Top Unicorns in Germany

Despite its relatively small size, Germany has an impressively strong economy, rated the third largest economy in the world behind the United States and China, according to KPMG.

As a highly developed first-world country, Germany had a Gross Domestic Product (GDP) of 4.121 billion Euros in 2023, earning it the position of the largest economy in Europe.

Thus, it’s no surprise that the country has a startup ecosystem that is highly conducive to entrepreneurship and new businesses.

So far, Germany has seen 50-odd companies become unicorns and as it stands, the country is home to about 30.

 

Germany’s Startup Ecosystem

 

There are plenty of things that make Germany an excellent location for startups, from its convenient location and access to European markets to its skilled and educated workforce and strong government support.

Here are some of the top reasons why startups have a great chance of success in Germany:

 

• Germany has one of the strongest economies in the world, making it immediately easier to start a company and increasing the chances of it being successful.

 

• The country’s government has made a concerted effort to help foster startups, including providing young companies with grants, early-stage financing, tax incentives, support programmes and incubators.

 

• Companies based in Germany have access to funding and investment due to the country having a growing venture capital landscape. Berlin in particular is a hub for venture capitalists and angel investors.

 

• Germany has a highly educated population and skilled workforce which is critical for startups hoping to scale.

 

• The country’s central location gives it excellent access to European markets.

 

• Germany has been particularly successful in industries including fintech, automotive tech, artificial intelligence, biotech and more.

 

• Although it’s not the cheapest place to live, Germany offers a great quality of life and a high standard of living, making it attractive to entrepreneurs, employees and investors.

 

Top Unicorns in Germany

While nearly 50 companies have achieved unicorn status, not all of them have maintained it, whether that’s because they’ve dropped to below $1 billion in value or because they’ve shifted towards public ownership.

Here are the top 5 unicorns in Germany, all of which are valued at $5 billion or more.

 

1. Celonis: $13 Billion

 

 

Celonis is the developer of an execution management system that is specifically designed to be able to analyse and optimise online business processes. These processes serve industries including logistics, production and human resources.

The company provides mining software systems that increase productivity and automated management consultancy, and today, it’s valued at $13 billion.

Launched in 2011, Celonis was founded by Alexander Rinke, Bastian Nominacher and Martin Klenk – Rinke and Nominacher are co-CEOs and Klenk is the company’s CTO.

 

2. Personio: $8.5 Billion

 

 

Personio was founded in 2017 and is currently valued at $8.5 billion with a total of 17 investors and just over 2,000 employees. The company was founded by Hanno Renner and Jonas Rieke, current CEO and COO respectively.

Personio is the developer of a recruitment and human resource management platform that serves small and medium-sized businesses. It provides users with a variety of features and services, including a full applicant tracking system, document and contract management, attendance tracking, digital employee files, salary, payroll, performance management and absence management services.

 

3. Mambu: $5.53 Billion

 

 

The developer of a banking platform, Mambu helps users create, launch and service loan and deposit-related products.

The intention behind the platform is to power digital financial services and help people make use of innovative baking products so that they can tackle market opportunities and enable microfinance institutions and other types of financial innovators to provide customers with effective and efficient banking services.

Mambu was launched in 2011, and as of its last assessment, the company is worth $5.53 billion and has most recently completed a Series E funding round.

 

4. Trade Republic: $5.36 Billion

 

 

Trade Republic was founded in 2015 and is the developer of a financial trading platform. The platform is specifically designed for use in free trade in the capital market.

The company provides intuitive, mobile and fast trading that is commission-free. It can be used via a mobile fintech application.

Trade Republic is now valued at $5.36 billion, with 12 different investors and roughly 600 employees.

 

5. Flink: $5 Billion

 

 

Flink, valued at $5 billion, is a grocery delivery services platform – the company prides itself on being able to have groceries delivered directly to customers’ homes within ten minutes at supermarket prices.

The application allows customers to place orders for a large variety of different types of grocers, from home supplies to bread, fruit and vegetables.

Flink was founded by the team of Oliver Merkel, Julian Dames and Christopher Cordes, who are now CEO and Co-Managing Directors respectively.

The World of Germany’s Unicorns

 

It’s no surprise that with such a strong economy and startup ecosystem, Germany is home to a high number of not only successful companies but unicorns too.

The country’s top five, highest valued unicorns are all valued above $5 billion which is an incredible feat for any company, but in many ways, it’s even more impressive for privately owned companies.

The rest of the top 10 unicorns in Germany is made up of:

 

• Otto Bock: $3.4 Billion
• Contentful: $3 Billion
• N26: $2.7 Billion
• Enpal: $2.5 Billion
• Forto: $2.1 Billion

 

With a strong and constantly growing economy, it seems likely that we’ll see more and more unicorns bursting onto the scene in the coming years.