As we are approaching the end of this year, it’s only appropriate to reflect on the milestones Europe’s vibrant startup ecosystem achieved. In 2024, innovation across sectors like AI, fintech, healthcare, and hospitality reached new heights, with several startups breaking through to unicorn status—a testament to the strength and ingenuity of European entrepreneurs. These achievements come amid evolving regulations, such as the EU-AI Act, which aim to create a balanced framework for innovation while addressing ethical considerations.
Europe’s supportive policy environment and the growing appetite for cutting-edge solutions continue to pave the way for transformative ventures. While well-established unicorns like Klarna and Revolut have inspired startups to dream big, a new crop of unicorns is showcasing Europe’s diverse potential, with solutions tackling challenges in automation, sustainability, and beyond.
As we celebrate these achievements, it’s clear that Europe’s entrepreneurial spirit is alive and thriving. In this article, we delve into the stories of startups from across the continent that reached unicorn status in 2024, highlighting their journey, impact, and what makes them stand out in their fields.
Based in Paris, Pennylane is redefining the relationship between businesses and accountants through its streamlined accounting platform. Founded in 2020, it is an all-in-one financial and accounting management tool designed for businesses. Pennylane integrates expense management, invoicing, cash flow tracking, and accounting tools into a single dashboard, offering real-time financial insights and automation.
Trusted by over 200,000 users, the platform simplifies workflows and collaborates seamlessly with accountants to streamline operations. In February 2024, Pennylane secured €40 million in a Series C funding round, propelling its valuation to $1.1 billion and cementing its status as a leader in financial technology.
Pigment – France
Paris-based Pigment provides a business forecasting platform that enables organisations to visualise critical data in real-time, covering profit, revenue, burn rate, and headcount areas. Since its founding in 2019, Pigment has become a leader in the analytics and SaaS space, known for its intuitive interface and ability to integrate data from multiple sources for better business planning and forecasting.
In April 2024, Pigment secured $145 million in a Series D funding round led by Iconiq Growth, bringing its total funding to $396 million and achieving a unicorn valuation. The company has also been investing heavily in AI and expanding its North American presence. Its customer base includes notable names such as Unilever, Merck, and Datadog, underscoring its role as a critical partner for enterprises navigating complex financial and operational planning.
Bending Spoons – Italy
Headquartered in Milan, Bending Spoons is a software development company renowned for creating a mobile app suite that collectively attracts around 100 million global monthly users. Among its flagship products are the video editor Splice and the AI-assisted photo editor Remini. Since its founding in 2013, the company claims to have served more than 500 million customers globally, earning acclaim for its user-focused design and innovative approach to app development. Its portfolio reflects a commitment to creating impactful and widely adopted digital solutions.
The company has been on a remarkable trajectory in recent years. In 2022, Bending Spoons surpassed $100 million in annual revenue and secured $340 million in one of Italy’s largest funding rounds. This year, Bending Spoons made a series of strategic acquisitions, including WeTransfer, Brightcove, Issuu, StreamYard, Meetup, and Mosaic Group, further solidifying its position as a major player in the European tech landscape. Let’s not forget they also raised $155 million in its latest equity financing round, reaching a valuation of $2.55 billion.
DataSnipper – The Netherlands
Amsterdam-based DataSnipper is an AI-driven Intelligent Automation Platform integrated with Excel, designed to transform audit and finance processes by automating tasks like data extraction, cross-referencing, and verification. Founded in 2017, the company tackles challenges such as repetitive work, chaotic documentation, and error risks, allowing teams to focus on high-value activities.
In June 2024, DataSnipper raised $100 million in a Series B funding round, reaching a valuation of $1 billion and becoming the first European unicorn of the year. With features like document matching, form extraction, and table snipping, the platform enhances efficiency across external and internal audits, tax compliance, financial control, and advisory functions, already serving over 500,000 users globally.
Mews – The Netherlands
Mews, also headquartered in Amsterdam, is a cloud-based property management software provider transforming the hospitality industry. Founded in 2012, Mews offers an innovative platform that streamlines operations for hotels, hostels, serviced apartments, and hybrid properties. Its suite of tools includes a property management system, booking engine, payment processing, and POS solutions, all designed to maximize revenue and deliver seamless guest experiences.
Trusted by over 5,000 global brands, in March 2024, Mews announced the completion of a €101 million funding round, propelling the company to the coveted unicorn status with a $1.2 billion valuation. This milestone underscores Mews’ position as a leader in hospitality technology, enabling it to expand its offerings, enhance innovation, and continue reshaping the way hospitality businesses operate worldwide.
