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As Metromile looks to go public, insurtech funding is on the rise

Earlier this week, TechCrunch covered the latest venture round for AgentSync, a startup that helps insurance agents comply with rules and regulations. But while the product area might not keep you up tonight, the company’s growth has been incredibly impressive, scaling its annual recurring revenue (ARR) 10x in the last year and 4x since the start of the pandemic. Little surprise, then, that the company’s latest venture deal was raised just months after its last; investors wanted to get more mone...
Tags: TC, MetroMile, Root, Insurance, Tech, Lemonade, SPAC, GAAP, Insurtech, The Exchange, INSU Acquisition Corp, Lemonade IPO


A roundup of recent unicorn news

So much for a December news slowdown. The last few days have been so chock-a-block with news from a host of unicorns, we’ve all fallen behind. This morning, The Exchange is going into summary mode to help us better understand the full scope of recent unicorn activity. Why unicorns? It would be fun to noodle on early-stage news — Salut raised $1.25 million this week and BuildBuddy picked up $3.15 million — but as we’re in the midst of an IPO cycle and 2021 could have even more public debuts th...
Tags: Fundings & Exits, TC, Tech, Venture Capital, M&a, Airbnb, Coinbase, Postmates, Slack, Doordash, Flexe, The Exchange, Bizzabo, Coinbase Tanium Postmates Olive Scale


In first IPO price range, Airbnb’s valuation recovers to pre-pandemic levels

This morning Airbnb released an S-1/A filing that details its initial IPO price range. The home-sharing unicorn intends to price its shares between $44 and $50 per share in its debut. Per the company’s own accounting, it will have 596,399,007 or 601,399,007 shares outstanding, depending on whether its underwriters exercise their option. That gives the company a valuation range of $26.2 billion to $30.1 billion at the extremes. The company’s simple share count does not include a host of other ...
Tags: Travel, Fundings & Exits, Startups, TC, Tech, Airbnb, Cnbc, Silver Lake, Unicorn, The Exchange, Booking Holdings, Kayak Priceline OpenTable


DoorDash aims to add $11 billion to its valuation during public offering

This morning, DoorDash filed a new S-1 document, this time updating the market about the price it expects to command during its public offering. The food-delivery giant gave a range of $75 to $85 per share, which would revalue the company sharply higher than its final private price, set during a June Series H that valued DoorDash at $16 billion. The company intends to sell 33 million shares, raising between $2.475 billion and $2.805 billion in the process. Notably, there are no shares set asi...
Tags: Fundings & Exits, Startups, TC, Uber, Tech, Cnbc, Uber Eats, Exchange, Doordash, The Exchange, HungryPanda


What to make of Stripe’s possible $100B valuation

This is The TechCrunch Exchange, a newsletter that goes out on Saturdays, based on the column of the same name. You can sign up for the email here. Welcome to a special Thanksgiving edition of The Exchange. Today we will be brief. But not silent, as there is much to talk about. Up top, The Exchange noodled on the Slack-Salesforce deal here, so please catch up if you missed that while eating pie for breakfast yesterday. And, sadly, I have no idea why Palantir is seeing its value skyrocket. Normal...
Tags: Fundings & Exits, Startups, Startup, Tech, Bloomberg, Paypal, Square, Stripe, Pluto, Palantir, Adyen, Coinbase, Slack, The Exchange, Slack Salesforce, Chris Gates


Is Slack overpriced now that the market knows Salesforce might buy it?

