The Telegraph newspaper has come out with a list of most valuable startups in the world. The ranking focuses on those that are still in the venture capital stage, not those that have gone public or sold with multi-billion dollar valuations.

The term "unicorn" was introduced in venture capital circles to denote a startup whose valuation had reached the rare milestone of $1 billion. These companies are no longer all that rare, with some fledgling firms reaching valuations in the tens of billions.

Let's look at the 10 most valuable startups in the world.

No 10 Dropbox ($10 billion)

With a valuation of around $10 billion, Dropbox, the cloud storage service, has raised around $600 million from investors. The San Francisco-based start-up was founded in 2008 by two MIT students.

Drew Houston, co-founder and CEO of Dropbox, speaks at the Wall Street Journal Digital Live conference at the Montage hotel in Laguna Beach, California, October 21, 2015. [Photo/CFP]