Congrats to StepStone VC portfolio company, Zepto, on a successful oversubscribed raise! We're excited to have co-led the $665 million round alongside StepStone platform manager, Nexus Venture Partners, and Glade Brook Capital Partners LLC. We look forward to Zepto's next phase of growth and continued expansion in the #quickcommerce space. 🦄 More via TechCrunch: https://tcrn.ch/3zqxfqR #StepStoneVC #venturecapital #innovationeconomy
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The recent tech IPOs are flirting with negative territory Arm: Went public at $51 per share, traded as high as $69 per share, and is currently worth $50.94 per share. Instacart: Went public at $30 per share, traded as high as $42.95 per share, and is currently worth $29.97 per share. Klaviyo: Went public at $31 per share, traded as high as $39.47 per share, and is currently worth $32.15 per share.
The recent tech IPOs are flirting with negative territory | TechCrunch
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Eight companies joined The Crunchbase Unicorn Board in September 2023, adding more than $15 billion in value, while two unicorns finally galloped off onto the public markets. The two highly valued unicorns, grocery delivery platform Instacart and marketing email automation service Klaviyo, marked the first major venture-backed startup exits since late 2021. Instacart was one of the 10 most highly valued unicorn companies, based on its $39 billion valuation in 2021, and Klaviyo was in the top 100, valued at $9.8 billion in 2021. While it’s still less than a month since their debuts, each company is currently valued below its #IPO price, showing the tepid reception from public-market investors for new technology stocks in this high interest rate environment. As of Oct. 13, Instacart is valued at $7.2 billion and Klaviyo at $8 billion. 🔗 to full story in comments #IPO #AlternativeInvestments #PrivateEquity #HUDSONPOINT
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☕ We've gathered the top 3 highlights from the latest news and trends in the #startup industry. Check out The Monday 3: ⏰ Instacart and Klaviyo lead the charge as tech IPO momentum returns in 2023, marking a potential revival for startup public offerings after a two-year hiatus. https://lnkd.in/evXJiaeQ 👨💻 Tech startups shift growth strategies: New report from OpenView highlights changing performance standards and the evolving landscape for fast-growing software companies in 2023. https://lnkd.in/dHvgSZb5 🛒 Changing dynamics in retail: How startups and digitally-native brands are discreetly offloading excess inventory to off-price retailers to adapt to new e-commerce realities. https://lnkd.in/ev8_bnEm #IPO #growthstrategies #retail #ecommerce
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Leadership For Good | Builder | Trusted Board & CEO Advisor, Fortune 100 & G20 Governments | Founder | Strategic Pricing & Advanced Analytics | Sustainable Growth & Innovation Cultures | Host of FlowLab Podcast 🎧
‘’Sequoia and Andreessen Horowitz invested $50 million each in Instacart at the tech market's peak in 2021. Based on Instacart's latest IPO prospectus, the value of those investments has sunk by more than three-quarters. Even with the changing market conditions, Instacart has continued to grow but at a dramatically slower pace. Revenue increased 15% in the latest quarter from the year prior, and operating expenses have come down over that time, allowing the company to turn profitable. From a valuation perspective, the bigger issue is that Instacart raised the $39 billion round during a record stretch of tech IPOs, and just a couple of months after fellow sharing-economy companies Airbnb and DoorDash had blockbuster offerings. There hasn't been a notable venture-backed tech IPO in the U.S. since late 2021, and Instacart and Klaviyo are the only two that have publicly filed recently. Car-sharing service Turo is also on file, but its initial prospectus came out in early 2022. ’’ #retail #supplychain #logistics #tech #instacart #revenue #ipo #investment #valuations #magicmoneytrees #morganstanley #goldmansachs
Sequoia and Andreessen to take a huge hit on their 2021 Instacart investment, after a 75% plunge in valuation
cnbc.com
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In 2019 VC backed companies that had gone public were valued at 5x revenue. During the boom of 2021, the multiple jumped to a massive 22x revenue. Instacart shares begin trading yesterday with an opening price of $30/share which equates to about 3.84x revenue, a sharp correction. The share price is still holding strong, a positive for the company and future venture backed-IPO hopefuls especially considering Instacart raised its expected initial share price just prior to listing. The valuation per multiple is still a fraction of what we saw 2 years ago. Has the pendulum swung back too far or is this the new norm? https://lnkd.in/gMNiC9Xy
Instacart, Klaviyo IPOs offer a true reflection of late-stage VC valuations
pitchbook.com
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West Region Leader, Technical Accounting | IPO Services | M&A | SPACs | VCs | Global Capital Markets at CohnReznick LLP
It's the return of the tech IPO. Instacart says it's profitable — and this may be the necessary secret ingredient for a hot market debut in 2023. The tech IPO is back. After a long hiatus, the IPO market is finally showing signs of life thanks to the long-awaited declaration that Instacart is planning to go public. After SoftBank-owned chip company Arm decided to test the waters of the market earlier this week, Instacart and marketing automation company Klaviyo are now the first venture-backed tech companies to file for IPOs since December 2021. That's when software company HashiCorp and cloud tech company Samsara went public. Here's one thing Arm, Instacart, and Klaviyo have in common: profitability. And that may be the secret sauce to a successful public debut. Please read the article by Insider for more details. #ipos #capitalmarkets #profitability #revival #usmarket #growth #welcomeback
It's the return of the tech IPO. Instacart says it's profitable — and this may be the necessary secret ingredient for a hot market debut in 2023.
