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While TechCrunch was busy producing our first-ever online Disrupt this week, the IPO market got even more exciting than expected — so here’s a quick look. Snowflake, Jfrog, Sumo Logic and Unity each raised price ranges days before IPO, to meet what had seemed like growing enthusiasm from public markets. Yet each still opened higher than its offering price, with cloud data-warehousing company Snowflake’s value doubling to make it the largest software IPO in history and Unity up 30%.
Despite the pandemic and various major turmoils around the world, the promise of these companies is helping to maintain optimism from retail investors to people thinking about founding a company.
Here’s a quick look at our coverage of the main companies in the IPO process this week, in chronological order:
Snowflake and JFrog raise IPO ranges as tech markets stay hot (EC)
As it heads for IPO, Palantir hires a chief accountant and gets approval from NYSE to trade
What’s ahead in IPO land for JFrog, Snowflake, Sumo Logic and Unity (EC)
JFrog and Snowflake’s aggressive IPO pricing point to strong demand for cloud shares (EC)
Unity raises IPO price range after JFrog, Snowflake target steep debut valuations
Go public now while software valuations make no sense, Part II
In its 4th revision to the SEC, Palantir tries to explain what the hell is going on
It’s game on as Unity begins trading
Unity Software has strong opening, gaining 31% after pricing above its raised range
And don’t miss Alex Wilhelm’s additional notes coming later today over on The Exchange weekend newsletter.
Image Credits: Canix
Our tenth annual startup conference was remote-first this year, but it managed to capture the same sort of vibe in my humble opinion.
First, a cannabis SaaS company took home the grand prize at the Startup Battlefield competition… we are truly living in the cloud these days. Here’s more, from Matt Burns:
Growing cannabis on an industrial scale involves managing margins while continually adhering to compliance laws. For many growers, large and small, this consists of constant data entry from seed to sale. Canix’s solution employs a robust enterprise resource planning platform with a steep tilt toward reducing the time it takes to input data. This platform integrates nicely with common bookkeeping software and Metrc, an industry-wide regulatory platform, through the use of RFID scanners and Bluetooth-enabled scales. Canix launched in June 2019, and in a little over a year (and during a pandemic), acquired over 300 customers spanning more than 1,000 growing facilities and tracking the movement of 2.5 million plants.
Next, here’s an especially pithy take on the future of startups, from senior Benchmark partner Peter Fenton.
I think this opportunity to build the tools for a world that’s ‘post place’ has just opened up and is as exciting as anything I’ve seen in my venture career. You walk around right now and you see these ghosts towns, with gyms, classes you might take [and so forth] and now maybe you go online and do Peloton, or that class you maybe do online. So I think a whole field of opportunities will move into this post-place delivery mechanism that are really exciting. [It] could be 10 to 20 years of innovation that just got pulled forward into today.
Startups – TechCrunch