Here are the Triangle's largest "unicorn" startups
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When Durham-based sports software company Teamworks revealed last month it had gained a valuation of more than $1 billion, it became the Triangle's first tech startup to join the "unicorn" club — startups surpassing a $1 billion valuation — in more than three years.
Why it matters: While the early pandemic years saw an influx of cash go to startups due to low interest rates, raising money has grown significantly more difficult over the past two years.
- But there are signs that such investments could be picking back up, Scot Wingo, a local investor, told Axios.
What they're saying: "It's whipsawing around," Wingo said of investments into startups, noting investment companies seem less concerned now about tariffs.
- "There is a lot of private equity deals going on, and there have been a couple high-profile IPOs that have gone well," he added. "It definitely feels like directionally we are going in the right way."
Between the lines: It's been years since the Triangle had a startup go public on a stock exchange, and startups valued at more than $1 billion represent some of the region's best chances of hitting that mark.
- An IPO could potentially provide financial windfalls for some local employees and investors that could flow back through the local economy.
- Wingo said many people are watching to see how well Figma's potential IPO fares, as an encouragement for local startups like Pendo or SAS.
Zoom in: There are more than 1,200 startups around the world valued at $1 billion or more, according to CB Insights. Five of them are located in the Triangle, according to data from CB Insights, Pitchbook and Crunchbase.
Here are the startups in the Triangle that have fetched "unicorn" valuations:
🕹️ Epic Games: The Cary-based video game maker has a valuation of $22 billion, according to CB Insights, after raising $1.5 billion from Disney last year.
- The company is the 13th most valuable startup in the world, according to CB Insights, and is so large that Axios' Dan Primack suggested referring to startups of its size as "dragons" rather than unicorns.
- Locally, the company has a large presence in Cary, with more than 3,000 employees. However, it has withdrawn plans to build a new headquarters on the former site of Cary Towne Center.
🖥️ Pendo: The Raleigh software startup has a valuation of $2.6 billion, according to Pitchbook, and has long held ambitions of going public.
- The company has conducted layoffs in recent years, but remains one of the largest tech firms in Raleigh and became profitable for the first time last year.
🏈 Teamworks: Founded by a former Duke football player, Durham-based Teamworks runs a software platform that helps sports teams manage their players' schedules, nutrition and even their online brand — a feature that has become popular in the era of NIL.
- The company now has a valuation of $1.2 billion, according to Pitchbook, and its customers include every NFL team, most Division I college athletic departments and 90% of MLB teams.
🔐 JupiterOne: Morrisville-based JupiterOne, a maker of cybersecurity tools, has a valuation of $1 billion, according to Pitchbook.
- The company's founder, N.C. State grad Erkang Zheng, stepped down as CEO last year. But he is now raising money for a new AI startup, though details on the company have not yet been revealed.
🩺 Caidya: A clinical trials company based in Raleigh, Caidya raised $165 million from investors earlier this year and has a valuation of $1 billion.
- Caidya was formed in 2021 through a merger of a Chinese clinical research firm and Morrisville-based Clinipace, according to the Triangle Business Journal.