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The Ultimate 2025 DACH Unicorn Startups Tracker by Startuprad.io

Illustration of a unicorn with tech circuit background titled 'Unicorn Tracker by Startuprad.io', representing DACH unicorn startups.

Welcome to Startuprad.io's DACH Unicorn Tracker, your definitive source for understanding the billion-dollar startup landscape across Germany, Austria, and Switzerland. In this comprehensive guide, we revisit the unicorn boom, explore the market shifts since 2021, and profile the key players shaping the region's innovation economy in 2025. Whether you’re an investor, founder, policymaker, or startup enthusiast—this is your go-to hub for unicorn insights.


📊 Explore the Unicorn Index (by Startuprad.io)


We’ve organized all of our unicorn-related content into a central, continuously updated Unicorn Index. This pillar page includes:


  • 🎧 All podcast episodes featuring DACH unicorns

  • 📺 Exclusive video interviews with founders and executives

  • 📰 In-depth blog posts and market commentary

  • 🗃️ Data snapshots and valuation histories


👉 Visit the Startuprad.io Unicorn Index →

Whether you want to explore a company’s full trajectory or compare sectoral movements, this index gives you a 360° view of the DACH unicorn ecosystem.


🚀 What Is a Unicorn Startup?

A unicorn is a privately held startup valued at over $1 billion. In recent years, the DACH region has emerged as one of Europe's most dynamic startup ecosystems, producing unicorns in fintech, HR tech, e-commerce, climate tech, AI, and more. Our tracker not only captures success stories but also spotlights companies that have faced downturns or strategic pivots.


📈 Unicorn Trends Since 2021

The pandemic-era investment boom of 2020–2021 saw an unprecedented surge in unicorn designations, particularly in Germany. However, tighter capital markets and rising interest rates from 2022 onwards introduced new volatility. Many once-celebrated unicorns have since lost their status, while others doubled down on efficiency and emerged stronger.


Key Trends in 2025:

  • Valuation Recalibrations: Numerous startups—including Grover, Jokr, and Tier—have seen valuations dip below $1B.

  • Profitability Focus: Formerly growth-first companies are now prioritizing unit economics and lean operations.

  • Market Consolidation: M&A activity and market exits have intensified across sectors like micromobility and quick commerce.

  • Sector Standouts: Fintech, logistics tech, and AI remain dominant, with deepening investment in defense tech and climate innovation.


🦄 Active Unicorns in DACH (2025)

We have identified and profiled over 45 unicorn companies across Germany, Austria, and Switzerland. Below is a selection of the most prominent, sorted by sector and region. Each profile includes funding updates, leadership changes, strategic shifts, and where available, links to Startuprad.io interviews or episodes.


Fintech & Banking

  • Trade Republic (Berlin) – 8M users, ECB license, service outage challenges.

  • N26 (Berlin) – 4.8M revenue-generating customers, growth rebound.

  • Mambu (Berlin) – Acquired Numeral, new CEO, Google Cloud award.

  • Raisin (Berlin) – Profitability milestone, €57B AUM, Upvest partnership.


Enterprise Software & HR

  • Celonis (Munich) – Germany’s only decacorn, AI pivot, IPO delayed.

  • Personio (Munich) – Workforce restructuring, HR innovation leader.

  • Staffbase (Chemnitz) – DDR’s first unicorn, intranet leader, Gartner recognition.


Logistics & Freight Tech

  • Sennder (Berlin) – Doubled revenue via acquisition, leadership expansion.

  • Forto (Berlin) – Layoffs, restructuring, IPO planning.


Consumer Tech & Marketplaces

  • Contentful (Berlin) – Composable CMS, AI personalization.

  • GetYourGuide (Berlin) – $2B valuation, global scaling.

  • Bitpanda (Vienna) – DeFi wallet, Deutsche Bank partnership.

  • Scalable Capital (Munich) – €17B AUM, EU regulation risk.


Climate Tech & Hardware

  • Climeworks (Zurich) – CO2 capture leadership, Mammoth plant.

  • 1Komma5Grad (Hamburg) – €150M funding, IPO in 2026.

  • Enpal (Berlin) – €905M revenue, solar and heat pump integration.


Emerging Sectors

  • DeepL (Cologne) – $2B valuation, Clarify & advanced APIs.

  • Helsing (Munich) – €5B valuation, defense AI in Ukraine.

  • Quantum Systems (Gilching) – €100M funding, drone production in Ukraine.

📉 Former Unicorns: From Boom to Reset


Some DACH unicorns have experienced valuation drops, restructuring, or dissolution. Their stories are equally instructive:

  • Wefox – Leadership turnover, emergency funding, below $1B.

  • Grover – €1B burned, restructuring case.

  • Infarm – Bankruptcy, assets sold.

  • Solaris – €90M valuation, AML issues.

  • Jokr – Pivot to LATAM only, valuation dropped.


🎧 Podcast & Video Library


Explore our rich archive of unicorn interviews and features:

  • Interview: Clark CEO on Scaling in Insurtech

  • Episode: Forto's Strategic Vision

  • Raisin Founder Talks Profitability


Check back regularly—we are adding transcripts, summaries, and highlight reels.


📊 Interactive Unicorn Tracker (Coming Soon)


We are working on an interactive version of this list with filters by:

  • Country (Germany, Austria, Switzerland)

  • Sector (Fintech, Climate, AI, Logistics...)

  • Status (Current, Former, Acquired)


🧭 Why Trust Startuprad.io?

We’ve tracked DACH startups since 2014, publishing hundreds of interviews, reports, and features. Our Unicorn Tracker is more than a list—it’s a journalistic commitment to accuracy, context, and continuous updates.


📥 Stay in the Loop

Subscribe to our newsletter or podcast to receive:

  • Monthly unicorn updates

  • New interviews with founders and VCs

  • Data-backed trend reports on the DACH startup landscape


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