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Grocery delivery company and marketing and data automation startup on Friday became the first two major venture-backed companies to file IPO plans in 2023.Ìý

The filings come amid an almost two-year drought for significant tech IPOs. On Monday, -owned chip designer also filed plans for an IPO that could net a valuation as high as $70 billion.Ìý

While Arm’s IPO would be much larger, startups and venture capitalists are likely to view Instacart and Klaviyo — both of which have received significant venture investment —Ìýas bellwethers for a startup IPO market rebound.Ìý

Venture investors have poured nearly $900 billion into close to 1,500 billion-dollar-plus-valued startups, many of which have lingered on the private markets for years as they wait for the IPO window to reopen.

Instacart files long-awaited IPO plans

Instacart — now a decade old — illustrates the rocky path that late-stage startups have traversed in recent years. It raised its most recent funding in 2021, at the height of the funding boom, at a lofty $39 billion valuation.Ìý

But as pandemic-era consumer spending patterns fade, Instacart has reportedly cut its internal valuation multiple times,

In its filing on Friday, the company revealed $1.48 billion in revenue in the first half 2023 and said it’s been profitable for five consecutive quarters.Ìý

Its major investors over the years include , which led its $8.5 million Series A in 2013, and , which led its . led Instacart’s . led its Series E, and and its Series F.

Instacart plans to list on the under the ticker symbol CART.

Klaviyo reveals profitabilityÌý

Boston-based Klaviyo revealed that it’s profitable and that revenue rose 51% in the most recent quarter.Ìý

The marketing automation company has raised from venture investors, per data. It was most recently valued at about $10 billion.Ìý

In its filing, Klaviyo didn’t reveal details such as the size or timing of its IPO, but that the company aims to raise at least $750 million when it lists on the .

Klaviyo, which helps e-commerce brands analyze their data and use it to send personalized marketing messages to consumers, said it has 130,000 customers as of June 30. It turned a profit of $15 million on $321 million in revenue in the first half of the year — up 54% versus a year earlier.

Its most recent funding round was a $100 million investment led by e-commerce giant a year ago that valued it at close to $10 billion. Other investors in the company, founded in 2012, include , , and.Ìý

Klaviyo plans to list on the NYSE under the ticker symbol KVYO.Ìý

Related Reading:

• Many Of 2021’s IPOs Have Flopped. What Does That Mean For 2023’s Hopefuls?
• Startup World Looks On As Arm And Instacart Set To Test Waters Of IPO Market
• Forecast: 15 Startups We Think Could Go Public In 2023
• The Crunchbase Billion-Dollar Exits Board

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