The music streaming service is the fifth unicorn, the name given to tech companies founded after 2003 that have reached valuations of at least $1bn, to come out of Sweden. Although the UK is home to more unicorns than Sweden – including Zoopla, Just Eat and Wonga – the Scandinavian country is the second most prolific tech hub in the world on a per capita basis, producing 6.3 billion-dollar companies per million people, compared to Silicon Valley’s 8.1, according to a recent report from the investment firm Atomico.