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A knock against bootstrapping
Natasha and Mary Ann and Alex were all aboard this week under the guidance of Chris and Grace, which meant we had the full team. And speaking of teams, Mary Ann is joining the Friday show on a weekly basis now. She’s been a friend for years, and a colleague now twice-over for Natasha and Alex and we could not be more excited.
That personal news aside, here’s the rundown for today’s show!
- Funding rounds in the logistics and infra markets: We went physical-world with our funding round roundup this week. BridgeLinx put together the largest seed round in Pakistan’s history, Releaf is doing incredibly interesting agtech work in Nigeria and Stord’s huge round from earlier in the week brought us to Atlanta.
- And oh boy has Atlanta had a week. Extra Crunch did a deep dive into the city’s superlative startup fundraising in recent quarters, and, of course, one of its home-grown startups sold to Intuit for $12 billion just a few days ago. We had a few thoughts on the Intuit-Mailchimp transaction, even if we tried to steer clear of territory that we’ve already tread. For more about the controversy, Business Insider wrote about how some Mailchimp employees are reacting to the deal.
- From there we turned to a layoff story. Casper, the DTC mattress company that is now public, had another round of layoffs that cut three C-suite executives. It brought us into a conversation about how Apple’s tracking updates are impacting startups in this category more broadly, and if more layoffs are on the horizon.
- And then there were IPOs to discuss. Natasha talked us through the news that Quizlet may go public soon, which meant we had to chat edtech for a minute. Rounding out the Going Public conversation was notes on both Toast and Freshworks. Alex does not apologize for his lame joke, we hasten to add.
Disrupt is next week, so expect some possible changes to the regular Equity show lineup if the news cycle gets dicey. Hugs!
Equity drops every Monday at 7:00 a.m. PDT, Wednesday, and Friday morning at 7:00 a.m. PDT, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.
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Olo’s IPO could value the company north of $3B as Toast waits in the wings
Olo, the New York-based fintech startup that provides order processing software to restaurants, shared its initial IPO price range this morning. The company’s debut comes ahead of the expected IPO of Toast, a Boston-based unicorn with a similar market remit.
Targeting $16 to $18 per share, Olo could raise as much as $372.6 million in its public offering.
The Exchange explores startups, markets and money. Read it every morning on Extra Crunch, or get The Exchange newsletter every Saturday.
Unlike most companies going public in recent quarters that we’ve tracked, Olo has a history of growth and profitability, making its impending pricing all the more interesting. It’s unknown if Toast is profitable, but because most venture-backed IPOs aren’t, we’re presuming it isn’t.
This morning, we’re doing our usual work: parsing the company’s pricing interval to get a valuation range for Olo. We’ll calculate both simple and fully diluted pricing and then do some quick work on its revenue scale to come to grips with its total scale.
Are investors willing to pay more for profits? And, if so, how much? This is a niche question because most IPOs look a bit more like Coursera than Olo, but it’s still worth answering.
Olo’s IPO valuation range
If you’d like to follow along, you can read the new S-1 filing here. Our first look at Olo is here, and its fundraising history is here, per Crunchbase.
The company is targeting $16 to $18 per share with an expected sale of 18 million shares. The company is also reserving 2.7 million shares for its underwriters. At the upper end of its range, not counting shares reserved for its bankers, Olo could raise $324 million in its debut.
Per the company, its total number of Class A and B shares outstanding after its IPO would come to 142,012,926, or what we calculate to be 144,712,926 shares, including its underwriters’ option. Using the latter — because we tend to look for valuation extremes — Olo would be worth $2.32 billion to $2.6 billion.
But what about its fully diluted valuation? Adding in shares that are currently tied to unexercised but vested stock options bring Olo to around 188,085,714 shares. Add in the underwriters’ option and the total rises to 190,785,714 shares.
Using the latter figure, at $16 and $18 per share Olo could be worth $3.05 billion to $3.43 billion on a fully diluted basis.
Is that expensive?
Let’s find out! Digging back into Olo’s growth, we can see a business with rapidly expanding software incomes. And the same software revenues are improving in quality over time. From 2019 to 2020, for example, Olo’s “platform” revenues — a mix of subscription and transaction top line from software — grew from $45.1 million to $92.8 million. Over the same time, the company’s platform revenue saw its gross margin improve from 73.6% to 84.5%.
