This is going to be a hot summer for tech IPOs. Here’s our shortlist of what to watch out for.
Cloud data warehousing startup Snowflake is probably the most anticipated. Generating more than $100MM in 2019 and growing 174% from 2018, this startup has been around since 2012 and could generate a valuation of $20 billion. It is currently valued at $12.8 billion with $1.4 billion in total VC funding.
Benefiting from the massive adoption of grocery delivery during covid-19, Instacart volume increased 500% YoY. eMarketer predicts that U.S. food and beverage sales will be the fast growing category in ecommerce, growing 23.4% to $32 billion by 2021.
In June, Instacart announced that they raised $225 million in fresh capital led by DST Global and General Catalyst that valued the company at $13.7 billion.
One unexpected phenomenon of shelter-in-place and massive unemployment has been the rise of the retail investor. Sometimes called “retail bros”, a reference to personalities like Dave Portnoy, these new and next generation investors have been flocking to Robinhood. Robinhood CEO Baiju Bhatt has teased an IPO for years now but this summer seems to be the opportune moment to take advantage of the buzz. The company most recently added $280 million in capital at a valuation of $8.3 billion.