• Although there is still plenty of venture capital for founders, changing interest rates and the economic downturn are making financiers more selective.
• Fresh capital is only available to companies that can demonstrate a credible path to profitability, or are working on truly game-changing developments.
• The Handelsblatt analyzes and evaluates the future prospects of all German unicorns.

The euphoria surrounding the rise of the German start-up scene last year was so great that hardly anyone noticed how it ended. According to the Pitchbook database, a total of ten start-ups in Germany have become unicorns in 2021.

>> Read here: With unicorns, profitability now counts instead of imagination

This is what the panorama calls it when the company is valued by its investors at at least one billion euros.