Want to get in early with the next unicorn? Every year, Forbes partners with venture capitalists to profile the 25 startups they believe are most likely to achieve a billion-dollar valuation. Our 2023 list features some promising up-and-comers that could make a big splash in late 2024.
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Here are seven you should keep an eye on.
Monarch Tractors: High-tech solutions for sustainable agriculture
Farmers, meet your new autonomous vehicle’s best friend: electric tractors from Monarch Tractor. This innovative startup was founded by engineers from the autonomous vehicle industry and real-life winemakers who know the hardships of farming first-hand.
The company’s flagship product is a tractor that can perform any kind of task without a human operator, potentially making farming much more efficient and environmentally friendly.
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Hermeus: The startup making supersonic travel possible (again)
Dust off your Concorde memorabilia: Hypersonic air travel may actually be a reality, thanks to Hermeus. The Atlanta-based company is working on developing a passenger plane that can cruise at more than 3,800 miles per hour (five times the speed of sound).
Their dream? To fly from New York to Paris in just 90 minutes. They have big backers, like the Air Force, who are funding early prototypes of their hypersonic drone.
Capchase: Funding startups without relying on VCs
Every startup founder knows the struggles of raising money from venture capitalists. Capchase offers a new funding option by providing revenue-based funding directly to startups, including those with underrepresented founders.
To date, the firm has invested more than $2 billion in more than 4,000 companies, and as VC money gets tighter, options like Capchase could become even more valuable.
Harvey: Putting AI to work for lawyers
You’ve probably heard of robots taking over factory jobs, but what about AI entering the legal profession? Harvey uses artificial intelligence to automate routine legal tasks like filing and drafting documents.
The company’s AI acts as a force multiplier for teams at major law firms such as PwC and Allen & Overy, and while it won’t completely replace human lawyers, Harvey could make large law firms much more efficient.
Pendulum Therapeutics: A Super Probiotic for Diabetes?
This biotech startup conducts cutting-edge research with the “good” bacteria in the gut to develop new treatments and probiotics, and its flagship product is clinically proven to help manage type 2 diabetes by restoring a healthy microbiome.
With big-name backers like Sequoia Capital and celebrity endorsements like Halle Berry, Pendulum could transform probiotics from dietary supplements into FDA-approved drugs.
Bobby: A challenger to the powdered milk giants
When the baby formula shortage hit in 2022, organic startup Bobby was perfectly positioned: By selling directly to consumers and building fanatical loyalty, Bobby was able to take market share from large incumbents like Abbott and Nestle.
With revenue expected to grow 97% to $165 million in 2024, this could be the David that defeats Goliath in the formula.
GlossGenius: Software that makes your salon business beautiful
Anyone who has had hair or nails done knows that small salons and spas have major operational challenges like scheduling, payment processing, inventory management, etc. GlossGenius digitizes and automates all of these tasks through our easy-to-use, cloud-based software. By organizing the back office, salon owners can focus on beauty for their customers.
These are just seven potential stars from our latest list of “The Next Billion Dollar Startups.” Of course, every start-up carries risk, but there’s also the possibility that any of these companies could become the next Uber, Airbnb or other big names. Investors who spot a unicorn company could be rewarded for getting in early.
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This article originally appeared on GOBankingRates.com: The Next 7 Billion Dollar Startups to Watch in 2024
