January was such a long month that it has already brought us five fresh European unicorns: from Belgium to Ukraine, several tech startups raised funding at valuations above the $1 billion threshold.
But before we take a closer look at who joined the club, two caveats.
First: This count includes startups that may be incorporated elsewhere but have their roots or a large part of their team in Europe. Until a pan-European corporate structure exists (often called “EU Inc”), this split will remain common — and we’ve decided to overlook it. Take Lovable, which is incorporated in Delaware but cannot be dissociated from Stockholm’s startup scene.
Second: valuation doesn’t equal commercial success, and it is too early to tell whether all of these companies will achieve the kind of traction that Lovable has, with the company recently crossing $300 million in annual recurring revenue. But in the current climate, the fact that VCs were willing to invest in them at unicorn valuations is a strong signal of where the appetite is.
With these caveats out of the way, let’s dive in.
Aikido
Belgium-based cybersecurity startup Aikido Security reached unicorn status with its $60 million Series B funding round. Valuing the company at $1 billion, the round was led by DST Global, with participation from PSG Equity, Singular, Notion Capital, and others.
According to a press release, the funding will help Aikido enhance its platform, which was built to unify security across the entire software lifecycle and is already used by more than 100,000 teams globally. The company also reported “five-times revenue growth and nearly three-times customer growth” over the last year.
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In a blog post, the startup celebrated this milestone and its significance. According to its team, “in an industry dominated by Palo Alto and Tel Aviv heavyweights, Aikido shows that Europe can build a world-class software security company and win globally.”
Cast AI
Cloud optimization company Cast AI is headquartered in Florida, but has Lithuanian roots and a major office in Vilnius — which explains why many now consider it to have become Lithuania’s fifth unicorn.
Cast AI’s valuation now exceeds $1 billion following a strategic invest …