The race is on for New York-based startups competing for unicorn status.

Around the world, at least 50 fast-growing companies are predicted to fetch valuations of $1 billion or more in the near future, according to an analysis by research firm CB Insights for The New York Times. While more than half of these startups are based in the San Francisco area, outside the West Coast, New York is No. 2 hotspot for tomorrow's unicorns.

So which businesses in the Big Apple are expected to soon to hit the $1 billion valuation mark? Here are the top five New York-based companies from the CB Insights list, ranked by estimated valuation.

5. Betterment

Estimated valuation: Between $400 million and $500 million

Industry: Online investing 
 

Founded in 2008 by Jonathan Stein, Betterment raised $60 million from VCs including Bessemer Venture Partners and Menlo Ventures in February. The round brought Betterment's total funding to $105 million.

4. Flatiron Health

Estimated valuation: More than $500 million

Industry: Healthcare technology
 

Invite Media co-founders Nat Turner and Zach Weinberg founded Flatiron health in 2012. The company raised $130 million from investors including Google Ventures in May 2014.

3. DigitalOcean

Estimated valuation: $680 million

Industry: Cloud computing services
 

Brothers Ben and Moisey Uretsky founded DigitalOcean in 2011. The startup raised $83 million from Andreessen Horowitz and Access Industries in July. 

2. Harry's

Estimated valuation: $750 million

Industry: Online shaving products
 

Co-founded by former Warby Parker co-founder Jeff Raider in 2013, Harry's raised $76 million in a Series C round led by Wellington Management in July. The round brought the startup's total funding to $287 million.

1. Taboola

Estimated valuation: Just under $1 billion

Industry: Online marketing
 

Founded in 2007 by Adam Singolda, Taboola raised $117 million in a Series E round in February. Fidelity Management and Research Co. led the round, which brought Taboola's total funding to about $157 million. 

It's worth noting that there could be other near-unicorns coming up in the Big Apple. Valuation estimates weren't available for Greenhouse Software, Squarespace and Stack Exchange, companies that would seem to one day have potential.

Published on: Aug 24, 2015