CB Insights, the financial data tracking firm, recently put out a list of a new US-based companies on the “unicorn” startup list (a unicorn is a privately-held company with a valuation of at least $1 billion). Who’s on it?
Just a Little Background
Before getting into the list of companies with newly minted valuations of over $1 billion, some background seems useful. In the prior quarter, the startup universe welcomed another 9 companies to the unicorn world, the highest quarterly total since the third quarter of 2015.
Interestingly, although the typical point at which a company reaches a $1 billion valuation is in later stage funding rounds, 3 of this quarter’s 12 companies earned their $1 billion-plus valuation at mid-stage funding rounds.
Additionally, 8 of the 12 companies saw funding raises of over $100 million, while 3 of the companies landed on the unicorn list with raises under $100 million, including Quora, Rocket Lab, and Symphony.
The List
#1 Outcome Health
First on the list is Outcome Health, with a massive valuation of $5.5 billion. The company provides education content and interactive health assessments through tablets, in-office video screens, custom applications, and various other medium. Not bad for co-founders Rishi Shah and Shadha Agarwal.
#2 Quora
Second on the list is a hub for online discussion, which allows users to post questions and give analysis and opinions on posed question. Perhaps fascinating, given the perceived simple nature of the business model, Quora came in with a valuation of $1.8 billion, a nice chunk of change for co-founder and CEO Adam D’Angelo.
#3 Avidxchange
Third on the list is is the first fintech startup – Avidxchange. Avidxchange came in with a valuation of $1.4 billion, a healthy amount of value for a company that automates invoicing and payment processing for midsize companies.
Perhaps the most interesting aspect of the funding round was that Canadian pension-plan investor CDPQ funded a third of Avidxchange’s recent $300 million round.
#4 C3 IOT
Fourth on the list is the first internet-of-things company, C3 IOT. The company offers a platform for design, development, and operation of enterprise-scale big data, predictive analytics, artificial intelligence, and internet-of-things applications. The amount of the round was undisclosed, but the valuation came in at $1.4 billion.
#5 Robinhood
Rounding out the top 5 is Robinhood, with a valuation of about $1.3 billion. The company has a novel idea, allowing users to trade stocks without paying commission.
#6 – #12
The remaining 7 members of this quarter’s “group of 12” unicorns includes Rubrik, Peleton, Clover Health, Crowdstrike, Rocket Lab, Katerra, and Symphony.
Conclusion
Overall, valuation continue the upward climb. In CB Insight’s most recent accounting of newly minted unicorn startups, the list includes 12 more companies, ranging from healthcare to cloud banking. It’s a good day to be an owner of a super-successful startup.
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