Instacart and Klaviyo‘s public listings last week signaled the partial reopening of the IPO market for venture-backed tech companies.
Klaviyo’s stock popped to $36.75 in its NYSE debut, above its IPO price of $30. The developer of a marketing automation platform with large and fast-growing revenue, Klaviyo was a near-perfect IPO candidate from investors’ points of view. Which companies might be next in the pipeline isn’t so clear.
Here are 15 US venture-backed enterprise SaaS unicorns likely to follow in Klaviyo’s footsteps to an IPO. The list was created using PitchBook’s VC Exit Predictor, which calculates exit probability using a machine learning model that is fed historic and real-time data on private company exits. The predictor draws from 34 inputs related to company characteristics, financing and investors.
GrubMarketIPO Probability: 97% Founded in 2014, GrubMarket is a foodtech company that facilitates last-mile delivery and B2B ecommerce for food providers. In November 2021, CEO Mike Xu said that GrubMarket was “aiming to debut on the public market within the next 11 months or so.” CAPITAL RAISED $560.9M HEADQUARTERS San Francisco LAST KNOWN VALUATION $2.2B SELECT INVESTORS Liberty Street Advisors, General Mills, Gold Medal Ventures |
CoalitionIPO Probability: 96% Founded in 2017, Coalition offers a cyberrisk platform with insurance tools to protect against network threats. In July 2022, the company hired its first CFO, Jim Young, who had played a “lead role” in Visa’s $19 billion IPO. CAPITAL RAISED $830M HEADQUARTERS San Francisco LAST KNOWN VALUATION $5B SELECT INVESTORS Valor Equity Partners, Ribbit Capital, Kinetic Partners, Index Ventures |
EquipmentShareIPO Probability: 95% Y Combinator graduate EquipmentShare was founded in 2015 to streamline lending and renting contracting equipment by offering services such as background checks, payment processing and insurance verification. In September, it closed a $150 million extension to its Series E, bringing the round’s total to $440 million. It hasn’t commented publicly on plans to IPO. CAPITAL RAISED $1.3B HEADQUARTERS Columbia, Missouri LAST KNOWN VALUATION $3.6B SELECT INVESTORS BDT & Company, Republic Capital, Tiger Global, RedBird Capital Partners |
FetchIPO Probability: 94% Founded in 2013, Fetch offers a consumer engagement platform that rewards shoppers with points. In August, the company hired CFO Gideon Oppenheimer, former head of finance at Uber Freight. CAPITAL RAISED $341.6M HEADQUARTERS Madison, Wisconsin LAST KNOWN VALUATION $2.6B SELECT INVESTORS SoftBank’s Vision Fund 2, Greycroft, Iconiq |
AledadeIPO Probability: 93% Founded in 2014, Aledade operates a data platform for healthcare providers intended to reduce costs, improve outcomes and optimize workflows. It has signed agreements with insurers including Cigna and Elevance Health and declared revenue of over $475 million in 2022. CEO Farzad Mostashari told Bloomberg in June that the company was growing more than 35% annually and had reached EBITDA breakeven. CAPITAL RAISED $678.4M HEADQUARTERS Bethesda, Maryland LAST KNOWN VALUATION $3.5B SELECT INVESTORS Arch Venture Partners, Lightspeed, OMERS Growth Equity, Fidelity Management & Research |
FundboxIPO Probability: 93% Founded in 2013, Fundbox provides an alternative lending system that offers payments to startups and small businesses to bridge the gap between when an invoice is sent and when it’s filled. It hired its first CFO, Marten Abrahamsen, in 2020, who told Forbes at the time that “part of the reason I was selected is that at some point we will go public.” However, Abrahamsen appears to have departed the company in July of this year, and no replacement CFO has been announced publicly. CAPITAL RAISED $383.5M HEADQUARTERS San Francisco LAST KNOWN VALUATION $1.1B SELECT INVESTORS Khosla Ventures, Spark Capital, General Catalyst, Founders Circle Capital |
StripeIPO Probability: 91% The provider of a payments infrastructure platform, Stripe is the poster child of the venture-backed company that refused to go public as it grew into a mega-player in the payments industry. In January, the company told employees that it would decide on plans to go public in 2023 and in August tapped former Google Cloud executive Steffan Tomlinson as its new CFO. CAPITAL RAISED $9.1B HEADQUARTERS San Francisco, Dublin LAST KNOWN VALUATION $50B SELECT INVESTORS Andreessen Horowitz, GIC, General Catalyst, Sequoia |
