On Oct. 19, CB Insights released this year’s Unicorn Club list with 10 Asian entries having a corporate value of more than US$1 billion each.
Coupang, which attracted an investment of around US$100 million in late May this year from U.S. investors such as Sequoia Capital, was found at seventh place on the list, as the only Korean company with a value of US$1 billion. Nine out of the 10 were e-commerce firms.
The list was topped by Xiaomi, the value of which was estimated at US$10 billion, and five more Chinese companies were on it. Flipkart and Snapdeal, two of the largest electronic commerce companies in India, recorded US$1.6 billion and US$1 billion, respectively. Russian portal AVITO’s value was measured at US$1.8 billion.
The Unicorn Club, in the past, used to be filled with American companies. However, Asian enterprises are distinguishing themselves on the list these days. In the meantime, U.S. VC firms raised US$23.7 billion during the first three quarters of this year, to have already exceeded last year’s total of US$17.6 billion and set a new record since 2008. Experts’ consensus is that their aggressive investment is likely to be focused on Asian IT firms.