HURUN FUTURE UNICORNS - GAZELLES 2024

IN SEARCH OF THE WORLD’S ‘GAZELLES’, START-UPS MOST LIKELY TO ‘GO UNICORN’ WITHIN 3 YEARS.

HURUN RESEARCH FINDS 803 GAZELLES IN THE WORLD, UP 115 OR 17% OVER LAST YEAR

USA RETAINED TOP SPOT WITH 330 GAZELLES, UP 83 OR 34%.

CHINA SECOND WITH 258 HURUN GAZELLES, UP 18% FROM 218. TOGETHER, THE USA AND CHINA ACCOUNTED FOR 73% OF HURUN GAZELLES.

UK THIRD WITH 45, UP THREE, AND INDIA FOURTH WITH 31, DOWN 17.

302 NEW FACES, LED BY US 163, CHINA 61 AND UK 17. BY SECTOR, BIOTECH 77, AI 29, HEALTHTECH 26.

91 HURUN GAZELLES PROMOTED OUT OF LAST YEAR’S LIST, LED BY 37 FROM THE US, 17 FROM CHINA AND 9 FROM INDIA. BIOTECH AND FINTECH LED, FOLLOWED BY SAAS.

45 WENT UNICORN, LED BY BERLIN-BASED HELSING (AI DEFENSE, US$5.4 BILLION), MUMBAI-BASED ZEPTO (QUICK COMMERCE, US$5 BILLION) AND ELON MUSK-FOUNDED NEURALINK (HEALTHTECH, US$5BN).

18 WENT IPO, LED BY YUBICO, A SAN FRANCISCO-BASED CYBERSECURITY FIRM, WITH A MARKET CAP OF US$2.2 BILLION.

95 ‘DEMOTED’, NO LONGER MAKING THE CUT, LED BY 43 FROM USA AND 19 FROM INDIA. DEMOTIONS CAME FROM FINTECH 22, E-COMMERCE 15 AND SAAS 10.

SHANGHAI OVERTOOK SAN FRANCISCO AS WORLD CAPITAL FOR HURUN GAZELLES. BEIJING THIRD AND NEW YORK FOURTH.

SAUDI ARABIA BROKE INTO THE TOP TWENTY WITH THREE NEW HURUN GAZELLES: E-COMMERCE PLATFORMS FLOWARD AND NANA, BASED IN RIYADH, AND SALLA, WHICH OPERATES IN MAKKAH. NEW ZEALAND, GREECE, AND CROATIA EACH HAD AT LEAST ONE HURUN GAZELLE FOR THE FIRST TIME THIS YEAR.

BIOTECH LED THE WAY WITH 140 HURUN GAZELLES, FOLLOWED BY FINTECH 81, SAAS 76, HEALTHTECH 69, AND ARTIFICIAL INTELLIGENCE 62.

37% DRIVEN BY AI.

HEALTHCARE, WITH 221 HURUN GAZELLES, MOST DISRUPTED SECTOR, FOLLOWED BY FINANCIAL SERVICES WITH 95 AND BUSINESS MANAGEMENT SOLUTIONS WITH 88.

CHINA-BASED HONGSHAN WORLD'S MOST SUCCESSFUL HURUN GAZELLE INVESTOR WITH INVESTMENTS IN 64 GAZELLES, FOLLOWED BY CICC, MATRIX PARTNERS, SOFTBANK, AND HILLHOUSE CAPITAL.

AVERAGE AGE 8YRS. 27 OR 3% OF HURUN GAZELLES FOUNDED IN LAST THREE YEARS.

91 GAZELLES PROMOTED TO UNICORN OR IPO STATUS, WITH 41% COMING FROM THE US.

(8 January 2025, Beijing E-Town, China, Mumbai, India and Oxford, UK) The Hurun Research Institute today released the Hurun Future Unicorns – Global Gazelles Index 2024, a list of the world’s start-ups founded in the 2000s, not yet listed on a public exchange and most likely to ‘go unicorn’, i.e. hit a valuation of US$1bn, within three years.  The cut-off date used was 31 October 2024. Hurun Research has been tracking Unicorns since 2017, Future Unicorns Gazelles since 2019 and Future Unicorns Cheetahs since 2020. This is the fourth year Hurun Research has launched the Hurun Gazelles Index on a global level.

This report includes the Most Successful Hurun Gazelles Investors 2024, a ranking of the most successful investors in the world, based on the number of Hurun Gazelles they have invested in.

Hurun Research found 803 Gazelles worldwide, up 17% from 688 last year, based in 38 countries and 204 cities. 13%, or 91, were ‘promoted’ from last year’s index, whilst 14% or 95, were ‘demoted’, no longer making the cut. 501 from last year’s index still make the cut. There were 302 new faces, led by BioTech with 77, AI 29 and HealthTech 26, and from USA 163, China 61 and the UK 17.

