Steven Millward · · 9 min read16 new startup unicorns that took flight in 2016
36 diverse tech startups ascended to billion-dollar valuation or above in 2016, of which 16 are spread across Asia – mostly in China. Photo credit: Avariel Falcon.
The startup “unicorn” club is not quite as exclusive as it used to be, with a raft of new tech giants joining the party each year. This year saw 36 startups ascend to billion-dollar valuation or above, way down on the 76 that emerged in 2015.
Of the newcomers, 16 are spread across Asia. They join the ranks of Uber, Didi Chuxing, and Snapchat alongside a total of 179 unicorn companies that are collectively worth US$646 billion, according to data from CBInsights. That’s the same amount as the GDP of oil-rich Saudi Arabia.
It’s no surprise that China nurtured the most billion-dollar babies in 2016; indeed, all but five of this year’s Asia-based newcomers are of Chinese descent.
1. Lianjia
- Valuation: US$6.2 billion
- Country: China
Well, this is awkward. The biggest new unicorn on the continent isn’t really even a startup. Or tech. I mean, if you visit China, you’ll see Lianjia’s green stores dotted around every major city, each crammed with an improbable number of salespeople.
Staff outside a Lianjia store. Photo credit: Lianjia’s Weibo.
With 6,000 shops and 120,000 employees, it’s arguably China’s biggest estate agent chain, connecting renters and buyers with homeowners. It started out in 2001.
But hey, it’s raising money and it has an app, so ┐(´д`)┌ amirite?
The firm is now expanding aggressively in the cities with the hottest real estate markets in China. It has 20,000 staff in Shanghai alone, and it aims to go beyond the 22 cities where it’s now active. It also offers its customers home loans.
Lianjia is taking a mixed offline-online approach to China’s property market, which helps it stand out from web-only rivals. While it focuses on building its brand by emphasizing trustworthiness and having the tidiest stores and most well-mannered staff, the strategy is not without its risks. There are the huge overheads from all those shops and it charges higher commission fees than its smartphone-era rivals.
2. Royole
- Valuation: US$3 billion
- Country: China
This is another unusual one – a company that pretty much nobody in China has even heard of. It makes flexible displays and sensors that are then slotted into other company’s gadgets.
3. Huimin
4. Hike
5. Go-Jek
6. Shopclues
7. Liepin
8. Zhangyue
9. Souq
10. Mercari
11. Xiaohongshu
12. Icarbonx
13. Mofang Apartments
14. UBTECH Robotics
15. Guazi
16. U51
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