Hurun Research Unveils Top Global Startups in 2023

By Sunil Sonkar
3 Min Read
Hurun Research Unveils Top Global Startups in 2023

The Hurun Research Institute has just unveiled its latest goldmine for tech enthusiasts worldwide—the Hurun Future Unicorns – Global Cheetah Index 2023. This index features a collection of startups from the 2000s that are poised to race towards a $1 billion valuation and earn the prestigious title of ‘Unicorn’ within the next five years.


In a sweeping survey across 34 countries and 198 cities, Hurun Research identified a whopping 747 “Cheetahs,” a term coined for these high-potential startups. Established in 2016, these fledgling companies are currently showcasing their skills with an average valuation of around $400 million.

Breaking it down, the report looks at software, services and physical products. Interestingly, 66% of the Cheetahs are into software and services, focusing on things like business services, finance technology (FinTech), health technology (HealthTech), biotech and software as a service (SaaS). The remaining 34% focus on physical products, with Biotech, HealthTech, Smart Chips and Robotics leading the charge.

An interesting twist comes in the form of business models. A significant 67% of these fast-moving startups are operating in the B2B space, while the remaining 33% are targeting consumers, especially in healthcare and financial services.

China and the USA emerge as the undisputed champions of the Cheetah landscape, boasting 291 and 246 startups, respectively, together making up a colossal 72% of the global Cheetah count. The UK follows suit with 38 Cheetahs, while India trails closely with 36.

Shanghai is the top spot globally for Cheetah startups, with a whopping 64 of them calling it home. Beijing beats out tech hubs like San Francisco and Hangzhou, proving how strong China’s startup scene is. On the European front, London proudly claims the title of the Cheetah capital with 28 startups, surpassing several European cities combined.

When it comes to investment powerhouses, HongShan, a spin-off from Sequoia Global, steals the limelight as the world’s most successful investment platform in the Cheetah realm, backing a whopping 60 of these rising stars. Other important investors in the mix are CICC, Matrix Partners, SoftBank and Tiger Global Management.

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