Of the 91 promotions, 45 went unicorn, 18 went IPO, and 28 were acquired. 37 were from the USA, 17 from China and 9 from India. The main sectors were BioTech and FinTech, with 16, followed by SaaS, with 8.

Healthcare was most impacted by Hurun Gazelles, followed by Financial Services and Business Management Solutions.

Specifically, BioTech, FinTech and SaaS led, followed by HealthTech, AI and E-commerce. 66% sell software and services, with only 34% selling physical products. 64% sell to businesses, whilst 36% are consumer-facing. On average, they were founded eight years ago, in 2016.

Hurun Report Chairman and Chief Researcher Rupert Hoogewerf said:

“The Hurun Gazelles Index is, along with the Cheetahs Index, one of two Hurun lists that identify the pipeline for the Hurun Unicorns Index. Hurun Gazelles are most likely to ‘go unicorn’ within three years, representing the most exciting startups in the world. Their animal counterpart is famous for agility and incredible bursts of speed, reaching speeds of close to 100 km/h. In much the same way, Hurun Gazelles have to run fast, or – like their animal counterparts – they may get eaten and never make it to a Hurun Unicorn.”

“The idea behind the Hurun Gazelles is to help them find more investors, strategic partners and service providers as well as encourage the founders to think bigger, grow faster and go further. I am delighted to release the Hurun Global Gazelles Index 2024 in association with Beijing E-Town, widely considered to have some of the best policies and business environment for the development of high-tech manufacturing in China.”

“Hurun Gazelles are very young, just under eight years old on average, but are already worth an average of US$700 million. We’re on the brink of the Fourth Industrial Revolution, with the rapid rise of AI transforming industries, making today, arguably, one of the best times to launch a new business. Over a quarter of Hurun Gazelles are already leveraging AI to transform sectors, with fintech, blockchain, and SaaS seeing the most disruption. The convergence of generative AI, machine learning, augmented and virtual reality, cloud computing, IoT, and automation is creating unprecedented opportunities for innovative start-ups to lead the charge in this exciting new age.”

“Healthcare is being disrupted more than any other industry. Specifically, BioTech and HealthTech represent the hottest pipeline for the next generation of unicorns, the Hurun Gazelles. Innovations in medical devices, BioTech, and digital health are transforming disease treatment, diagnostics, and patient care. China and the US are leading this healthcare revolution. Other sectors with a strong pipeline of future unicorns are Financial Services and Business Management Solutions.”

“The US leads when it comes to Hurun Gazelles, suggesting it has the strongest pipeline for future unicorns. BioTech and HealthTech are leading the way, with AI growing fastest, concentrated in San Francisco and New York, but with strong growth in Boston, Cambridge, San Diego and Palo Alto. Donald Trump winning the election is likely to have a positive impact on startups, with a focus on further deregulation and tax cuts.”

“China has more Hurun Gazelles than the rest of the world combined, except for the US, suggesting it has a very strong pipeline of unicorns. In the past five years, China has seen the number of Hurun Gazelles more than tripling from 70 to 258, with 329 new faces and 107 promotions. BioTech and Semiconductors stand out as the industries with the most number of future unicorns.  By city, the ‘Big Two’ are Shanghai and Beijing, followed by Shenzhen, Hangzhou, Guangzhou and Suzhou.”

“India’s start-up ecosystem continued to shine with remarkable success stories, especially under Prime Minister Narendra Modi's leadership. The Hurun Gazelles list featured 31 promising start-ups, showcasing quality over quantity. Among the standouts, Zepto jumped to unicorn status last year, while Northern Arc Capital celebrated a significant milestone by going public. These achievements reflect India’s dynamic entrepreneurial spirit and its growing impact on the global stage. Government initiatives have played a crucial role, for example, the abolition of the 31% angel tax has alleviated financial burdens on startups, fostering innovation and growth.”

“The conflicts in Israel and Ukraine have disrupted their startup ecosystems. In Israel, companies like Wiz and Cybereason faced workforce challenges as employees joined military reserves, yet DefenseTech and AI-driven surveillance saw rapid advancements. In Ukraine, startups like Ajax Systems and DroneUA pivoted to dual-use technologies, including military drones and security systems. Despite challenges, both regions have demonstrated adaptability, driving growth in DefenseTech, AI, and cybersecurity sectors.”

“I expected to find more Hurun Gazelles in the EU, South Korea & Japan and Southeast Asia. Only 8% were from the European Union, less than 2% were from South Korea and Japan and just over 1% from Southeast Asia.”

