The term 'unicorn' was coined by venture capitalist Aileen Lee in 2013 to describe the statistical rarity of start-ups that reach a US$1 billion valuation while remaining private. The concept has become a widely used benchmark in the global technology and venture ecosystem.
Southeast Asia has produced a growing number of unicorns, including companies in fintech, e-commerce, logistics, and ride-hailing. Key regional unicorn hubs include Singapore, Indonesia, and Vietnam. The valuation that qualifies a company as a unicorn is based on the most recent private funding round's price per share multiplied by total shares outstanding — not realised market value — so unicorn status can be temporary and is sensitive to market conditions and down rounds.