Creatio – United Kingdom
London-based Creatio is a workflow automation platform that enables businesses to optimise operations using no-code tools. Founded in 2014, the company offers solutions for marketing, sales, and service management, powered by GenAI and tailored for 20+ industries. Creatio’s platform empowers organisations to automate complex workflows, build applications, and enhance customer journeys with maximum flexibility. Renowned for its customer-centric approach, Creatio fosters long-term partnerships while supporting millions of workflows globally.
In June 2024, Creatio completed a $200 million funding round, turning it into the first and only female-founded unicorn of the year. This milestone highlights Creatio’s commitment to empowering businesses worldwide with cutting-edge technology, while also breaking barriers in the tech industry by championing diversity and leadership excellence.
Lighthouse – United Kingdom
Lighthouse, based in London, specialises in hotel room pricing technology, leveraging data-driven insights to help hospitality providers optimise revenue. Founded in 2015, the platform enables hotels to forecast demand, monitor competitive pricing, resolve parity issues, and benchmark performance.
Trusted by over 70,000 hotels globally, Lighthouse integrates real-time intelligence with user-friendly tools to drive growth and streamline operations. In November 2024, Lighthouse secured $370 million in funding from KKR, achieving unicorn status with a valuation exceeding $2.4 billion. This milestone underscores the growing role of data analytics in shaping the future of the hospitality industry.
IntraBio – United Kingdom
Located in Oxford, IntraBio is a biopharmaceutical company dedicated to developing therapies for rare neurodegenerative diseases with high unmet medical needs. Founded in 2015, the company has developed cutting-edge solutions to address rare and debilitating conditions, advancing treatments that improve patients’ quality of life. Its lead drug, IB1001, offers potential breakthroughs in treating conditions like Niemann-Pick Disease Type C.
Leveraging expertise from scientific pioneers at the University of Oxford and the University of Munich, the company focuses on small molecule drugs targeting lysosomal function and calcium signalling. In April this year, the company relocated its headquarters to Austin, Texas, and completed a $40 million in funding round which led them to achieve the unicorn status. Its success underscores the importance of innovation in tackling pressing healthcare challenges.
ElevenLabs – United Kingdom
ElevenLabs is an AI audio platform founded in 2020 that specialises in text-to-speech, voice cloning, and dubbing solutions, delivering human-like speech in 32 languages. Their tools are designed for creators, businesses, and enterprises, enabling content localisation, audio production, and enhanced customer engagement. With cutting-edge APIs and SDKs, they simplify integration for developers while ensuring GDPR and SOC2 compliance
In January 2024, ElevenLabs closed a €73 million Series B funding round that made the startup reach a valuation of $1 billion, cementing its position as a leader in the voice AI space. Its rapid growth highlights the increasing demand for sophisticated audio solutions in a connected world.
Flo Health – United Kingdom
Based in London, Flo Health is a women’s health platform founded in 2015 that uses AI and data analytics to help users monitor and manage their health, from period tracking to pregnancy. The app provides personalized insights, resources, and tools to empower women to take control of their well-being.
In July, the startup raised over €180 million in a Series C investment from General Atlantic, propelling its valuation beyond $1 billion. This milestone makes Flo the first purely digital consumer women’s health app to achieve unicorn status, underscoring its leadership in the health tech sector.
Quantinuum – United Kingdom
Headquartered in Cambridge, Quantinuum is a quantum computing company that integrates advanced quantum hardware and software to tackle complex challenges across industries. founded in 2021 and powered by Honeywell technology, it delivers breakthroughs in materials discovery, computational chemistry, cybersecurity, and AI.
In January, Quantinuum achieved unicorn status after raising $300 million in its first equity funding round, bringing the total capital raised to $625 million. The funding, led by JPMorgan Chase with participation from Honeywell, Mitsui & Co., and Amgen, valued the company at $5 billion. The investment supports its mission to develop universal fault-tolerant quantum computers and expand its software capabilities for real-world applications.
Wayve – United Kingdom
Wayve is a London-based company developing AI-driven autonomous driving technology that equips vehicles with human-like driving capabilities. Its mapless, data-driven Wayve AI Driver software adapts to dynamic environments, learning from human behaviour to navigate safely and reliably. Backed by investors such as SoftBank, Uber, and Microsoft, Wayve is pioneering the next generation of mobility solutions to make transportation smarter and safer.
In May 2024, Wayve closed an impressive $1.05 billion Series C funding round—Europe’s largest for an AI startup—achieving unicorn status. This milestone highlights its leadership in autonomous driving innovation and its vision for accessible, AI-powered transportation.
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Read the orginal article: https://www.eu-startups.com/2024/12/from-startup-to-superstar-european-startups-that-achieved-the-coveted-unicorn-status-in-2024/
