![]() Here’s a brief look at some of Crunchbase’s top picks in several different categories. ![]() The firm cited companies like yogurt maker Chobani, Brazilian steakhouse chain Fogo and HR platform provider Justworks as top candidates.Ĭrunchbase, a pre-IPO tracker, has just released its list of 30 companies it says are its top picks for a 2022 IPO. Health care IPOs are expected to remain active, as are those of tech companies. EV maker Lucid’s SPAC deal valued the company at nearly $24 billion.įor 2022, Renaissance Capital does not expect to see the same record-breaking level of IPOs we saw in 2021. The year’s largest SPAC deal was Southeast Asia superapp Grab’s December deal that valued the company at $39.6 billion. ![]() Total capital raised came to $143.5 billion, more than the capital raised in all SPAC mergers combined since 2007. Renaissance Capital reported that 604 SPAC mergers occurred this year, the highest number ever and more than double 2020’s total of 248 deals. In addition to these traditional IPOs, cryptocurrency exchange Coinbase’s direct listing opened for trading at a valuation of just over $100 billion. The largest deal was electric maker Rivian’s $11.9 billion capital raise and the tenth largest was Playtika’s $1.9 billion deal. The following chart, based on Renaissance Capital data, lists the 10 largest IPOs of 2021. According to IPO tracker Renaissance Capital, poor returns following the majority of 2021 IPOs yielded an average return of −10%, the worst in more than 10 years, even though first-day pops averaged nearly 31% for the 399 IPOs concluded this year. Recall, however, that the IPO markets tanked in 2001, with just 83 companies completing their public offerings while raising $40.8 billion in fresh capital. The number of initial public offerings concluded this year was the highest since 2000, and the amount of money raised totaled $142.5 billion, smashing the 2000 record total of $96.7 billion. Brex, worth a multiple of the younger startup, is presumably above that mark.The IPO market absolutely exploded in 2021. Ramp, for example, disclosed that it is nearly on a $1 billion spend-managed run rate. More on that shortly, but we wanted to update this article ASAP. Brex announced, in a separate release so we missed it at first, that they have put together a new service called Brex Premium that costs $49 per month. ![]() Airbase, in contrast, charges for its software.ĭon’t expect the software arms race between corporate spend startups’ unicorns to lead to more corporate spend startups deriving software revenues in addition to their current income sources each is growing their spend rapidly enough to warrant more time with their foot on the customer growth pedal over working to juice more per-customer revenue in the short-term. ![]() Far from its roots in merely offering perk-laden corporate cards to growing companies, Brex and its myriad rivals - including Utah unicorn Divvy, Airbase and others - are building software suites around their core plastic efforts to help companies manage all elements of their spending.Ī growing rift is showing in how, compared to some rivals, the categories’ largest players, including Brex, Divvy and Ramp, forgo charging for their software, content to eat off other revenue sources including interchange. The dueling rounds raised by Brex and Ramp underscore how active their product category is proving to be. According to Crunchbase data, Brex’s mid-2020 Series C valued the company at just over $3.0 billion, including the investment’s $150 million in issued equity. The new capital marks Brex’s largest fundraise to date, and was compiled at a valuation that is more than double its most recent private valuation. Mere weeks after rival corporate spend startup Ramp announced that it raised a two-part round worth $115 million at a $1.6 billion valuation, this morning Brex disclosed a $425 million Series D led by Tiger Global. ![]()
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