Private Capital
The next big investment hub for unicorns…and it’s not China
30 Aug 2021
When hunting unicorns overseas, Tiger Global, Sequoia Capital and other venture giants are increasingly turning away from China and finding plenty of game elsewhere.
The United States leads the world in unicorns — privately held startups valued at more than $1 billion — with 154 new ones since last October, according to the American research firm CB Insights.
China was a longtime favorite of unicorn hunters, but Covid-19, Chinese regulatory actions against its own tech giants and the sudden loss of civil rights in Hong Kong have given investors pause. So they are crowding into India, which is home to 58 unicorns today. For comparison, the United Kingdom has just 20.
Once a company is acquired or goes public it is no longer considered a unicorn, an elusive beast worth questing for. Venture firms and other investors search for unicorns like 19th-century whale hunters, when finding one hidden beneath the waves and bringing its essence safely to port made sudden fortunes.

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