Record High of 18 Domestic Unicorn Companies... Ministry of SMEs and Startups to "Supplement Systems Including Multiple Voting Rights"

Unlisted Companies Valued at 1 Trillion Won Increase Sixfold in 4 Years
7 Companies Including Dunamu and Zigbang Added Last Year

[Asia Economy Reporter Kim Bo-kyung] The Ministry of SMEs and Startups announced on the 15th that the number of domestic unicorn companies confirmed as of the end of last year reached a record high of 18.

Unicorn companies are unlisted companies with a corporate value of over 1 trillion KRW, and the number of unicorn companies is recognized as an important indicator showing the scale-up of the startup and venture ecosystem.

At the end of 2020, there were 13 domestic unicorn companies. Last year, 7 were added, and 2 companies, including Coupang and Krafton, were excluded due to listing on the stock market, bringing the total number of domestic unicorn companies to 18. This is a sixfold increase compared to 2017 (3 companies), when the Moon Jae-in administration took office, in just four years.

The 18 domestic unicorn companies include 11 listed on CB Insights, which is mainly cited for international comparison, and 7 additional companies identified by the Ministry of SMEs and Startups through investment industry sources and domestic and international media. According to CB Insights, South Korea ranks 10th in the world, following the United States (489 companies), China (171 companies), and India (53 companies).

The newly born domestic unicorn companies last year include Dunamu (Upbit, virtual asset exchange), Zigbang (real estate brokerage), and Kurly (Market Kurly, fresh food delivery) confirmed in the first half of the year, and Bithumb Korea (Bithumb, virtual asset exchange), Bucketplace (Today’s House, interior commerce), Danggeun Market (secondhand trading platform), and Ridi (Ridi Books, content platform) added in the second half, totaling 7 companies that rapidly grew in their respective fields.

Including the newly identified unicorn companies this time, the number of unlisted companies that have surpassed a corporate value of 1 trillion KRW as of the end of last year increased to 27.

Park Yong-soon, Director of Venture Innovation Policy at the Ministry of SMEs and Startups, stated, "To create a venture ecosystem where more unicorn companies can emerge, we will create funds exceeding 2 trillion KRW through a 1 trillion KRW scale mother fund investment this year, and continue to improve venture and startup-related systems such as multiple voting rights and stock options."

This content was produced with the assistance of AI translation services.