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PrivCo 50 takes a look at the fastest-growing startups in the U.S. and ranks them based on their performance in a given period. To generate this report for the second quarter of 2021, we looked at the data from PrivCo and evaluated startups by their employee and revenue growth as well as funding raised in Q2 between April 1 to June 30, 2021.

What you can learn from this report:

- Top funded companies of Q2
- Investment breakdown by industry
- A spotlight list of companies in growth industries
- Funding Activity Comparison (Q2 vs Q1)

Want to read the full formatted report? [Download it here](https://cdn01.privco.com/public/reports/2021/privco_50_q2_2021.pdf "Download it here")

## Introduction

In December 2020, we released our first report for the whole of 2020 looking at the top-performing companies during the pandemic. In 2021, we are boosting our research capabilities by going even deeper and looking at the activity quarterly.

- [Top 50 Most Resilient Companies of 2020](https://www.privco.com/insights/privco50-covid19-growth-companies "Top 50 Most Resilient Companies of 2020")

- [Fastest Growing Startups of Q1 2021](https://www.privco.com/insights/top-growth-private-companies-Q1-2021 "Fastest Growing Startups of Q1 2021")

## Key Findings

- Gaming takes front and center. Q2 was dominated by the $1BN funding round of Epic Games in early April as the pandemic spurred gaming user growth, but also enthusiasm for mainstream AR/VR capabilities heightened

- Aerospace growth. Aerospace startups thrived in the second quarter prompted by the first hints of space tourism as billionaire-owned aerospace companies Virgin Galactic, Blue Origin, and SpaceX.

- Fintech thrives. From consumer-focused neobanks to mortgage solutions on the blockchain, top-ranking fintech startups’ ability to break conventional ways of handling transactions had investors eagerly offering their support 

## Growth in 2021
While the first of 2021 saw a continued abundance of pandemic-spurred businesses thriving, it is notable that industries funded have shifted from immediate needs such as grocery delivery, to industries anticipated to grow post-pandemic such as SaaS enterprise solutions, cybersecurity, marketing automation, artificial intelligence, and biotechnology-focused startups.

## Quarterly Overview

__Highlights__

The billionaires’ race to space was focal of Q2, trickling into Q3 as billionaires Richard Branson and Jeff Bezo’s aerospace companies successfully completed their space rocket flights in July. The buzzword ‘space tourism’ is expected to continue in Q3.

Upset of China-based tech startups as the Chinese government cracks down on data security issues. Following Alibaba’s crackdown, the vehicle for hire service Didi Chuxing took a big hit post its US IPO as the Chinese government cracks down on overseas listings. This has sent a wave of uncertainty for other Chinese companies looking at a US IPO.

While the war between Apple and Epic Games started in 2020, the ensuing battle has smaller startups pleading for change and relief from Apple’s iron grip on the mobile economy. [The battle was won by EPIC, with Apple winning the war.](https://www.vox.com/recode/22666897/apple-epic-trial-verdict "Vox: Epic’s win over Apple is actually an Apple victory")

__Going Public__

IPO: 177 companies IPOed in Q2 and 577 in the first half of 2021, in comparison to 480 IPOs in all of 2020. Notable IPOs in Q2 include Israel-based Monday.com who debuted on the stock market with a $6.8BN valuation and is the highest valued startup born out of the country. Others include Sweden-based Oatly at a $10BN valuation, cybersecurity firm SentinelOne with an $8.9BN valuation, and Jessica Alba-backed baby products company The Honest Company that was valued at $1.44BN on its IPO date. The most controversial IPO of this quarter goes to Didi Chuxing who hit the US stock market at a $70BN+ valuation, only to be cracked down by the Chinese government on alleged cybersecurity issues.

__Direct Listing__

Squarespace was listed on the NYSE in May, choosing a direct listing over an IPO. SPAC: Q2 was a relatively sluggish quarter for the number of SPACs due to fear of greater regulation and less-than-impressive post-deal stock performances, but still boasted an impressive roster of companies that went public. Bill Gates-backed biotech company Ginkgo Bioworks announced its merger with Soaring Eagle Acquisition Corp for $1.7BN (valued at $17BN). Spare change investment company Acorn announced its plans to go public via SPAC in May for a value of $2.2BN. Another fintech startup, digital banking service Dave also announced its merger intentions with VPC Impact Acquisition Holdings, set to be valued at $4BN.

### Breakdown of Recorded Company Types on PrivCo

![Q2-Growth-Industry](//images.ctfassets.net/5r58mz7ojzs1/6JQXfxMWG9gZnu4iWUr5jR/0df5990ad1c51db2696e3040a2145dd0/Screen_Shot_2021-09-13_at_12.27.36_AM.jpg)Top Growth Companies of Q2,2021 - Breakdown of Growth Company by Industries on PrivCo

## Gaming

Epic Games’ giant round of funding in Q2 is a case in point of how gaming has become one of the fastest-growing industry. Top-level growth indicators include Roblox’s successful IPO in March, giant increases in demand for a Playstation 5 and Nintendo Switch consoles, and over 150+ gaming startups raising funds in the last 6 months. There are no hints of the gaming industry slowing down. MarketsandMarkets predicts the global gaming industry is set for a CAGR of 12% between 2020 and 2025.

Amongst the different types of gaming, these three forms of gaming—VR,
social gaming, and Esports—are on the top of our to-watch list. For example, VR has become more mainstream thanks to devices like Facebook’s Oculus Quest, and is expected to grow at a CAGR of 32.75%. Social gaming took a huge boost from the pandemic with over 50% of gamers mentioning they have spent more time playing games during COVID-19. Lastly, even with live sports returning in 2021, esports is thriving as they diversify their ways of engaging with the audience from incorporating traditional sports leagues into their games, to changing their format to become more league-based, or even positioning themselves as lifestyle brands.