The Exchange is technically off today, but we’re here anyway because there’s neat stuff in the world of startups and money to talk about. So, let’s yammer this morning about Slack’s new valuation and what the market is telling us about what the venerable SaaS company is really worth. The Exchange explores startups, markets and money. Read it every morning on Extra Crunch, or get The Exchange newsletter every Saturday. Recall that on Wednesday, news broke that Salesforce is considering buyin...
Tags: TC, Microsoft, Tech, Salesforce, Slack, Exchange, The Exchange


Insurtech’s big year gets bigger as Metromile looks to go public

In the wake of insurtech unicorn Root’s IPO, it felt safe to say that the big transactions for the insurance technology startup space were done for the year. After all, 2020 had been a big one for the broad category, with insurtech marketplaces raising lots, rental insurance startup Lemonade going public, Root itself debuting even more recently on the back of its automotive insurance business, a big round to help Hippo keep building its homeowners company, and more. The Exchange explores sta...
Tags: Fundings & Exits, Startups, TC, MetroMile, Root, Tech, Exchange, Lemonade, SPAC, Hippo, Insurtech, The Exchange, Lemonade IPO, Metromiles


3 new $100M ARR club members and a call for the next generation of growth-stage startups

Time flies. It was nearly a year ago that The Exchange started keeping tabs on startups that managed to reach $100 million in annual recurring revenue, or ARR. Our goal was to determine which unicorns were more than paper horses so we could keep tabs on upcoming IPO targets. We found that Bill.com, Asana, WalkMe and Druva were impressively large and growing nicely. Since then two of the four companies from that post have gone public. GitLab, Egnyte, Braze and O’Reilly Media joined the club be...
Tags: Fundings & Exits, Startups, TC, Tech, Bill, Exchange, Udemy, Siteminder, O'Reilly, ARR, Druva, Usertesting, The Exchange, Zeta Global, Diligent, MetroMile Tricentis Kaltura


Mental health startups are raising spirits and venture capital

A spate of startups focused on mental health recently made enough noise as a group that they caught the eye of the Equity podcast crew. Sadly, the segment we’d planned to discuss this topic was swept away by a blizzard of IPO filings that piled up like fresh snow. But in preparation, I reached out to CB Insights for new data on the mental health startup space that they were kind enough to supply. So this morning we’re going to dig into it. Regular readers of The Exchange will recall that we last...
Tags: Health, Fundings & Exits, Startups, TC, Tech, Talkspace, Exchange, Cb Insights, Headspace, Calm, The Exchange, Mantra Health, Joon Care


How the pandemic drove the IPO wave we see today

This is The TechCrunch Exchange, a newsletter that goes out on Saturdays, based on the column of the same name. You can sign up for the email here. I had a neat look into the world of mental health startup fundraising planned for this week, but after being slow-motion carpet-bombed by S-1s, that is now shoved off to Monday and we have to pause and talk about COVID-19. The pandemic has been the most animating force for startups and venture capital in 2020, discounting the slow movement of glob...
Tags: Google, Fundings & Exits, Startups, Ipo, Virginia, United States, Bird, Airbnb, Exchange, Sapphire Ventures, Byron Deeter, Doordash, Bessemer, Klarna, SPAC, Peloton


What is Roblox worth?

With Roblox joining the end-of-year unicorn stampede towards the public markets, we’re set for a contentedly busy second half of November and early December. I hope you didn’t have vacation planned in the next few weeks. This morning we need to get deeper into the Roblox S-1 so that we can better understand the nature of its revenue generation. Why? Because we want to start working on what the gaming company is worth; some comparisons are being made to Unity, another unicorn that went public ear...
Tags: Fundings & Exits, Startups, TC, Gaming, Tech, Crunchbase, Unity, Natasha, Roblox, The Exchange, Robux


Inside Affirm’s IPO filing: A look at its economics, profits and revenue concentration

Last night Affirm filed to go public, herding yet another unicorn into the end-of-year IPO corral. The consumer installment lending service joins DoorDash and Airbnb in filing recently, as a number of highly valued, venture-backed private companies look to float while the public markets are more interested in growth than profits. TechCrunch took an initial dive into Affirm’s numbers yesterday, so if you need a broad overview, please head here. This morning we’re going deeper into the company’...
Tags: Fundings & Exits, Startups, TC, Ecommerce, Finance, Tech, Airbnb, Max Levchin, Twilio, Affirm, Peloton, The Exchange, Tiktok, COVID


With a 2021 IPO in the cards, what do we know about Robinhood’s Q3 performance?

