The manager still chairs a barely dressed table in the boardroom. Half a year has passed since the startup he leads moved into the building, a milestone that mirrors the company’s rising activity, volume, and workforce. Despite the fact that this firm has attracted multiple rounds of venture funding to reach this point, the ripple effects of those decisions seem less consequential in the eyes of many. When asked whether the latest ambitious move has brought him closer to a mythical status, the entrepreneur retorts with a clipped, sharp response: What does it matter?
One of its founders also speaks candidly, noting, I don’t like the word or anything tied to it. Glovo, a company already seen as a unicorn, is part of this conversation. Sasha Michaud emphasizes a different goal: building sustainable businesses. He adds, The hype around unicorns and the chatter about valuations can obscure the real stories behind the growth. At the head of the company, a colleague echoes this view. Jordi Romero of Factorial points out that the term once signified something unique and widely scalable, but now more firms resemble it, reflecting a broader trend of startups expanding beyond initial venture capital funding. Critics warn that the obsession with funding amounts and valuations can become unhealthy, a condition some founders compare to a sickness. Another founder, Christopher Pommerening, notes that the landscape is shifting toward longer horizons.
Unicorn was a label coined by a North American investor, Allen Lee, to identify U.S. software companies that hit a market capitalization of at least a billion dollars within ten years, often following investments of at least ten million dollars for a 1% stake.
Six Catalan unicorns
The concept, once a simple descriptor for high-growth startups, has evolved into a ranked signal of regional excellence, shaping reputations and expectations. The Generalitat de Catalunya has set ambitious goals: to nurture 4,000 startups and 15 unicorns by 2030. Based on DealRoom’s criteria—the government’s statistics portal—Catalonia already hosts six unicorn-level companies: eDreams, Adevinta, Glovo, Wallbox, TravelPerk, and Leave (founded in Barcelona but headquartered in the United States).
Lluis Juncà, Catalunya’s chief of innovation and entrepreneurship, explains that the aim is for startups to be born and grow within Catalonia, recognizing the region as a fertile ground for launching and expanding ventures. When asked about why unicorns matter, he replies that they have become the standard way the startup ecosystem discusses scale.
Charles White, an entrepreneur and investor, views unicorns as a social milestone, a marker of national economic capacity. He adds that the label can attract talent and draw international investment, while acknowledging it also creates pressure and scrutiny.
Traps and malicious judgments
Maintaining a high rating brings media visibility. Founders admit that listings can attract customers and talent, yet there is a dark side: fraud in pursuit of the seal or clauses that give venture funds excessive leverage to secure a billion-dollar valuation.
Liquidity in today’s market can resemble a frenzy of investing. Sequra’s founder notes that some investors prefer placing hundreds of millions against a soaring one-billion-dollar valuation, ensuring a first claim on returns through preferred stock arrangements. This dynamic explains why venture capital has grown so rapidly: it yields strong returns as founders play along with the game.
Nevertheless, Michael Martí, CEO of Tech Barcelona, argues that unicorns are not the daily focus nor the sole objective. The key, he says, lies in a balance: “I’m glad to see companies that bill and expand, even if they never become unicorns.” The metrics international reports use to compare ecosystems—revenue, geographic reach, staff contracts, and customer numbers—capture the bigger picture beyond a single label.
Both Martí and other experts suggest practical indicators that can replace this single metric in seconds: turnover, international presence, contract staffing, technology offerings, and customer base.
After gaining unicorn status, life doesn’t automatically change. A bigger company with more capital still faces the same core challenges, according to Glovo’s co-founder. And when he observes entrepreneurs chasing the same path as Sequra, he sometimes feels a pang of sympathy for them: the most difficult day often comes at the moment of realization that the dream is harder to sustain.