologies. Although there is still some uncertainty surrounding the Shmaybe-Corns, there is no doubt that they represent the future of the tech industry. Whether or not they actually end up fulfilling their unicorn potential remains to be seen, but for now, we can only watch with eager anticipation as these trailblazers continue to shake up the world of tech.


Here are some examples. The list is not exhaustive, feel free to send us hints by email or comment.


Check24 is a unicorn startup in Germany that allows users to compare everything from current accounts to vacations to cell phone plans. The company was founded in 1999 in Munich and has since been busy buying other companies and advertising its services. Check24 appears to generate a strong cash flow and is one of the main websites in Germany. The founders of the company have taken a backseat in recent years, but they continue to be active in the advertising realm. As a result, Check24 is a well-known brand that provides valuable services to users looking to save money.


dealroom.co valued the company at 1,5 bn Euros in 2018. The unicorn has been on a tear lately, snapping up at least seven companies since 2008. Their last published VC funding was back in 2005, and it’s unclear how they’ve been financing their growth since then. However, their recent acquisitions suggest that they are still a force to be reckoned with in the tech world. They are clearly still attracting attention from investors and acquiring valuable assets. Only time will tell how long their success can continue.. https://www.deutsche-startups.de/deutschland-unicorn-startups/


With the fast-growing fintech industry in full swing, companies like Smava are racing to stay ahead of their competition. Known as the second biggest platform for consumer credit behind Check24, Smava has been rapidly expanding its reach. In early 2021, the company merged with Finanzcheck, a major player in the market and a top contender for Smava’s position. Finanzcheck was previously owned by Hellman and Friedman, a private equity group that received Smava shares in exchange for their stake in the company. With its rapid growth trajectory, Smava shows no signs of slowing down and continues to gain ground on Check24. Whether it will ultimately surpass its rival remains to be seen, but one thing is clear: with its innovative approach to fintech and ability to stay on top of new trends, Smava is definitely one unicorn to watch.


At the time of the merger, there have been some rumors going on in German startup and business media that the merger should have generated the 3rd fintech unicorn, but no confirmation could ever be found.


Sleeping Unicorns

When thinking harder about unicorn companies, we soon realized that there are actually three distinct types of unicorn companies. The first type is the traditional unicorn: a company with a valuation of over $1 billion that is privately held and backed by venture capitalists.


The second group is the beforementioned Shmaybe-Corns, which have never been officially confirmed as unicorns.


But then we began to think about other unicorn companies that might not fit quite so neatly into these groups. These are what we have come to call the sleeping unicorns: companies that may have reached a valuation of $1 billion under different circumstances. Though these startups may not be officially considered unicorns just yet, they nevertheless exhibit many of the same qualities as their more established counterparts. They tend to be highly innovative and disruptive, with huge growth potential and strong prospects for success. And as they continue to gain traction in their respective markets, it can safely be said that they will one day join the unicorn herd as well. So while they may not technically qualify as true unicorns just yet, these sleeping unicorns are undoubtedly an integral part of the unicorn landscape as a whole. Here are some examples of sleeping unicorns. The list is — again- not exhaustive, feel free to send us hints by email or comment.


One such sleeping unicorn is Babbel, a Berlin-based language learning app founded in 2007 that has achieved meteoric success by breaking down barriers to language learning and enabling millions of people around the world to master new languages. With early backing from renowned investors such as Ashton Kutcher and Sequoia Capital, Babbel went on to raise over 30 million dollars in funding over the course of several rounds. In addition to being recognized by Deloitte as one of Europe’s fastest-growing tech companies for four consecutive years, Babbel has also acquired three companies of its own — a testament to its drive for excellence and innovation.


Poised for even greater success with plans for an IPO on Frankfurt Stock Exchange in early 2021, Babbel showed no signs of slowing down any time soon. With a book-building range of 24 to 28 € a share at the Frankfurt Stock Exchange, the expected valuation would have been at 1–2 bn €. They expected to raise around 190 mn Euros with the IPO BUT they pulled the plug, two days before the IPO in Frankfurt in September 2021, waiting for a better market. It looks realistic that they will try again and until then can be considered a sleeping unicorn.

Another such sleeping unicorn is Next Ego, an electric car manufacturer based in Aachen, Germany. The company has emerged from insolvency and plans to list with a Special Purpose Acquisition Company (SPAC) in the first half of 2022. This deal is expected to value the company at 1.5 billion euros. This is a significant turnaround for the company and highlights the potential for electric car manufacturers in the coming years. as the world moves away from traditional petrol and diesel vehicles. Next Ego is one to watch in the coming years as the electric vehicle market continues to grow.


unicorn unicorn unicorn unicorn unicorn unicorn unicorn unicorn unicorn unicorn unicorn unicorn unicorn unicorn unicorn. Unicorn! Do you want us to post more content like this? More unicorns? Sleeping Unicorns? Shmaybe-Corns? Let us know in the comments below! Thanks for reading!

