Hello from the apocalyptic San Francisco! I have not left the house for almost 5 days...
We are seeing a flood of high growth enterprise tech companies filing for IPO these past few weeks. My partner Chris did a really throughout analysis on all the S-1 filings for Snowflake, Asana, Unity, SumoLogic, and JFrog.
A few takeaways:
Average number of years to IPO: 11 years
Range of number of customers: 2K customers (SomoLogic) - 1.5M customers (Unity)
Range of YoY growth rate: 42% (Unity) -132% (Snowflake)
Range of Gross Margin: 62% (Snowflake) - 86% (Asana)
Range of Revenue: $138M (JFrog) - $700M (Unity)
For early-stage investment, we often see many small checks into many companies. The real winners of these IPOs are the investors with 20%+ ownership through IPO. These phenomenal firms include — Sequoia, Greylock, and Sutter Hill Ventures.