Swedish Mentimeter is NOT a Unicorn, Yet
Swedish Mentimeter is being pointed out as a new dollar unicorn. However, according to board chair Katarina Bonde, the company’s latest valuation is 3.7 billion Swedish kronor, or approximately $340 million.
Mentimeter, the Stockholm-based interactive presentation platform, has experienced exceptional growth in recent years but not to the extent reported by PitchBook.
“They have made a mistake; Mentimeter’s latest valuation was 3.7 billion SEK this past summer,” Katarina Bonde, chair of the board, says.
She clarifies that recent transactions reported earlier this year involved secondary share sales. Swedish investment firm Bure Equity acquired 12% of the shares, and GP Bullhound purchased 5% in deals worth approximately 650 million SEK.
“The company itself did not raise any capital—we don’t need it,” says Bonde, who also runs the California-based vineyard West Wines.
PitchBook, which tracks private company valuations, has Mentimeter listed as a new unicorn in 2024 with an estimated valuation of $3.47 billion, making it the only Nordic company to achieve such status this year.
When contacted by Silicon Valley Nordic Beat, PitchBook responded by mail:
“We currently estimate Mentimeter’s valuation to be $3.47 billion based on recent deal history, available information, and our algorithms. I will forward your information to the research team.”
From Stockholm to San Francisco
Mentimeter, founded in 2014, gained early momentum after joining the 500 Startups accelerator program in San Francisco in 2015. The team’s four-month relocation to Silicon Valley led to the development of one of its most popular features—interactive quizzes—and laid the groundwork for its global success.
Mentimeter has a strong growth story. In 2023, the company reported a 35% increase in annual revenue to 452 million SEK (approximately $42 million), with recurring annual revenue (ARR) reaching almost $50 dollar.
The Unicorn Landscape in 2024
A unicorn is typically a startup valued at over $1 billion. PitchBook defines it as a venture-backed company that raised a round at a $1 billion+ valuation, excluding companies that go public, are acquired, or drop below the threshold.
Globally, unicorns—private companies valued at over $1 billion—have grown in number. According to PitchBook, there are 1,417 active unicorns as of December 2024.
Still, Mentimeter is not yet in the club.