## FinTech

Fintech growth shows no sign of stopping. From a small (but mighty) three-company list in 2020, the number of companies exhibiting growth has jumped threefold this quarter. Fintech startups that continue to break traditional banking standards and rules are gaining traction. For example, startups that offer no-frills access to digital banking capabilities like neobanks Brex, Paxos, and Current may not completely dismantle the megabanks of corporate America, but it doesn’t mean they aren’t attracting many new customers, and with thier popular low to zero fees banking they are at least forcing traditional financial institutions to change their ways. On the other side of the spectrum, startups like Plaid and Zeta Services are offering their tech stack to power financial institutions’ journey to digitization or enhance their capabilities even further. Plaid, for example, was named in the 2021 CNBC Disruptor 50 list for the first time as a result of its ability to help other leading financial services like Coinbase, Robinhood, and more sync with traditional banking institutions. Plaid also made its round of headlines last year after the Department of Justice block the deal for credit card company Visa to buy the company. Financial literacy is another trend that is growing in 2021 and becoming increasingly important as families are eager to start early in teaching their children how to spend wisely. Greenlight Card, a company that guides parents to teach their children how to save using its app and debit card products, is a leader in this space. The growing movement of decentralization and blockchain ledgers has also fueled the growth of companies like Figure Technologies, which offers equity mortgage refinances, and student and personal loans on its blockchain. With the transparency of public ledgers, blockchain capabilities no longer revolve around the trendier NFTs and bitcoins, but are increasingly translating into other real-world financial solutions for an average person.

## Aerospace & Defense

While commercial aerospace had a terrible 2020 and still faces many uncertainties in 2021, this industry as a whole is driven by the potential of space exploration, militarization, as well as air mobility advancements. With the successful flights into space by both Richard Branson’s Virgin Galactic and Jeff Bezos’ Blue Origin, it can be expected that more spotlight will be placed on space exploration and rockets development, namely with companies like Relativity Space. EVOTL (electric vertical takeoff and landing aircraft) is expected to soar to $1.5TR globally by 2040, and companies like BETA Technologies are in the race to see who can go to market first. Many of its competitors are going public via SPAC, but with recent scrutiny on this method of going public, it is still hard to tell who will be a clear leader in air mobility. Finally in the area of defense, with growing pressures from China and Russia who have been focusing on strengthening their military capabilities in space, companies like Anduril Industries are trying to stay ahead of the game by working directly with the US government and its allies.

## SaaS

Without a doubt, 2020 was a great year for SaaS companies. They were able to help solve the digital transformation problem for many enterprises, as offices shut down and employees were forced to work from home. Global spending on enterprise software recorded $426BN in 2020 as enterprises compressed their digital adoption plans from years into weeks. Even as the world has steadily opened up, enterprise solutions remain a high-growth industry each quarter as digital tools and solutions have become a standard. Top ranking DailyPay’s growth is a signal of the times as many Americans continue to struggle financially and require services like DailyPay to receive their paycheck immediately. In a recent survey conducted by LendingClub, 54% of Americans across a wide range of income and age, are living paycheck-to-paycheck. Take a deeper dive into our Top Enterprise Software Company of 2021 report [here](https://www.privco.com/insights/top-enterprise-software2021 "Top 50 Privately-Held Enterprise Software Companies") to take a further look at trends in this space.

## Funding Activity

2021 continues to be a record year for funding in terms of money raised per round, although Q2 has dropped slightly from Q1, down 23% on average funding per round. While deal counts in comparison to 2020 have dropped, funding raised in comparison to the previous year grew almost 35%. On average, companies that raised money in Q2 of 2021 are doubling their funding.

![Funding Comparison Q1-Q2](//images.contentful.com/5r58mz7ojzs1/O0Xwq6y6np8ydkScnnL4M/4aabc8ee3715fdcc4363719814a225a7/Screen_Shot_2021-09-13_at_12.55.26_AM.jpg)

### Spotlight: Top 10 Companies

| Company             | Location           | Industry                                     | Vertical                                        |
|---------------------|--------------------|----------------------------------------------|-------------------------------------------------------|
| [EPIC Games](https://www.privco.com/company/epic-games-inc "EPIC Games Company Profile")      | Cary, NC      | Software                                   | Gaming |
| [Caris Life Sciences](https://www.privco.com/company/caris-life-sciences  "Caris Life Sciences Company Profile")           | Irving, TX        | BioTechnology      | Drug Research|
| [Perch](https://www.privco.com/company/perch "Perch Company Profile")                | Boston, MA       | Technology Services         | E-Commerce, Retail    |
| [SambaNova, Systems](https://www.privco.com/company/sambanova-systems "SambaNova Systems Company Profile")      | Palo Alto, CA     | Software   | Big Data, AI, Analytics       |
| [Relativity Space](https://www.privco.com/company/relativityspace "Relativity Space Company Profile")              | Inglewood, CA | Aerospace     | 3D Printing, Manufacturing                       |
| [Kajabi](https://www.privco.com/company/kajabi "Kajabi Company Profile")             | Irvine, CA       | Software     | EdTech, E-Commerce, E-Learning
| [Noom](https://www.privco.com/company/noom "Noom Company Profile")      | New York, NY  | Software                                | Health Care, Wellness, Minority-led       |
| [DailyPay](https://www.privco.com/company/dailypay "DailyPay Company Profile")           | New York, NY  | Software      | FinTech, Payroll, B2B                      |
| [Anduril Industries](https://www.privco.com/company/anduril-industries "Anduril Industries Company Profile")           | Irvine, CA | Software       | Aerospace & Defense, Augmented Reality, Security, Military             |
| [Plaid](https://www.privco.com/company/plaid-inc "Plaid Company Profile")        | San Francisco, CA     | Software & Internet Services       | FinTech, API, Banking                     |

For a complete list: [Download here](https://cdn01.privco.com/public/reports/2021/privco_50_q2_2021.pdf "Download it here")

## Endnotes and Methodology

This report is current as of the initial date of publication in Aug 2021 and may be changed by PrivCo at any time. The companies profiled are focused on the U.S. market of privately-owned companies based on their performance including funding rounds, employee, and revenue growth until June 30, 2021.

This report is intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. PrivCo shall not be responsible for any loss whatsoever sustained by any organization or person who relies on this publication. The data used in this report may be derived from third-party sources and PrivCo does not independently verify, validate or audit such data. The results from the use of such data are provided on an “as is” basis and PrivCo makes no representations or warranties, express or implied.

