Values of European unicorns plunge amid sharp fall in public markets


A rough year in public markets has taken a heavy toll on startups. According to new research, every unicorn in Europe that went public in 2021 has since shrunk in valuation.

The losses follow record-highs for VC exit valuations in 2021. PitchBook, a financial data firm, attributed the downturn to a shrinking public market.

The company found that 13 unicorns went public during 2021’s bull market and IPO frenzy. Yet none have gone on to have positive share price returns.

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Their numbers paint a gloomy picture. By the end of 2022, more than half of them had lost over 75% of their market cap since going public.

All European unicorn public listings in 2021