Helsing is one of the youngest yet most ambitious Munich unicorns and is even a decacorn according to Munich Startup Insights. Founded in 2021, the defence technology startup develops AI-based solutions for modern weapon systems and now produces drones and underwater systems as well. With a Series D round of 600 million euros in June 2025 and strategic partnerships and acquisitions, Helsing is further expanding its position as a European defence tech champion. (Photo: Bradpcs / Pixabay)
Celonis is long past being a unicorn; it is now a true Munich decacorn: since the Series D round of over one billion dollars in 2021 and a valuation of more than 10 billion dollars, the process mining company ranks among the world’s best. Emerging from a student idea, Celonis today drives global AI transformation with over 3,000 employees and its process intelligence platform. (Photo: Celonis)
Also a veteran among the unicorns: the Munich HR startup Personio. The company was founded in 2015 and offers HR software for small and medium-sized enterprises. With a financing round in early 2021 of more than 100 million euros, the Munich company’s valuation crossed into unicorn territory. Since then, not only have additional millions been added, but also numerous awards and expansions of the product portfolio. (Photo: Personio)
Quantum Systems is one of the newest Munich unicorns: founded in 2015, the defence tech startup develops AI-powered drone and reconnaissance systems and benefits from the boom in the industry. With a Series C round of 160 million euros in May 2025, the company crossed the billion-euro valuation mark. At the end of 2025, additional capital followed, pushing the valuation to over three billion euros – including expansion into air, land and water applications. Most recently, Quantum Systems acquired the fellow Munich-based startup Fernride and expanded its portfolio to include autonomous ground mobility. (Photo: Quantum Systems)
Flix has been counted among Munich’s unicorns for some years now and remains on a growth trajectory. According to Munich Startup Insights, the valuation of the travel tech company is currently around three billion euros. And the signs point to further global expansion: the company is now active in 45 countries across five continents. Recently, Flix expanded into the long-distance bus markets in Australia, and the route network in Latin America is growing rapidly. (Photo: Flix)
Scalable Capital is one of the leading Munich fintech unicorns: founded in 2014, the company offers a broad investment platform ranging from ETFs to cryptocurrencies to private equity. With a record financing round of 155 million euros in June 2025 and the full banking license it has now obtained, Scalable Capital is significantly expanding its offering. Today, the unicorn counts over one million customers and has over 40 billion euros in assets under management on the platform. (Photo: Scalable Capital)
Tubulis is the only biotech unicorn in the Munich lineup: the startup develops novel antibody-drug conjugates (ADCs) that target cancer cells and are designed to reduce side effects. With a record Series C financing of a total of 344 million euros in autumn 2025, Tubulis is massively advancing the clinical development of its cancer therapies and is one of the most exciting European biotech players. (Photo: Tubulis)
Isar Aerospace brings Munich New Space to unicorn level. The startup from Ottobrunn is developing the Spectrum rocket, a flexible solution for launching small and medium-sized satellites. After financing of 150 million euros in June 2025, Isar Aerospace crossed the billion-euro valuation threshold. As the first privately funded European company, it secured commercial launch contracts with ESA and the EU. Currently, all eyes are on the next Spectrum test flight. (Photo: Isar Aerospace)
Egym is also listed as a Munich unicorn in the Munich Startup Insights. The valuation is correct, but formally the fitness company is now a subsidiary of the newly founded American parent company Playlist. This means Egym can no longer be considered an independent Munich unicorn. Basis of evaluation: Munich Startup Insights / As of 4 February 2026
