Europe welcomes 2024’s first $1B startup with DataSnipper Series B

DataSnipper, an automation platform for audit and finance professionals, has reached a $1 billion valuation following a $100 million Series B.

The round, which was led by Index Ventures, makes the Amsterdam-based company Europe’s first unicorn—defined by PitchBook’s unicorn companies tracker as a VC-backed company worth $1 billion or more—this year.

Last year was Europe’s worst year for unicorn creation in over five years, with only 14 companies crossing the $1 billion threshold, according to PitchBook’s unicorn tracker. This is 73% lower than in 2022 which saw 52 new unicorns minted.

The lack of new $1 billion-plus European companies is largely due to falling valuations amid a downturn in VC investment, particularly for late-stage startups.

VC-backed businesses with high price tags faced more scrutiny as investors shifted their focus from hypergrowth to profitability. Reduced deal count and a lack of exits also contributed to the paucity of new European unicorns in 2023.

This year, VC dealmaking is expected to pick up as VCs feel more pressure to deploy the large amounts of dry powder that have accumulated over the past few years. With more deal flow, the number of new European unicorns is also expected to increase, although unlikely to reach the levels seen at the peak in 2021.