PrivCo’s dataset is constantly expanding and as data is added to the platform over time, some of the numbers in this report may shift at the time of viewing in comparison to the platform. A company may not have founders listed, or the data may not be updated on PrivCo’s company profile yet.

For additional data inquiries, contact the Investment Data Research team at research@privco.com.


An in-depth report that evaluates the revenue and investment raised by private companies in Q2, 2021 in comparison to the previous quarter. 

PrivCo 50 Q2, 2021

Despite broad based cuts in spending, companies invested heavily in digital transformation while adapting to shifts in the workplace as a result of the pandemic. All companies were ranked based on a number of metrics including funding, market valuation, projected revenue, and growth.

REPORT HIGHLIGHTS 2020 through June, 2021 has been a phenomenal time of growth for enterprise startups. Notable deals include acquisitions of Wrike, Aspect Software, and Blue Yonder, and IPO’s by Squarespace, UiPath, Sprinklr, and QOMPLX.

To download the full report, click [HERE](https://cdn01.privco.com/public/reports/2021/top_enterprise_2021.pdf)

## Introduction
2020 was a phenomenal year of growth for enterprise software startups. Despite spending by many companies seemingly reduced, especially in terms of headcount, organizations poured money into their digital transformation as they scrambled to adapt to an online workflow, and drive growth digitally midst the pandemic. Global spending on enterprise software recorded $426BN in 2020, and we expect 2021 figures to only increase as companies continue to find ways to enable a distributed workforce while delivering better customer experiences, maintain or enhance cybersecurity protocols, and more. McKinsey reports that the predicted five year business digital adoption was compressed into a period of eight weeks as the result of the pandemic. 

In this report, we focus on key trends and rank 50 top-performing enterprise software companies based on funding and growth by employees and revenue. We also take a look at eight enterprise software trends and spotlight leading startups of these trends.

The data in this report was extracted and features data until June 2021.

## Notable Deals

- Wrike was acquired by Citrix Systems for $2.25BN
- Aspect Software was acquired by Noble Systems for $1BN
- Blue Yonder was acquired by Panasonic for $7.1BN

## Notable Exits 
- UiPath, notable for its robotic process automation, IPO’ed in April and was notably one of the biggest IPOs of enterprise software companies, after Snowflake and Qualtrics, bringing in $1.3BN on its debut day. 
- Squarespace, famous for its low-code website building platform,  went public via direct listing at a $6.5BN valuation
- Customer management platform Sprinklr went public in mid June after downsizing its IPO and raised $266MM. 
- QOMPLX, a cloud-native risk analytics company, went public via SPAC in March.

### Enterprise Software Trends of 2021

#### Data Management
Startups offering processing and management capabilities from utilizing AI and automation to bridging the gaps between varying databases will be a continuing trend

#### Infrastructure
Startups that add value to cloud storage infrastructure capabilities continue to help this category grow

#### Cybersecurity
Cybersecurity proved to be more important than ever to help enterprises combat against threats and attacks in the cyberspace

#### Development
From low to no-code development, software companies are revolutionizing the ability for enterprises to iterate and go-to-market

#### E-commerce
From supporting logistics to offering platforms to connect clients to services, e-commerce capability providers are experiencing tremendous growth

#### Financial
Payment processing software services was a huge focus of 2020 and financial services leveraging trends in data is a norm

#### Workplace Productivity
A COVID-19 phenomenon that has pushed enterprises to spend big money to improve workplace productivity and event execution

#### Sales Enablement
As companies were forced to transact mostly online during the pandemic, sales enablement software have become a top of mind purchase for companies

## Company Spotlight

| Company             | Location           | Vertical                                     | Rounds of Funding                                        |
|---------------------|--------------------|----------------------------------------------|-------------------------------------------------------|
| [Bevy](https://www.privco.com/company/bevy "Bevy Company Profile")      | Palo Alto, CA      | Workplace Productivity                                   | 3 |
| [Highspot](https://www.privco.com/company/highspot "Highspot Company Profile")           | Seattle, WA       | Sales Enablement      | 7                                         |
| [Divvy](https://www.privco.com/company/divvy "Divvy Company Profile")                | Lehi, UT       | Financial         |   6                                        |
| [Squire Technologies](https://www.privco.com/company/squire "Squire Company Profile")              | New York, NY       | E-Commerce   | 9                           |
| [OutSystems](https://www.privco.com/company/outsystems "OutSystems Company Profile")             | San Ramon, CA     | Low-Code Development    | 6                |
| [Tanium](https://www.privco.com/company/tanium "Tanium Company Profile")      | Kirkland, WA  | Cybersecurity                                | 12            |
| [Cockroach Labs](https://www.privco.com/company/cockroach-labs "Cockroach Labs Company Profile")            | New York, NY | Infrastructure       | 6                                          |

## Appendix
This report is current as of the initial date of publication in July 2021 and may be changed by PrivCo at any time. The companies profiled are focused on the U.S. market of privately-owned companies based on their performance including funding rounds, and employee and revenue growth until June 2021. 

This report is intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. PrivCo shall not be responsible for any loss whatsoever sustained by any organization or person who relies on this publication. The data used in this report may be derived from third-party sources and PrivCo does not independently verify, validate or audit such data. The results from the use of such data are provided on an “as is” basis and PrivCo makes no representations or warranties, express or implied.

PrivCo’s dataset is constantly expanding and as data is added to the platform over time, some of the numbers in this report may shift at the time of viewing in comparison to the platform. A company may not have founders listed, or the data may not be updated on PrivCo’s company profile yet. 

For additional data inquiries, please reach out to research@privco.com.

Measuring the business performance of privately-held enterprise software companies (as of June, 2021).

Top 50 Privately-Held Enterprise Software Companies

Grocery delivery service continues the trend from the previous PrivCo 50 as the fastest-growing industry since the pandemic. The PrivCo 50 ranking takes into consideration all privately-owned companies based on their performance in a number of areas across the business including funding, market valuation, projected revenue, and growth.

