It’s been a hell of a week; here’s what we need to know
With a hot IPO market and a world accelerating its shift to digital technologies amidst a pandemic, it’s a busy time for late-stage startups. Happily, the current moment is generating a wave of leaks and news. So much so, it’s actually been pretty hard to keep up.
In honor of the somewhat crazy week we’ve had, I’ve compiled the biggest and best bits of unicorn news, with two final items concerning companies that are not quite unicorns. Our goal is to get caught up so we can start next week sufficiently informed.
As always with this sort of work, we’ll have to handle each entry quickly. But if you want to know what’s up lately with the most valuable private companies, this should provide a working summary.
We’ll start with the Gong round, talk Palantir, peek at Stripe, chat about Airbnb’s results, detail a few other revenue milestones that were new to us, discuss Robinhood trading volume, gander at some Coinbase product news and a few other items, wrapping with a note on recent funding rounds from Parsable and Coda.
The theme, in case you were hoping for a unifying thread, is that the good times that took temporary flight in March and April, are back.
Today, it’s nearly hard to recall the fear that took over startup-land; sure, there are warning signs about cloud growth rates, but for many unicorns, we still live in boom times.
A blessing of unicorns
As promised, we’re starting with the Gong round, which my dear friend Ron Miller covered for TechCrunch. The sales tech software company put together a $200 million round at a $2.2 billion valuation after raising several other rounds in recent quarters. As Ron reports, the company’s growth has been torrid, with 1,300 customers and 2.5x revenue growth “this year alone.” But most critically, Gong’s CEO Amit Bendov said that “there’s a lot of liquidity in the market.” Yep.