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Affirm, Airbnb, C3.ai, Roblox, Wish file for tech IPO finale of 2020 – ProWellTech
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The wait was long but this week was the right time: Airbnb finally unveiled its S-1 and so did Affirm, C3.ai, Roblox and Wish. We are likely to see these five prices in public markets before the end of an already superlative year for technology IPOs. The ongoing pandemic and political turmoil weren’t scary enough, it seems.
Over the next decade, you have to think that we will see a more even spread of tech companies going public. Many of the above companies have been bottled up behind privately funded growth strategies for years. Today, however, the industry has a better understanding of SPACs, direct lists and various funding avenues. Companies have more options from their foundation as to how they might grow up and out someday. Public investors in 2020 also appear to have a deeper appreciation for current revenue numbers and future growth opportunities for tech companies. I still remember all the geniuses who bragged about shorting Facebook’s IPO not long ago.
Will we see a more uniform spread of IPO provenance? While all of this week’s filers are based in or around San Francisco, it now seems almost a casual reference to the years these companies were founded. Other states have minted their own unicorns, with Ohio-based Root Insurance recently going public and Utah-based Qualtrics returning that way. Tech startups are now global, meanwhile, and many countries are working to keep their unicorns closer to home than New York.
Let’s move on to the ProWellTech and Extra Crunch titles:
If you haven’t earned $ 1 billion this week, you’re not doing the right VC (EC)
Confirm that the files go public
Affirm IPO Presentation: A Look at Its Economy, Profits and Revenue Concentration (CE)
Airbnb files to be made public
5 questions from Airbnb’s (CE) IPO filing
The winners of the VC and the founder in the IPO (EC) of Airbnb
Roblox files to be made public
How much is Roblox worth? (THERE IS)
I want files to go public with 100 million monthly assets, $ 1.75 billion in revenue in 2020 so far
Unpacking the C3.ai (CE) IPO file
With an IPO in 2021 in the cards, what do we know about Robinhood’s performance in the third quarter? (THERE IS)
What does a Biden administration mean for technology?
What does Joe Biden mean as president of technology policy? On the one hand, tech companies may not return to the White House too quickly. “All in all, we’re seeing some familiar names in the mix, but 2020 isn’t 2008,” explains Taylor Hatmaker of potential industry presidential appointments. “The tech companies that emerged as golden children over the past 10 years are now radioactive. Regulation is looming on the horizon in every direction. Whatever political priorities emerge from the Biden administration, Obama’s age of technocratic gold is over and we are ready for something new. “
However, tech industries and companies focused on shared goals may find support. In a review of Biden’s climate change policies, Jon Shieber looks at major green infrastructure plans that may be on the way.
Any policy adopted by a Biden administration should focus on economic opportunity in general, and much of the plan proposed by the campaign meets that need. One of his key propositions was that it would “create good union and middle-class jobs in the communities left behind, right the wrongs in the communities that bear the brunt of pollution, and raise the best ideas from all of our great nation – rural,” urban and tribal, “according to the Transition website. An early emphasis on network and service infrastructure could create significant opportunities for job creation across America and give tech companies a boost. “Our electricity infrastructure is old, aging and unsafe,” said Abe Yokell, co-founder of energy and climate-focused venture capital firm Congruent Ventures. “From an infrastructure perspective, the transmission distribution really needs to be improved and has been underinvested over the years. And it is in direct alignment with the renewable energy supply in the United States and the electrification of everything. “
The future of construction technology
The shortage of skilled labor is adding to the traditional challenges of the construction sector this year. As a result, technology adoption is getting a big push in the real world, writes Allison Xu of Bain Capital Ventures in a guest column for Extra Crunch this week. It outlines six major construction categories in which tech startups are emerging, including project conception, design and engineering, pre-construction, construction execution, post-construction, and construction management. Here is an excerpt from the article on the latter element:
- How it works today: The construction and operations management teams manage the project end-to-end, with functions such as document management, data and insights, accounting, financing, human resources / payroll, etc.
