New data finds that the number of South Korean startups with a market cap of over one billion dollars, known in business as "unicorns," has grown to 12 in the past five years.

According to the “Emerging Giants in Asia Pacific” report released by accounting and consulting firms KPMG and HSBC on Monday, the number of such firms in South Korea grew from just three in 2017 to 12 as of this April following a surge in venture funding last year.

The report looked at six-thousand-472 technology-focused startups with a market cap of up to 500 million dollars across 12 key Asia-Pacific markets including South Korea, China, India, Japan, Australia, Singapore and Malaysia.

Most of South Korea’s unicorns were found to be platform businesses, such as online fashion store Musinsa and online grocery service Market Kurly.

According to the report, the number of unicorns in the Asia-Pacific region grew 25 percent on-year in 2021 to stand at 450. Of the roughly 670 billion dollars that were invested in private venture companies around the world that year, roughly 193 billion dollars went to the Asia-Pacific, an increase of 65 percent from 2020.