Our Industry Leading Research team composed the following datapoints:
- Ranking of Q1,21 Top 50 private companies
- Analysis of key growth industries
- Ranking of the top investment rounds
- Details including valuation & funding on top 10 growth companies
- Overall Q1'21 funding activities 

View the Q1'21 summary report [here](https://cdn01.privco.com/public/reports/PrivCo50/Q1_2021.pdf "PrivCo50-Q1-2021"). 

For the complete in-depth report, contact [sales team](https://www.privco.com/contact "Contact us for more information") for more information.


Measuring business performance of private companies between January 1 to March 31, 2021.

GoPuff Headlines the Q1'21 PrivCo 50 Top Growth List!

What you can learn from this report:
- Highlights of 2020 in healthcare including notable VC activity, deals, and exits
- Company profiles of top 50 performing healthcare startups including value and funding
- Summary of eleven areas of focus in healthcare of these top performing startups
- Top active VCs in healthcare

[Preview the report](https://cdn01.privco.com/public/reports/2021/healthcaretrends_preview.pdf "Preview - Investment Trends to Watch in Healthcare")

For full in-depth report, contact [sales team](https://www.privco.com/contact) for more information.

PrivCo reviews 50 top-performing healthcare startups and the eleven areas in healthcare they are pioneering growth.


Investments Trends To Watch in Healthcare

Minority-led companies were the most hurt by the pandemic in 2020, seeing 26% less money raised compared to 2019. However, the average capital raised per company was the highest amongst all the groups researched, signaling that investors who did invest were more open to larger sum investments in each company.

What you can learn from this report:

- Funding comparison of diverse private companies between 2019 and 2020
- Funding concentration by state and city
- Verticals where funding was most concentrated
- A spotlight list of underrepresented companies

Want to read the full formatted report? [Download it here](https://cdn01.privco.com/public/reports/2021/fundingdiversity.pdf "Funding Diversity").

## Introduction

Historically, women-founded or women-led organizations, as well as organizations led by minority groups receive less funding than companies founded or run by white men. Although society is continually shifting and awareness of the gaping differences and challenges for business-owners of underrepresented groups is rising, we take a closer look at how the COVID-19 pandemic has caused a decline for almost all minority groups despite the Black Lives Matter movement and subsequent pledges by many enterprises to support more diversity. Through this report and also the continuous improvements of its private market intelligence platform, PrivCo aims to spotlight underrepresented companies in the private market. 

In this report, we compare funding and concentration of the funding by location and verticals, as well as spotlight companies to watch, grouping the companies tagged on PrivCo under minority-led, women-led, and women-founded. Women-led refers to companies with people publicly identifying as a female and part of the C-suite of the organization. Women-founded refers to companies with people who identify as female and are founders of the organization. Lastly, minority refers to people who are identified as non-white.

## Key Findings

- Minority-led companies were the most hurt by the pandemic in 2020, dropping 26% in the money raised compared to 2019, from $2.3BN to $1.8BN. The number of companies that raised funds also halved. 
- However, the average capital raised per company was the highest amongst all the groups researched, signaling that investors who did invest were more open to larger sum investments. 
- While women-led and women-founded companies fared better in terms of capital raised, there was still a decline from $24.9BN in 2019 to $22.3BN in 2020. Female entrepreneurs managed to woo investors better than the companies that were women-led. 
- In comparison, total funding raised grew from 2019 to 2020 from $130.2BN to $144.6BN. However, while the companies that raised funds dropped by 11.6%, the average funding size per company grew. 
- Underrepresented groups that have raised funding tended to be headquartered in California or New York. While women-led or women-founded companies also were popular in Massachusetts, the closest third concentrated state of companies that raised funding that was minority-led was in Texas while Washington was also a thriving location for female leaders. 
- Women leaders who raised funding operated in businesses in healthcare including biotech and R&D, as well as technology such as big data and SaaS. 
- Meanwhile, minority-led companies lean towards E-commerce, finance, and education, as well as healthcare.

## Diversity in 2020

2020 was a monumental year for recognizing diversity and inclusion. The deaths of Ahmaud Arbery, Breonna Taylor, George Floyd, and others lit a spark for many to bring once uncomfortable conversations of racial injustice to the dinner table, offices, and board meetings. This in turn has had a huge impact on how companies and governments react to advancing diversity, equity, and inclusion. Like the #MeToo movement in 2017, society as a whole are more eager to embrace and put diversity first when thinking about hiring and investing. While some companies may have rushed to implement some form of inclusion efforts into their company, in 2021, companies that don’t implement any inclusion efforts will be facing many challenges especially in acquiring talent and business.

### Breakdown of Recorded Company Types on PrivCo

![Funding Diversity - Breakdown of Recorded Company Types on PrivCo](//images.ctfassets.net/5r58mz7ojzs1/1akp4NeDKl0wSZ8iCbd8Sh/adffe6672e4dfc279d39d267f543b31a/image_9.png)

*Note: There is a slight % overlap of companies matching multiple tags, for example, women-found and women-led.*

## Minority Diversity

Minority-led companies were amongst the group most impacted by the pandemic. Although 2019 funding only represented 2.3% of the total funding raised in the same year by all companies, this dropped to 1.2% in 2020, or just $1.8BN. To put it into perspective, the total funding raised by minority-led companies is equal to Quibi alone, the failed content startup that shuttered in the same period and lost $1.75BN of capital raised. 

### Some Positive Notes

Not surprisingly, the number of companies who raised capital in 2020 also decreased by 80% but those who did, on average, raised $10MM more. This is $2.9MM more than the overall funding average per company, showing that while less companies raised funds, those that did gained the confidence of their investors.

### Breaking Down the Data

- **-26%** — Decrease in minority-led capital raised in 2020 compared to the previous year
- **1.2%** — Percentage of funding raised by minority-led companies vs. all companies 2020
- **-80%** — Decrease in companies that raised capital compared to the previous year
- **1.4%** — Percentage minority-led companies that raised funding vs. all companies in 2020
- **+2.9MM** — Difference in raised capital per minority-led company in comparison to general funding between 2019 and 2020.

