Unicorns are privately held start-up companies that have achieved a valuation of $1 billion or more. Used in the venture capital industry, and first coined by venture capitalist Aileen Lee in 2013, the term is meant to highlight the rarity of such high valuations.
For example, when a Toronto-based fintech startup reaches a $1 billion valuation following its latest funding round, it joins the short list of Canadian unicorns — a milestone that attracts media attention, talent, and institutional investors who see it as a potential IPO candidate.
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