23 companies in Europe and Israel have become unicorns so far this year, easily beating 2020's total of eight, according to PitchBook data.
A record amount of VC capital has continued to flow to European startups, with €32.5 billion (around $39.3 billion) invested so far, putting the year on track to surpass last year's €37.6 billion.
The increasing participation of US-based investors has been a factor in the increase of investment. Nearly half of the top 10 backers of European unicorns in terms of deal count are based across the Atlantic.
Europe's tech startups tend to have lower valuations than US counterparts, offering more opportunities for higher growth rates.
"We expect transatlantic capital flows to continue to increase and strengthen valuations in Europe, as cash-rich US investors seek new companies showing strong potential that could be introduced to the US market," said Nalin Patel, a private capital analyst at PitchBook.
See the full article on PitchBook here: Europe's unicorn herd grows bigger and faster in 2021 | PitchBook