businessinsider.com
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Arm, Instacart and Klaviyo have "very little in common, but collectively they represent a test of the excitement level among public market investors for new opportunities. Depending on how they perform out of the gate, their offerings could propel others to follow in the fourth quarter." - Ari Levy CNBC DFIN’s IPO solutions and experts help you successfully navigate the intricacies and prepare for life as a public company: https://lnkd.in/dd-KeYB
Tech IPOs are coming back — now they have to perform
cnbc.com
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The IPO market is seeing an uptick with Instacart and Klaviyo in the queue. There has been a mix performances by previous market debuts including Better and CAVA Food Group. We will need to continue to see positive results for more growth stage tech companies to take the leap in 2024.
This Year’s Startup IPOs Have A Very Mixed Track Record
news.crunchbase.com
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Instacart may unlock hitherto dormant IPO market Arm Holdings has created a buzz, but does Instacart represent Wall Street’s return to form? The recent successful initial public offerings (IPOs) of SoftBank Group Corp.-backed chip designer Arm Holdings (Arm), together with several other high-profile companies that have listed or intend to, such as Reddit and Cava Group, may augur a return to form for Wall Street. Wall Street bankers are reportedly optimistic that US listings will pick up as a crop of new IPOs hint at a broader recovery. And with Arm’s stock soaring nearly 25 percent since its $65bn Nasdaq debut, before eventually settling down 4.5 percent to $60.75, after trading as high as $69 last Friday (week ending September 15th 2023) the prevailing mood did indeed lift hopes of an end to the drought that has beset the US IPO market. Dr Linda Yueh, Adjunct Professor of Economics at London Business School, said on the Business Briefing programme (SiriusXM, September 15) that arguably a better measure of a return to form for the US stock exchange could be the upcoming IPO for Instacart, the American online delivery company that operates a grocery delivery and pick-up service in the United States and Canada. “If you look at Arm, it used to be listed on the London Stock Exchange 25 years ago. Softbank Group then bought it. Therefore, Arm is a mature company has been brought back to the market,” said Dr Yueh. Instacart is by contrast a startup company and is therefore arguably better representative of those companies that have suffered big valuation drops since 2021, and the retreat by capital investors who have been spooked by an uncertain economic picture. “So if there is appetite for Instacart that would suggest that IPOs for startups may well be back,” says Dr Yueh. Dr Yueh notes that the price range for Instacart’s IPO valuation sees the company valued at a quarter of its $39bn private valuation of just two years ago. “In 2021 Instacart was a celebrity company with sizeable market valuation. If you see a valuation drop by three quarters, that is a lot to stomach.” Dr Yueh points to a perhaps related and interesting aspect to the upcoming Instacart IPO – its relationship with its current Venture Capital (VCs) investors. “VCs would usually look to exit after an IPO, but its current investors, Sequoia and D1 own nearly 30 percent of the company and plan to become cornerstone investors, agreeing to buy up to $400m of Instacart stock at IPO alongside three others. This seems designed to support the company’s stock price, which is not the usual way VCs would look to behave and tells you how challenging the market is. That said, if it trades well then the IPO could well open the door to more interest in IPOs.” #ipo #wallstreet #useconomy https://lnkd.in/epiDC9cb
Instacart may unlock hitherto dormant IPO market | London Business School
london.edu
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"But I think consumer is actually a great place to be building and investing. Whenever something is out of favor, that’s a sign it’s probably a good place to spend time: this is an industry built on being contrarian, not built on following the herd. We’re entering a compelling few years for consumer entrepreneurship. Big consumer wins compare favorably to big enterprise wins—relative to Snowflake’s market cap, Uber is ~3x in size, Airbnb is ~2x in size, and DoorDash is roughly equal. (Snowflake is the biggest enterprise IPO of the last decade.) The last few years produced a windfall of consumer outcomes, yet investors today almost write off the category." https://lnkd.in/gNR-Wwcn
The Consumer Renaissance
digitalnative.tech
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