### Concentration of Funding

![Funding Diversity - Map of Funding Concentration](//images.contentful.com/5r58mz7ojzs1/6WLhrnNLaC8lz16fMkIV3c/ce2d512cc2837fa9403cc43c7da402f7/image_10.png)

Minority-led companies raised money were concentrated in the following verticals:

- Commerce
- Haircare 
- Finance
- Education 
- Marketplace
- Healthcare
- Enterprise software

## Female Leaders

In the public world, all S&P 500 companies now have at least one woman on the board, and according to executive search firm Spencer Stuart of the 432 new independent directors added to S&P 500 boards, 59% were women and minority men. California took a step further to increase female leadership by enforcing a bill that requires public companies headquartered in California to name at least one female director by the end of 2019. Still, women leaders are rare. Of the 560+ IPOed companies in the past 12 months, only three were women-founded and only 8 had a female CEO.

In addition, according to [a study by Mercer](https://www.mercer.com/content/dam/mercer/attachments/private/gl-2020-wwt-global-research-report-2020.pdf "Mercer - Global Research Report - 2020"), women minorities continue to be underrepresented: 81% of women in executive roles are white compared to 6% who are Black, 3% who are Hispanic, and 8% who are Asian or Pacific Islander.

### What About the Private World?

In the private world, women leadership fared better than the minority group, although still disproportionately less than white-led companies, with only 13.4% of raised funding falling to female leadership. Grouped altogether, companies with female leadership drew in 11.9% less funding than the previous year and the number of companies that raised funds dropped by 44.9%. However, companies that did raise funds, on average raised $7MM more than companies in 2019.

### Founders vs. Leaders

When you break down and compare women-led companies versus women-founded companies, women-founded companies actually grew their funding raised in comparison to the previous year by 3.5% (although still 6.5% down from total funding growth of 10.0%). Racking in $8.9BN, female founders hustled their way to $8.8MM more funding on average per company, which is actually $1.5MM more than general funding. On the contrast, women-led companies averaged $5.7MM more capital per company in 2020, almost half of what women-founded companies managed to raise on average.

### Breaking Down the Data

- **-22.1%** — Decrease in women-led companies’ capital raised in 2020 compared to the previous year
- **3.5%** — Increase in women-founded companies’ capital raised in 2020 compared to the previous year
- **50%** — Women-led companies only raised half of what women-founded companies raised per company average

Women-led companies raised money were concentrated in the following verticals:

- Healthcare 
- Research & Development 
- Enterprise software/SaaS
- Biotechnology
- Manufacturing
- Artificial intelligence
- Big Data
- Analytics

Women-founded companies raised money were concentrated in the following verticals:

- Technology
- Healthcare
- Software 
- Biotechnology 
- E-commerce
- Apparel

### Concentration of Funding

![Funding Diversity - Women Led - Map of funding concentration women-led](//images.contentful.com/5r58mz7ojzs1/6r80dv4njWB2vUHZQwCJSf/6c238800d93b2df35ba45ac387939b80/image_8.png)

## Company Spotlight

| Company             | Location           | Vertical                                     | Classification                                        |
|---------------------|--------------------|----------------------------------------------|-------------------------------------------------------|
| [Beauty Bakerie](https://www.privco.com/company/beauty-bakerie-cosmetics-brand "Beauty Bakerie Company Profile")      | San Diego, CA      | E-commerce                                   | Black-founded, Women-founded, Women-led, Minority-led |
| [One Trust](https://www.privco.com/company/onetrust "One Trust Company Profile")           | Atlanta, GA        | Compliance Software & Internet Services      | Minority-led                                          |
| [Noom](https://www.privco.com/company/noom "Noom Company Profile")                | New York, NY       | Fitness Software & Internet Services         | Minority-led                                          |
| [Squire](https://www.privco.com/company/squire "Squire Company Profile")              | New York, NY       | Personal Care Software & Internet Services   | Black-founded, Minority-led                           |
| [Cadre](https://system.privco.com/company/cadre-realestate "Cadre Company Profile")               | New York, NY       | Real Estate Software & Internet Services     | Black-founded, Minority-led                           |
| [Compass](https://www.privco.com/company/compass "Compass Company Profile")             | New York, NY       | Real Estate Software & Internet Services     | Black-founded, Minority-led, Women-led                |
| [Verge Genomics](https://www.privco.com/company/verge-genomics_private_stock_annual_report_financials "Verge Genomics Company Profile")      | San Francisco, CA  | Biotechnology                                | Asian-founded, Women-founded, Minority-led            |
| [BetterUp](https://www.privco.com/company/betterup_private_stock_annual_report_financials "BetterUp Company Profile")            | San Francisco, CA  | Education Software & Internet Services       | Minority-led                                          |
| [Amplitude](https://system.privco.com/company/amplitude "Amplitude Company Profile")           | San Francisco, CA  | Analytics Software & Internet Services       | Minority-led                                          |
| [Fiscal Note](https://www.privco.com/company/fiscalnote-inc "Fiscal Note Company Profile")         | Washington, DC     | Analytics Software & Internet Services       | Asian-founded, Minority-led                           |
| [Summersalt](https://www.privco.com/company/summersalt_private_stock_annual_report_financials "Summersalt Company Profile")          | Sanint Louis, MO   | Apparel, Footwear & Accessories              | Women-founded, Women-led                              |
| [Laurel & Wolf](https://www.privco.com/company/laurel-and-wolf-inc "Laurel & Wolf Company Profile")       | West Hollywood, CA | Interior Design Software & Internet Services | Women-founded, Women-led                              |
| [Run the World](https://www.privco.com/company/run-the-world "Run the World Company Profile")       | Mountain View, CA  | Conference Software & Internet Services      | Asian-founded, Women-founded, Women-led               |
| [Brightway Insurance](https://www.privco.com/company/brightway-insurance "Brightway Insurance Company Profile") | Jacksonville, FL   | Insurance Services                           | LGBTQ, Minority-led                                   |
| [Leprino Foods](https://www.privco.com/company/leprino-foods-co "Leprino Foods Company Profile")       | Denver, CO         | Food & Beverage Producers                    | LGBTQ-led                                             |
| [Land O Lakes](https://www.privco.com/company/land-olakes-inc "Land O Lakes Company Profile")        | Saint Paul, MN     | Agricultural Products                        | LGBTQ-led, Women-led                                  |
| [Arcus](https://www.privco.com/company/arcus-fi "Arcus Company Profile")               | New York, NY       | Fintech                                      | Minority-led, Latinx                                  |
| [Brex](https://system.privco.com/company/brex "Brex Company Profile")                | San Francisco, CA  | Consumer Finance                             | Minority-led, Latinx                                  |

## Endnotes and Methodology

The data contained in this report comes directly from PrivCo and is based on data and calculations from the PrivCo database at the time of writing in February 2021. The data is focused on the U.S. market of privately-owned companies based on their performance including funding in the 2019 and 2020 calendar year.