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Equity Monday: Everyone is going public so what’s wrong with your startup?
Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines.
This is Equity Monday, our weekly kickoff that tracks the latest private market news, talks about the coming week, digs into some recent funding rounds and mulls over a larger theme or narrative from the private markets. You can follow the show on Twitter here and myself here — and be sure to check out our last main ep, in which Natasha coins a slogan for a16z that I both hate, and became the headline of the show!
But enough of all of that, we have a lot to get through this morning. Here’s what we talked about:
- The Weekend: Coinbase at $100 billion? More on that to come. Toast is going public! Probably! Wait, Toast the company that laid off staff last year? Yep that Toast! It’s not toast! And new rules on online lending in China.
- This Morning: Oscar Health put together an IPO price range that is interesting, and Apex Clearing is going public via a SPAC.
- Funding Rounds: Gophr raises money! Ageras Group raises money! Promise raises money! It was hard to pick just three, but each of those rounds has something notable about it. Enjoy!
- Deeper Dive/Riff: If the public markets will float even the most leaden of startup via a SPAC-balloon, any late-stage startup that doesn’t take the ride out of the private markets must either be perfect or too heavy to lift. And if it’s the second, we can write it off? Maybe?
And, finally, this is precisely what I feel like this Monday morning. Chat soon and stay safe!
Equity drops every Monday at 7:00 a.m. PST and Thursday afternoon as fast as we can get it out, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.
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Unicorn layoffs prompt more startups to consider acqui-hiring
Alex Zajaczkowski was just months into her role at Toast, a restaurant point-of-sale software company, when she was let go during COVID-19 layoffs. Toast, last valued at $5 billion, cut 50% of its staff through layoffs and furloughs.
Zajaczkowski said she started applying for jobs within a week.
“I think I got on the boat a little bit quicker than others because I wanted that security a little bit faster,” she said. She and former Toast colleagues formed a Slack to communicate about layoffs, their job searches and what lay ahead. Toast created an opt-in spreadsheet for recruiters that listed laid-off employees.
The sheet brought Zajaczkowski to Stavvy, an online mortgage startup also based in Boston, for an interview. Today, a majority of Stavvy’s team are ex-Toasters, including Zajaczkowski.
“I think one of the benefits of recruiting from an organization that is sort of an iconic Boston company, is that you know what the hiring practices are,” Ligris said. “There’s been a level of vetting that has occurred.”
Stavvy’s onboarding of former Toast employees suggests that the layoffs which rocked startups in March could be an opportunity for smaller startups to scoop up star talent that already has chemistry. While acqui-hiring is not a new concept, it has new weight in an environment reeling from mass layoffs and a shift to remote-first work.
Stavvy co-founders Kosta Ligris and Josh Feinblum, though, say hiring a pod of employees can backfire without proper diligence.
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Layoffs are disproportionately impacting startup satellite offices
Layoffs have struck the startup world swiftly, hurting hospitality and travel startups, as well as recruitment and scooter companies. New data shows that some of those layoffs, brought on by COVID-19, might be disproportionately impacting satellite campuses.
By nature, satellite offices are secondary to a startup’s headquarters. Opening smaller offices is a strategic move when a company gets a fresh round of funding or wants to expand to a new market. We’ve seen satellite offices pop up in cities like Portland, Phoenix or Austin, which has satellite offices for Apple, Facebook and Oracle, for example.
While most layoffs are coming from companies whose headquarters are located in the main entrepreneurial hubs of the Bay area and New York, the actual staff members are located in the satellite cities, according to data from Layoffs.fyi, a tracker created by former Y Combinator grad Roger Lee.
EasyPost in San Francisco laid off 75 employees, nearly all in Salt Lake City and Louisville. U.K.-based Challenger bank Monzo laid off 165 customer support employees recently in Las Vegas.
Toast, based in Boston, laid off 1,300 employees, or 50% of its entire staff. Per Layoffs.fyi data, 12% of those layoffs were in Omaha, and another 10% were in Chicago.
KeepTruckin, based in San Francisco and last valued at $1.25 billion, laid off around 350 employees, and 33% of those employees were located in Nashville or Chicago.
