The 7 Next Billion-Dollar Startups of 2024 That You Need To Know About
Written by
Laura Beck
Edited by
Gary Dudak
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Want to get in on the ground floor of the next potential unicorns? Every year, Forbes teams up with venture capitalists to highlight 25 startups they think have the best shot at hitting a $1 billion valuation. Their list for 2023 featured several exciting up-and-comers that could take off in a big way later in 2024.
Here are seven you’ll want to keep your eye on.
Monarch Tractor: A High-Tech Solution for Sustainable Farming
Farmers, meet your new autonomous best friend — the electric tractor from Monarch Tractor. This innovative startup was founded by engineers from the self-driving car world and an actual vintner who knows the agriculture struggles firsthand.
Their flagship product is a tractor that can handle all kinds of jobs without a human operator. That could make farming way more efficient and eco-friendly.
Hermeus: The Startup That Could Make Supersonic Travel Possible (Again)
Dust off your Concorde memorabilia because hypersonic air travel might actually become a reality thanks to Hermeus. Based in Atlanta, this company is working on developing a passenger plane that can cruise at over 3,800 mph — that’s 5 times the speed of sound!
Their dream? Flights from New York to Paris in just 90 minutes. They’ve got some big backers, like the Air Force, helping fund their early hypersonic drone prototypes.
Capchase: Funding Startups Without Relying on VC
Every startup founder knows the struggle of raising capital through venture capitalists. Capchase offers a fresh funding alternative by providing revenue-based financing directly to startups, including underrepresented founders.
To date, they’ve deployed over $2 billion to more than 4,000 different businesses. As VC money gets tighter, options like Capchase could become even more valuable.
Harvey: Putting AI To Work for Lawyers
You’ve heard of robots taking over factory jobs, but what about AI coming for lawyers? Harvey uses artificial intelligence to automate routine legal tasks like filings and drafting documents.
Their AI works as a force-multiplier for teams at major firms like PwC and Allen & Overy. While it won’t replace human attorneys altogether, Harvey could make big law much more efficient.
Pendulum Therapeutics: Super Probiotics for Diabetes?
This biotech startup is doing cutting-edge work with “good” gut bacteria to develop novel treatments and probiotics. Their leading product has been clinically shown to help manage type 2 diabetes by restoring a healthy microbiome.
With big-name backers like Sequoia Capital and endorsements from celebrities like Halle Berry, Pendulum could transform probiotics from dietary supplements into FDA-approved drugs.
Bobbie: The Challenger Taking on Baby Formula Giants
When the 2022 baby formula shortage hit, organic upstart Bobbie was perfectly positioned. By selling direct to consumers and building rabid loyalty, Bobbie managed to steal market share from massive incumbents like Abbott and Nestlé.
With revenue projected to soar 97% to $165 million in 2024, this could be the David that takes down Goliath in formula.
GlossGenius: Software That Beautifies Salon Operations
Anyone who’s gotten their hair or nails done knows that small salons and spas have big operational headaches like scheduling, payment processing and inventory management. GlossGenius digitizes and automates all those tasks through easy cloud-based software. By beautifying the back-office, they’re freeing up salon owners to focus on beautifying their customers.
Those are just seven potential stars from the latest Next Billion Dollar startup list. Of course, every new business is a risk, but one of these companies could just become the next Uber, Airbnb or other household name. Getting in early has its rewards for investors who spot the unicorns.
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