Women-led refers to companies with people publicly identifying as a female and part of the C-suite of the organization. Women-founded refers to companies with people who identify as female and are founders of the organization. Minority refers to people who are identified as non-white.

PrivCo’s dataset is constantly expanding and as data is added to the platform over time, some of the numbers in this report may shift at the time of viewing in comparison to the platform. A company may not have founders listed, or the data may not be updated on PrivCo’s company profile yet.

If you notice missing data or want to request updates, please reach out to research@privco.com.

An in-depth report that evaluates the capital raised by minority-led companies as well as female-founded and female-led organizations in 2020 in comparison to the previous year. 

Funding Diversity

In this Top Industry Trends Report, PrivCo looks at which industries are trending in the second half of 2020. We examine the top eight industries in our in-depth report - Enterprise Software, Consumer Services, HealthCare, SaaS, e-Commerce, Artificial Intelligence, FinTech, and Mobile.

In-depth coverage of the top ranking companies that performed well in sales and funding in their respected industries.

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It covers everything you need to know about the companies that shaped their respective industry leading into 2021.


Top Industry Trends in 2021

We have recently published [PrivCo50](https://www.privco.com/insights/privco50-covid19-growth-companies "PrivCo50"), where Stripe became the most resilient FinTech company of 2020!  We take a deeper look into the rise of Stripe from it's inception to present day.

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The American Pet Products Association (APPA) states that in the U.S. alone, $95.7BN was spent on pet care in 2019.

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Inside look at the rise of pet ownership, care and service industry.

Exploring Digital Pet Care Growth

We have recently published [PrivCo50](https://www.privco.com/insights/privco50-covid19-growth-companies "PrivCo50"), where Instcart placed #1 on the Top 50 most resilient companies of 2020 list.  We are continuing our indepth looking into Instacart financial growth in 2020.

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Instacart's rocket growth during the pandemic of 2020.

Company Spotlight: Instacart

__INSTACART TAKES #1 SPOT IN PRIVCO’S TOP 50 RANKING__

PrivCo, a leader in private market intelligence, selected its PrivCo 50 ranking, a report that measures the business performance of private companies between March to October 2020, the months heavily impacted by COVID-19. The report found that grocery delivery service __Instacart__ was the fastest-growing business during the pandemic. The PrivCo 50 ranking takes into consideration all privately-owned companies based on their performance in a number of areas across the business, including funding, market valuation, projected revenue, and growth.

Access to the full ranking of PrivCo 50, [click here](https://cdn01.privco.com/public/reports/PrivCo50/Covid-Growth-companies.pdf "PrivCo 50 - Top 50 Most Resilient Companies of 2020")

Ranking top-performing businesses between March-October 2020.

Top 50 Most Resilient Companies of 2020

Our industry report gives a data-driven look at private health & fitness growth companies and their revenues, top deals & investments, active investors, and deal activity in Q2/Q3 2020.

[Download the Report](https://cdn01.privco.com/public/reports/2020/Nov/Future_of_Fitness.pdf "Health & Fitness Q2/Q3 Report")

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An inside view into the rise of digital on-demand fitness companies since the start of the pandemic.

Future of Fitness

In a world where remote learning has boomed during the pandemic, we round up a list of the growing K1-12 EdTech companies.  This report features data-driven insights from our finanical market intelligence platform. 

[Download the Report](https://cdn01.privco.com/public/reports/2020/Nov/Online_Learning_Companies.pdf "The Progressive Shift to Online Learning")

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We take a look at top remote learning investment trends in key financial verticals, funding activities, top deals, and more.

The Progressive Shift to Online Learning

Western Texas Intermediate crude oil has been hovering over the mid-teen level after settling at negative 37 dollars per barrel the day before the May expiry. Covid-19 has erased demand for crude, and the excess supply of crude has filled up all storages, causing traders and producers to pay money to offload their crude.
Since then, some wells in the US have begun shut-ins. Refiners have prolonged their spring maintenance most likely for the IMO 2020 standard but also to wind down their production given the collapse in the refined product price and demand. Indeed, with air and ground travel significantly reduced, the refining margin at some refiners has turned negative as well.
<img src="//images.ctfassets.net/5r58mz7ojzs1/5jvtjYNfhPuSnbLdFRzlXV/140b1d371e42042041a31f89145c9d9a/Assumed_demand_decline_curves_in_aviation_for_China_and_the_Rest_of_the_World.png" alt="demand projection and refiner runs"/>
However, another problem might emerge soon- the world will have too much crude oil but too little diesel. The collapse in gasoline and jet fuel demand makes it difficult to produce enough gasoil (diesel) when the product inventories for unwanted fuels limit storage capacity. Limitations on pipeline flow restrict the availability of critical crude oil feedstock and are additional obstacles to higher levels of refinery utilization. Across the board, most refining margins have turned negative because of unwanted gasoline and jet fuel products. And, If refinery utilization is reduced much below 70% let alone 60% overall refinery operations might be uneconomic, and more refinery units and whole plants can be shut.
<img src="//images.ctfassets.net/5r58mz7ojzs1/3qbDundoEDiLYIo0YuGLea/445a591eb6c30576775d664a6b0651de/surplus_deficit_jet_fuel__gasoline__and_diesel.png" alt="surplus/deficit jet fuel, gasoline, and diesel"/>
We can see from the projected surplus/deficit for different refined products, that jet fuel and gasoline will be in deep surplus while diesel in deep deficit. That is because of the aforementioned negative refining margin and subsequently projected shut-ins. The refining process of crude is such that a spectrum of products is produced. If only one of the products is in demand, the refiners still need to find storage for the rest, therefore rendering the whole process unprofitable.
The projected shortage in diesel might make the already strained logistic and supply chain issue more apparent in the coming months. With most of the world still rely heavily on e-commerce while WFH, the logistical consideration might be a bigger challenge for retailers and logistics companies alike.
The headwind in the industry might just prove to be the catalyst for wider adoption of freight and trucking logistic startups that introduce more price transparency and competition in the freight market.
The smart freight/marketplace sector has seen significant funding activities in the past few years. Last year alone, the industry has seen 39 deals totaling ~$3bn in value. Successful companies in the sector have emerged such as <a href="http://privco.com/company/convoy_private_stock_annual_report_financials" rel="noopener">Convoy</a>, <a href="http://privco.com/company/uship" rel="noopener">uShip</a>, <a href="http://privco.com/company/aptive-systems_private_stock_annual_report_financials" rel="noopener">Transfix</a>, <a href="http://privco.com/company/trucker-path_private_stock_annual_report_financials" rel="noopener">Trucker Path</a>, <a href="http://privco.com/company/arrive-logistics_private_stock_annual_report_financials" rel="noopener">Arrive Logistics</a>, and <a href="http://privco.com/company/loadsmart_private_stock_annual_report_financials" rel="noopener">Loadsmart</a>. These companies are pressuring incumbent freight brokers to pour capital into digital technologies to keep pace with emerging startups.

