Tech ‘unicorns’ like Epic, Pendo, AvidXchange, aren’t as rare these days, report says

CARY – Epic Games sits near the top of a list of high-valued unicorns as one of the 35 privately held companies with a valuation of more than $10 billion, according to a new report. But the unicorn status isn’t what it used to be, i.e. rare.

A “unicorn” is a privately held startup company that is valued at more than $1 billion, taking the moniker from the mythical creature.

The report, from data and analytics company GlobalData, tracks the number of companies valued at or above that $1 billion delineation, and when the valuation was achieved.

The report’s primary finding?

Technology unicorns are no longer rare, GlobalData said.

For instance, 20 new technology-focused companies emerged as unicorns in the second quarter of 2020, according to GlobalData’s research.

There were 128 new technology unicorns in the second quarter of 2021, according to the report, a more than five-fold increase. And, through the first six months of the year, the company tracked 228 tech unicorns.

Image: GlobalData and Thematic Research

“Investors are very bullish on the prospects for the tech sector and continue to invest in tech start ups,” said Swati Verma, associate project manager at GlobalData. “Tech-focused unicorns dominate the unicorn club.”

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Of a total of 826 unicorns globally, 751 of the companies with valuations above $1 billion as technology-focused startups, GlobalData’s research showed. Combined, the total valuation of those 751 companies is $2.4 trillion, Verma said.

CB Insights data lists 848 unicorns globally.

North Carolina unicorns include Epic Games, AvidXchange, Pendo, Tresata, nCino (although now a public company through an IPO), Printful, Red Ventures, insightsoftware, and Prometheus Group.

There are other companies considered unicorns that have offices in North Carolina, including Better.com, Cloudera, Chewy, and Fidelity Investments.

Verma stated that in 2013, only 39 companies were considered unicorns. Now, there are 35 technology companies with valuations above $10 billion, including Cary’s Epic Games.