Portfolio company Flutterwave was evaluated using CB Insights' Mosaic algorithm, which combines a company’s financial health, amount of traction and strength of market.
CB Insights used the same method for their 2015 list and our 2019 list, of which 52% and 34% of their picks have become unicorns (since publication), respectively. Enterprise/big data tools dominate: 30% of companies on this year’s list work on enterprise or big data tools. DevOps and developer tools comprise almost half of this category, with companies covering enterprise search (Algolia), distributed databases (Cockroach Labs), continuous delivery (Harness), chat features (Sendbird), and customer data protection (BigID). 20% of future unicorns operate in the fintech space. International markets are broadly propelling the fintech space, with 6 of the 10 featured fintech future unicorns located outside the US. Argentina (Ualá) and India (CRED) represent emerging markets where fintech is gaining momentum. The median company on our list has $125M in total funding and last raised a Series C round. This is a higher median funding amount than seen on our 2019 list, where the median was $111M. This reflects the reality of the ongoing Covid-19 pandemic, where there is a premium on having financial runway. Several international geographies represented. Of the 50 future unicorns on the list, Germany and the UK are each home to 3, while India and Australia each claim 2. Also represented are Argentina, China, France, Singapore, and Sweden, each with 1 future unicorn. The US accounts for 35 picks, or 70%.