After rising sharply in the second quarter of 2020, Robinhood’s income from routing its users’ orders to different parties for execution appears largely flat in the third quarter. To be clear, Robinhood’s year-over-year growth is likely very impressive given the gains we’ve seen in the key revenue category for the heavily funded unicorn this year. But, after torrid sequential growth from Q1 2020 to Q2 2020, Robinhood’s payment for order flow rose only modestly during Q3, according to a TechCr...
Tags: TC, Finance, Tech, Public, Robinhood, The Exchange, Freetrade, Verizon Media Group


5 questions from Airbnb’s IPO filing

Airbnb filed to go public yesterday, offering the world a look into its financial performance over the past several years. The company’s S-1 detailed an expanding travel giant with billions in annual revenue that was severely disrupted by the COVID-19 pandemic. But past our overview of Airbnb’s core financial results and our look into which investors will make the most from its public debut, there are still questions that need answering. The Exchange explores startups, markets and money. Rea...
Tags: Fundings & Exits, Startups, TC, Real Estate, Ipo, Tech, Airbnb, Exchange, The Exchange, PROPtech


Unpacking the C3.ai IPO filing

The last thing I recall thinking about C3.ai (C3) was seeing its billboards outside San Francisco and asking myself what the hell the company actually did and how much it was spending on a huge outdoor advertisements. So much for what I know. The company filed to go public on Friday, and instead of being a cash-burning, buzzwordy mess, C3 is actually in pretty good financial shape, generating both growing recurring software revenues and cash in some quarters. The Exchange explores startups, mar...
Tags: Travel, San Francisco, Blackrock, Siebel, Baker Hughes, TPG, InterWest Partners, Makena Capital Management, The Exchange, Thomas Siebel, TPG Breyer Capital


As COVID surges, what can data tell us about Airbnb’s recovery?

This is The TechCrunch Exchange, a newsletter that goes out on Saturdays, based on the column of the same name. You can sign up for the email here. DoorDash filed to go public on Friday, meaning we’ll have at least one more unicorn IPO before 2020 comes to a close. For a high-level look at its numbers, I wrote this, Danny covered who will profit from the deal, and I noodled on the impact of COVID-19 on its business. I bring all that up because there is another COVID-19 impacted unicorn that we a...
Tags: Fundings & Exits, Startups, Europe, US, Tech, Paypal, United States, Cambridge, Airbnb, Anderson, Udemy, U K, GAAP, Danny, Mark Anderson, ARR


How COVID-19 accelerated DoorDash’s business

DoorDash filed to go public today, publishing numbers that showed rapid growth, enhanced profitability and an improving cash flow record which helped explain how the company had grown to a $16 billion valuation while private. The unicorn’s impending liquidity event will enrich a host of venture capital firms that bet on its eventual maturity. Instead of posting this entry of The Exchange on Monday, we’ve put it out today for your Friday and weekend reading. Enjoy! — Alex and Walter.  But no...
Tags: Food, Fundings & Exits, Startups, TC, Tech, Bill, Alex, Initial Public Offering, Exit, Doordash, Online Food Ordering, The Exchange, EC-1, COVID-19


Fintech VC keeps getting later, larger and more expensive

The venture capital market appears to be getting later, larger and more expensive. As a result, fintech — one of its hottest and most-funded sectors — is evolving in a similar manner. For late-stage fintech companies, it’s great news. But for smaller players, is the shift towards bigger, more mature rounds undercutting their ability to attract capital and reach scale? The Exchange explores startups, markets and money. Read it every morning on Extra Crunch, or get The Exchange newsletter ever...
Tags: Fundings & Exits, Startups, Europe, Finance, US, Tech, United States, North America, Fintech, PitchBook, The Exchange


