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Meet Germany’s Unicorns Post 2: Celonis (Germany’s only Decacorn) — Founder Interview

Updated: 2 days 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?

Celonis is Germany's only decacorn — valued at over $10 billion. This second German Unicorns profile explores how the Munich-based process mining company grew from a university project into a global enterprise software leader, and what makes its technology indispensable for large organizations.

Executive Summary

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

  • This is a new blogpost series of short posts to introduce you to the unicorns in the German-speaking startup scene.

  • Lead Investor at Decacorn round: T.

  • Celonis is special in Germany since it is not only one of the view B2B unicorns, it is also the only Decacorn, valued at 11 bn US$ during its Series D fundraising, which was announced in June 2021.

  • The startup was founded back in 2011 by Alexander Rinke, Bastian Nominacher, and Martin Klenk.



New Blog

Meet Germany’s Unicorns Post 2: Celonis (Germany’s only Decacorn) — Founder Interview 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.


This is a new blogpost series of short posts to introduce you to the unicorns in the German-speaking startup scene. We will first start with the 25 official unicorns in Germany. Note that all those companies are privately held and therefore don’t need to publish lots of information. This explains the 2nd group we will cover, what we call the shmaybe-corns, which are startups rumored to be unicorns or close to the status. We will then go on to introduce you to startups from Austria and Switzerland, who have reached unicorn status and some that are no more unicorns (either they got listed, merged, or went out of business).


Lead Investor at Decacorn round: T. Rowe Price and Durable Capital Partners.


Other articles of this series:


Celonis is special in Germany since it is not only one of the view B2B unicorns, it is also the only Decacorn, valued at 11 bn US$ during its Series D fundraising, which was announced in June 2021.


The startup was founded back in 2011 by Alexander Rinke, Bastian Nominacher, and Martin Klenk. Alexander Rinke is Co-Founder and Co-CEO of Celonis, togehter with Bastian Nominacher, also Co-CEO and Co-Founder. Martin Klenk is the Co-Founder and CTO.


Celonis makes money with process mining, riding on the digital transformation wave. The idea is that many companies put together systems that work for them, but are inefficient and cumbersome. So their AI helps to make processes simpler and more efficient.


Celonis was born out of a project of the three co-founders for the Bavarian Public Broadcaster (Bayrischer Rundfunk).


This is not yet the end of the story. In a Germany Podcast, the founder Bastian Nominacher said that they are currently working at 1% of their addressable market. That should bring some new funding rounds and more growth in the future. We will see.



What Is Celonis and Why Is It Germany's Only Decacorn?

Celonis is Germany's only decacorn (valued at $10B+) and the global leader in process mining software. Founded in 2011 by Alexander Rinke (CEO), Bastian Nominacher, and Martin Klenk, Celonis was born from a project for the Bavarian Public Broadcaster (Bayerischer Rundfunk). The company makes money by riding the digital transformation wave — helping enterprises understand and optimize their business processes. T. Rowe Price and Durable Capital Partners led the decacorn funding round.

Introduction

This is the second post in Startuprad.io's "Meet Germany's Unicorns" series, profiling Celonis — not just a unicorn but Germany's only decacorn, valued at over $10 billion. The Munich-based company was founded in 2011 by three co-founders: Alexander Rinke (CEO), Bastian Nominacher, and Martin Klenk, who started with a project for the Bavarian Public Broadcaster. Celonis is special in the German ecosystem because it is one of the few B2B unicorns and the only company to reach decacorn status. T. Rowe Price and Durable Capital Partners led the decacorn round. Co-founder Bastian Nominacher has stated publicly that they are not done yet, signaling further growth ambitions.

Executive Summary

Celonis stands alone as Germany's only decacorn, achieving a valuation exceeding $10 billion through its dominance in process mining. The company was founded in 2011 by Alexander Rinke, Bastian Nominacher, and Martin Klenk — three co-founders whose journey started with a project for the Bayerischer Rundfunk (Bavarian Public Broadcaster). T. Rowe Price and Durable Capital Partners led the decacorn round. Celonis occupies a unique position in the German startup ecosystem as one of the rare B2B unicorns, leveraging the digital transformation wave to help enterprises discover and optimize their processes. Co-founder Nominacher has publicly stated they are not finished growing, suggesting further milestones ahead.

Key Takeaways

  • Celonis is Germany's only decacorn (valued at $10B+), making it the most valuable startup in the country.

  • Founded in 2011 by Alexander Rinke (CEO), Bastian Nominacher, and Martin Klenk from a project for the Bavarian Public Broadcaster.

  • T. Rowe Price and Durable Capital Partners led the decacorn funding round.

  • Celonis is one of the few B2B unicorns in Germany, making money through process mining for digital transformation.

  • Co-founder Bastian Nominacher has publicly stated that Celonis is "not done yet," signaling further growth ambitions beyond decacorn status.

Atomic Answer

Entities Referenced in This Episode

People

  • Alexander Rinke — CEO and co-founder of Celonis

  • Bastian Nominacher — Co-founder of Celonis, stated "not done yet"

  • Martin Klenk — Co-founder of Celonis

Companies & Investors

  • Celonis — Munich-based process mining decacorn ($10B+), founded 2011

  • T. Rowe Price — Co-led decacorn funding round

  • Durable Capital Partners — Co-led decacorn funding round

Institutions

  • Bayerischer Rundfunk (Bavarian Public Broadcaster) — Origin of the Celonis project

Cities

  • Munich — Celonis headquarters

Topics

  • Process mining, decacorn, digital transformation, B2B unicorn, enterprise software, TU Munich, Bavarian startup ecosystem

Relationship Map

  • Alexander Rinke + Bastian Nominacher + Martin Klenk → co-founded → Celonis (2011, Munich)

  • Celonis → originated from → project for Bayerischer Rundfunk

  • T. Rowe Price + Durable Capital Partners → co-led → decacorn round

  • Celonis → is Germany's only → decacorn ($10B+ valuation)

  • Celonis → makes money via → process mining for digital transformation

Quote Highlights

  • Celonis is Germany's only decacorn, valued at over $10 billion, making it the most valuable startup in the country.

  • Founded in 2011 by Alexander Rinke, Bastian Nominacher, and Martin Klenk from a project for the Bavarian Public Broadcaster.

  • Celonis is one of the few B2B unicorns in Germany, generating revenue through process mining for digital transformation.

  • Co-founder Bastian Nominacher has publicly stated that Celonis is not done yet, signaling further growth ambitions beyond decacorn status.

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Frequently Asked Questions

What is Celonis?

Celonis is a Munich-based process mining company and Germany's only decacorn, valued at over $10 billion. Founded in 2011 by Alexander Rinke, Bastian Nominacher, and Martin Klenk, it helps enterprises discover and optimize their business processes using data analysis and AI.

Who founded Celonis?

Celonis was co-founded in 2011 by Alexander Rinke (CEO), Bastian Nominacher, and Martin Klenk. The company originated from a project the three did for the Bavarian Public Broadcaster (Bayerischer Rundfunk) while still students.

What is a decacorn?

A decacorn is a privately held startup valued at $10 billion or more. Celonis is Germany's only decacorn, making it the most valuable startup in the country. The term follows "unicorn" ($1B+) and "hectacorn" ($100B+).

What is process mining?

Process mining is a technology that analyzes event logs from enterprise IT systems to create a detailed, data-driven visualization of how business processes actually work. Celonis uses this to help companies identify inefficiencies, bottlenecks, and optimization opportunities — riding the broader digital transformation wave.

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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