The term Unicorn Club was coined by Aileen Lee in 2013 to mean software companies founded after 2003 that reached a valuation of over $1 billion as determined by public or private investments. At that time, she found 39 companies that fit the bill. If we use the same parameters for Japan, only two firms  – smartphone gaming companies Colopl and Gree – make the cut.

Japan has plenty of unicorns, but they take a bit longer to gestate than their American cousins. If you wind the clock back just a bit, to 1997, the number jumps to ten, with the remaining companies all being founded by 2000. Note that even the companies coming out of that heyday took many years to hit billion-dollar valuations. Overnight successes like Snapchat or Tumblr are generally not seen in Japan – apart from in the mobile game industry. So who made the list? Take a look below.

Photo Credit: Tech in Asia

Editing by Steven Millward; Infographic designed by Susi Susanti