Morning Report: The markets are closed, so let’s take a quick peek at how our recent IPOs are performing after their respective debuts.
Happy Friday, friends, and welcome to a Closed Market Day. That means two things:
- Today is going to be dull.
- Most people you need to call you back are on vacation.
The good news is that, averaging the group together, 2017’s IPO crop is up 19.15 percent from its IPO price. The downside is that, compared to first day closes, 2017 tech IPOs are off nearly 4 percent.
Notably, Snap and Mulesoft, two of the year’s most exciting debuts, are problem children. In the small space below, you can see the results:
That’s a more mixed bag than I would have guessed. It seems that some of the first-day hype that was put on the board has faded. The companies out this year are still doing well‚being up a fifth is nothing to scoff at. And a number of equities on our list, like Yext, are brand new. They need more time to mature.
From the Crunchbase Daily:
Katerra raises $130M Series C
- Katerra, a startup applying logistics technology in an effort to transform the construction industry, announced that it has raised $130 million in a Series C funding round. The new round brings total funding for the two-year-old Silicon Valley company to more than $200 million.
SpotHero acquires Parking Panda
- Two parking startups are merging into one. SpotHero, provider of an app for reserving parking spaces, has acquired another parking app, Parking Panda, for an undisclosed sum. Founded in 2011, Parking Panda previously raised nearly $5 million. Chicago-based SpotHero, meanwhile, has raised about $28 million and is on track to park 20 million cars in the U.S. and Canada this year.
Google Hire in beta testing
- Google has apparently launched an applicant tracking system called Google Hire to a handful of companies in an invite-only beta, according to a Crunchbase News report. The report identifies several companies currently using the service to manage their job application process.