How SoftBank’s Vision Fund turned losses into gold this summer

It’s hard to think back to the Vision Fund era today, given the oddities that 2020 has brought. But SoftBank’s gravity-bending investment vehicle only stopped investing last September, ending its disbursement of huge blocks of cash from a total committed capital pool worth nearly $99 billion. The Vision Fund was a wrecking ball, smashing into any company it chose with a big check and demands for rapid growth. By the time it was done investing, the first Vision Fund had deployed around $100 mi...
Tags: Fundings & Exits, Startups, Softbank, Tech, Vodafone, WeWork, Exchange, Masayoshi Son, Oyo, SoftBank Group, The Exchange, Vision Fund, Katerra, Brandless


Square and PayPal earnings bring good (and bad) news for fintech startups

Earnings season is racing past us, with the big ride-hailing companies’ numbers in, all of the Big Five having wrapped their reporting and lots of SaaS numbers in the market. But amidst all the noise, The Exchange has kept an eye on two companies in particular: PayPal and Square. We’re not really not concerned with their overall revenue and profit metrics. Instead, we’ve been hunting around in their numbers for hints and notes about what is going on inside of fintech itself. Why? There are a hos...
Tags: Fundings & Exits, Startups, TC, Finance, Tech, Paypal, Square, Robinhood, Big Five, RAMP, The Exchange, Brex, Chime Robinhood


5 VCs discuss the future of SaaS and software after Pfizer’s vaccine breakthrough

Monday’s news that a COVID-19 vaccine candidate looks to be incredibly effective gave investors reasons to believe in a better future. Perhaps COVID-19 won’t be with us for years, investors appeared to think, but will instead become something that we can bend the curve on sooner than we thought. A strong vaccine would be key towards moving back to life as it was. And for many companies battered by the pandemic, news that one was coming was more than a shot in the arm — it was stock market salvat...
Tags: Fundings & Exits, Startups, Tech, Pfizer, Boeing, Airline, Shasta, Exchange, Bessemer, Onofrio, The Exchange, Iris Choi, Jacob Mullins, Day One Ventures, COVID-19, Bessemer s Mary D Onofrio Work Life Ventures


What happens to high-flying startups if the pandemic trade flips?

So much can change in a day. This morning, news that a trial COVID-19 vaccine candidate had an effective rate of more than 90% shook the financial world. The Pfizer vaccine is reportedl;y so effective, the company “will have manufactured enough doses to immunize 15 to 20 million people” by the end of the year, according to the New York Times, appears to have given investors the green light to pile back into companies harmed by the pandemic. The Exchange explores startups, markets and money. Rea...
Tags: Fundings & Exits, Startups, TC, Tech, New York Times, Edtech, Fintech, Exchange, Peloton, The Exchange


Here comes the next IPO wave

This is The TechCrunch Exchange, a newsletter that goes out on Saturdays, based on the column of the same name. You can sign up for the email here. Are you tired? I am. What a week. But, if you kept your eyes off American politics and instead focused on the stock market, this was not a week of stress at all. It was a celebration. Yes, the election appears to be influencing stocks, with investors delighted at what could be a divided government. Their bet is that with different parties in control ...
Tags: Fundings & Exits, Startups, TC, California, China, Ipo, Tech, Paypal, Jack Ma, Fintech, Udacity, Doordash, The Exchange, All Iron Ventures, Natasha Mascarenhas, The TechCrunch Exchange


Software companies are reporting a pretty good third quarter

What a difference a week makes. This time last week, in the wake of earnings from tech’s five largest American companies and , it appeared that tech shares were in danger of losing their mojo. The Exchange explores startups, markets and money. Read it every morning on Extra Crunch, or get The Exchange newsletter every Saturday. But then, this week’s rally launched, and more earnings results came in. Generally speaking, the Q3 numbers from SaaS and cloud companies have been medium-good, or ...
Tags: Fundings & Exits, Startups, TC, Tech, SaaS, Ping Identity, Exchange, ARR, The Exchange, Jamin Ball


