A rough year in public markets has taken a heavy toll onstartups.
According to new research, every unicorninEuropethat went public in 2021 has since shrunk in valuation.
The company found that 13 unicorns went public during 2021s bull market and IPO frenzy.
Yet none have gone on to have positive share price returns.
Their numbers paint a gloomy picture.
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Their fortunes have reverberated across Europes tech ecosystems.
In 2022, there was not a single unicorn exit through a public listing.
Despite the tough year for exits, there has been positive financial progress for Europes leading startups.
Furthermore, aggregate unicorn post-money valuations were increasing dramatically before signs of a slowdown emerged.
Yet the newest members of the herd are electing to stay private.
Notably, food delivery startups had impressive exits via acquisition in 2022.
These exit routes, however, may prove to be anomalies.
According to Pitchbook, most unicorns now prefer to remain within the VC ecosystem.
Story byThomas Macaulay
Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he e(show all)Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he enjoys playing chess (badly) and the guitar (even worse).