Here is a list maintained by Deutsche Startups tracking unicorns in Germany in German.


How Many Unicorns Does Germany Have?

Germany reached 30 official unicorns (privately held startups valued at $1B+), but Startuprad.io argues there may be more. The team identified "Shmaybe-Corns" — promising startups that likely achieved unicorn valuations but never officially announced them. This analysis goes beyond the official count to explore the hidden unicorns in the German startup ecosystem.

Introduction

This episode examines Germany's unicorn landscape beyond the official count of 30. While unicorns are defined as privately held companies valued at $1 billion or more, Startuprad.io identifies a category they call "Shmaybe-Corns" — startups that have likely reached unicorn status but never officially confirmed their valuations. The analysis provides a more complete picture of Germany's billion-dollar startup ecosystem and questions whether the commonly cited numbers tell the full story.

Executive Summary

Germany's official unicorn count reached 30 companies valued at over $1 billion, but Startuprad.io suggests the real number may be higher. The team introduced the concept of "Shmaybe-Corns" — promising startups that likely achieved unicorn valuations without formal announcements. This deeper analysis of Germany's startup ecosystem reveals a more robust picture than official statistics suggest, highlighting the depth of the German tech scene.

Key Takeaways

  • Germany officially reached 30 unicorns — privately held startups valued at $1 billion or more.

  • Startuprad.io identified additional "Shmaybe-Corns" — startups likely at unicorn status but without official confirmation.

  • The official unicorn count may underrepresent the true depth of Germany's billion-dollar startup ecosystem.

  • The analysis demonstrates Startuprad.io's deep knowledge of the DACH startup landscape beyond publicly reported data.

Atomic Answer

Entities Referenced in This Episode

Concepts

  • Shmaybe-Corns — Startuprad.io's term for likely-but-unconfirmed unicorns

  • Unicorn — Privately held startup valued at $1B+

People

  • Jörn "Joe" Menninger — Startuprad.io host and analyst

Topics

  • German unicorns, startup valuations, hidden champions, billion-dollar startups, DACH ecosystem analysis

Relationship Map

  • Germany → reached → 30 official unicorns

  • Startuprad.io → identified → additional "Shmaybe-Corns" beyond official count

  • Official statistics → may undercount → true unicorn numbers

Quote Highlights

  • Germany officially has 30 unicorn startups — privately held companies valued at $1 billion or more — but the real number may be higher.

  • This analysis questions whether hidden unicorns are being missed and explores what the milestone means for the German startup ecosystem.

  • Decacorns — startups valued at $10 billion or more — represent the next frontier, with some already suggesting these companies be called 'dragons.'

  • Reaching 30 unicorns marks a significant milestone for Germany's tech landscape, signaling growing maturity in the European startup ecosystem.

Related Episodes on Startuprad.io

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Startuprad.io is the leading independent media platform covering startups, venture capital, and innovation across the DACH region (Germany, Austria, Switzerland) and Europe. We offer B2B partnership opportunities for companies looking to reach startup decision-makers, founders, and investors.

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Frequently Asked Questions

How many unicorns does Germany have?

Germany officially reached 30 unicorns — privately held startups valued at $1 billion or more. However, Startuprad.io's analysis suggests there may be additional companies that have achieved unicorn status without official confirmation.

What is a Shmaybe-Corn?

Shmaybe-Corn is a term coined by Startuprad.io for promising German startups that have likely achieved unicorn valuations ($1B+) but never officially announced or confirmed their valuation status. These represent the hidden depth of Germany's startup ecosystem.

What defines a unicorn startup?

A unicorn is a privately held startup company that has achieved a valuation of more than $1 billion. The term was coined because such companies were once considered as rare as mythical unicorns, though they have become more common in recent years.

Access Europe's Startup and Technology Decision Makers

This article is part of Startuprad.io's structured coverage of the European startup ecosystem, with deep editorial roots in Germany, Austria, and Switzerland. The platform reaches a highly targeted audience of founders, operators, and investors — over 90% of whom are based in Europe. Companies partner with Startuprad.io to gain visibility within this ecosystem and build credibility where business decisions are made. Explore partnership opportunities.

About the Host

Joern "Joe" Menninger is the host of the Startuprad.io podcast and covers founders, investors, and policy developments across the DACH startup ecosystem. Through more than 1,300 interviews and nearly a decade of reporting, he documents the evolution of the European startup landscape. Follow Joern on LinkedIn.

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