These numbers are only a fraction of the total layoffs across the country, as Layoffs.fyi’s data set only includes publicly disclosed actions and tips. But even if the data is just serving as an anecdotal snapshot, it’s an important one to note.
What the data means
Once the economy does recover to a new normal, it’s unclear whether HQ cities or satellite cities will be in a better position to bounce back. We caught up with some investors in Boston, a top startup hub that has recently faced its own flurry of layoffs, to hear their thoughts.
According to Lily Lyman, a partner at Boston-based venture capital firm Underscore, satellite offices are often where a company might locate the sales, customer success and business development staff. Logistically, those roles are the most vulnerable as consumer activity slows. For a lot of businesses, there are no sales and deals to be done right now.
“[These roles are getting] disproportionately affected in [reduction of forces] as companies expect a slowdown on the commercial side,” Lyman said. “While a logical decision to extend the cash runway, it does come with the risk that this withdrawal can damage relationships with customers that may be hard to recover.”
Not everyone sees cuts hitting satellite offices the hardest. Michael Skok, another partner at Underscore, said that “in some cases, we’ve seen that satellite offices are established in emerging markets which come with cost savings, so these offices may actually be more protected in these times.” In other words, if you’re cutting costs, San Francisco employee expenses might be higher than Denver employee expenses by sheer nature of the former having exorbitantly high living costs. Revolution Ventures, which invests in startups in emerging tech scenes, said it has not heard about satellite office layoffs from its portfolio as of recently.
And finally, to put it crassly, layoffs in a non-HQ city might quell some of the negative signaling that founders and venture capitalists are trying so hard to avoid (well, most of them at least). Slimming down operations is becoming a proactive response, not a reactive strategy as the pandemic continues to evolve.
Today’s data reminds us that layoffs are rarely an isolated occurrence, and staff cuts appear to be landing harder on less robust tech ecosystems.
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Amid unicorn layoffs, Boston startups reflect on the future
As domestic and global economies grapple with the COVID-19 era, its impact on startups is coming into focus: All will be impacted, many will suffer and some will close.
Boston, a city that TechCrunch keeps tabs on, has seen a number of well-known startups struggle in recent weeks. Their misfortunes come quickly after companies in the region recorded huge venture raises, generating notable momentum.
In December, TechCrunch wrote that “despite winter’s chill, the Northeast’s tech ecosystem is white-hot,” taking into account Boston’s historical gains in the venture world. And earlier in 2020 we covered a few huge rounds that the city’s own Toast and Flywire had put together; worth $520 million as a pair, the two venture deals stood out for how large they were and how close to one another they were announced.
Indeed, looking at preliminary venture data from Crunchbase, Boston was on track to crush its 2019 tally of venture rounds of $50 million or more in 2020. That record-setting pace is now in doubt.
To get a feel for Boston’s new reality, we’ve collected the region’s recent news and spoke to area investors and founders, including David Cancel of Drift (the previous founder of Compete and other companies), Drew Volpe of First Star VC and a team of folks from Underscore VC.
TechCrunch had intended to start a monthly series on Boston and its venture capital and startup scenes later this month. We’re kicking it off early because the news is already here.
Slowdown
Earlier this week, restaurant management platform Toast cut 50% of its staff. The Boston-based company was valued at $5 billion in recent months, and — before the pandemic hit — was planning to spend the next few years gearing up to go public. Toast sits uniquely between fintech and restaurant tech, industries that have been arguably impacted the most by COVID-19’s spread and widespread restaurant closures.
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Counting down Boston’s biggest venture rounds from 2019
Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between.
Today, the last day of 2019, we’re taking a second look at Boston. Regular readers of this column will recall that we recently took a peek at Boston’s startup ecosystem, and that we compiled a short countdown of the largest rounds that took place this year in Utah. Today we’re doing the latter with the former.
What follows is a countdown of Boston’s seven largest venture rounds from the year, including details concerning what the company does and who backed it. We’re also taking a shot after each entry at where we think the companies are on the path to going public.
As before, we’re using Crunchbase data for this project (here). And we’re only looking at venture rounds, so no post-IPO action, no grants, no secondaries, no debt, and no private equity-style buyouts.
