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The Rise and Fall of the Unicorn Hype
Remember when it was actually interesting to see a startup becoming a unicorn?
A company reaching the billion-dollar valuation mark used to be a rare event — hence the term ‘unicorn.’ But by 2020 and 2021, it was anything but. Every week was like, “Oh, another crypto unicorn? Great. Wow, the fifth neobank this month. Amazing. Wait, wasn’t that company just founded last year?”
I’m not saying this to diminish the accomplishments of any of those companies, but the investing fever of 2020 and 2021 made that once-scarce milestone almost seem like late-stage table stakes.
The Rarity of Unicorns in Today’s Funding Market
But in today’s tougher funding market, unicorns are rare again. And there is a new entrant that shows us what unicorns might look like in 2023.
This week, Boston-based Gradiant said it raised a $225 million Series D round led by Centaurus Capital at a $1 billion valuation. The company builds tools to manage and treat wastewater for companies across industries such as food and beverage, pharmaceuticals and mining.
Gradiant’s Growth and Sustainability Goals
Gradiant’s co-founder and CEO, Anurag Bajpayee, told TechCrunch+ that the company has essentially doubled revenue every year, for the last few years. “If you think about the industrial revolution, and the global industry, we have been taking water from nature. We have an opportunity to turn the clock back on the state of water on this planet and give nature water back,” Bajpayee said.
Conclusion
The unicorn club used to be exclusive, but the investing landscape has shifted. However, rare unicorns are still emerging. Gradiant’s focus on sustainability and growth sets a standard for future unicorns to aspire to in 2023 and beyond.
FAQ
What is a unicorn company?
A unicorn company is a startup that has reached a valuation of $1 billion or more.
Why are unicorns rare again?
Unicorns are rare again due to the shift in the funding market. Investors are more cautious and selective in their investments, making it harder for companies to reach the $1 billion valuation mark.
What does Gradiant do?
Gradiant builds tools to manage and treat wastewater for companies across industries such as food and beverage, pharmaceuticals and mining.
What sets Gradiant apart from other unicorns?
Gradiant’s focus on sustainability and growth sets a standard for future unicorns to aspire to in 2023 and beyond.
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