Tech start-ups and, especially, unicorns have become a hot topic of today business world. Significant amounts of money have been invested in this sector by venture capital funds in the hope of a good return. However, the criteria and determinants of these investments are fuzzy, and the author has identified a gap in the scientific literature. Therefore, the objective of the present paper is to discover the determinants of venture capital investments in tech start-ups. Based on a secondary dataset, a multifactorial regression model is proposed that explains the appetence for investment of venture capital funds into tech start-ups. The model shows that the amount of funding in start-ups will increase as the number of unicorns and exits strengthens.