Ready? Let’s have some fun.
Countdown
Boston has produced a number of big exits in recent years, like Carbon Black’s IPO, DraftKings’ impending kinda-IPO, Cayan’s billion-dollar exit, and SimpliVity’s huge sale to HP. Despite that, however, Boston is often pigeon-holed as a biotech hotbed with little technology that folks from San Francisco can understand. That’s not really fair, it turns out. There’s plenty of SaaS in Boston.
As you read the list, keep tabs on what percent of the companies included you were already familiar with. These are startups that will to take up more and more media attention as they march towards the public markets. It’s better to know them now than later.
Following the pattern set with Utah, we’ll start at the smallest round of our group and then count up to the largest.
7. Motif FoodWorks’ $90 million Series A
We could actually call the Motif FoodWorks‘ Series A a $117.5 million round as it came in two parts. However, the first tranche was $90 million total and landed in 2019 so that’s our selection for the uses of this post. The company is backed by Fonterra Ventures, Louis Dreyfus Corp, and General Atlantic.
Motif works in the alternative food space, creating things like fake meat and alt-dairy. Given the meteoric rise of Beyond Meat and Impossible Food’s big year, the space is hot. Lots of folks want to eat less meat for ethical or ecological reasons (often the two intertwine). That demand is powering a number of companies forward. Motif is riding a powerful wave.
The company’s known raised capital is encompassed in a large, early-stage round. That means that we won’t see an S-1 from this company for a long, long time.
6. Klaviyo’s $150 million Series B
An email marketing and analytics company, Klaviyo gets point for having a pricing page that actually makes sense — a rarity in the enterprise software world.
The Boston-based company was founded in 2012 and, according to Crunchbase data, has raised a total of $158.5 million. It raised just $8.5 million in total (across a small Seed round and a modest Series A) before its mega-round. How did it manage to raise such an enormous infusion in one go? As TechCrunch reported when the round was announced in April of this year:
The company is growing in leaps and bounds. It currently has 12,000 customers. To put that into perspective, it had just 1,000 at the end of 2016 and 5,000 at the end of 2017.
That will get the attention of anyone with a checkbook. The Summit Partners and Astral Capital-backed company has huge capital reserves for what we presume is the first time in its life. That means it’s not going public any time soon, even if our back-of-the-napkin math puts it comfortably over the $100 million ARR mark (warning: estimates were used in the creation of that number).
5. ezCater’s $150 million Series D
ezCater is an online catering marketplace. That’s an attractive business, it turns out, as evinced by the Boston company’s funding history. The startup has raised over $300 million to date according to Crunchbase, including capital from Insight Partners, ICONIQ Capital, Wellington Management, GIC, and Lightspeed.
The company’s 2019 $150 million Series D-1 that valued the company at $1.25 billion wasn’t its only nine-figure round; ezCater’s 2018 Series D was also over the mark, weighing in at $100 million.
When might the Northeast unicorn go public? An interview earlier this year put 2021 on the map as a target for the startup. That’s ages away from now, sadly, as I’d love to know how the company’s gross margin have changed since it started raising venture capital in huge gulps.
4. Cybereason’s $200 million Series E
Cybereason competes with CrowdStrike. That’s a good space to play in as CrowStrike went public earlier this year, and it went pretty well. That fact makes the Boston’s endpoint security shop’s $200 million investment pretty easy to understand. Indeed, CrowdStrike went public to great effect in June of 2019; Cybereason announced its huge round two months later in August. Surprise.
As far as backing goes, Cybereason has friends at SoftBank, with the Japanese conglomerate leading its Series C, D, and E rounds. Prior leads include CRV and Spark Capital.
The market is hot for SaaS-y security companies, meaning that there is natural pressure on Cybereason to go public. The firm, worth a flat $1.0 billion post-money after its latest round, is therefore an obvious IPO candidate for 2020. If it has the guts, that is. With SoftBank in your corner, there’s probably always another $100 million lying around you can snap up to avoid filing. (More from CrowdStrike’s CEO coming later this week on the 2019 and 2020 IPO markets, by the way. Stay tuned.)
