Europe has produced 13 "unicorns" – start-ups with $1 billion valuations – in the past 12 months, according to tech investment bank GP Bullhound, in a sign that the region's technology scene is gaining strength.
The continent now has 40 unicorns, up from 30 this time last year, after 13 were new names were added to the exclusive list, and three dropped off. In the same period, the U.S. produced 22 companies of this size.
But in the battle between the two sides of the Atlantic, when it comes to valuations, the U.S. leaves Europe in the dust. The total valuation of all of Europe's unicorns is $120 million – that's almost half the $227-billion market capitalization of Facebook alone, and only three times Uber's $40-billion valuation.
"I think we need to reset the ambition levels so we can create these $10 billion companies, we can push on and create these $30 billion companies. That is going to be the next challenge," Manish Madhvani, managing partner at GP Bullhound, said at London Technology Week's launch event on Monday.