Overview

• Venture capitalist Aileen Lee, who coined the term 'unicorn' for billion-dollar startups, now uses 'ZIRPicorns' to describe startups that haven't raised money since the zero-interest rate period and whose valuations are likely off base.
• 40% of the 532 U.S. unicorns are trading at valuations below $1 billion in the secondary markets, indicating that the real aggregate value of all unicorns is much smaller than the $1.5 trillion based on their last fundraising valuation.
• The number of unicorns has boomed from 39 to more than 532, with a significant shift towards enterprise-focused startups, which now make up 78% of unicorns.
• Despite the shift towards enterprise, it is predicted that more exciting consumer unicorns will emerge in the coming years.
• Capital efficiency, defined as current valuation divided by private capital raised, has significantly declined over the last decade.