3. DataRobot’s $206 million Series E
DataRobot does enterprise AI, allowing companies to use computer intelligence to help their flesh-and-blood staffers do more, more quickly. That’s the gist I got from learning what I could this morning, but as with all things AI I cannot tell you what’s real and what’s not.
Given its investor list, though, I’d bet that DataRobot is onto something. New Enterprise Associates led its 2014, 2016, and 2017 Series A, B, and C rounds. Meritech and Sapphire took over at the Series D, with Sapphire heroing DataRobot’s $206 million Series E. That round creatively valued the firm at, you guessed it, $1.0 billion according to Crunchbase.
DataRobot is hiring like mad (343 open positions as of this morning) and buying other companies (three in 2019). Flush with its largest round ever, I don’t see the company in a hurry to go public. That means no 2020 debut unless it’s monetizing faster than expected.
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Toast, the restaurant management platform, has raised $250M at a $2.7B valuation
Restaurant sales hit $825 billion last year in the U.S., but with margins averaging at only three to five percent per business, they’re always looking for an edge on efficiency and just generally running things in a smarter way. A startup called Toast, which has built a popular platform for restaurant management, has closed a hefty round of funding to double down on that opportunity to do that.
The company has raised $250 million on a valuation of $2.7 billion, money that it will use to invest in building technology to help restaurants with marketing, recruitment and operational efficiency, as well as start to think about expanding to more territories outside the U.S.
The basics of the funding were flagged earlier today by Prime Unicorn Index and we reached out to the company to confirm. It is being led by TCV and Tiger Global Management, with participation from Bessemer Venture Partners and T. Rowe Price Associates funds and other existing investors.
This Series E is a big bump up for the company: in its previous round in July 2018, the company was valued at $1.4 billion — partly the result of strong growth at the company. While it’s not disclosing revenue numbers or whether it is yet profitable, Toast currently serves tens of thousands of businesses — covering a range of sizes from independent venues to smaller chains — and in the last year tallied up transactions in the tens of billions of dollars, seeing growth of some 148 percent in its revenues, according to CFO Tim Barash.
The restaurant business represents a big opportunity for e-commerce companies, but there have been some notable stumbles where ambitions have not been met with success. Groupon, which spent several years acquiring and organically building a point of sale and restaurant management business, first drastically cut down and then finally called it quits and sold off its efforts, called Breadcrumb, in 2016. Amazon also pulled out of point of sale services (aimed at more than restaurants) and has in certain regions also pulled back on other restaurant efforts like its order management and delivery platform.
Barash said in an interview that he thinks the key to why Toast has steadily grown its business through all that is because a large proportion of its own employees — some 70 percent — have worked in the food service industry themselves.
“I was first a busboy, and then I worked in pizza delivery for years,” he said. “Seventy percent of our employees have worked at restaurants, including those in our product leadership, and that helps us understand the problem.”
Restaurants, as Barash points out, are complicated. “They are essentially manufacturers and retailers at the same time, all in one small physical footprint,” and so the key to building products for them is to understand that and the challenges they face in building and running those businesses.
And that’s before you consider the many other factors that can make restaurants a dicey game, from changing cuisine tastes, to changing eating habits — many get food delivered today — to the precariousness of the commercial real estate market and so much more.
The aim of Toast is to build tools to apply data science and orderly IT processes to address whichever of those variables that can be controlled by the restaurant.
Today, Toast’s products include point of sale services as well as reporting and analytics; display systems for kitchens; online ordering and delivery interfaces; and loyalty programs. It also builds its own hardware, which includes handheld order pads, payment and ordering terminals, self-service kiosks and displays for guests. It also offers links through to a network of some 100 partners, such as Grubhub for takeout food, when a restaurant does not cover those services or functions directly, to help stitch together services to work on its platform.
Tomorrow, the plan is to use the funding to enhance all of those with more advanced features that speak to some of the bigger issues and concerns Barash said its customers are voicing today.
That will include better and more services aimed at guest engagement and retention; better ways to recruit and keep people in an industry that has a high turnover of employees; and of course more tools to address how efficiently a business is operating to make it more profitable. The company has committed some $1 billion in the next five years to R&D to build more hardware and software.
Having access to this kind of tech and platform is a big deal, especially for independently owned places that hope to compete against bigger chains without having to compromise on their core competency: making unique and delicious food.
