January felt like an endless month, but it brought us five exciting European unicorns. From Belgium to Ukraine, various tech startups secured funding with valuations surpassing $1 billion.
But before delving into the newcomers, it’s essential to consider two important points.
First and foremost, this count encompasses startups that might be registered elsewhere but have strong ties to Europe, whether through their origins or a significant portion of their team. Until a pan-European corporate system is established, this distinction will persist, and we’ve chosen to overlook it. For instance, take Lovable, based in Delaware but deeply embedded in Stockholm’s thriving startup ecosystem.
Secondly, it’s crucial to note that valuation doesn’t necessarily equate to commercial success. It’s too early to predict if all these companies will achieve the level of success seen by Lovable, which recently crossed the $300 million mark in annual recurring revenue. Nonetheless, the fact that venture capitalists were willing to invest at unicorn valuations speaks volumes about current market trends.
With these considerations in mind, let’s explore each of these remarkable European unicorns.
Aikido
Aikido Security, a cybersecurity startup based in Belgium, achieved unicorn status following a $60 million Series B funding round. The investment, led by DST Global and joined by PSG Equity, Singular, Notion Capital, and others, valued the company at $1 billion.
The funding will enable Aikido to enhance its platform, designed to streamline security throughout the software lifecycle and already adopted by over 100,000 teams globally. Aikido reported impressive growth figures, with a five-fold increase in revenue and nearly triple the customer base over the past year.
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In a blog post, Aikido celebrated this significant milestone, emphasizing its global impact within an industry dominated by heavyweight players from Palo Alto and Tel Aviv. Aikido’s success showcases Europe’s ability to create world-class software security companies that compete on a global scale.
Cast AI
Cast AI, a cloud optimization company headquartered in Florida with strong Lithuanian ties, has now become Lithuania’s fifth unicorn. Following a strategic investment from Pacific Alliance Ventures, Cast AI’s valuation surpassed $1 billion, solidifying its unicorn status.
In addition to its recent funding round, Cast AI introduced OMNI Compute for AI, a solution aimed at enabling users to deploy more AI workloads using fewer GPUs and eliminating regional capacity constraints.
Harmattan AI
Harmattan AI, a French defense technology company founded in 2024, achieved a valuation of $1.4 billion following its latest $200 million Series B funding round. Dassault Aviation, renowned for producing Rafale fighter jets, led the investment, signaling a strategic partnership between the two entities.
Prior to securing this significant partnership, Harmattan AI had already inked deals with the French and British defense ministries, as well as Ukrainian drone manufacturer Skyeton, reflecting the increasing demand for autonomous defense aircraft.
Osapiens
Osapiens, a German ESG software firm founded in Mannheim in 2018, raised a $100 million Series C round led by Decarbonization Partners. This investment, which valued the company at over $1.1 billion, further solidified Osapiens’ unicorn status.
With a client base exceeding 2,400 globally, including major multinational corporations relying on its platforms for sustainability reporting, data compliance, and supply chain risk mitigation, Osapiens continues to drive innovation in the ESG software space.
Preply
Preply, a language learning marketplace with Ukrainian roots, recently achieved unicorn status, valued at $1.2 billion. Founded in the United States by Ukrainian entrepreneurs, Preply maintains a strong presence in its home country, employing 150 individuals in Kyiv.
Kirill Bigai, Preply’s CEO, emphasizes the importance of AI-enhanced learning and plans to utilize the proceeds from the $150 million Series D round to expand the company’s AI talent pool across its offices in Barcelona, London, New York, and Kyiv.
