Business analysts estimate that as of 2024, there are between 1,450 and 1,500 businesses in the world that are currently classified as unicorns.
Of course, this number is difficult to nail down as company valuations are constantly changing, and it’s not uncommon for successful businesses to make the switch from private to public ownership once they achieve a certain level of success.
Since businesses must be valued at a minimum of $1 billion and be privately owned in order to be considered unicorns, these changes result in unicorn status being revoked.
These days, the Republic of Ireland has a healthy and growing startup scene, along with seven unicorns.
The Startup Landscape in Ireland
Ireland is actually considered an ideal location for startups, with many different factors contributing to its healthy and flourishing startup landscape.
For instance, outside of the UK’s Brexit issues, Ireland – specifically, the Republic of Ireland, is the only English-speaking country within the Eurozone.
But, it’s about more than just language. Here are some more reasons why Ireland is thought to be conducive to the development and establishment of startups:
- High Quality of Living
- Healthy Investment Environment Full of Opportunity
- Tax Initiatives and Incentives for Innovative New Companies
- Many Additional Opportunities for Support
- Highly Qualified Employment Pool
…and more.
Indeed, the business landscape and environment in Ireland is well-suited for entrepreneurs launching new, exciting companies. The total number of startups in Ireland is believed to be sitting somewhere between 22,500 and 23,000.
Top 7 Unicorns in Ireland
Startups are one thing, but for a startup to become a unicorn is a whole different ball game. It means that they not only need to be incredibly successful, but this success also tends to involve large amounts of funding.
Specifically, companies need to be valued at a minimum of $1 billion and they need to be privately owned.
While the Republic of Ireland has seen plenty of successful businesses during its time, it was only in 2018 that the country’s first-ever unicorn emerged. Intercom, a customer-messenger platform launched in 2011, was founded by a team of four Irishmen, Eoghan McCabe, Des Traynor, David Barrett and Ciaran Lee.
The company’s valuation has since fluctuated, due to increased competition in the market and more, and these days, it seems to be back on the rise, although it’s no longer currently considered a unicorn.
So, since the country’s first introduction to the world of privately-owned multi-billion dollar companies in 2018, several other successful businesses have followed suit. Today, the Republic of Ireland is home to seven business unicorns.
1. Playrix: $8 Billion
Irish-based startup Playrix was launched in Dublin in 2004 and has since raked in $2.7 billion and $1.1.9 billion in 2021 and 2023 respectively. As of 2024, Playrix is valued at $8 billion, with its billionaire founders, Dmitri Bukhman and Igor Bukhman, continuing to grow the once-humble gaming startup.
Playrix is a developer of free-to-play games, including popular titles like Township, Fishdom, Homescapes and Gardenscapes. Also known as Playrix Entertainment and Playrix Games, this startup has become one of the top mobile gaming companies in the world, with its games being used by more than 100 million different people around the world every month.
2. Wayflyer: $1.6 Billion
Wayflyer provides e-commerce businesses with a plethora of flexible funding options. The company uses future projected revenue to provide companies with financing options, making calculations and decisions based on a programme that monitors and analyses market performance.
Launched in Dublin in 2019, Wayflyer is now worth $1.6 billion, having secured a further $1 billion in funding at the end of 2023. The company was founded by Aidan Corbett and Jack Pierse, and Corbett is the current CEO.
3. Flipdish: $1.2 Billion
Flipdish is a venture-capital-backed startup that aims to provide restaurant owners with an advanced tech system to solve operational problems. It provides a point-of-sales (POS) and food-ordering platform. It facilitates online bookings, along with marketing services, loyalty programmes and more to help businesses properly manage not only their business as a whole, but specifically, marketing channels, sales platforms and customer data too.
Flipdish was founded in 2015 by Conor and James McCarthy, and today, it’s used by thousands of different restaurants all around the world.
4. Workhuman: $1.2 Billion
Workhuman is based on the idea of social recognition and and recognition management software is helping other companies drive productivity, employee engagement and retention. Some of the platform’s features include social recognition, employee perks management, employee communication, community celebrations, people analytics and team connections, among other things.
Founded in 1999, Workhuman eventually achieved unicorn status in 2020 and is currently sitting at a valuation of $1.2 billion.
5. TechMet: $1 Billion
TechMet, one of the most recent additions to Ireland’s list of unicorns, was founded in 2017 and surpassed $1 billion valuation in 2023.
This startup invests in critical minerals, creating a technology with control over metals that also has strategic control over a large portion of the production of important metals in the 21st century.
The intention behind TechMet’s business strategy is to develop projects that will secure the supply chain of certain metals that are integral to the future growth of industries including that of renewable energy, energy storage and electronic vehicles.
6. Transfer Mate: $1 Billion
TransferMate is an Irish online payment platform that specialised in cross-border payments, founded by Terry Clune and Sinead Fitzmaurice in 2011.
With nearly 1,500 employees, TransferMate offers user services including automated payee notifications, the verification of banks account details, online track payments, low bank transfer fees and direct integration into back-end accounting systems.
Based in Kilkenny, Ireland, TransferMate purports to have experienced an incredible 86% growth from 2021 to 2022.
7. LetsGetChecked: $1 Billion
Becoming a unicorn in 2021 after having received $150 million of series D funding led by Casdin Capital, LetsGetChecked is an online platform providing consumers with an at-home diagnostic solution.
Consumers can purchase and use testing kits, and then get them analysed by means of LetsGetChecked’s services, providing privacy and reliability. With 30 different tests available online, this startup also provides a channel for patients to order and receive prescription medication delivered to their homes.
LetsGetChecked was founded in 2013 in Dublin, Ireland and as it stands, it’s worth $1 billion.
