Global Unicorn Count Surpasses 1,600! 13 New Unicorns in July, 5 Exit
Article:
The "unicorn company" (a private company with a valuation of $1 billion or more), a key indicator of the startup industry, can now be called the innovation engine of the global economy. In July 2025, the number of global unicorn companies finally surpassed 1,600 companies, marking a historic milestone on the "Unicorn Board" operated by Crunchbase.
In the past month, 13 companies have newly joined the unicorn ranks, while 5 have "graduated" through IPOs or acquisitions. This article organizes these latest trends by sector and region, and analyzes the characteristics of notable companies and market trends.
1. Overview of the Unicorn Market and July Movements
1-1. Total Count and Valuation
As of the end of July 2025, the number of global unicorn companies has reached over 1,600, with a total valuation approaching approximately $6 trillion.
In July alone, there were 13 new entrants and 5 exits, indicating that capital market activity remains robust.
1-2. New Entrants by Region
United States: 6 companies
Sweden: 2 companies
France, China, Singapore, United Arab Emirates (UAE), Saudi Arabia: 1 company each
While the US-centric trend continues, the presence from the Middle East and Northern Europe is also growing.
1-3. Characteristics by Sector
The main sectors for the new unicorns in July are as follows:
AI Applications & Infrastructure
E-commerce
Healthcare
Energy
VR/AR
Media & Entertainment
Transportation & Mobility
2. "Unicorn Graduation" via IPOs and Acquisitions
2-1. Initial Public Offering (IPO)
Three companies went public in July.
Figma (San Francisco, USA)
A design collaboration platform. It is accelerating the wave of cloud-based collaboration in the creative sector.Geek+ (Beijing, China)
A leader in autonomous robotics, growing against the backdrop of demand for logistics automation.Accelerant (Atlanta, USA)
An insurtech (insurance technology) company. It went public in response to the insurance industry's need for efficiency.
2-2. Acquisition (M&A)
Windsurf (California, USA)
Acquired by AI code generation startup Cognition. It previously had a history of a failed $3 billion acquisition plan by OpenAI.Iodine Software (Texas, USA)
Provides revenue improvement solutions for hospitals. Acquired by Waystar for $1.25 billion.
3. List and Analysis of New Unicorn Companies in July
3-1. AI Sector
Lovable (Stockholm, Sweden)
Provides coding assistance services. Raised $200 million in Series A funding, with a valuation of $1.8 billion. ARR reached $75 million to $100 million in just seven months.Fal (San Francisco, USA)
Building AI infrastructure for media. Raised $125 million in Series C funding, with a valuation of $1.5 billion.Reka AI (Sunnyvale, USA)
Multimodal AI research and development. Raised $110 million in Series B funding, with a valuation of $1 billion. Investors include Nvidia and Snowflake.
3-2. E-commerce Sector
Etraveli (Uppsala, Sweden)
An airline ticket booking platform. Valued at $3.1 billion, it supports flight offerings for Booking.com.Ninja (Saudi Arabia)
A quick-commerce business. Provides same-day delivery of food and daily necessities in four Middle Eastern countries, with a valuation of $1.5 billion.
3-3. Data & Analytics
Anaconda (Austin, USA)
A data science platform that simplifies the management of Python and R. Raised $150 million in Series C funding, with a valuation of $1.5 billion. Profitable with $150 million in ARR.
3-4. Energy
CATL Intelligent (Fujian, China)
A subsidiary of major battery manufacturer CATL. Uses AI for material and recycling optimization, with a valuation of $1.4 billion.
3-5. VR/AR
Xpanceo (Dubai, UAE)
Developer of smart contact lenses. Prototype models feature health monitoring, XR/AR gaming, and night vision capabilities. Valuation: $1.4 billion.
3-6. Healthcare
Ambience Healthcare (San Francisco, USA)
AI for voice documentation that integrates into clinical workflows. Raised $243 million in Series C, valuation: $1.3 billion.
3-7. Professional Services
LumApps (France)
Employee experience management platform. Merged with Switzerland's Beekeeper, valuation: $1.1 billion.
3-8. Media & Entertainment
Substack (San Francisco, USA)
Newsletter publishing platform. Raised $100 million in Series C, valuation: $1.1 billion.
3-9. Networking
Airalo (Singapore)
Provides digital eSIMs for travelers. Raised $220 million in Series C, valuation: $1 billion.
3-10. Transportation & Mobility
Also (Palo Alto, USA)
Micro-mobility company spun out of Rivian. Raised $200 million in Series A, valuation: $1 billion.
4. Future Market Outlook and Challenges
4-1. Signs of IPO Recovery
The IPOs of Figma and Geek+ are seen as signs that the IPO market is gradually recovering. The AI and robotics sectors, in particular, continue to attract investor interest.
4-2. Rise of the Middle East and Nordic Regions
The presence of unicorns from the Middle East, such as Ninja and Xpanceo, and Nordic companies like Etraveli and Lovable is growing, indicating a trend toward regional multipolarity.
4-3. Pressure for Capital Efficiency and Profitability
Cases like Anaconda, which are achieving both ARR growth and profitability simultaneously, are increasing, signaling a demand for sustainable revenue models rather than just high valuations.
5. Conclusion
The unicorn market in July 2025 continued to expand, driven primarily by growth sectors such as AI, e-commerce, and healthcare, while exit strategies through IPOs and M&As also intensified. Moving forward, geopolitical diversification, securing profitability, and the recovery of capital markets are expected to influence the growth scenarios for unicorns.
