Sure, it’s demo Day week at Y Combinator, but that doesn’t mean we only have to discuss the smallest and youngest startups out there. In fact, a bit of news today reinforces our view that the list of companies we’re targeting as strongly as possible for an IPO when the public debuts window opens is getting quite long.
It’s even bigger than we know, given the number of late-stage software startups that are likely to have reached the revenue size of public companies and, assuming the economy holds up this year, are likely to grow fast enough to seek an IPO, if they are willing to settle for a lower rating.
But the list is long indeed: Several startups that have said they are eyeing a debut are hiring the right people or simply have IPO filings raring to go. Let’s talk about who we have in mind.
The new names
We’ll start with a few new additions to our list of late-stage startups preparing for an IPO:
- Keyboard: According to media reports, Klaviyo is scheduled to go public this year. Or likely will, assuming market conditions don’t worsen. With a reported ARR of around $600 million and a last private valuation of around $9.5 billion, the marketing automation company could make a splash at the IPO. Given what we understand as a fairly pure software company, it could help the market figure out how to value former startups looking to list their shares.
- Remote control: Guess who just announced they’ve hired a CFO? remote control did; announced today. The company is in an interesting segment of the market (remote employee support) and most recently raised $300 million at a valuation of more than $3 billion. Well, a CFO doesn’t mean an IPO is around the corner, but it does mean Remote is getting its books in order. Given that it might be a while before the IPO window really opens, we’re comfortable adding Remote to the “first cohorts” list, even though a debut in 2023 isn’t likely.
Remote is a good transition to a group of companies we’ve written quite a bit about lately:
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