Morning Report: About A Fourth Of 2017 Tech IPOs Are Underwater

Morning Report: Watching Snap and Blue Apron struggle in the public markets could trick you into thinking that all 2017 tech IPOs are in trouble. It’s actually a bit less bad than you probably think.

Snap’s dramatic IPO run to $29.44 after pricing at $17 was what some expected not only from the unicorn itself, but other members of its herd. After lackluster 2015 and 2016 IPO markets, surely private, billion-dollar-plus companies had had the time to mature to go public with some distinction!

But Snap has turned negative, dipping under its IPO price, and fellow-former-wunderkind Blue Apron has fallen below a dramatically lowered price. Even Tintri, which was worth over $1 billion at some point, is now trading below its decreased IPO price.

But, notably, that’s about it. Cloudera is only a bit above its initial public valuation — around 8.5 percent. However, its IPO price was low compared to its last-private round. And the list goes north from there:

  • In the teens you have Netshoes, up 13.5 percent.
  • In the +20 percent group you can find Yext, up 23 percent, and Shotspotter, up 20.5 percent.
  • Moving to the +30 percent cohort there is Elevate Credit and Okta, the latter of which is up 35.2 percent.
  • And above those, Mulesoft is up 45.4 percent, Carvana 52.1 percent, Altyerx is up 56.6 percent, and Appian is up 63.8 percent.

In short, just three of the thirteen US-listed tech IPOs that we currently track — your definition of tech and therefore what counts as a tech IPO may differ from our own — are down. They just make a lot of noise as the list includes:

  1. Snap, the year’s biggest IPO, which was also a speculative debut given the relative immaturity of the company’s core business.
  2. The last two IPOs, both of which were down-offerings, when the companies in question saw their valuations decrease.

But it’s not all bad news. Venture investment is ticking up a bit more at home and abroad, the stock market here at least is at record levels, and there are still big checks for the late stage.

If any of that makes sense, of course, compared to the macro climate, you have to decide for yourself.

From the Crunchbase Daily:

Uber and Yandex combine ride-hailing businesses

  • Uber and Yandex announced that they are merging their ride-hailing and meal delivery businesses in Russia and five other countries. Under terms of the deal, Uber will invest $225 million and take a 36.6 percent stake in a new, yet-to-be named venture with Yandex. fetches $65M round

  •, the largest U.S. site for finding pet sitters and dog walkers, has raised $65 million in a fresh funding round led by Spark Capital. Seattle-based Rover says it plans to use the funding for international expansion.

Work collaboration funding falls in Q2

  • Workplace collaboration startups closed fewer rounds and pulled in less funding in the second quarter compared to the same period last year, according to a Crunchbase News analysis. However, slower investment was balanced out somewhat by a brisk pace of acquisitions.(For more stories, follow @Crunchbasenews on Twitter.)

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.



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