Over the past five years that Bamboo has been growing in the City of Detroit, we’ve watched our tech and startup community grow with us.
What started first with the move of Quicken Loans to Downtown Detroit, has been a catalyst for many other tech startups and tech corporations to eye Detroit as a market to land and expand in. Now, we’re seeing something more unique - home grown tech startups in Detroit are reaching unicorn valuations. A unicorn company is a technology startup hitting a valuation of $1 Billion dollars, quite a big achievement for any startup company.
Just this past year, and really in the past few months, three more unicorn companies have flourished. Metro Detroit can now call itself home to four tech startups of this size and scale.
Is this a sign that Detroit’s tech community growing?
Let’s pause for a moment. The odds of any company hitting $1 Billion in valuation are extremely low. It’s estimated that less than 1% of technology startups those taking venture capital investment will be likely to hit this valuation.
We hope to see this as a sign of continued growth for the startup community and our region, as we work together to shift from a manufacturing economy, to an economy that’s more diverse and more tech driven.
Meet the four first Unicorn companies in Detroit.
Duo Security - Headquartered and founded in Ann Arbor, Duo Security is a cyber security company that made two-factor authentication popular. They were announced as our region’s first unicorn startup in 2017 after closing their series d round of $70 Million. They recently sold to Cisco for $2.3 Billion dollars, and have offices in both Ann Arbor and in Detroit at Bamboo.
Rivian - This mobility startup is making their electric and soon autonomous vehicles out of Plymouth, Michigan. Rivian saw two big bumps in funding first $700 Million in investment from Amazon, followed by the recent announcement of $500 Million in investment from Ford.