A unicorn is defined as a tech driven company that has reached a $1 billion valuation, on the basis of a funding round.
- Companies that IPO-ed at or above $1 billion but subsequently dipped below that valuation, are still included as $1B+ exit (examples: Alfa, Rovio, eDreams).
- Some companies have at some stage reached a $1 billion but subsequently raised, IPO-ed or were acquired below that value. In this case the company is not counted as a unicorn (examples: Blippar, Home24, Powa).
- If a unicorn moved HQ, the company is counted in the country where it reached unicorn status. Occasionally companies received dual HQ status.