Unicorns distributed across Europe The number of countries that have produced a breakout, billion-dollar company is one of the clearest indica- tors of tech entrepreneurship and the diversity of Europe’s startup ecosystems. Today, a total of 308 compa- nies are currently valued in excess of $1B, and they have been started and scaled from 29 different countries. This includes not only countries that to date have only produced a single billion-dollar company (including Bulgaria, Latvia, and Slovenia), but also eight countries that have more than 10 current billion-dollar compa- nies, led by the UK (104), Germany (54), and France (38). Not surprisingly, the market reset has also resulted in a growing number of unicorns being ‘dehorned’, mean- ing they have seen their valuation fall to under a billion dollars. At least 52 companies have been “dehorned” to date, either via down rounds, share price compression, or by going out of business entirely. This creates challenging times for companies, their founders, employees, and investors, but is also a natural feature of the startup and scaleup lifecycle. We have just as much enthusiasm now — if not more — as nearly a decade ago when we 昀椀rst opened the doors to our London o昀케ce. Luna Schmid Partner, Google Ventures Many of the 昀椀rst-generation successful startups in Europe from the last decade have spawned new hubs of early-staged found- ers and builders. Moreover, the rise of remote work has distrib- uted talent and opportunity to new geographies, spurring new hotbeds of innovation across the EU. The con昀氀uence of these forces has created an environment of sustained and rational optimism, and we’re excited to continue supporting Europe’s thriving tech ecosystem at the earliest stages of company formation. 121 | Companies