Aug 23, 2024

Top 7 Unicorns in Ireland Gina MarrsAugust 23, 2024 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. 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: …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. 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. 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. 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. 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.