Enterprise Weekly #411: Cloud Giants Slow, NYC Enterprise Startups Persist, and More
Last week, we reported on Microsoft's lackluster earnings. This week, Amazon and Alphabet followed suit with slowed growth, re-affirming fears around global economic demand for technology products / services and higher interest rates.
Amazon reported $149B in revenue with AWS reporting $21.4B in revenue (20% growth YoY). While AWS makes up 14% of Amazon’s total revenue, this is the lowest quarterly growth rate AWS has ever reported as AWS has generally been decelerating since 2015.
Alphabet reported $76B in revenue with Google Cloud reporting $7.3B in revenue (32% growth YoY, down from 38% last quarter).
Of note for the private markets, Primary published their quarterly NYC Seed Report revealing that NYC Seed deals are “down bad” with deal count down 30% and total funding down 48% from Q3. However, they ranked SaaS as one of the leading sectors.
Work-Bench General Partner, Jon Lehr, spoke with the Wall Street Journal to elaborate that while Seed funding across broader industries might be down, we’ve seen minimal impact on the enterprise IT funding landscape in NYC. There is continued customer demand for startups offering developer tools, incident-management software, and cybersecurity. Unlike the cloud giants above, startups can often offer similar services at lower cost.
Stay tuned for our latest Work-Bench State of Enterprise Tech in NYC: 2022 Funding Report next week. We dig into where funding dollars went in 2022 (stage, sector, exits, etc.) and how it compares to years prior, including 2021’s frenzied environment.
Have a great weekend! If you’re in NYC, get ready for the cold 🥶
🖥️ Go to more (virtual) events:
February 21: Future Enterprise Software Founders AMA
February 22: Marketing Masterclass: How to Build a Scalable Customer Acquisition System
📚 Read more news:
Crunchbase: AI In 2023: A Year of Reckoning In The Enterprise
Fortune: Why a Stripe Down Round Would Be A ‘Good Lesson’ For Startups
Forbes: Inside ChatGPT's Breakout Moment And The Race To Put AI To Work
WSJ: Tiger Global Cuts Fundraising Target as Startup Market Cools
Company: Pace
Role: Backend Software Engineer
Technology: Product-Led Revenue Platform
Funding: $5M from Work-Bench and AlleyCorp
🌟 Company of the Week 🌟
TigerBeetle raises $6.4M led by Amplify Partners and Coil
Infrastructure / Dev Tools • Seed • San Francisco, CA
Founders: Joran Greef (CEO), Phil Eaton & King Butcher
Superlayer raises $1.3M led by Triple Point Ventures and Concept Ventures
Sales / Marketing • Pre-Seed • London, UK
TrueBix raises $2.4M led by Flourish Ventures
Risk / Security • Seed • Remote
Kubeark raises $2.8M led by Credo Ventures
Infrastructure / Dev Tools • Pre-Seed • New York, NY
Instill AI raises $3.6M led by RTP Global
Data / AI / Machine Learning • Seed • London, UK
Cleary raises $4.5M led by Moonshots Capital
Future of Work • Seed • San Francisco, CA
ToolJet raises $4.6M led by Nexus Venture Partners
Infrastructure / Dev Tool • Seed • San Francisco, CA
Dalia raises $5M led by Lewis & Clark Ventures
HR Tech • Series A • Boston, MA
Guardz raises $10M led by Hanaco Ventures
Risk / Security • Seed • Dallas, TX
Jetpack raises $10M led by Coatue and GV
Infrastructure / Dev Tool • Seed • Oakland, CA
Gem Security raises $11M led by Team8
Risk / Security • Seed • New York, NY
Profit.co raises $11M led by Elevation Capital
Infrastructure / Dev Tools • Seed • San Francisco, CA
Penpot raises $12M led by Decibel
Collaboration / Productivity • Series A • Madrid, Spain
Samooha raises $12.5M led by Altimeter Capital and Snowflake Ventures
Data / AI / Machine Learning • Venture • Singapore, Singapore
Lavender raises $13.2M led by Norwest Venture Partners
Sales / Marketing • Series A • New York, NY
Select Star raises $15M led by Lightspeed Venture Partners
Data / AI / Machine Learning • Series A • San Francisco, CA
Nobl9 raises $15.8M led by Battery Ventures and CRV
Infrastructure / Dev Tools • Series C • Waltham, MA
Ziflow raises $20M led by Riverside Acceleration Capital and Companyon Ventures
Collaboration / Productivity • Series A • London, UK
Triple Whale raises $25M led by NFX and Elephant
Data / AI / Machine Learning • Series A • Columbus, OH
Onehouse raises $25M led by Addition and Greylock
Data / AI / Machine Learning • Series A • Menlo Park, CA
Risilience raises $26M led by Quantum Innovation Fund
Future of Work • Series B • Cambridge, UK
Q-CTRL raises $27.4M led by Salesforce Ventures
Data / AI / Machine Learning • Series B • Sydney, Australia
Sentra raises $30M led by Munich re Ventures and Standard Investments
Future of Work • Series A • New York, NY
Craft raises $32M led by BAM Elevate
Data / AI / Machine Learning • Series B • San Francisco, CA
Saviynt raises $205M led by AllianceBernstein
Risk / Security • Debt • El Segundo, CA
Netlify acquires Gatsby for an Undisclosed Amount
Infrastructure / Dev Tool • Acquisition • Berkeley, CA