Unicorn Companies in Guangzhou in 2024
Guangzhou has quickly become a major city for unicorn companies, making it an important part of China's startup scene. By 2024, Guangzhou has 24 unicorns, up from just 16 in 2022. This rapid increase shows that Guangzhou is growing faster than any other city in mainland China for unicorn companies.
These unicorns work in many different fields, including AI, IT, e-commerce, and IoT. Their innovative work makes Guangzhou well-known for technology. This also attracts international investors. For seven years, the American Chamber of Commerce in South China has named Guangzhou the top investment city.
The government in Guangzhou has helped a lot by making business easier and improving digital services. These changes have made the city a friendly place for entrepreneurs. Because of these efforts, Guangzhou is known worldwide for its scientific and economic achievements.
Let's explore the list of unicorn companies in Guangzhou that are driving the city's growth and see how they are making a difference in the local economy and innovation landscape.
Rundown
Serial Number |
Name |
Valuation |
Unicorn Milestone Date |
Industry |
|---|---|---|---|---|
1 |
Huolala |
$10 |
02-21-2019 |
Industrials |
2 |
WeRide |
$4.40 |
12-23-2020 |
Industrials |
3 |
TUNGEE |
$1.30 |
12-15-2021 |
Enterprise Tech |
4 |
WTOP |
$1.27 |
08-04-2018 |
Enterprise Tech |
5 |
Greater Bay Technology |
$1.26 |
02-04-2022 |
Industrials |
6 |
VectorBuilder |
$1 |
10-10-2022 |
Healthcare & Life Sciences |
Unicorn Companies in Guangzhou
Huolala
- Valuation: $10B
- Industry: Industrials
- Investors: MindWorks Ventures, Shunwei Capital Partners, Xiang He Capital
- Unicorn Milestone Date: 2/21/2019
About
Huolala, also known as Lalamove outside China, is a logistics unicorn startup founded in 2013 and based in Guangzhou, China. As one of the prominent unicorn companies in Guangzhou, the company operates an internet logistics platform that provides a wide range of freight transportation services, including same-city and cross-city deliveries, enterprise logistics, less-than-truckload (LTL) transportation, car rental, and after-sales services. Initially launched as EasyVan, Huolala has expanded its operations to 352 cities in mainland China and 22 overseas cities.
Target Audience
Huolala primarily targets individuals and businesses in China, providing them with efficient and reliable delivery services for various types of goods, including groceries, electronics, and more. The platform aims to cater to the growing demand for e-commerce and same-day delivery in the region.
Business Model
Huolala operates on an on-demand logistics platform model, connecting customers with delivery drivers through a mobile app. The business model includes:
- Freight Matching: The platform matches customers needing transportation services with available drivers, optimising route efficiency and reducing idle time for drivers.
- Commission-Based Revenue: Huolala charges a commission on each transaction facilitated through its platform. This commission varies based on the type of service and distance covered.
- Vehicle Leasing and Sales: The company leases and sells vehicles to its contract drivers, including new energy vehicles (NEVs) to comply with environmental regulations.
- Subscription Services: For enterprise clients, Huolala offers subscription-based logistics solutions, providing consistent and reliable transportation services.
Key Offerings
- Intra-city Freight Transportation: Using small and medium-sized vehicles for urban deliveries.
- Intercity Freight Transportation: Utilising heavy-duty trucks for longer distances.
- Enterprise Logistics Services: Customised solutions for businesses.
- Moving Services: Assisting individuals and businesses with relocation.
- Vehicle Leasing and Sales: Providing vehicles to drivers, including NEVs.
- International Logistics: Shipping services to several countries in Southeast Asia.
Key Management
- Founder: Zhou Shengfu (also known as Chow Shing Yuk in Hong Kong)
- Legal Representative: Deng Kangqiao
WeRide
- Valuation: $4.40B
- Industry: Industrials
- Investors: Atop Capital, IDInvest Partners, Qiming Venture Partners
- Unicorn Milestone Date: 12/23/2020
About
WeRide is a leading, commercial-stage global company established in 2017 that develops autonomous driving technologies from Level 2 to Level 4. It is the only tech company in the world that holds driverless permits in China, the US, the UAE, and Singapore, conducting autonomous driving R&D, tests, and operations in over 30 cities across 7 countries.
Target Audience
WeRide aims to transform urban living by providing safe and reliable driverless solutions to make mobility and transportation safer, more affordable, and accessible. Its target audience includes individuals and businesses seeking improved transportation services, urban logistics, and environmental sanitation solutions.
Business Model
WeRide operates a self-driving fleet and offers a range of products and services, including Robotaxi, Robobus, Robovan, Robosweeper, and Advanced Driving Solutions. These products cater to various industries such as online ride-hailing, on-demand transport, urban logistics, environmental sanitation, and advanced driving solutions. The company generates revenue through the commercialisation and operation of these autonomous driving technologies.
Key Offerings
- Robotaxi: Autonomous taxi services for passengers.
- Robobus: Autonomous bus services for public transportation.
- Robovan: Autonomous van services for logistics and delivery.
- Robosweeper: Autonomous sweeper services for environmental sanitation.
- Advanced Driving Solutions: Software and hardware technologies for advanced driving applications.
