Viva Technology released its 2024 "Top 100 Next Unicorns" list, an annual compilation of the 100 most promising scaleups in Europe with the potential to reach a valuation of at least $1 billion in the near future.
The ranking is created in collaboration with investment bank GP Bullhound and with contributions from four of the world's largest investment funds: Accel, Eurazeo, NorthZone and Partech.
The primary criteria for this list were actual and potential growth, total funds raised, headcount growth, geographical distribution and, finally, whether the company makes a positive impact on society.
Artificial intelligence among the top three most-represented sectors
In this year's "Top 100 Next Unicorns" list are scaleups from 16 countries. The leading position goes to the UK with 22 companies, followed by France (21) and Germany (14). A significant number of unicorns has confirmed that the dynamic ecosystem is growing in France.
An example of these trends are some of the companies that were featured in previous editions of the Top 100 Next Unicorns which reached unicorn status like Alan, Content Square, PayFit, Shift Technology, ManoMano and Voodoo.
Among the companies dominate the SaaS companies (43), which offer software as a service by means of targeted subscriptions. Examples of such scaleups include Akeneo, the company that optimizes multi-channel product experiences, and Uberall, which connects consumers and businesses through physical and digital gateways.
Digital Media and Big data companies also contributed to the list of most-represented sectors, with 16 companies (each) in the list.
Although not a surprise, AI made its debut this year in the top three of the most represented sectors (16 companies). The list includes companies like PasQal, Dashlane and Ardoq.
On the Top 100 Next Unicorn list, François Bitouzet, Managing Director of Viva Technology commented:
"Once again this year, the Top 100 Next Unicorns list illustrates the structural development of the European technology ecosystem, with a remarkable dynamic in key sectors such as SaaS, but also AI, which has made a sensational entry into the ranking. These two buoyant sectors, where investment has been on the rise, are not only enabling Europe to hold its own against the United States and Asia, but also to distinguish itself through a unique approach, promoting a model of innovation that is both sustainable from a business point of view and sustainable from a human and environmental point of view."
Around 30% of the companies represented in the lists become unicorns
Analysing the VivaTech 100 Next Unicorn lists between 2019 and 2023, it is notable that around 30 per cent of the companies already become unicorns. Such examples include Pennylane, last year's winner in the fintech category, which achieved unicorn status this year.
With the top 100 companies raising an average of €170 million, it can be concluded that the investment momentum is still strong and is growing. Just for the comparison, in 2022 the top 100 next unicorn companies raised €166 million.
“We're excited to partner with Viva Technology for the 2024 ‘Top 100 Next Unicorns’ list, celebrating Europe's tech innovation. It has been inspiring to see how the best have embraced and innovated in AI, which signals its transformative role across sectors. This reflects Europe's commitment to pushing technological boundaries, and we eagerly anticipate supporting these transformative companies in reshaping our world.” - Manish Madhvani, Managing Partner at GP Bullhound
Find out more about the 2024 ranking of the Top 100 Next Unicorns here.
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