2016欧洲独角兽_适者生存（英文版）-2mb

European Unicorns 2016: Survival of the Fittest

Core Content Summary

European unicorns have established themselves as a significant force in the global technology landscape, with 47 companies reaching the $1 billion valuation mark in 2016. This report provides an in-depth analysis of the European unicorn ecosystem, their growth strategies, financial performance, and the broader implications for the continent's technology sector.

Main Points

• Unicorn Landscape in 2016

  • 47 European unicorns were identified, up from 40 in 2015.
  • 10 new unicorns joined the club in 2016, with 3 countries (Luxembourg, Denmark, Switzerland) producing their first unicorn.
  • The average valuation of European unicorns is $2.8 billion, with an average revenue of $315 million, significantly higher than their US counterparts.
  • European unicorns are more profitable than their US counterparts, with 60% being profitable, compared to 40% unprofitable.

• Valuation Trends

  • European unicorns are valued at 18 times their revenue on average, compared to 46 times in the US.
  • This suggests European investors are more cautious and focused on sustainable growth rather than speculative valuations.
  • The cumulative value of European unicorns increased from $122 billion in 2015 to $131 billion in 2016.

• Growth Strategies

  • Acquisitions are a dominant growth strategy, with over 80% of European unicorns acquiring other companies.
  • 62% of unicorns made acquisitions before reaching unicorn status, and 50% did so after.
  • The average number of acquisitions per unicorn is 5, with some companies like Markit Group and Just Eat acquiring over 20 companies.
  • Organic growth and capital raising are also key tactics, with EU unicorns raising an average of $260 million in 2016, compared to $558 million for US unicorns.
  • Consumer-focused unicorns require more capital on average than enterprise-focused ones, with the former needing $294 million and the latter $155 million.

• Time to Growth

  • It takes an average of 7 years for consumer-focused unicorns to reach $1 billion valuation.
  • Enterprise-focused unicorns take 9 years on average to reach the same milestone.
  • The average time to a liquidity event (IPO or trade sale) is over 8 years, indicating a focus on long-term growth rather than quick exits.

• Notable Unicorns

  • Spotify (Sweden): $8.5 billion valuation, 45% revenue growth.
  • Zalando (Germany): $8.1 billion valuation, 20% revenue growth.
  • Supercell (Finland): $5.3 billion valuation, 173% revenue growth.
  • Just Eat (Germany): $2.9 billion valuation, 379% revenue growth.

• Expert Insights

  • Dominik Richter (HelloFresh): Highlights the rapid evolution of Europe's tech ecosystem and the potential for European unicorns to rival global giants.
  • Frédéric Mazzella (BlaBlaCar): Emphasizes the importance of scaling across borders and the role of acquisitions in growth.
  • Bonamy Grimes (Skyscanner): Shares insights on the unique strengths of European tech companies and their ability to adapt and innovate.

• Key Findings

  • European unicorns are more profitable and sustainable compared to their US counterparts.
  • The revenue-to-valuation ratio is lower in Europe, indicating more realistic valuations.
  • The growth rate of European unicorns is impressive, with some companies achieving over 300% revenue growth.
  • The report concludes that European unicorns are not just a passing trend but a solid, long-term phenomenon.

Conclusion

The European unicorn ecosystem is robust, diverse, and growing. With a strong focus on profitability, sustainable growth, and strategic acquisitions, European tech companies are proving their worth on the global stage. The report underscores that Europe is on the cusp of creating its first decacorn ($10 billion valuation), and that the right conditions are in place for this to happen.