A privately held startup valued at 1 billion US dollars or more.
Venture capitalist Aileen Lee coined the term unicorn in 2013 to describe how rare such startups were at the time. Since then, the number of unicorns has grown considerably, especially during periods of abundant venture funding, and related terms have appeared, such as decacorn for companies valued at 10 billion dollars or more.
A unicorn valuation is typically set during a private funding round and reflects what investors are willing to pay for a stake, often with special protections attached. It is not the same as profitability or public market value, and valuations can fall sharply in later rounds or at an IPO. Some commentators also highlight camels, startups built for resilience and sustainable growth rather than rapid scaling.
The first time a private company sells shares to the public on a stock exchange, allowing anyone to invest in it.
Term SheetA non-binding document that outlines the key terms and conditions of a proposed investment in a startup.
Venture CapitalInvestment from specialized firms into high-growth startups in exchange for equity, with the aim of large returns when companies succeed.
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