“AI is revolutionizing industries across the globe, driving efficiency, innovation, and growth. In healthcare, AI aids in diagnostics, personalized medicine, and drug discovery. The financial sector leverages AI for fraud detection, risk management, and algorithmic trading. Retail and e-commerce benefit from AI-driven personalization, inventory optimization, and chatbots. Manufacturing adopts AI for automation, predictive maintenance, and quality control, while transportation uses it for autonomous vehicles and route optimization. In education, AI enhances learning with personalized tools, and in agriculture, it enables precision farming and crop monitoring. AI’s rapid integration into these sectors highlights its transformative role in reshaping the future of work, technology, and economies.”

“Web3, the metaverse, and robotics are driving the next frontier of technological innovation. Web3 is revolutionizing digital ownership and trust by leveraging blockchain technology to create decentralized ecosystems, enabling innovations like NFTs, smart contracts, and decentralized finance (DeFi). The metaverse is redefining how we interact, work, and play, merging virtual and augmented reality to create immersive experiences that are transforming industries like gaming, retail, and education. Meanwhile, robotics is advancing automation and precision across sectors, from manufacturing and healthcare to logistics and space exploration. Together, these technologies are laying the groundwork for a connected, efficient, and immersive future.”

“Raising money has been hard this year as interest rates have stayed high and IPOs have been relatively scarce, especially outside of the USA, resulting in a record number of acquisitions of Hurun Gazelles. On the one side, larger companies are waking up to the fact they need to consolidate their market positions and tap into new technologies. On the other side, venture capitalists, looking for returns, often push startups toward exits via acquisitions, especially if they're struggling to scale or become profitable.”

“Hurun Gazelles are expected to ‘graduate’ to Hurun Unicorns within three years, in much the same way that you are expected to graduate from a university course.  You might have got into a world-famous university, but if you are still doing your undergraduate course five years later, that raises questions! Where we believe they will not make it to Unicorn status within three years, they get demoted.”

“We have identified over 3,000 Unicorns, Gazelles and Cheetahs, making Hurun the world’s largest list maker in the world for startups.”

“The reason we defined a Hurun Gazelle as a startup to ‘go unicorn’ within three years is to match the timespan usual for a late-stage investor into a scale-up. What does this mean for you? If you are an investor, you need to find the best venture capital houses to invest into these Hurun Gazelles. If you are a local government, you should try and encourage these companies to set up shop there, otherwise you risk being left behind. If you are a world leading company, you should be partnering with them, or risk being left behind. If you are thinking about which industry to work in, perhaps these companies offer strong personal development opportunities.”

“Hurun is committed to promoting entrepreneurship through its lists and research. Hurun’s ‘startup series’ has two main components, one for companies and one for individuals, making Hurun the world’s most complete list maker for start-ups in the world. At the company level, it begins with the Hurun Cheetah Index, startups most likely to go unicorn within five years, moving onto the Hurun Gazelle Index, startups most likely to go unicorn within three years, and finishing with the Hurun Unicorn Index, startups already worth US$1 billion. On the individual level, we have the Hurun Under25s, Under30s, Under35s and Under40s, for founders of businesses that are worth US$1 million, US$10 million, US$50 million and US$100 million respectively.”

As the main platform for the construction of the "Three Cities and One District" international science and technology innovation center in Beijing, Beijing E-Town has gathered rich international high-end innovation resources. This conference is also a valuable opportunity for us to showcase our innovative achievements and high-quality business environment to global technology innovation enterprises. We look forward to working together with all parties to attract more capital, talent, technology and other key innovative elements to create a better future.

Where are the World’s Gazelles based?

The world's Hurun Gazelles are now spread across 38 countries, down 1, and are located in 204 cities, a significant increase from 165 cities in the previous year. Over 150 countries still have no known Hurun Gazelle.

The USA and China led with 330 and 258 Hurun Gazelles, making up 73% of the global total. The UK was third with 45, up 3, followed by India with 31, down 17.

The UK had as many Hurun Gazelles than Germany, France, Sweden, Spain and the Netherlands combined.

By city, Shanghai overtook San Francisco to become the world’s Hurun Gazelle capital, followed by Beijing, New York and London.

In terms of regional contributions, North America was the leading continent for creating the most Gazelles globally, followed by Asia.

By economic blocks. 62 were from the European Union, with Germany leading at 23, followed by France with 10, Sweden with 5, and Spain with 4.

10 from Southeast Asia, led by 8 in Singapore and 1 from each of Malaysia and Vietnam.

5 were from the GCC, made up of Saudi Arabia with 3, Bahrain and Kuwait 1 each.

463 or 58% were from the West, led by the USA with 330, and followed by UK 45, Germany 23, Canada 17 and France 10.

303 from Global South, led by China with 258 and India with 31.

Table 1: Top 20 Countries and Cities where the World’s Gazelles are Based

Table 2: Top Cities for Gazelles in the USA, China & Rest of the World

Table 3: Continents where the World’s Gazelles are Based

What Industries Do They Come From?

The fastest-growing sectors of the year were BioTech, Media & Entertainment, AI and Consumer Goods, suggesting this is where the next unicorns are coming from.