The collapse in gasoline and jet fuel demand makes it difficult to produce enough diesel.

Too much oil, too little diesel

Last month, <a href="https://www.wsj.com/articles/airbnb-paying-more-than-10-interest-on-1-billion-financing-announced-monday-11586297484" rel="noopener">The Wall Street Journal reported</a> that Airbnb will pay its new investors, Silver Lake and Sixth Street, more than 10 percent interest on $1B in debt financing. The debt financing also comes with warrants struck at a valuation of $18 billion. In 2017, Airbnb raised equity financing at a $31 billion valuation.
So what is Airbnb’s implied valuation today? You would be tempted to say $18B, based on the strike price of the warrants. But an alternative analysis tells a different story.
On the secondary shares exchanges, private investors tell us that Airbnb stock hasn’t traded recently but that if it did, those investors would start with bids in the range of $20–23B.
At PrivCo, however, we believe that you should compare Airbnb to the public comps. Take HLT (Hilton), which trades at approximately 3.13x 2019 revenue and 12.8x 2019 adjusted EBITDA. HLT is asset-light and owns 65 properties, manages 703 hotels, and franchises 5,342 hotels per their 2019 10-K so it’s a fair comparison to Airbnb. For 2020, analyst estimates consolidated on Yahoo Finance! (<a href="https://finance.yahoo.com/quote/HLT/analysis?p=HLT" rel="noopener">HLT stock price</a>) suggest that HLT’s 2020 revenue will come in at $6.7B and the company will remain profitable, implying a 4.2x 2020 revenue multiple.
For Airbnb, a $20–23B valuation would imply 4.2–4.8x 2019 revenue or 9.1–10.5x 2020 revenue (see PrivCo’s 2020 revenue estimate below), markedly higher than HLT’s revenue multiple. With respect to EBITDA, Airbnb reported 2019 EBITDA of ($276.4M), as confirmed by The Wall Street Journal and PrivCo, so we cannot apply a multiple of negative EBITDA to our valuation picture.
<blockquote>For 2020, moreover, Airbnb is no longer a growth story (i.e., PrivCo estimates $2.2B in 2020 revenue vs. $4.8B revenue in 2019).</blockquote>
Our belief is that even if Airbnb deserves its 2019 revenue multiple or the same historical or future revenue multiples as an established company like HLT, Airbnb’s valuation is more in line with a figure like $10B than $20B. If Airbnb still commands a $20B multiple, it’s because either 1) secondary traders do not have access to the actuals, whether through PrivCo or elsewhere, 2) secondary stock cannot be shorted, or 3) people are willing to pay a premium for cool, tech brand names. But Airbnb has additional issues looming that threaten its long-term viability, including 1) overburdened hosts bought many properties to put on Airbnb and now can’t cover their costs (<a href="https://www.wsj.com/articles/a-bargain-with-the-devilbill-comes-due-for-overextended-airbnb-hosts-11588083336" rel="noopener">see WSJ</a>), and 2) increasing regulations, cleanliness, and safety might conspire to make the established industry brands more trusted than Airbnb in the wake of COVID-19.
We’ll stick with our $10B valuation estimate.
Additional resources:
<ol>
<li><a href="https://www.bloomberg.com/news/articles/2020-03-12/airbnb-s-loss-nearly-doubles-in-fourth-quarter-before-virus-hit" rel="noopener">https://www.bloomberg.com/news/articles/2020-03-12/airbnb-s-loss-nearly-doubles-in-fourth-quarter-before-virus-hit</a></li>
<li><a href="https://www.wsj.com/articles/airbnbs-coronavirus-crisis-burning-cash-angry-hosts-and-an-uncertain-future-11586365860?mod=searchresults&amp;page=1&amp;pos=1" rel="noopener">https://www.wsj.com/articles/airbnbs-coronavirus-crisis-burning-cash-angry-hosts-and-an-uncertain-future-11586365860?mod=searchresults&amp;page=1&amp;pos=1</a></li>
<li><a href="https://www.azfamily.com/news/investigations/cbs_5_investigates/short-term-rental-owners-unloading-properties-across-phoenix-area/article_9f68eb0c-8a9d-11ea-9e88-eb882b6e7b19.html" rel="noopener">https://www.azfamily.com/news/investigations/cbs_5_investigates/short-term-rental-owners-unloading-properties-across-phoenix-area/article_9f68eb0c-8a9d-11ea-9e88-eb882b6e7b19.html</a></li>
<li><a href="https://priceonomics.com/will-real-estate-investors-take-over-airbnb/" rel="noopener">https://priceonomics.com/will-real-estate-investors-take-over-airbnb/</a></li>
</ol>
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What is Airbnb’s implied valuation today? You would be tempted to say $18B..alternative analysis says otherwise

