European Startups Becoming Unicorns in 2024

European Startup Funding: A Resurgence of Unicorns

Following the quieter summer months, the period of increased investment activity is poised to recommence across Europe. Optimistically, this will result in a significant number of new companies achieving unicorn status – meaning valuations exceeding $1 billion, and potentially in the dozens.

Although the exceptionally large funding rounds seen in 2021 are now less frequent, this hasn't hindered the emergence of successful startups. During the first six months of 2025, twelve European companies secured funding rounds with valuations surpassing $1 billion.

Looking Ahead: Trends and Sectors

It's important to remember that previous successes don't guarantee future outcomes. However, this initial performance suggests a positive trajectory for the remainder of the year. This also provides valuable insight into the industries currently attracting the most investor interest.

Specifically, sectors like biotechnology and defense technology are gaining traction. Notably, artificial intelligence (AI) continues to be a dominant force, attracting substantial investment.

The New European Unicorns of 2025

Below is a list detailing the European startups that reached unicorn status in 2025:

• Further details regarding the specific companies will be released as they become available.

The renewed investor confidence signals a dynamic period for the European startup ecosystem. Continued monitoring of funding trends will be crucial to understanding the evolving landscape.

September 2025

IQM

IQM, a startup originating from Finland and specializing in the development of quantum computers alongside a corresponding cloud platform, achieved unicorn status following a Series B funding round exceeding $300 million.

To date, the company’s total funding amounts to $600 million.

According to CEO Jan Goetz, in an interview with TechCrunch, IQM currently holds the position of the leading seller of quantum computers worldwide, with deployments spanning all major continents.

Their 54-qubit chips are currently operational within computing centers, research institutions, universities, and various enterprises. The company is also preparing for the rollout of its initial 150-qubit systems.

Framer

Framer, a no-code website building platform, attained a valuation of $2 billion after securing $100 million in Series D funding. This funding round was spearheaded by existing investors Meritech and Atomico.

The newly acquired capital will be strategically allocated to bolster the company’s enterprise-level initiatives and further advancements in AI.

Framer distinguishes itself from competitors such as Figma, Squarespace, Wix, and other vibe-coding platforms through its pronounced emphasis on design principles.

The company’s co-founders, Koen Bok and Jorn van Dijk, previously established and sold a design studio to Facebook in 2011.

July 2025

Lovable

The Swedish AI company, Lovable, specializing in vibe-coding, achieved unicorn status remarkably quickly. Within just eight months of its initial launch, Lovable secured $200 million in Series A funding, spearheaded by Accel, resulting in a $1.8 billion valuation.

It is worth noting that while Lovable Labs Inc. is officially incorporated in Delaware, the majority of its workforce and current job openings are located in Stockholm.

Fuse Energy

Fuse Energy, a UK-based renewable energy firm established in 2022, has reportedly attained a valuation exceeding $1 billion following a recent funding round. This information was published by The Times in July.

The company was founded by two individuals previously holding executive positions at Revolut.

June 2025

Mubi

The film streaming platform, Mubi, secured $100 million in funding during June, with Sequoia Capital leading the investment round.

This financing resulted in a company valuation of $1 billion, officially designating Mubi as a unicorn.

Established in 2007 as a carefully curated service, the platform has expanded its operations to include both the production and distribution of films, positioning itself as a competitor to Netflix within the independent film space.

Zama

Zama, a French startup, successfully completed a Series B funding round, raising $57 million and achieving a valuation exceeding $1 billion.

The company specializes in the development of homomorphic encryption, a sophisticated cryptographic method designed to ensure data security through advanced algorithms.

Isar Aerospace

In June, German space technology company Isar Aerospace attained unicorn status following an agreement with Eldridge Industries.

This agreement involved a convertible bond of €150 million, equivalent to approximately $173 million.

Originating as a spin-off from the Technical University of Munich (TUM), Isar Aerospace represents the 22nd unicorn to emerge from the university’s innovative ecosystem.

