Europe now has 40 unicorns, with the UK contributing 17, eight of which were founded in the last 12 months.
Unicorns - billion-dollar technology startups - are more common in the UK than anywhere else in Europe, according to new research conducted by investment bank GP Bullhound. Europe now has 40 unicorns, with the UK contributing 17, eight of which were founded in the last 12 months, largely due to the explosive growth of London's financial technology (or fintech) sector. Unicorns are defined by technology companies which have achieved an IPO or valuation of $1bn (€889m) or more. They are referred to as such due to their rare nature. The study cements London's status as Europe's tech hub and comes on the back of separate research which found that more technology startups chose to be based in London than in five other European capitals combined over the last 10 years.