A 'unicorn' is a privately owned company valued at US$1 billion or more.
Examples include Uber (on-demand taxicab and delivery services) and Airbnb (e-commerce / marketplace).
The term 'unicorn' is also used more narrowly to refer to early stage technology companies with valuations of US$1 billion or more, also known as 'tech unicorns'.
Spotify raises $1bn
- "Swedish music streaming company Spotify attracted plaudits from the judges for its approach to managing growth.
- During the first half of 2016 [Spotify] closed one of the largest convertibles ever for a tech unicorn, securing a $1bn financing, to support Spotify's growth programme."
- The Treasurer magazine, February 2017 p32 - Deals of the Year.