Kaltura files to go public on the back of accelerating revenue growth, rising losses

Kaltura, a software company focused on providing video technology to other concerns, has filed to go public.

The Kaltura S-1 filing only partially surprised. TechCrunch previously covered the company as part of our ongoing $ 100 million ARR series focusing on private companies that have reached material scale. (TechCrunch has also covered its product life to a moderate degree.)

The company’s IPO documentation details a business that did more than merely accelerate its growth in 2020, and more specifically, during the COVID-19 era. Seeing a company that powers video tooling do well when much of the world has transitioned to remote work and education is not a bolt from the blue. What is notable, however, is that the company’s revenue growth has accelerated yearly since at least 2018 and its final quarter of 2020 placed the company at a new growth rate maximum.

Public investors, hungry for growth, may find such a progression compelling.

Kaltura also has an interesting profitability profile: As its GAAP net losses scaled in the last year, its adjusted profitability improved. Depending on your stance regarding adjusted metrics, Kaltura’s bottom line will either irk or delight you.

This afternoon, let’s rip into the company’s S-1 and yank out what we need to know. It is IPO season, with SPACs galore and other private companies taking more traditional routes to the public markets, including Coupang announcing a price range for its traditional debut today and Coinbase’s impending direct listing.

For now we’ll focus on Kaltura. Let’s get into it.

Inside Kaltura’s IPO filing

When TechCrunch last covered Kaltura’s financial results, we noted that the company founded in 2006 had raised just north of $ 166 million, crossed the $ 100 million ARR mark, and was, per its own reporting, “profitable on an EBITDA.” Kaltura also told TechCrunch that it had margins in the 60% range and was growing at around 25% year over year. That was just over a year ago.

Do those figures hold up? In the Q1 2020 period Kaltura recorded $ 25.9 million in revenue, software margins of around 78% and blended gross margins of 59.8%. And the company had grown 16.6% from the year-ago quarter. In Kaltura’s defense, the company’s growth accelerated to 24% in the year, so its self-reported numbers were mostly fair. Better than, I think, most numbers we get from private companies.

Startups – TechCrunch

After Gerard Piqué, Antoine Griezmann & Rio Ferdinand back fantasy football platform Sorare’s €40M funding round


Paris-based Sorare is a global fantasy football game where managers can trade official digital cards. According to the company, it is on a mission to unlock people’s football fandom online. In a recent development, Sorare has raised €40M in its Series A round of funding. With this funding, the company has raised a total of €48M in funding to date. 

Investors in this round

The round was led by Benchmark. The investment firm works alongside early-stage entrepreneurs building startups into transformational companies. It invests in sectors including consumer, marketplaces, social, healthtech infrastructure, and enterprise software.

In addition, the round also saw participation from Accel and new business angels including Reddit co-founder Alexis Ohanian, Vaynermedia CEO Gary Vaynerchuk, football players Antoine Griezmann and Rio Ferdinand. 

Use of the funds

The raised capital will be used to fuel the growth of the community, accelerate the hiring of its team and launch a mobile application.

About Sorare

The company was founded in 2018 by Nicolas Julia and Adrien Montfort. Sorare was created by football fans for football fans, claims the company. Through blockchain digital collectibles and its global fantasy football, the company is on a mission to become ‘the game within the game’.

Nicolas Julia, CEO at Sorare explains, “Sorare was born from our love for football. We’re building a gaming experience fueled by passion where fans can connect with football and a global community. On Sorare, they can truly own the game. Today is a watershed moment – both for Sorare as a company and for our community – that will enable us to touch new markets and radically improve our product to become the game within the beautiful game.”

The company’s previous backers including e.ventures, footballers Gerard Pique, Antoine Griezmann, and Andre Schurrle.

Crypto’s next consumer application

Sorare’s collectibles are backed by blockchain technology to provide transparency and portability into other games. The blockchain Ethereum enables the act of collecting in the digital space by creating digital scarcity through “non-fungible tokens” (NFT). It creates a new level of trust and freedom for gamers who can freely trade their assets over the internet.

Growth and development

Gerard Pique, Strategic Advisor at Sorare, says, “As world football has shifted from local supporters to global fanbases, football fans are looking for new ways to be connected to the game, the players and other fans. Nicolas and the team have a unique gaming experience with real-world impact, bringing fantasy to reality. I’m looking forward to helping the team and the Sorare community connect with more football clubs and leagues.”

More than 120 football clubs have launched their digital cards on Sorare, with all European Champions actively participating in the growth of the game. Partnerships with Liverpool, Paris Saint-Germain, Bayern Munich, Real Madrid, and Juventus make Sorare the first digital collectible platform to offer cards from Europe’s top five league champions. 

The company claims to be profitable and has experienced 52 per cent month-on-month growth over the past 12 months. The company traded about €50K worth of cards on the platform back in January 2020, and this year, it went on to trade €3.5M worth of cards in January 2021 across 120 countries.

Sorare’s ambition is to onboard the top 20 football leagues globally. It claims to offer an opportunity for clubs and leagues to allow their fans to express their fandom with digital cards, amidst the current lack of live games. Besides, it also helps them to expand their international brand by reaching several untapped audiences of fans. It is effectively opening up a new revenue stream for clubs, by creating a new licensing category: fantasy football licensing.

Startups – Silicon Canals

Holding back: What it would take for India’s healthtech sector to churn out its first unicorn startup – The Financial Express

Holding back: What it would take for India’s healthtech sector to churn out its first unicorn startup  The Financial Express
“nigeria startups when:7d” – Google News

Men Aren’t the Thing Holding Female Founders Back — What’s Really Holding Women Back in Startups?

From a female founder who’s worked with thousands of aspiring women in business…and hundreds of male entrepreneurs, too.

Entrepreneur's Handbook – Medium

Volta Energy Technologies raises over $90M of a targeted $150M fund to back energy storage startups – TechCrunch

Volta Energy Technologies raises over $ 90M of a targeted $ 150M fund to back energy storage startups  TechCrunch
“nigeria startups when:7d” – Google News

Japanese VC firm, Uncovered Fund, looking to back early-stage African startups – htxt.africa

Japanese VC firm, Uncovered Fund, looking to back early-stage African startups  htxt.africa
“nigeria startups when:7d” – Google News