TUNGEE
- Valuation: $1.30B
- Industry: Enterprise Tech
- Investors: UNITY VENTURES, Qiming Venture Partners, GGV Capital
- Unicorn Milestone Date: 12/15/2021
About
Tungee is a professional provider of sales intelligence solutions in the Artificial Intelligence (AI) sector and one of the notable unicorn companies in Guangzhou. It offers innovative tools to enhance sales performance and streamline sales processes for businesses.
Target Audience
Tungee primarily targets businesses seeking to improve their sales strategies and efficiency. This includes companies in various industries, such as finance, technology, and healthcare, that require advanced sales intelligence solutions to stay competitive.
Business Model
Tungee operates on a subscription-based model, where clients pay for access to its AI-driven sales intelligence tools. The company generates revenue through recurring subscription fees and may also offer additional services like data analytics and consulting.
Key Offerings
- Sales Intelligence Tools: Tungee provides AI-powered tools that help businesses analyse sales data, identify trends, and optimise sales strategies.
- Data Analytics: The company offers advanced data analytics capabilities to help clients gain insights into their sales performance and make data-driven decisions.
- Consulting Services: Tungee provides expert consulting services to help businesses implement effective sales strategies and improve their overall sales performance.
WTOIP
- Valuation: $1.27B
- Industry: Enterprise Tech
- Investors: Dark Horse Technology Group, Hopu Investment Management, Kefa Capital
- Unicorn Milestone Date: 8/4/2018
About
WTOIP is an intellectual property (IP) trading and industrial upgrading platform based in London, England. It is included in the "Unicorns-Billion Dollar Startups" expert collection by CB Insights, indicating its valuation of over $1 billion.
Target Audience
WTOIP primarily targets corporations seeking to upgrade and develop their businesses by leveraging intellectual property services. These services include comprehensive IP planning, IP protection, IP evaluation, IP trading, and financing. The platform aims to assist companies in various sectors, such as technology, healthcare, and finance, in maximising the value of their intellectual property assets.
Business Model
WTOIP operates on an online-to-offline (O2O) service model, integrating online resources with professional services. The platform provides a comprehensive IP ecosystem, offering a range of services to help corporations upgrade and develop their businesses. This includes IP planning, protection, evaluation, trading, and financing, which are essential for companies looking to commercialise and monetise their intellectual property.
Key Offerings
- IP Services: Comprehensive IP planning, protection, evaluation, trading, and financing services for corporations.
- Business Transformation: Assistance in upgrading and developing businesses through IP strategies.
- Industrial Upgrading: Providing services to help companies transition to new industries or markets.
Investment Timeline
Greater Bay Technology
- Valuation: $1.26B
- Industry: Industrials
- Investors: Tencent Holdings, Utrust Venture Capital, GF Xinde Investment Management Co.
- Unicorn Milestone Date: 2/4/2022
About
Greater Bay Technology (GBT) is a battery technology startup founded in 2020 and based in Guangzhou, China. As one of the emerging unicorn companies in Guangzhou, it specialises in developing and manufacturing ultra-fast charging batteries for electric vehicles. The company has quickly reached unicorn status due to its innovative battery technology that promises to solve key challenges in EV adoption like charging speed and performance in extreme temperatures.
Target Audience
The primary target audience for GBT's products is electric vehicle (EV) owners, particularly those in regions with harsh winter climates. This includes consumers in countries like the United States, Canada, and Europe, who face significant range loss and charging time issues in cold weather.
Business Model
Greater Bay Technology operates as a B2B company, developing and selling its advanced battery technology to electric vehicle manufacturers and other companies in the EV ecosystem. Its revenue comes from:
- Battery sales to EV manufacturers
- Licensing its battery technology
- Partnerships with charging infrastructure companies
- R&D collaborations with automotive companies
Key Offerings
- Phoenix EV Battery: This battery technology is designed to charge from 0 to 80% in just six minutes, regardless of the temperature. It uses superconducting materials and advanced thermal management to maintain optimal performance in extreme temperatures.
- Fast Charging Cells: GBT's first-generation fast-charging battery allows for 311 miles of range to be added in just 15 minutes, making it suitable for daily use.
Key Management
- Pei Feng - President
- Huang Xiangdong - Founder and Chairman
Investment Timeline
- Series A Funding: GBT received over RMB 1 billion (~$155M) in Series A funding, which helped establish the company as a significant player in the EV battery market.
VectorBuilder
- Valuation: $1B
- Industry: Healthcare & Life Sciences
- Investors: Legend Capital
- Unicorn Milestone Date: 10/10/2022
About
VectorBuilder is a global leader in gene delivery technologies, offering a comprehensive range of solutions from basic research to clinical applications. The company is known for its innovative platforms, including the award-winning Vector Design Studio, which allows researchers to design and order custom gene delivery vectors online. VectorBuilder provides high-throughput vector production capacity, vast vector and component inventories, one-on-one CRO solutions, and state-of-the-art GMP facilities.
Target Audience
VectorBuilder serves a diverse range of customers, including thousands of labs and biotech/pharma companies worldwide. The target audience includes researchers in academia and industry, as well as pharmaceutical companies and research institutions. The company aims to provide its innovative gene delivery tools and solutions to labs across the globe, empowering them to make breakthroughs in research and therapy.
Business Model
VectorBuilder operates on a business model that focuses on providing a one-stop-shop for gene delivery solutions. The company offers a wide range of services, including research vector construction, gene delivery CRO, and gene vector CDMO services. This comprehensive approach allows VectorBuilder to cater to the diverse needs of its customers, from basic research to clinical applications.
