Sightings of the mythical unicorn have becomemore common in the UK. The country has been the birthplace of over 70 startups valued at over £1 billion and trails only the US and China in the global ranking,according todata from Tech Nation and Dealroom.
However, there are growingsigns that they might be part of a dying breed. The high-profile debacle of WeWork's IPO and the string of other unicorns that have recently gone public in the US while remaining unprofitable have caused concern among investors that these companies are overvalued and that their founders have excessive voting control over the businesses.
The dramatic drop in the valuation of BenevolentAI suggests that these investor fears have spread across the Atlantic. Nonetheless,investment banking firm GP Bullhoundpredictsthat 17 more companies in the UK will join the unicorn blessing by 2021, includingchallenger bankStarling, payments company GoCardless andlawtechstartupLuminance.
We'll be checking if they can progress onto our list of UK unicorns, ranked below in order of most recent valuation.