top of page
Search

Unicorn Boom in Germany: Q3 2021 Tracker of Startup Valuations, SPACs, and IPO Drama


Startuprad.io hosts Joe and Chris recording the Unicorn Tracker bonus episode, discussing German startup unicorns and SPAC activity in Q3 2021
Cover, based on pictures from Pexels

Originally published in September 2021 on Medium and migrated during our 2024 website relaunch.


🎧 A Special Bonus Episode Recap from Startuprad.io


🔍 Management Summary


The third quarter of 2021 saw a remarkable spike in unicorn startups emerging across Germany, Austria, and Switzerland. From explosive mega funding rounds to botched IPOs and the quick commerce rollercoaster, Q3 was a defining chapter in Europe’s startup ecosystem. In this special bonus episode, Joe and Chris break down every major development — from the rise of Flink and Commercetools to the dramatic fallouts at Babbel and Gorillas.


🧠 Explore More: DACH Unicorn Coverage


If you're tracking the rise of billion-dollar startups in the German-speaking world, make sure to check out:


👉 The Unicorn Tracker ArchiveYour hub for all episodes and articles featuring unicorns from Germany, Austria, and Switzerland — updated as new companies hit the $1B mark.


Tune in to our Internet Radio Station here:


Subscribe Here

Find all options to subscribe to our newsletter, podcast, YouTube channel or listen to our internet radio station here


The Video Will Be Published On September 30th, 2021 at 17.00 CET



🦄 New Unicorn Startups in DACH (Q3 2021)


Germany and its DACH neighbors minted several unicorns during the summer months — showcasing investor enthusiasm across sectors:


🚀 Key Unicorn Highlights

  • Commercetools (Munich): Raised €120M from Accel and Rewe, valued at €1.62B

  • Berlin Brands Group: Bain Capital invested €700M for 40% stake — unicorn confirmed

  • Contentful (Berlin): Headless CMS startup raised $175M at $3B valuation

  • Isar Aerospace (Munich): Boosted round to €140M with Porsche joining

  • Grover (Berlin): Raised $1B to democratize tech rentals, exploring SPAC IPO

  • solarisBank: Closed €160M round for UK acquisition; now worth €1.36B

  • Raisin DS: Valued at €1.3B post-merger by investor Kinnevik

  • Flink (Berlin): Became unicorn in under 10 months with Doordash investment


💰 Monster Funding Day: July 29, 2021


This date marked a symbolic high for German tech funding — with three massive rounds announced in one day:


  • 🧱 Contentful: $175M

  • 🛰 Isar Aerospace: €140M

  • 💻 Grover: $1B debt + equity


🧳 SPACs, IPOs & Public Market Drama


⚠️ Mixed Results from Startup IPOs


  • Sportradar (Switzerland): Raised $513M at $7.4B valuation

  • Babbel (Berlin): Filed IPO in Frankfurt… then canceled two days before listing

  • Lilium (Germany): Went public via SPAC, raised $548M (vs expected $830M)

  • HomeToGo: Completed SPAC merger with Lakestar; valued at €1.2B

  • Tonies (Germany): Listed via SPAC but missed unicorn status


🛒 Quick Commerce Craze — Then Correction


📉 Gorillas: Berlin's Rocket Startup

Once valued at $5B, Gorillas suffered a press backlash and internal chaos. It faced a valuation markdown to $2.1B before Delivery Hero invested at a $3B cap — still a $2B drop.


⚡ Flink Rises Fast

Flink snagged "unicorn" status in under a year. DoorDash’s multimillion-dollar investment pushed it to a $2.1B valuation, undercutting a rumored merger with Gorillas.


🏦 N26: The Neobank Under Fire


N26 faced public scrutiny from BaFin, the German financial watchdog, for anti-money laundering (AML) failures:

  • ~1,600 accounts linked to fraud (eBay scams, fake shops)

  • In Lower Saxony, 1 in 10 money laundering cases involved N26

  • Response: Gave Thomas Grosse (ex-GooglePay Germany) an expanded risk role


🎙️ Multimedia Section


🎧 Listen to the full bonus episode on:


🚀 Partner With Us

Want your brand in front of founders, investors, and startup execs in the DACH region?



📚 Further Reading


✍️ About the Author


Jörn "Joe" Menninger Founder & Editor-in-Chief of Startuprad.ioB2B podcast pioneer covering DACH startups for global audiences📬 Subscribe | 🎙️ Podcast


❓ Frequently Asked Questions (FAQ)


1. What startups became unicorns in Germany in Q3 2021?Commercetools, Contentful, Raisin DS, Grover, Flink, and Solarisbank were among the most notable.

2. Why did Babbel cancel its IPO?Babbel pulled the plug two days before its Frankfurt IPO, citing market conditions and timing concerns.

3. What happened to Gorillas' valuation?It dropped from $5B to $2.1B before rebounding slightly with a Delivery Hero investment at $3B.

4. How fast did Flink become a unicorn?Flink reached a $2.1B valuation in just 10 months — one of the fastest in German startup history.

5. What regulatory issues did N26 face?N26 was investigated by BaFin for anti-money laundering (AML) lapses and scam-linked accounts.

6. What is quick commerce and why did it explode in Germany?Quick commerce refers to ultra-fast delivery (e.g., groceries in 10 minutes). Startups like Gorillas and Flink raised huge rounds amid this boom.

7. Which DACH startups went public via SPAC in 2021?Lilium, HomeToGo, and Tonies used SPACs to access public markets, with mixed success.

8. What was Germany’s “Monster Funding Day”?On July 29, 2021, Contentful, Grover, and Isar Aerospace announced rounds totaling over $1.3B.

9. What’s the valuation difference between Grover and Flink?Both hovered around the $2.1B mark in late 2021, but Grover raised $1B in debt/equity while Flink moved faster to unicorn status.

10. Where can I find a full list of unicorns in Germany and DACH?See our Ultimate DACH Unicorn Guide — updated continuously for founders, analysts, and journalists.


Follow and Share!


👉 If you found this recap valuable, subscribe to the podcast, follow our newsletter, or share with a founder friend.


All rights reserved — Startuprad.io™

Based on a human created podcast from Starturpad.io this blog was created with the assitance of ai


Comments

bottom of page