GustoIPO Probability: 91% Founded in 2011, Gusto offers a cloud-based payroll and HR platform which passed $500 million in revenue generated in the 12 months ending April 30, 2023. The company hasn’t commented publicly on its IPO plans. CAPITAL RAISED $516M HEADQUARTERS San Francisco LAST KNOWN VALUATION $9.6B SELECT INVESTORS CapitalG, General Catalyst, Dragoneer Investment Group, T. Rowe Price |
6SenseIPO Probability: 90% 6Sense is an enterprise sales and marketing company that helps clients convert pipeline to revenue and make revenue predictions. It logged overall revenue growth of over 70% in the last fiscal year. It launched a conversational email service in October 2022 using ChatGPT to solve inquiries. In an interview in January 2022, CEO Jason Zintak told Bloomberg that “there is no timetable” to IPO, but that it was a possibility at some point. CAPITAL RAISED $781.3M HEADQUARTERS San Francisco LAST KNOWN VALUATION $5.2B SELECT INVESTORS Blue Owl, MSD Partners, SoftBank’s Vision Fund 2 |
HyperscienceIPO Probability: 90% Founded in 2014, Hyperscience uses machine learning software to automate manual work such as data entry and invoice processing to increase workplace productivity. In March 2022, the company laid off 25% of its staff and its CEO stepped down, saying publicly he had over-hired in the sales and marketing departments. CAPITAL RAISED $299.2M HEADQUARTERS New York City LAST KNOWN VALUATION $1.7B SELECT INVESTORS Tiger Global, Bessemer Venture Partners, Stripes, Global Founders Capital |
RampIPO Probability: 90% Ramp, the developer of a popular fintech software for startups, was founded in 2019 and has dubbed itself “New York’s fastest-growing startup.” It recently passed $300 million in ARR and says it has more than 10,000 customers, but it is not currently profitable. The company hasn’t commented publicly on its IPO plans. CAPITAL RAISED $1.7B HEADQUARTERS New York City LAST KNOWN VALUATION $5.8B SELECT INVESTORS Founders Fund, Thrive Capital, Sands Capital, General Catalyst |
AndurilIPO Probability: 89% Founded in 2017 by former Palantir and SpaceX executives, Anduril is a leading defense-tech company specializing in AI systems for drone technologies and military surveillance. It has inked contracts with the US Department of Defense and US Customs & Border Protection. However in September, CEO Palmer Luckey said in an interview with Breaking Defense News that an IPO within “two years [is] definitely not going to happen.” CAPITAL RAISED $2.3B HEADQUARTERS Costa Mesa, California LAST KNOWN VALUATION $8.5B SELECT INVESTORS Andreessen Horowitz, Valor Equity Partners, Founders Fund, Mark VC |
DivergentIPO Probability: 89% Founded in 2013, Divergent deploys 3D printing technology to help speed up the design and production of cars. It hasn’t commented publicly on its IPO plans. CAPITAL RAISED $610M HEADQUARTERS Torrance, California LAST KNOWN VALUATION $1.4B SELECT INVESTORS Horizons Ventures, Alumni Ventures, Tom Steyer |
GuildIPO Probability: 89% Founded in 2015, Guild offers an edtech upskilling platform for employers to provide tuition reimbursement, online classes and other education benefits to their staff. Its past corporate clients have included Chipotle, Walmart and Disney. The company hasn’t commented publicly on its IPO plans. CAPITAL RAISED $643M HEADQUARTERS Denver LAST KNOWN VALUATION $4.4B SELECT INVESTORS Wellington Management, Salesforce Ventures, General Catalyst, Bessemer Ventures Partners |
FaireIPO Probability: 87% Founded in 2017, Faire offers an ecommerce wholesale marketplace that uses AI to help retailers manage merchandise inventory and provide an Amazon-like platform for small stores. It added its first CFO, Lauren Cooks Levitan, in September 2019. Anouk Dey, a partner at Faire backer Durable Capital, told The Wall Street Journal in 2021 that she expected Faire to go public at some point. CAPITAL RAISED $1.5B HEADQUARTERS San Francisco LAST KNOWN VALUATION $12.6B SELECT INVESTORS Khosla Ventures, Forerunner Ventures, Lightspeed, Y Combinator |