Report: Chinese fast-fashion company tied with Elon Musk’s SpaceX at $100 billion

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KUALA LUMPUR (May 10): Some 34 new unicorn companies joined the Crunchbase Unicorn Board in April 2022, collectively adding US$56 billion in board value and US$10 billion in raised equity.

The Crunchbase Unicorn Board is a curated list of the world’s most valuable unicorn start-ups or private companies.

In a report on Monday, May 9, Crunchbase – which tracks global business trends, investments and news, from start-ups to the Fortune 1000 – said, however, that only one company already on the board had added almost double that – another $100 billion. — in value for the council, on its own.

It’s Chinese fast fashion company Shein, which raised between $1 billion and $2 billion in funding at a $100 billion valuation last month, according to the Wall Street Journal, making the company the third-largest company most valuable on the board.

Shein’s valuation is now tied to Elon Musk’s space exploration company SpaceX, which is also around $100 billion. That means the fashion brand is worth more than fintech unicorn Stripe’s US$95 billion.

Crunchbase said the Unicorn Board now hosts just under 1,300 unicorn companies which are collectively valued at US$4.5 trillion and have raised over US$750 billion in equity.

The company said that of the 34 new unicorns, 20 are US-based companies.

He said Germany added four new unicorns last month and Switzerland two.

Four others were from Europe – the UK, Sweden, Lithuania and Finland.

Across Asia, a new unicorn has been added from China, South Korea, Singapore, and the Philippines each.

The main sectors for these new unicorns are healthcare, fintech and crypto companies.

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