Big Week for Tech Investors 🤩
Was last week the best week of the year for tech investors? Not only was it YC Demo Day, but a bunch of tech startups filed to go public as well! Here are some links and articles to get caught up on all of the excitement:
- Demo Day - This was the first fully virtual YC batch (from interviews through demo day). Here are TechCrunch’s notes on all the companies
- Adyn (birth control), Batch (event backup), and Milkrun (local groceries) - Special shoutout and congrats to the PNW startups that did YC!
- Snowflake ($242M rev last six months, +133%) - Their cloud data platform sits at the center of several tech trends, and they might be the fastest growing enterprise company, ever. Here’s a good S-1 analysis
- Asana ($142M rev, +86%) - Project management platform started by Dustin Moskovitz, one of the cofounders of Facebook. Here’s a side-by-side comparison of Asana vs. Smartsheet
- Palantir ($742M rev, +25%) - Peter Thiel’s data analytics company. Here’s the Hacker News discussion on their S-1, where people are debating Palantir’s contrarian values
- Unity ($542M rev, +42%) - 50%+ of games are built with Unity, and they are planning to grow into new markets as well. Here’s how they make money and how they compare to other SaaS companies
- Jfrog, Amwell, Sumo Logic, Corsair - Here are some highlights from the rest of these companies’ S-1 filings from Protocol and TechCrunch
- At a ~20x revenue multiple, there will be $40B+ of market cap created between all of these companies
- The oldest companies in the S-1 list are Corsair (founded 1994) and Palantir (founded 2003), and the youngest is Snowflake (founded 2012). It takes a long time to build a $100M+ revenue business!
- All of the companies are B2B software or gaming. Not a lot of IPO investor interest in consumer right now given market uncertainty
- There were also a dozen SPACs that filed S-1s last week, but it doesn’t look like SaaS companies are very interested in using them to go public