Overall, the top sectors were BioTech, FinTech and SaaS.

The key sectors for Hurun Gazelles in the US were BioTech and HealthTech. In China, it was BioTech and Semiconductors, while for the Rest of the World it was FinTech and E-commerce.

Notably, 66% focused on selling software and services, with FinTech, SaaS, BioTech, and AI being the main drivers. 34% sell physical products.  

64% operate in the B2B space, 36% target consumers.

Healthcare was most impacted by Hurun Gazelles, followed by Financial Services and Business Management Solutions.

UK-based Pragmatic Semiconductor is revolutionizing the semiconductor industry by developing low-cost, flexible chips tailored for IoT, wearables, and quantum applications, pushing the boundaries of traditional manufacturing processes, While India-based Agnikul is revolutionizing space exploration with its modular small rockets, it makes satellite launches more accessible and cost-efficient for businesses worldwide.

Sunfire, based in Germany, is producing green hydrogen through electrolysis, facilitating the transition of heavy industries to clean, sustainable energy. Meanwhile, Bright Machines, headquartered in the USA, is transforming manufacturing with robotics and software-driven automation for smarter, scalable production.

Table 4: Top 10 Industries of Hurun Gazelles

Table 5: Key sectors of Hurun Gazelles in US, China and Rest of World

Table 6: High-profile Hurun Gazelles by Region

Table 7: Top 10 Industries most disrupted by Hurun Gazelles

Promotions and Demotions

Overall, 13% of last year’s list was promoted and 14% demoted.

91 were promoted from last year’s Hurun Gazelles, with 45 ‘going unicorn’, 18 going IPO and 28 acquired. Of the 91 promoted gazelles, 37 were from the US, 17 China, and 9 from India. The main sectors of promoted gazelles were BioTech and FinTech, with 16, followed by SaaS, with eight.

From last year’s Hurun Gazelles, Yubico, a San Francisco-based cybersecurity company, emerged as the most valuable IPO, with a market capitalisation of US$2.2bn. Shiftup, a South Korean video game developer and publisher known for titles like Stellar Blade, reached a valuation of US$2.1bn, reflecting its growing prominence in the gaming industry.

45 Hurun Gazelles were promoted to the Hurun Global Unicorns Index 2024, led by Berlin-based AI defense and security platform Helsing, Mumbai-based quick commerce platform Zepto, and San Francisco-based Neuralink, specializing in brain-machine interface technology. All three are valued at around US$5bn.

AI21 Labs leapt from gazelle to unicorn status in record time, redefining speed and innovation in the AI space. With cutting-edge solutions, it's not just growing—it’s sprinting to reshape the future of artificial intelligence.

14% or 95 Hurun Gazelles from last year were dropped from the list, no longer likely to make it to unicorn status within three years. Of these, 4 were from China, 43 from the USA, and 19 from India. The leading sectors of demoted Gazelles were FinTech (22) and E-Commerce (15), followed closely by SaaS with 10.

Table 8: Top 10 – Hurun Gazelles ‘promoted’ to unicorn status

Table 9: Top 10 Hurun Gazelles from last year that went IPO

Which Investors Are The Best At Finding Gazelles?

HongShan was the world’s most successful investor into Hurun Gazelles, followed by CICC, Matrix Partners, SoftBank, and Hillhouse Capital.

UK-based Eight Roads Ventures was the top investor in UK-based Hurun Gazelles, with 16. In India, Peak XV Partners led with 17 investments.

For the full Top 50 list of the Most Successful Hurun Gazelles Investors in the World 2024, see Appendix.

Table 10: Most successful investors into Hurun Gazelles – Global and China Top 10

Comparison between Hurun Gazelles, Hurun Unicorns and Hurun Global 500

A Unicorn is a start-up founded in the 2000s, worth at least a billion dollars, and not yet listed on a public exchange. The Hurun Global 500 lists the 500 most valuable non-state-controlled businesses in the world.

The Hurun Global 500 pipeline is the Hurun Global Unicorn Index. The pipeline for unicorns is the Hurun Future Unicorns: Global Gazelles Index.

China has a much higher percentage of unicorns than Hurun Global 500 companies, suggesting it will go on to produce more Hurun Global 500 over the next five years. In contrast, places like the EU, Japan, Germany and Switzerland, have a smaller percentage of unicorns than Global 500 companies, suggesting they will see a decline in their share of the Global 500. The US, which dominates with nearly half of the world’s unicorns and Global 500 companies, will likely maintain its leadership position in the coming years.

Healthcare and Business Management Solutions are the new kids on the block, while Energy can expect to see fewer companies on the Hurun Global 500.

Additionally, businesses focusing on selling software and services directly to other companies (B2B) are rising, outpacing those targeting consumers.

Table 11A: By C