Investor enthusiasm for highly valued private tech companies waned substantially in the fourth quarter last year, with new data revealing that the growth of the so-called ‘unicorn’ herd slowed dramatically.
Just nine tech companies last quarter became unicorns, or venture-backed companies valued in the private market at $1 billion or more, according to data released on Thursday by CB Insights, which tracks venture capital and angel investments globally into private companies.
That compares to 23 companies that became unicorns in both the second and third quarters last year.
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