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Cloud's rise to IPOs ☁

Cloud's rise to IPOs ☁
March 23, 2021

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The cloud has redefined the way businesses interact with their customers and clients as well as offered a competitive edge in comparison to local storage of data. The shift to the cloud -- and the accompanying need for data warehousing and management -- has provided cost-efficiency, mobility, security, and more integration and collaboration than ever before. Startups offering top-of-the-line data management solutions for enterprises have seen far greater success than anticipated.

Leader of the Pack
Snowflake is considered the top cloud data warehousing solution because of the simplicity of its integration as a SaaS product. Its out-of-the-box features that separate storage and computation mean users can scale up or down and pay only for the resources they use, whether extra storage or computation needs. Snowflake's success has allowed it to ride through the waves of the pandemic to IPO last year at a $33.0BN valuation, paving the way for other cloud startups. 

Future Cloud IPOs
Based on company growth and funding, we share a list of potential cloud IPOs that we expect to follow in Snowflake’s footsteps.

  • Databricks offers a unified analytics platform that prepares data from experimentation to deployment in machine learning applications. The startup raised a $1BN Round G of funding in February, raising its valuation to almost 5 times its value when it raised its last round of funding in October 2019. Although the company has not yet announced any IPO intentions, its growth rate and current valuation suggest that an IPO could be imminent.
  • Rubrik is a cloud data management company with a focus on data protection and security. The company has grown significantly since its inception in 2014 with a 55.6% 3-year CAGR and is another company that could IPO soon.
  • Cohesity offers a data management platform that consolidates mass data fragmentation for backup, management, and insight analysis. Its valuation grew over 1.5 times after a $250MM Round E raised in April 2020 revealed a 3-year CAGR of 133.5%. The startup ranked as one of the top 10 (6th place) most resilient companies of 2020 in our PrivCo 50 ranking.
  • Cockroach Lab offers an open-source database designed for building global, scalable cloud services that can survive disasters and is said to be able to withstand blackouts. The company has raised close to $250MM in the past 12 months and has demonstrated phenomenal growth during the pandemic with a 210% 3-year CAGR. It is the 12th most resilient company of 2020 in our PrivCo 50 ranking.

PrivCo 50 2020 Most Resilient Companies Ranking 
We released a ranking of 50 top companies that, despite the challenges of 2020, proved to be resilient and flexible, riding through in-person interaction restrictions, social movements, a global pandemic, and more. Quickly review the list of top 50 companies or dive deeper into some insights. Our one year later analysis is in the pipeline, so stay tuned!

Ford shifting from hybrid work to home-only work 
30,000 employees at Ford will have the option to work from home forever, the first of the auto industry to allow a complete shift to work from home.
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Facebook’s Neural Device
The social media platform is developing a companion to its AR glasses that is supposed to read your mind.
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Since last week, PrivCo has added:
282 Companies | 197 Funding Activities | 96 M&A Deals

Funding & Deal Highlights:

Fireblocks raises $133MM led by Coatue Management, Stripes Group, and Ribbit Capital
Blockchain Software & Internet Services • Round C • New York, NY

Mercury Financial raises $100MM
Specialty Finance • Equity • Columbus, GA

Yotpo raises $230MM co-led by Tiger Global Management and Bessemer Venture Partners
E-commerce Software & Internet Services • Round F • New York, NY

Fridge No More raises $15.4MM led by Insight Partners
Grocery Software & Internet Services • Round A • Brooklyn, NY

SafeGraph raises $45MM led by Sapphire Ventures
AI Software & Internet Services • Round B • Denver, CO

Overwolf raises $52.5MM co-led by Griffin Gaming Partners and Insight Partners
Video Games Software & Internet Services • Round D • Seattle, WA

Glooko raises $30MM led by Health Catalyst Capital
Health Care Tech Software & Internet Services • Round D • Palo Alto, CA

ZenSports raises $2.4MM
Gambling Software & Internet Services  • Round A • San Francisco, CA

Gumroad raises $1MM 
E-commerce Software & Internet Services • Equity • San Francisco, CA

Rumble raises $5MM led by Decibel Partners
Enterprise Software & Internet Services  • Seed • Austin, TX

Trullion raises $3.5MM co-led by Aleph and Greycroft Partners
Accounting Software & Internet Services • Seed • New York, NY raises $21MM co-led by Mizrahi Terahot Bank and Meitav Dash Investments

Grocery Software & Internet Services • Round A • Brooklyn, NY

Equa Start raises $2.3MM led by Horizen Labs
Fintech Software & Internet Services • Seed • Denver, CO

Flowspace raises $21MM
Logistics Services • Round B • Los Angeles, CA

CopyAI raises $2.9MM led by Craft Ventures
Automation Software & Internet Services • Equity • Memphis, TN

Torch.AI raises $30MM led by WestCap Group
AI Software & Internet Services • Round A • Leawood, KS

Aerovel Corporation raises $2.5MM
Commercial & Industrial Engineering • Round B • Bingen, WA

Canadian Pacific Railway Limited acquires Kansas City Southern
Freight Transportation • Acquisition • Kansas City, MO

The Jordan Company acquires AIT Worldwide Logistics
Logistics Services • Acquisition • Itasca, IL

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