May 2025

Tekever

Based in Portugal, Tekever is a startup specializing in drones with both civilian and military applications. In May, the company completed a funding round that validated its valuation exceeding £1 billion, a figure previously undisclosed.

The investment was provided by firms including Ventura Capital, Baillie Gifford, the Nato Innovation Fund (NIF), Iberis Capital, and Crescent Cove. These funds will be utilized to support a £400 million investment initiative focused on U.K. development over the next five years.

Quantum Systems

Quantum Systems, a German company developing dual-use drone technology, achieved unicorn status in May 2025, as reported by PitchBook. This followed a €160 million Series C funding round, equivalent to approximately $172 million.

The capital injection will be used to expedite global expansion, increase production capacity, and further develop its autonomous drone systems, associated software, and artificial intelligence capabilities. Balderton Capital spearheaded the round, with contributions from Hensoldt, Airbus Defense and Space, Bullhound Capital, LP&E AG, and current investors like HV Capital, Project A, Peter Thiel, DTCP, Omnes Capital, Airbus Ventures, Porsche SE, and Notion.

Parloa

Parloa, a German startup focused on conversational AI solutions for customer service, successfully raised $120 million in Series C funding during May 2025. This secured a company valuation of $1 billion.

This funding round occurred less than a year after a $66 million Series B and two years following a $21 million Series A. Durable Capital Partners, Altimeter Capital, and General Catalyst led the Series C investment.

March 2025

Isomorphic Labs

Founded in 2021 as a spin-off from Google’s DeepMind, Isomorphic Labs is an AI-driven drug discovery company headquartered in London. In March 2025, the platform secured its inaugural external funding round.

This financing totaled $600 million and was spearheaded by Thrive Capital. Additional investment came from GV and Alphabet, demonstrating strong confidence in the company’s potential.

While the specific valuation remains undisclosed, the substantial amount of capital raised definitively establishes Isomorphic Labs as a unicorn – a privately held startup valued at over $1 billion.

The company focuses on leveraging artificial intelligence to accelerate and improve the process of discovering new medicines. Its origins within DeepMind provide a strong foundation in cutting-edge AI research.

This funding will likely be used to expand Isomorphic Labs’ research capabilities and further develop its AI platform. The goal is to streamline drug development and bring innovative therapies to market more efficiently.

February 2025

Tines

In February 2025, Tines, an AI-driven workflow automation company headquartered in Dublin, achieved unicorn status. This followed a successful $125 million Series C funding round led by both new and existing investors.

The company’s valuation reached $1.125 billion as a result of this investment.

Initially concentrating on security workflow automation, Tines has expanded its reach. It now serves diverse areas within the technology landscape, including infrastructure, engineering, and product teams.

According to the company, it currently executes more than one billion automated actions weekly for its customer base.

This substantial figure highlights the growing demand for Tines’ workflow solutions.

January 2025

Verdiva Bio

Within a year of its inception, Verdiva Bio, a biotechnology firm headquartered in London, secured a substantial $410 million Series A funding round in January 2025. This initial funding announcement propelled the company to unicorn status.

Verdiva Bio’s development pipeline features an orally administered GLP-1 medication, designed with a similar mechanism to established drugs like Ozempic and Wegovy.

Neko Health

Neko Health, a preventative healthcare startup established with the support of Spotify’s Daniel Ek, achieved a $260 million Series B raise at a valuation of $1.8 billion in January 2025.

Lightspeed Venture Partners spearheaded the investment round, with contributions from General Catalyst, O.G. Venture Partners, Rosello, Lakestar, and Atomico.

This Swedish enterprise provides comprehensive full-body scanning services. The objective is to empower individuals to maintain wellness through the identification of potential health issues at an early stage.

According to CEO and co-founder Hjalmar Nilsonne, the received capital will be utilized to expedite Neko’s international growth. Expansion plans include establishing locations in the U.S., in addition to existing sites in Stockholm and London, alongside further investment in research and development.