The term ‘Unicorn’ was invented in 2013 to mark a rare achievement for private companies —the $1bn valuation. Less than a decade later, at least one company passes the lofty billion dollar threshold every day.

Is the exclusivity of the club at risk? In this month’s edition we review the billion dollar phenomenon.

Enjoy, from all of us at North Ridge Partners…

Original Thinking From North Ridge Partners

Five digital giants grew their market capitalisations from $2tn to $10tn between 2018 and 2021. Remarkably the next generation of digital businesses looks set to outpace them. So, what are five characteristics that help you spot the next software insurgent?

North Ridge Partners’ Peter Hynd identifies three APAC platform businesses using global precedents to achieve local market leadership in this month’s Minicast

And, finally, investors aren’t the only one’s hunting for unicorns. They have also inspired songwriters throughout the years. Enjoy our pointy-headed horse playlist on Spotify

Markets Action

Abandon ship? — After a massive run, the IPO path has been getting tougher, with a glut of deals waiting at the starting line

Proving that not all IPOs are toast —Toast turns up the heat, raising $870m to become the restaurant sector’s go-to tech provider

Two new unicorns on the Carousell — The online classified marketplace’s latest raise delivers Unicorn status. For good measure, Carousell’s trophy can be delivered by the good folks at Ninja Van, which also crossed the threshold this month

What’s next in the global SPAC attack? — Just as the US SPAC market turns down, SGX changes its rules to allow SPACs. Meanwhile, the Aussies are watching closely

$9bn is a lofty valuation for ones and zeroes — But it’s the magic number that GitLab wants from its IPO

Asia Tech News

The Great Race is back — Except this time, the contestants are Indian tech companies, racing to the IPO finish line

Grab grabs the lion’s share — Indonesian ewallet provider Ovo has a new 90% owner as Grab buys out Tokopedia and Lippo

A ticket to ride — Chalo wants to digitise bus trips in India

Big names back Indonesian B2B marketplace — Tencent and Jeff Bezos tip $87mn into Ula

Pulling down the walls in China — UnionPay gets its deal with Ant Group and Tencent, as the payment ecosystem opens up

Big Tech

Common sense triumphs over hype — Tesla implements what all teenagers’ parents know – it’s best to check that the person wandering away with your car keys can actually drive

Lots of people have short attention spans — TikTok clocks up over a billion active global users. Who knew there were so many terrible dancers?

The Bitcoin juggernaut continues — Beijing bans crypto mining machines on Alibaba as BTC returns to near all-time highs!

Détente of the Titans — Alibaba and Tencent play nice with WeChat Pay

The sun rises on Middle East ecommerce — Noon capital raising suggests sunny days ahead

Unicorns

Who says meat and potatoes aren’t sexy? — Licious, the Indian fresh meat and seafood platform, wins unicorn status

True believer — Former Cisco boss John Chambers on why he’s happy to take a punt on the horn headed ponies

After only three years, this is startling growth — Indonesia’s own ‘Robinhood’ saddles up on the unicorn

Out of Africa — Andela propelled into unicorn territory thanks to Softbank

Stuff We Found Interesting:

It’s more than just data at stake — Ransomware can impact your health

On the road again — Will $1bn in new money revitalize Tata’s EV division?

Distantly Emerging Tech

Wasn’t Bruce Willis in this movie? Yeehaw! Grab your zero gravity picks and shovels because there’s gold – and everything else – in them there asteroids

Schrödinger’s ROI — investors getting entangled in Quantum computing

It’s in our genes — DNA data storage is closer than you think

Billion Dollar Corner

A million dollars isn’t cool. You know what’s cool? – A billion dollars!

Sean Parker and Mike Myers dispense wisdom on billion dollar valuations.

North Ridge Partners: technology investment banking across the Asia Pacific

North Ridge Partners works with technology companies across the Asia Pacific to achieve transformational outcomes through providing strategic financial advice, advising on M&A transactions and raising capital. We’re experienced deal-makers who have built, run, and sold numerous technology companies.

Contact us here.

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