🦄 DACH Unicorn Index: The Ultimate Guide to Billion-Dollar Startups in Germany, Austria, and Switzerland
- Jörn Menninger
- Jun 13
- 4 min read
Updated: Jun 30
TL;DR
Discover all privately held startups in the DACH region with a $1B+ valuation. This index covers active unicorns, former unicorns, IPOs, Soonicorns and key trends — plus exclusive insights from Startuprad.io interviews and reports. This index is steadily updated. (Last Update June 2025)
🧠 What is a Unicorn Startup?
A unicorn is a privately held startup valued at over $1 billion. These companies often represent technological breakthroughs, aggressive scaling, and strategic market disruption.
In Germany, Austria, and Switzerland (DACH), unicorns span sectors like:
Fintech (N26, Raisin)
Mobility (Flix, Forto)
AI & Deep Tech (DeepL, Helsing, Parloa)
Climate Tech (Enpal, Climeworks)
📉 Unicorn status is increasingly fragile in 2025 as valuations fluctuate and VC funding tightens.
💬 Quick Definition:
A unicorn is a privately owned startup valued at $1B+ — a symbol of scale, innovation, and market confidence.
🔗 Global unicorn trackers:
📘 Key Startup Valuation Terms
Term | Definition |
Unicorn | Private startup valued at $1B+ |
Decacorn | Private startup valued at $10B+ |
Down Round | Funding round with a lower valuation than prior |
IPO | Initial Public Offering; private-to-public transition |
🧭 In This Guide:
✅ Full Unicorn Tracker (2025)
✅ Top DACH Unicorns by Sector & Country
✅ Former Unicorns That Lost Status
✅ IPO Graduates: Publicly Listed Former Unicorns
✅ Founder Interviews & Analysis from Startuprad.io
✅ Valuation Trends, Risks & Insights
📊 DACH Unicorn Tracker (2025 Edition)
Welcome to the central source for unicorn startups in the DACH region. Our tracker includes:
Country filters (🇩🇪 🇦🇹 🇨🇭)
Sector filters (Fintech, AI, Climate Tech, etc.)
Exit status (Active, IPO, or Valuation Drop)
⚙️ A fully interactive sheet and leaderboard table is launching soon. Stay tuned.
🦄 Active Unicorns in 2025 (Selected Highlights)
🇩🇪 Germany
Defence:
Helsing – In June 2025 defense unicorn Helsing disclosed a 600 mn US$ funding, valuing the company at 12 B US$, making it Germany's most valuable unicorn and only the second decacorn. We called it Germany's Alpha Unicorn.
Fintech & Banking
Trade Republic – $5.3B valuation, 8M+ users, full ECB license. (See: Gamestop episode)
N26 – Expanded into brokerage/crypto, post-regulatory rebound.
Mambu – Acquired Numeral; Google Cloud partner.
Raisin – €57B AUM, profitable, expanding in EU.
Enterprise & HR Tech
Celonis – Germany’s formerly only decacorn; delayed IPO for AI pivot. Currently Germany's 2nd most valuable startup.
Personio – Workforce reductions, still HR tech leader.
Staffbase – Internal comms leader; East Germany’s first unicorn.
Mobility & Logistics
Flix – Acquired Greyhound; Porsche SE investment.
Forto – Strategic pivot underway, IPO likely delayed.
Sennder – Acquired C.H. Robinson EU ops; top EU freight player.
Climate & Clean Energy
1Komma5Grad – Raised €150M; IPO expected in 2026.
Enpal – €905M revenue; Europe’s top home solar platform.
Climeworks – Direct air capture (DAC) leader; $1B+ in contracts.
Deep Tech & AI
DeepL – Translation unicorn; launched Clarify UX.
Helsing – Defense AI with €5B valuation.
Parloa – Raised $120M in May 2025 to reach unicorn status.
Quantum Systems – Defense drones; scaling production for Ukraine.
📉 Former Unicorns: Startups That Lost Status
Valuations drop — and unicorn status isn’t forever. Here are notable DACH companies that fell below the $1B mark:
Company | Former Valuation | Status |
Grover | $1B+ | Undergoing restructuring |
Jokr | $1.2B | Pivoted to LATAM, now <$800M |
Infarm | $1B+ | Insolvent, assets sold |
Wefox | $1.3B | Raised emergency funds, leadership shake-up |
Solaris | $1.4B → €90M | BaFin scrutiny, valuation crash |
Rocket Internet | Multiple unicorns delisted or deflated | |
Numbrs (CH) | $1B in 2019 | Failed funding round, layoffs, pivoted |
🧨 These collapses show the risks of fragile growth, missed pivots, or overfunding.
📈 Unicorns That IPOed (Now Public)
Several DACH unicorns transitioned successfully to public markets:
Company | IPO Year | Market | Peak Valuation |
HelloFresh | 2017 | Frankfurt | $15B+ |
Auto1 Group | 2021 | Frankfurt | €12B |
BioNTech | 2019 | NASDAQ | $50B+ peak during COVID |
CureVac | 2020 | NASDAQ | $1.5B |
Delivery Hero | 2017 | Frankfurt | $30B+ |
ADC Therapeutics (CH) | 2020 | NYSE | Biotech leader |
📡 Coverage by Startuprad.io
🎙️ We’ve interviewed the founders, covered the funding rounds, and tracked unicorns since 2017.
🔗 Popular Posts:
🎧 Explore our full Unicorn Audio Series
📚 Frequently Asked Questions about DACH Unicorns
Q: What is a unicorn startup?A: A privately held startup valued at over $1B. They’re rare, high-growth companies often backed by major VCs.
Q: How many unicorns are in Germany in 2025?A: As of mid-2025, Germany hosts over 35 active unicorns across fintech, AI, and mobility sectors.
Q: Which DACH unicorns IPOed recently?A: HelloFresh, Auto1, and BioNTech are notable IPOs. Several others like Celonis are eyeing 2026 listings.
Q: What are the newest unicorns in DACH?A: Parloa (AI), 1Komma5Grad (climate tech), and Enpal (solar) joined the unicorn club in 2024–2025.
✅ This block is marked with FAQPage schema for AI readability.
🗺️ Coming Soon
📈 Interactive unicorn dashboard
🧠 Yearly unicorn trend graphs
🌐 Industry filters + regional heatmaps
📣 Final CTA
Want deeper insight, trend breakdowns, or founder stories?
📬 Subscribe to Startuprad.io for monthly unicorn updates, VC trends, and exclusive interviews from the DACH startup ecosystem.
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