PrivCo reports that Airbnb worth less than 20B (2020)

<a href="http://privco.com/company/j-crew-group-inc" rel="noopener">J. Crew</a>, once a venerated purveyor of all things American prep, filed for bankruptcy this week. The coronavirus shut-in certainly put a big strain on its retail viability. However, the company’s problems started long before Covid-19. According to <a href="http://www.privco.com" rel="noopener">PrivCo</a>, a private company financial data startup, J. Crew has not seen a positive net income margin in five years.
It goes without saying that the fashion retail space has been extremely challenged for some time. In the sad wake of Henri Bendel, <a href="http://www.privco.com/company/barneys-new-york" rel="noopener">Barneys</a>, <a href="http://www.privco.com/company/lord-and-taylor-llc" rel="noopener">Lord and Taylor</a> and most recently <a href="http://www.privco.com/company/the-neiman-marcus-group-inc" rel="noopener">Neiman Marcus</a>, there is no shortage of sensational headlines proclaiming that retail is dead. At the same time, the industry has also seen exploding growth, with companies like Fashion Nova enjoying a 600% YoY growth rate, as a result of their loyal celebrity following and teen-friendly Instagram marketing.
When you contrast the fates of a legacy brand like J. Crew with a (no pun) Fashion Nova, a few lessons can be drawn. Part of J. Crew’s fall is the result of a cultural and design shift, while the second part touches on a vast business miscalculation. Below are some of the factors that contributed to J. Crew’s demise.
1. Influence matters
Some of the most successful and largely Internet-based brands have heavily relied on influencers.
Michelle Obama, circa 2008, may have been the peak J. Crew influence, back before the word itself even entered the public lexicon. After her now famed wearing of a J. Crew frock to a very public event, her popularity and all-American style energized and publicized the lilting brand. In a 2010 study, New York University professor David Yermack found that J. Crew’s stock increased 25% after Obama wore J.Crew on “The Tonight Show” in October 2008. Since the Obamas left office things have only gotten worse for J. Crew as Millennials have sought out craft-beer and bespoke experiences and rejected anything perceived as too commercial, including J.Crew’s branding.
2. Taste goes Urban
The early 2010s was clearly J. Crew’s heyday. The clean-cut, prep school look is equal parts good American virtue and aspirational fashion. Coming out of the financial crisis, nostalgia and austerity pushed people towards the lower price point of the wholesome lifestyle brand.
Indeed, 2010, the year before J. Crew was taken private by two private equity firms, saw the highest net and gross margins at 7.8% and 44.1% respectively.
However, there was a cultural shift brewing. As urban centers and Brooklyn hipsters gained more and more cultural influence, tastes in fashion shifted. The pastel, nautical and equestrian themes inspired by gardens, sails, and sables started to lose their allure. Hip hop style rooted in deep urbanism began to chip away at the collegiate inspired stylings of J. Crew.
The company made a yankee effort to modernize its brand, along with the likes of <a href="http://www.privco.com/company/kate-spade-llc" rel="noopener">Kate Spade</a> and the style evolution success story that is <a href="http://www.privco.com/company/tory-burch-llc" rel="noopener">Tory Burch</a>. For J. Crew, the overhaul may just have come too late.
3. Pricing
In 2013, at a J. Crew pinnacle, fashion director Jenna Lyons raised pricing across the product line. Leveraging Lyons’ style and visibility, J. Crew brought the brands to the runway, elevating both design and pricing.
Many loyal customers were outraged over $400 cashmere tops, sequin skirts, and velvet pumps. Instead of aspirational, J.Crew landed firmly out of reach and also out-of-touch, as brands emphasizing diversity and inclusivity took center stage, pushing J. Crew further, and irretrievably into the red.

There are many problems that ultimately culminated in J. Crew’s fall. Some of them misstep, but many are symptoms of a changing tide.

Troubled seas hit an iconic American brand

The pace of private companies seeking to go public has slowed nearly to a halt. In April, private companies filed only two S-1s. Despite the decrease in these filings, the number of startups in the pharmaceutical and biotech industry has held steady, representing nearly 50% of all S-1s filed since March 12, when COVID-19 was declared a national pandemic.
Although that the absolute number of pharma and biotech companies remained stable (single-digit filings pre month), the steady stream of companies going public is a sign of resilience in the industry. The makeup of these types of pharma and biotech companies are turning stable as cancer research accounts for a majority of all companies.
<img src="//images.ctfassets.net/5r58mz7ojzs1/7LtNcMToPZM3xS4NCeRg7Q/4f7317eb7e82566e25a80715c8ee5c14/S-1_Filing_Counts.png" alt="S-1 Filing Counts">
At PrivCo, we see two reasons that Pharma and Biotech companies are opting to go public. First, the sector has achieved oversized returns in the public markets since Covid-19. The large-cap S&amp;P biotech sector ETF gained 21%, the best monthly gain since its inception in 2006. The S&amp;P 500 health care index saw its best monthly gain in twenty years, on hopes for significant progress in the fight against Covid-19. Companies are capitalizing on the overall heightened industry multiples to boost their fundraising.
<img src="//images.ctfassets.net/5r58mz7ojzs1/3I32nXg2NFyddnxjkPb5Vo/1aa6a6d6a0f8526f148a319210ab640c/Percentage_of_biotech_pharma_filing_for_S-1.png" alt="Percentage of biotech:pharma filing for S-1">
Second, the Covid-19 pandemic has reduced the political risk of drug price regulation from Washington, boosting pharma companies’ forward-looking cashflows. The Pharma &amp; Biotech industry has a long R&amp;D timeline and a skewed risk-reward profile. Therefore, the prospect of greater profits poses a significant risk reduction for the industry.
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Similar to the funding and M&A market, the pace for private companies to seek a public exit has slowed to a halt. April 2020 only saw 2…

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