Enterprise Weekly #396: TripActions IPO Ambitions, Cloudflare's Serverless Bet, and More
The tech IPO market isn’t doing so hot these days. But just how bad is it? Total IPO volumes fell 90.4% this year vs. last year and only 14 tech companies have IPOed this year (vs. 12 in 2009), raising $507M (the lowest since 2000).
However, it's not all doom and gloom. Corporate travel company TripActions filed to go public in Q2 2023 at a $12B valuation. The startup was last valued at $7.25B last October after raising a $275M Series F and making a mega comeback from the pandemic when their revenue plummeted close to $0 and they had to lay off 300 employees. Now, they’re ripe for IPO with what investors value most today - sustainable growth rather than just growth at all costs. While TripActions hasn’t disclosed recent revenue, pre-pandemic they were near $100M in ARR and have now exceeded that growth.
In an interesting attempt to better compete with AWS, Cloudflare announced it will help connect startups that use its serverless computing platform to $1.25B in VC investment. Why could Cloudflare win in the serverless game?👇
Lastly, congrats to our portfolio company Arthur on raising a $42M Series B led by Acrew Capital and Greycroft. Arthur’s AI performance platform enables enterprises to monitor, measure, and improve ML models and better optimize their accuracy, explainability, and fairness. They’ve been seeing amazing growth and we’re excited to see their continued impact battling the mission of removing AI bias.
💻 Sign up for our next Masterclass: Martin Gontovnikas, GP and B2B Growth Advisor at HyperGrowth Partners and former SVP Marketing and Growth at Auth0, will share 5 Experiments to Find a Winning Developer Acquisition Strategy.
📚 Read more news:
Business Insider: 15 Cloud-Software Companies Most Likely To Be Acquired
TechCrunch: Designers Underwhelmed By Adobe-Figma Deal
TechCrunch: VC Deal Pace Is Starting To Ramp Up As Q4 Looms
📚 More to follow:
📚 Reports from Insight Partners:
Community-led growth is a hot topic for SaaS companies in all stages of growth. While we are still in the early days, leading indicators show this strategy is about to explode in adoption. If you aren't sure where to start (or are looking to improve!), access Insight Partners' Scaleup Guide to Community-Led Growth here.
Without a thorough understanding of where and what to optimize throughout the customer journey, you may not get the impactful results that product-led growth (PLG) can deliver. Check out Insight Partners' guide on how to measure your PLG strategy here.
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Technology: Data Extraction & Document Automation
Funding: $5M from Canaan Partners and Work-Bench
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⭐ Company of the Week ⭐
Arcade raises $7.5M led by Foundation Capital
Sales / Marketing • Seed • San Francisco, CA
Founders: Caroline Clark (CEO), Rich Manalang (CTO)
Reflect raises $2M led by XAnge
HR Tech • Pre-Seed • Paris, France
Ripe raises $2M led by Earlybird Venture Capital and Alliance Venture
Sales / Marketing • Pre-Seed • Stockholm, Sweden
Employee Cycle raises $2.5M led by Impellent Ventures
HR Tech • Pre-Seed • Philadelphia, PA
Yonder raises $2.6M led by Northzone and Frontline
HR Tech • Seed • Dublin, Ireland
Perch Insights raises $2.9M led by Undisclosed Investors
Future of Work • Seed • Waltham, MA
Penpot raises $8M led by Decibel
Future of Work • Seed • Madrid, Spain
CoRise raises $8.5M led by Greylock and GSV Ventures
HR Tech • Seed • San Francisco, CA
HeadsUp raises $8.5M led by 645 Ventures
Sales / Marketing • Seed • San Francisco, CA
Workist raises $8.8M led by Earlybird Venture Capital
Future of Work • Series A • Berlin, Germany
Detectify raises $10M led by Insight Partners
Risk / Security • Venture • Boston, MA
Regie raises $10M led by Scale Venture Partners
Sales / Marketing • Series A • San Francisco, CA
Jeli raises $15M led by Addition
Infrastructure / Dev Tool • Series A • New York, NY
Hofy raises $15M led by 20VC, Kindred Capital and Others
HR Tech • Series B • London, UK
Kumo raises $18M led by Sequoia Capital
Data / AI / Machine Learning • Series B • San Francisco, CA
Regate raises $20M led by Valar Ventures
Future of Work • Series A • Paris, France
Noodle.ai raises $25M led by Honeywell and ServiceNow
Future of Work • Series C • San Francisco, CA
Coalesce.io raises $26M led by Emergence Capital
Data / AI / Machine Learning • Series A • San Francisco, CA
Airplane raises $32M led by Thrive Capital
Infrastructure / Dev Tool • Series B • New York, NY
Ox Security raises $34M led by Evolution Equity Partners
Risk / Security • Seed • Tel Aviv, Israel
Tray.io raises $40M led by CPP Investments
Collaboration / Productivity • Series C+ • San Francisco, CA
Arthur AI raises $42M led by Acrew Capital and Greycroft
Data / AI / Machine Learning • Series B • New York, NY
Flatfile raises $50M led by Tiger Global
Data / AI / Machine Learning • Series B • Denver, CO
Unravel Data raises $50M led by Third Point Ventures
Data / AI / Machine Learning • Series D • Palo Alto, CA
Workstream raises $60M led by GGV Capital
HR Tech • Series B • San Francisco, CA
Pigment raises $65M led by IVP
Future of Work • Series B • New York, NY
Wasabi raises $125M led by L2 Point Management
Infrastructure / Dev Tools • Series D • Boston, MA
EQT acquires Billtrust for $1.7B
Future of Work • Acquisition • Lawrenceville, NJ
Calendly acquires Prelude for an Undisclosed Amount
HR Tech • Acquisition • San Francisco, CA
Sendinblue acquires Yodel.io for an Undisclosed Amount
Future of Work • Acquisition • San Francisco, CA