In today’s startup landscape, unicorns—private companies valued over $1 billion—still steal the spotlight. But economic uncertainty, rising interest rates, and tighter capital markets have given way to a more resilient archetype: the camel. In 2025, particularly for B2B SaaS founders, understanding their trade-offs is essential.
The Unicorn Model: Blitzscale or Bust
Coined by Aileen Lee in 2013, unicorns embody rapid growth, large funding rounds, and market dominance—often before turning a profit (TechCrunch).
Examples of B2B SaaS unicorns:
- Databricks – Valued at $43B+, it powers data and AI infrastructure across enterprises.
- Ramp – Corporate spend management tool valued at $5.8 billion.
- Miro – Online collaboration whiteboard company valued at $17.5 billion.
- Gong – AI-driven revenue intelligence platform valued above $7 billion.
- Outreach – Sales engagement software valued at $4.4 billion.
These unicorns exemplify scale and ambition—but many are now under pressure to control burn and prove profitability.
The Camel Model: Sustainable and Resilient
Unlike unicorns, camels are built to endure. Harvard Business Review champions camels as startups that value unit economics, profitability, and resourcefulness—designed to withstand harsh economic climates.
Examples of B2B SaaS camels:
- Basecamp – Stable, profitable project-management software built by bootstrapping.
- ConvertKit – Email marketing SaaS with $36 M ARR, grown organically without major VC funding.
- Zapier – Workflow automation platform generating $300 M+ in revenue, from just $1.4 M in VC.
- Loom – Enterprise video-messaging SaaS that scaled product-first, acquired in 2023.
- Mailchimp – Reached up to $800 M ARR before its $12 billion exit, all without traditional VC.
Camels may lack headline glamor, but their disciplined growth and strong economics make them robust through market cycles.
Funding Differences: Capital Bloat vs Capital Discipline
Unicorns typically require massive funding—Databricks has raised over $4 billion to reach current valuation—leading to high burn rates and dilution. Camels, in contrast, focus on efficiency and profitability. ConvertKit and Zapier achieved nine-figure revenues with minimal funding, maintaining greater control and sustainability.
Challenges for Founders
Unicorn-style startups face:
- Constant pressure to validate sky-high valuations
- Hefty burn rates requiring continuous fundraising
- Tensions from rapid scaling and mass hiring
- Reduced operational flexibility in downturns
Camel-style startups contend with:
- Slower growth and limited media attention
- Leaner operations in early stages
- Fewer VC opportunities due to lower visibility
- Talent acquisition challenges without unicorn branding
Key Takeaways for Startup Founders
- Know your business DNA – Some markets demand fast scale; others reward efficiency.
- Prioritize long-term resilience – Camels often outperform in downturns.
- Own your cap table – Bootstrapping or raising small rounds can preserve control.
- Profit isn’t optional – Even unicorns now face pressure to show strong margins.
- The hybrid model wins – Start lean like a camel; scale like a unicorn—once your fundamentals are sound.
Conclusion
As 2025 unfolds, the unicorn dream is still alive—but no longer the only viable path. Camels, with their rugged efficiency and survival instincts, are proving to be better suited to today’s volatile tech climate.
For founders, the question is clear: Will you sprint like a unicorn—or endure like a camel?
The smartest founders will find a way to do both.