4 questions as Airbnb’s IPO looms

Almost on command after we asked yesterday if a rash of technology IPOs were about to land, news broke that Airbnb plans to drop its S-1 filing early next week with a December roadshow. The document will be of intense interest for shareholders — as well as public investors who hope to purchase shares in the home-sharing unicorn. The Exchange explores startups, markets and money. Read it every morning on Extra Crunch, or get The Exchange newsletter every Saturday. Per Reuters, which broke the n...
Tags: Fundings & Exits, Startups, TC, Ipo, Tech, Airbnb, Reuters, EBITDA, The Exchange


As tech stocks rally, bring on the IPOs

During yesterday’s tense voting and this morning, shares of American-listed technology companies are shooting higher. The tech-heavy Nasdaq Composite is up around 3.35% this morning, more than double what the broad S&P 500 index is currently managing. SaaS and cloud stocks kicked off the day up a staggering 4.98%, a sharp rally in the value of smaller, more growth-oriented technology companies. The Exchange explores startups, markets and money. Read it every morning on Extra Crunch, or get The ...
Tags: Fundings & Exits, Startups, TC, Tech, Airbnb, Exchange, The Exchange


4 takeaways from fintech VC in Q3 2020

Fintech has been a key startup story in recent quarters, with leading players in the genre raising titanic rounds at eye-popping valuations. Consider companies like Robinhood, and its epic capital run this year on the back of huge revenue growth, or Chime, which also raised huge sums while riding a tailwind provided by the savings and investing boom. The Exchange explores startups, markets and money. Read it every morning on Extra Crunch, or get The Exchange newsletter every Saturday. As yo...
Tags: Fundings & Exits, Startups, TC, Finance, Africa, Paypal, Venture Capital, Payments, Robinhood, Fintech, Latin America, Cb Insights, Chime, North America Europe Asia, The Exchange


Pandemic’s impact disproportionately reduced VC funding for female founders

The last few quarters did not play out as as expected for venture capitalists or entrepreneurs; instead of a pandemic-fueled recession that cauterized the flow of private investment into startups, the economic shifts brought on by COVID-19 have given many companies a tailwind. Venture capitalists ramped up their spend in Q2 and Q3, pushing private investment totals higher as software demand shot up as work went remote, e-commerce boomed and schools shuttered. The Exchange explores startups, mar...
Tags: Fundings & Exits, Startups, TC, Asia, Europe, Entrepreneurship, Tech, Diversity, Venture Capital, Silicon Valley, North America, Balloon, Exchange, Diversity and Inclusion, The Exchange, Recent Funding


Is Wall Street losing its tech enthusiasm?

This is The TechCrunch Exchange, a newsletter that goes out on Saturdays, based on the column of the same name. You can sign up for the email here. Over the past few months the IPO market made it plain that some public investors were willing to pay more for growth-focused technology shares than private investors. We saw this in both — the value set on companies as they debut — and in resulting first-day valuations , which were often higher. One way to consider how far public valuations...
Tags: Fundings & Exits, Startups, Boston, Tech, Ohio, Cnbc, Databricks, Midwest, SPAC, Canaan, Zapier, Hippo, RPA, Maha Ibrahim, Rowan Trollope, Timm


Is the Great 2020 Tech Rally slowing?

Yesterday’s earnings deluge made plain that tech shares are not rocketing higher as 2020 comes to a close. Indeed, in pre-market trading this morning, Microsoft, Apple, Facebook and Amazon are all down. Alphabet is the only member of the Big Five that is worth more today than yesterday. Strong advertising and cloud results helped the search giant post a return-to-form quarter. But in most other reports there were signs of weakness or underperformance compared to expectations that could undermine...
Tags: Apple, Amazon, Fundings & Exits, Startups, TC, Cloud, Facebook, Microsoft, Tech, SaaS, Exchange, Big Five, The Exchange, Jamin Ball