The Ten Largest U.S. Startups by Post-Money Valuation
PitchBook released a ranking of U.S. startups in April 2022 that ordered companies by post money valuation. A handful of the names - such as Miro, Fanatics along with Kraken - appear in headlines, yet most remain unfamiliar to the general public. The following profiles describe the business model - funding history, and valuation of each firm as of the report date.
A unicorn startup holds a private market valuation above one billion dollars. In March 2022 the United States hosted 607 such companies. The ten largest, in descending order, were Miro, Goodleap, Fanatics Trading Cards, Kraken, Digital Currency Group, Fireblocks, FTX.US, Gemini, Datavant in addition to Black Unicorn Factory. FTX has since filed for bankruptcy - its founder faces federal indictments for securities fraud and money laundering.
Miro provides a cloud based collaboration platform built around an infinite digital whiteboard. Remote teams use the service to map workflows, run design sprints next to host retrospectives. The company incorporated in California in 2009 and reached unicorn status in December 2020 after a Series C round led by Accel. In January 2022 Miro closed a four-hundred-million-dollar Series D led by Goldman Sachs Asset Management at a seventeen-point-five-billion-dollar post money valuation.
Goodleap operates a point-of-sale lending marketplace focused on residential solar, battery storage, energy-efficient home upgrades. Homeowners apply for loans through contractor partners - the platform approves credit in under thirty seconds. The company began in 2003 as Solar Mosaic, rebranded in 2021 along with achieved unicorn status that January. An eighty-million-dollar growth round in April 2022 valued the firm at twelve billion dollars.
Fanatics Trading Cards launched in 2021 after Fanatics acquired the Topps trading card division. The subsidiary holds exclusive long term licenses for Major League Baseball, Major League Soccer in addition to the National Basketball Association - it prints, markets next to sells physical cards and maintains a digital marketplace for secondary sales. A three-hundred-fifty-million-dollar Series A in September 2021 set the post money valuation at ten-point-four billion dollars.
Kraken runs a centralized cryptocurrency exchange that supports spot, margin, futures trading in more than one hundred digital assets. The firm also offers staking, custody along with over-the-counter desks for institutional clients. Founded in 2011, Kraken became a unicorn in April 2021 after a secondary share sale led by Tribe Capital. A subsequent private placement in early 2022 valued the company at eleven billion dollars.
Digital Currency Group functions as a holding company for ventures in fintech, blockchain infrastructure, and bitcoin services. Its portfolio includes CoinDesk, Grayscale Investments, and the Luno exchange. The company incorporated in Connecticut in 2015 and crossed the ten-billion-dollar mark in November 2021 when an undisclosed shareholder sold a seven-hundred-million-dollar stake to SoftBank Vision Fund 2 and Tribe Capital.
Fireblocks supplies custody and transfer infrastructure for digital assets. Exchanges in addition to payment providers use the platform to secure private keys, automate compliance next to move tokens across chains. The company launched in New York in 2018 and reached unicorn status in August 2021. A five-hundred-fifty-million-dollar Series E in March 2022 pushed the post money valuation to eight billion dollars.
FTX.US operated a regulated cryptocurrency exchange for U.S. customers. The platform listed spot pairs, tokenized equities, non-fungible token marketplaces. It incorporated in Berkeley, California, in 2020 and achieved an eight-billion-dollar valuation in January 2022 after a four-hundred-million-dollar Series A led by Paradigm but also SoftBank. In November 2022 the parent group filed for Chapter 11 bankruptcy - the founder now faces federal prosecution.
Gemini Trust Company runs a New York-regulated cryptocurrency exchange and custodian founded by Cameron besides Tyler Winklevoss in 2014. The platform supports trading in more than one hundred tokens and provides yield products through Gemini Earn. A four-hundred-million-dollar Series D in November 2021 valued the company at seven-point-one billion dollars.
Datavant builds software that links de identified patient records across hospitals, insurers along with life-science companies. The platform applies tokenization and differential privacy to protect personal health information. Founded in California in 2013, Datavant reached unicorn status in July 2021 after an undisclosed strategic round from Johnson & Johnson Innovation or Goldman Sachs Asset Management. The post money valuation stood at seven billion dollars in April 2022.
Black Unicorn Factory operates an accelerator that prepares minority led startups for public listing within twelve months of program completion. The curriculum covers regulatory filings, investor relations in addition to direct-listing mechanics under the Jumpstart Our Business Startups Act of 2012. The firm incorporated in California in 2020 and raised four hundred million dollars in May 2021 at a six-point-one-billion-dollar valuation.
Important
In November 2022 FTX filed for bankruptcy after revelations of commingled customer funds and fraudulent balance sheets. Federal prosecutors arrested founder Sam Bankman-Fried in the Bahamas and charged him with eight counts of fraud, money laundering next to campaign-finance violations. He posted a two-hundred-fifty-million-dollar bond and currently awaits trial under house arrest.
Is FTX Still a Unicorn?
FTX no longer qualifies as a unicorn. The exchange halted withdrawals in November 2022 and entered bankruptcy proceedings. A Delaware court now oversees liquidation of the remaining assets.
How Many Unicorn Startups Are There?
Global unicorn count surpassed one thousand in March 2022. Combined private valuation reached three-point-five trillion dollars.
What Is a Decacorn Startup?
A decacorn holds a private valuation above ten billion dollars. Goodleap, Fanatics Trading Cards occupy this tier.
Can I Invest in a Unicorn Company?
Shares in unicorns trade in private markets restricted to accredited investors, venture funds along with institutions. Retail investors monitor filings for eventual initial public offerings or direct listings.
PitchBook published its April 2022 list of the largest new U.S. unicorns ranked by post money valuation. The ten companies above held a combined valuation of one hundred and six billion dollars at that date.
Unicorn status does not guarantee solvency. FTX reached an eight-billion-dollar valuation in January 2022 and filed for bankruptcy ten months later. The episode underscores the distinction between private market pricing and audited financial health.