- Key challenges: The complexity of the construction site translates into very complex and onerous bureaucratic practices associated with each project. Managing the process requires communication and alignment between many stakeholders.
- How technology can meet the challenges: The nuances of the multi-stakeholder construction process deserve value in a verticalized approach to project management. Construction management tools like Procore, Hyphen Solutions, and IngeniousIO have created ways for contractors to coordinate and monitor the end-to-end process more smoothly. Other players such as Levelset have taken a specific approach to building functions such as invoice management and payments.
Virtual HQs after the pandemic?
Pandemic-era work solutions like online team meeting spaces are heading towards a less certain, vaccine-based reality. Have we all gone far enough in the first place to still have a real market? Natasha Mascaren checked in with some of the best companies to see how she is doing, here are more:
With the aim of making remote working more spontaneous, there are dozens of new startups working to create virtual headquarters for distributed teams. The three who climbed to the top include Branch, created by Gen Z players; Gather, created by engineers who build a gamified Zoom; and Huddle, which is still hidden.
The platforms are all competing to prove that the world is ready to be a part of virtual workspaces. Drawing on the culture of multiplayer gaming, startups use space technology, animations and productivity tools to create a metaverse dedicated to work.
The biggest challenge to face? Startups need to convince venture capitalists and users alike that they are more than Sims for Enterprise or an always-on Zoom call. Potential success could signal how the future of work will mix play and socialization for distributed teams.
US Space Force Chief General John W. “Jay” Raymond Joins Us at ProWellTech Sessions: Space
David Limp, head of Amazon’s Kuiper project, is coming to TC Sessions: Space
For the whole week
Against all odds: the absolute strength of the founders of immigrant startups
S16 Angel Fund launches a community of founders to invest in other founders
Pre-seed fintech firm Financial Venture Studio closes on debut fund to build on legacy of best investments
How eSports can save colleges
Why do telemedicine companies treat healthcare like the gig economy?
A court decision in favor of startup UpCodes can help shape open access to the law
Will Zoom Apps be the next hot boot platform?
Is the Internet Advertising Economy About to Implode?
Italian talent and the VC trigger the technological renaissance of Italy
Why some VCs prefer to work with founders for the first time
3 growth tactics that helped us overcome Noom and Weight Watchers
A report card for the SEC’s new equity crowdfunding rules
From Alex Wilhelm:
Hello and welcome back to Equity, ProWellTech’s venture capital podcast (now on Twitter!), where we unpack the numbers behind the titles.
This week has been incredibly busy. What else, with a week that included both Airbnb and Affirm IPO documents, a series of mega rounds for new unicorns, some fascinating smaller funding events, and some new funds?
- Affirm publicly filed! The fintech unicorn is large, grows and loses less money over time. We were quite impressed with our first look. Then, with a little more time, we dug deeper and found a weak spot or two. However, Affirm is going public and not in bad shape.
- Airbnb filed and on Tuesday we switched to an Equity Shot as quickly as possible to focus on the news. Since then, Danny has explored the circle of venture capital winners: a surprisingly small subset of companies! – and we also addressed some questions I had about company finances.
- Robinhood is rumored to have an IPO in the books, so we talked a little bit about what we know about its growth in the third quarter.
- And then there was edtech, as always. This week we talked about Tencent backing Udemy, Duolingo relaunching again and Transfr picking up an A series that we found super interesting.
- Danny wanted to talk about the Trust & Will Series A. We tried not to make so many jokes.
- ZenBusiness also raised $ 55 million, in an oversized Series B.
- Financial Venture Studio has put together a new fund to cut small checks in seed-stage fintech startups. We think it’s fantastic. Especially considering what we know about what’s going on in the fintech venture world.
- And Natasha accompanied us through her latest insight, a look at the world of virtual headquarters. This led to the worst joke in the show.
What a week! Three episodes, some new records and a lot of tiredness after all the action. Another Monday!