Earlier today we published a piece by Mary Ann Azevedo exploring the Utah startup scene. Utah has produced some big hits, including Pluralsight’s IPO earlier this year that went on a tear. It has also produced some disappointments.
Regardless, that same piece included the following note about one company’s recent (June 7th, 2018) mega raise:
Among the state’s largest recent deals includes Podium’s $60 million raise led by Institutional Venture Partners with participation from Accel, Summit Partners, GV (formerly Google Ventures), and Y Combinator.
It is an eye-catching amount of money from an eye-catching collection of venture groups. You have the leader in seed capital present, one of the Alphabet pools, and IVP, one of the older late-stage funds, all in the same round!
We re-tread all of that to share something more about the startup: Podium’s revenue grew from $12 million to “over” $30 million in 2017. That’s quite a lot, really.
The company sharing its revenue metrics is notable. Private companies are always scared you will find out they are smaller than you expected them to be. Additionally, most companies don’t post 150 percent year-over-year growth with eight-figures of ARR. (Podium is a SaaS business.)
Anyhoo, a small data point for later S-1 trawling. Back to work!