“Top 100 Next Unicorns”: The UK, France and Germany lead with the most promising technology companies in Europe

2024 highlights

Resilience and dynamism: European scale-ups continue to thrive

• The United Kingdom (22), France (21), Germany (14) lead as the countries with the highest number of potential unicorns

• The three most represented sectors are SaaS (43), Digital Media (16) and – making its debut in the top three – Artificial Intelligence/Big Data (16)

• The average amount of funding raised by these 100 companies is €170m (vs €166m in 2022)

• More than 40% of the companies listed in VivaTech’s 2019 to 2021 Top lists have already become Unicorns to date

• Pennylane, which was included in the 2023 Top 100 list, has achieved Unicorn status this year

The list was compiled by Viva Technology, in partnership with GP Bullhound, and with contributions from Accel, Eurazeo, NorthZone and Partech. The primary criteria for this list were actual and potential growth, total funds raised, headcount growth, geographical distribution and positive impact on society. GP Bullhound will be launching its annual Titans of Tech report during the VivaTech conference in Paris between 22-25 May, as part of a session highlighting growth trends in Europe’s technology ecosystem.

Titans of Tech: GP Bullhound’s annual report analyses the growth of major European technology companies, highlighting several key players in its ecosystem with the potential to achieve the status of “Titan” – a valuation of more than $50bn.

François Bitouzet, Managing Director of Viva Technology, said: “Once again this year, the Top 100 Next Unicorns list illustrates the structural development of the European technology ecosystem, with a remarkable dynamic in key sectors such as SaaS, but also AI, which has made a sensational entry into the ranking. These two buoyant sectors, where investment has been on the rise, are not only enabling Europe to hold its own against the United States and Asia, but also to distinguish itself through a unique approach, promoting a model of innovation that is both sustainable from a business point of view and sustainable from a human and environmental point of view.”

Manish Madhvani, Managing Partner at GP Bullhound, commented: “We’re excited to partner with Viva Technology for the 2024 Top 100 Next Unicorns list, celebrating Europe’s tech innovation. It has been inspiring to see how the best have embraced and innovated in AI, which signals its transformative role across sectors. This reflects Europe’s commitment to pushing technological boundaries, and we eagerly anticipate supporting these transformative companies in reshaping our world.”

Find out more about the 2024 ranking of the Top 100 Next Unicorns here.

About Viva Technology

VivaTech accelerates innovation by connecting startups, tech leaders, major companies and investors responding to the world’s biggest challenges. Each year, VivaTech creates Europe’s biggest technology and startup event in Paris, exploring the most disruptive topics in tech with world-premiere demos, launches and conferences in a collaborative ecosystem. The eighth edition of VivaTech will take place between 22-25 May 2024. For more information visit VivaTech’s website and social media @VivaTechAbout.

About GP Bullhound

GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 13 offices spanning Europe and the US.