The UK’s newest eight unicorns have been named.

According to GP Bullhound’s annual Titans of Tech report – ‘Building blocks for the next wave’ – a total of 34 new unicorns were created in Europe in the past year.

The UK led the way with eight new unicorns, followed by Israel and Germany.

The 34 new unicorns created in the last 12 months had an aggregate valuation of $59bn – down 79 per cent on the previous year.

Although significantly down on the number of $1bn companies created in 2021 and 2022, the figure is still higher than before the pandemic.

The newest eight UK unicorns are: FinTech SumUp; Copper; Multiverse, the EdTech founded by Euan Blair; data analytics firm Quantexa; Paddle; Oyster; open-source AI firm; and talent management specialist Beamery.

The Titans of Tech report explores the technologies, business models, and companies that continue to build Europe’s track record of value creation, now and into the future.

Manish Madhvani, managing partner of GP Bullhound, said: “Nine years ago we launched Titans of Tech to showcase the progress of the European tech ecosystem and raise the ambition levels of founders in creating world-leading tech companies. Since then, the European technology ecosystem has seen a record 10-year wave of growth as technology continues to outperform every sector.

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“But the technology sector globally has reached the end of its most recent bull market – a run propped up and extended by post-pandemic macroeconomic factors. “Companies need to adapt to the new environment. For those that can pivot and get their priorities and funding in order, value-creation opportunities will continue to exist.

“In the face of the downturn, 34 trailblazing unicorns were formed and lifted the aggregate value of European unicorns above $1tn.

“We see a positive trajectory for the next decade in hitting $2tn and believe that the next wave of value creation, societal gains, and technology disruption will be found in AI, climate tech, and workplace productivity software – all areas gaining momentum and billions in funding as of Q1 2023.

“One out of four unicorns in the past year were ML or AI-enabled, investment in climate tech remains in line with bull-market levels at $3bn, and 15 per cent of new unicorns were HR software businesses.

“This report explores the technologies, business models, and companies that will build on Europe’s track record of value creation, now and into the future.

“It’s the end of a bull run, but far from the end of the story, and we are proud to celebrate the continued resilience of Europe’s technology ecosystem.”

Europe has reached 311 unicorns – a 10x increase since 2014.

The Titans of Tech report said investors have shifted their focus from revenue growth to cash generative companies.

“Today, exacerbated by macro pressures, the technology market has undergone a boom-and-bust cycle with average public unicorn valuations in 2022 roughly half of those in 2021,” said the report.

“However, with operational fundamentals normalising and remaining strong, it is only a matter of time before valuations recover as technology continues to shape the way we live and work​​.

“By the end of 2021, as the world started to move past the pandemic, other macro factors began to take hold including rising inflation, the Russia-Ukraine war, and increased operational volatility.

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​“Battling post-pandemic headwinds, tech companies were forced to cut costs and improve profitability on the back of the increasing scrutiny of unprofitable business models.

​“However, signs of recovery and a return to pre-pandemic levels are materialising.”

GP Bullhound also identified the 10 European companies that it believes could be the next unicorns.

They are: Agicap; Brevo; Mews; CoachHub; Pennylane; Typeform; Soldo; Wallapop; Deepki; and Akeneo.