Based on the data from Deal Street Asia, in 2022, Singapore and Indonesia produced the most unicorns in Southeast Asia. In the competitive startup world, “unicorn” has recently become the most popular term. But did you know there are several “corns” besides unicorn? Let’s explore!
Minicorn
Minicorns are startups that have achieved more than $1 million valuations. Most of them are new startups. These startups have typically found product-market fit and are generating substantial revenue growth. Even though still neophyte, minicorns often attract interest from strategic investors who see the potential for continued growth and success.
Minicorns in Singapore:
- Red Doorz – Online platform providing hotel accommodation.
- Taiger – Provides robotic process automation solution.
- Hex Trust – Custodiant service for digital assets.
- Neuron – App-based platform offering electric kick-scooter and bicycle rental service.
- Salad – Developer of PC and console-based casual games.
Soonicorn
Soonicorns (soon to be unicorn) are startups on the cusp of unicorn status. These companies have the potential and possibility to join a unicorn club—valued at $500 million to $1 billion. These startups have achieved significant success and are generating substantial revenue growth but may still be working to achieve profitability or reach a paramount mass of users.
Soonicorns in Singapore:
- Zalora – Online retailer offering multi-category fashion products.
- Lingo Ace – App-based platform providing tutoring sessions for the Chinese language
- MatchMove – White-label wallet for businesses.
- M-Daq – Trade management solutions for investors.
- Singlife – App-based life & health insurance platform for individuals.
Unicorn
Unicorns have achieved the ultimate landmark in startup valuations of $1 billion or more. These companies always get attention from investors because they are often household names with significant market shares and strong brand existence. Hence, they have a clear path to profitability.
Unicorns in Singapore:
- Grab – App-based ride-hailing aggregator & on-demand delivery service provider.
- Ninja Van – App-based platform providing last-mile B2C courier services.
- Zilingo – Online B2B marketplace offering multi-category products.
- TauRx – Developer of drugs and diagnostic compounds for Alzheimer’s disease (AD), frontotemporal dementia (FTD), and other neurodegenerative diseases.
- Carro – App-based P2P marketplace for pre-owned cars.
Decacorn
Decacorn startups have achieved a lofty level, with a $10 billion or more valuation. According to CBInsights, there are currently a total of 24 decacorns around the world. Usually, decacorn companies become industry leaders because they have a strong brand presence and a clear path to continued growth. Therefore, most of the large institutional investors are interested in them.
Hectocorn
Hectocorns are the rarest and most valuable startups, with a $100 billion or more valuation. Only a smattering of companies has achieved hectocorns status. Typically, hectocorn companies are big industries with a large market, including Amazon, Apple, Microsoft, Alphabet, Facebook, Oracle, and Cisco.
