London just proved, yet again, that it is Europe’s startup powerhouse. The latest Hurun UK Unicorns and Future Unicorns Index 2024 has confirmed what we already suspected—Britain’s billion-dollar businesses are booming. With 137 UK startups identified as Unicorns or soon-to-be Unicorns, the country’s position as a global innovation hub is undeniable.
The numbers don’t lie. 53 UK startups have already hit unicorn status, while another 84 are on track to join them within the next five years. The total combined value of these UK Unicorns? A staggering $172 billion—triple what it was in 2020.
London is at the epicentre of this success, leaving its European rivals Paris (46) and Berlin (38) in the dust. With nearly 80% of the UK’s unicorns based in the capital, there’s no doubt that London is Europe’s undisputed Unicorn capital.
London’s Unicorn Scene is Leading Europe
Unicorns are no longer mythical creatures in London. The city is home to an impressive 108 of the UK’s 137 Unicorns and Future Unicorns. Cambridge, Oxford, and Bristol are making moves, but London dominates as the top startup hub in Europe and the fifth-largest in the world.
The numbers speak for themselves:
London’s Unicorns alone are valued at $160 billion.
The UK ranks fourth globally for Unicorns, behind the US, China, and India.
FinTech dominates the UK startup scene, with 38% of these future billion-dollar businesses operating in the space.
Rupert Hoogewerf, Chairman and Chief Researcher at Hurun, summed it up best:
“The UK is the best place in the world for Unicorns outside of the US, China, and India.”
With Cambridge (6), Oxford (3), and Bristol (3) trailing behind London, the rest of the UK has some catching up to do. But for entrepreneurs looking to scale, London remains the ultimate playground.
The UK’s Most Valuable Unicorns
These startups are not just reaching billion-dollar status—they’re reshaping industries. Some of the biggest names from the Hurun UK Unicorns and Future Unicorns Index 2024 include:
Revolut ($45 billion) – The UK’s highest-valued unicorn, turning digital banking into a global powerhouse.
Octopus Energy ($7.8 billion) – Now Britain’s largest household energy supplier, overtaking British Gas.
CMR Surgical ($3 billion) – Leading the charge in robotic-assisted surgery, revolutionising healthcare.
BrewDog ($1.2 billion) – The craft beer giant that once got rejected on Dragons’ Den (and is now worth over a billion).
Gousto – The recipe box startup that’s disrupting e-commerce and food delivery.
With 52 startups in FinTech, 28 in healthcare, and 20 in e-commerce, the UK’s unicorn ecosystem is expanding fast.
Why the UK is a Unicorn Magnet
London’s entrepreneurial ecosystem is thriving. The city attracts talent from around the world, offering a unique blend of funding, talent, and market access. Nearly half of the founders of UK Cheetahs (startups expected to hit Unicorn status in five years) were born outside the UK.
The biggest challenge? The pull of the US. American investors offer bigger cheques and access to a massive market. However, the UK continues to outperform the entire EU combined when it comes to unicorns, proving its competitive edge.
What’s Next for UK Startups?
With the UK holding 4.3% of the world’s total unicorns, the challenge now is scaling even further. Hoogewerf hopes this report will inspire more entrepreneurs to break into new sectors and drive even greater value creation.
For now, one thing is clear: London isn’t just Europe’s startup capital—it’s a global force to be reckoned with.
