London Reigns Supreme as Europe’s Unicorn Capital
London has cemented its position as Europe’s leading hub for tech unicorns, boasting nearly 50 startups valued at over £800 million, according to new research by Hurun. The survey ranks London fifth globally, trailing only San Francisco, New York, Shanghai, and Beijing.
Of the 137 British companies featured in the report, 52 operate in the fintech sector, making it the UK’s most represented unicorn industry. This includes Revolut, the UK’s highest-valued fintech unicorn, now worth £36 billion with 18m users. Hurun counted 46 unicorns in London, alongside 35 “gazelles” (startups expected to reach unicorn status within three years) and 27 “cheetahs” (those likely to reach $1 billion, which is £800 million) within five years).
The combined 108 figure surpasses the next three European capitals combined: Paris (46), Berlin (38), and Amsterdam (12). London also dwarfs other UK cities, with six unicorns in Cambridge and three each in Bristol and Oxford. Across the UK, there are 137 unicorns, gazelles, and cheetahs, but 80% are London-based. Companies must be founded this century and remain unlisted or unsold to qualify.
The UK, particularly London, is identified as a fast-growing hotspot. The combined value of British unicorns has tripled from £43 billion in 2020 to £138 billion in 2024. London-based unicorns in the Hurun Index are valued at £128 billion, with future unicorns (gazelles and cheetahs) worth $46 billion. In 2020, Revolut raised £444 million in Series D funding. The UK and Ireland account for 38% of Europe’s total unicorn value, according to the European “unicorn and soonicorn” report.
Rupert Hoogewerf, chairman and chief researcher at Hurun, attributed the UK’s fintech dominance to its global financial standing. “The UK’s well established banking infrastructure, deep talent pool, and regulatory framework have encouraged innovation. UK consumers are financially savvy and digitally engaged. Challenger banks like Monzo, Starling, and Revolut thrived because Brits are willing to ditch traditional banks for something faster, smarter and more transparent.”
The combined value of UK unicorns has surged to £138 billion, tripling since 2020. Hurun said: “The UK is the best place in the world for unicorns outside of the US, China and India, showcasing that Britain is a magnet for entrepreneurs from around the world, complimenting the extensive homegrown talent already present in the country. Since the turn of the millennium, London has firmly established itself as Europe’s centre for high-growth startups, making up 46% of the EU’s unicorns and future unicorns. This is testament to the city’s unique ability to attract talent, investment and innovation. London continues to set the benchmark for entrepreneurship in Europe, with the city already fostering a next generation of world-class companies able to thrive on the international stage.”
Almost half of British cheetah founders were born outside the UK, mainly in Europe, India, and the US, suggesting the UK’s appeal to global talent.
Revolut (£36bn) is the UK’s largest unicorn, founded in London in 2015 by Nikolay Storonsky and Vlad Yatsenko. Next is Checkout.com (£8.8bn), founded by Guillaume Pousaz. Octopus Energy (£6.2bn), founded by Greg Jackson, James Eddison, and Stuart Jackson, is the most valuable UK unicorn founded by British nationals. It recently overtook British Gas as Britain’s largest household energy supplier. Fintech accounts for 38% of the startups, followed by healthcare and e-commerce, including Gousto.
Gazelles have an average valuation of £560 million and grow at around 20% annually, while cheetahs average £320 million and grow at around 25%, according to Hurun. Hurun found 3,184 unicorns and future unicorns globally, with the UK fourth, accounting for 4.3% of the total, behind the US, China, and India.
Image source: AI-generated via Canva