In the meantime, Barash said that while Toast itself is no stranger to approaches from larger players itself — he declined to say who but said many who have ambitions to do more business with the restaurant industry had approached it over the years — the company’s long-term vision is to grow bigger and remain its own boss.
It’s an ambition that has hit the spot with investors that have an appetite for high-growth businesses.
“At TCV, we invest in companies that have the potential to reshape entire industries. By providing restaurants of all sizes with access to innovative technology, Toast is leveling the playing field and leading the industry’s transition to the cloud,” said David Yuan, general partner at TCV, in a statement, who is joining the board with this round. “Our investment will enable Toast to extend their platform beyond point-of-sale and guest-facing technology, and in doing so, create a powerful SaaS platform with a superlative business model. We’re excited to partner with Toast as they accelerate the growth of the community they serve.”
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Toast raises $115M at a $1.4B valuation to create a one-stop management tool for restaurants
While massive restaurant chains might have resources to build out their own management systems or integrate with larger point-of-sale providers, Toast — a provider of tools for restaurants to manage their business — is raising a big round of funding to go after everyone else.
Now Toast is a business valued at $1.4 billion, thanks to a fresh infusion of $115 million in its latest round of funding. At its core, Toast is a point-of-sale for restaurants, though over time it’s added more and more services on top of that. Now the goal is to be not just a point of sale, but offer a whole system to help restaurants operate efficiently. That can range from the actual point of sale all the way to loyalty programs and reporting on that information. The round was led by T. Rowe Price Associates, with participation from new investor Tiger Global Management and other existing investors.
“We’re just trying to keep our finger on the pulse to what matters to restauranteurs,” CFO Tim Barash said. “We hear a lot about the labor side of the equation. We’re working through what to do there. If you ask restaurants about the number one thing they’re thinking about, most respondents say it’s around labor — that’s a really big one.”
Starting off in 2011 as a point-of-sale business, the company now offers a complete suite of tools that help restaurants streamline both the front and back house of the restaurant. And as Toast collects more and more data on how restaurants are using its tools — like any startup with a lot of inbound data, really — it can start helping those restaurants figure out how to improve their businesses further. That might be modifying menus slightly based on what people are enjoying, or pointing them in the right direction as to when to make slight adjustments to their basic operations.
There’s also an online ordering part of the business. Toast helps restaurants boot up an online ordering part of their business quickly, in addition to offering tools to help streamline that process. A restaurant might deal with a flood of orders or throttle them if necessary. Businesses then get reports on their whole online ordering business, helping them further calibrate what to offer — and what might work better for the in-person experience as well.
The next focus for Toast, Barash said, is figuring out the labor side of the equation. That comes down to helping restaurants not only find new employees, but also figure out how to retain them in an industry with a significant amount of turnover. Attacking the hiring part of the problem is one approach, though there are other approaches like Pared, which looks to turn the labor market for restaurants into an on-demand one. But there’s obvious low-hanging fruit, like making it easier to switch shifts, among other things, Barash said.
“One in 11 working human beings work in restaurants,” Barash said. “I would say we’re still trying to figure out what we can do as a central platform of record, continuing to carry a high quality network of partners or us building some things ourselves. We’re early days in figuring them out. If you go to any restaurant in Boston, and look at all the help wanted signs, you can see the barrier to being successful is a lot of times more on the employee side than on the guest side. Then once you have them hired, you have to think about how you can retain those employees and make sure they’re engaged and successful.”
Toast isn’t the only startup looking to own a point-of-sale and then expand into other elements of running a business, though. Lightspeed POS, which also offers a pretty large set of tools for brick-and-mortar stores — including restaurants — raised $166 million late last year. There are also the obvious point-of-sale competitors like Square that, while designed to be a broad solution and not just target restaurants, are pretty widely adopted and can also try to own that whole restaurant management stack, from clocking in and out to getting reports on what’s selling well.
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The restaurant table(t) is getting crowded
Many of us have tried new services, like online food ordering, subscription meals and signing with your finger on a tablet-based point-of-sale system; but the reality is that we are still in the early phases of restaurant industry disruption. I believe that’s about to change. Read More
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