Hey, I'm Dan! I invest in startups at Madrona and write the DL, a weekly newsletter about tech in the Pacific Northwest

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Seattle's First IPO in 2020 🎉

Accolade went public on July 2, and it was Seattle’s first IPO of the year! Geekwire wrote a great article on the IPO and interviewed Accolade’s CEO, Raj Singh.


Here are some highlights:

  • This is Raj’s second ever job! His first was co-founder and COO at Concur ($8.3B sale to SAP in 2014)
  • Accolade was founded in 2007, but Raj and two other Concur executives took over as CEO, CPO, and President in 2015
  • Since 2015, the company has raised ~$140M of venture capital and grown revenue to ~$133M
  • Their product helps employees at large companies better understand and utilize their health benefits, with the help of health assistants
  • Their largest customers are companies like Comcast, American Airlines, Lowe’s, and State Farm, whose health plans have 1.7M+ members
  • After filing their S-1 in February (on the same day as ZoomInfo), the entire IPO process was conducted remotely


Accolade is now trading under the ticker $ACCD, and the current market cap is ~$1.7B (up ~60% from the initial offering price). Congrats to the Accolade team on this incredible journey and a successful IPO!


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