Morning Markets: Here’s how fast Podium grew to raise a $32 million Series A and a $60 million Series B.
Podium, a Utah-based software company focused on building tools for offline business, has raised just under $93 million. Most of it came in two rounds, a massive $32 million Series A in May of 2017, and a $60 million Series B from this June.
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Coverage of startups focuses too much on their fundraising. That’s in part because startups mostly will not share numbers, apart from their recent round size. Most startups that raise money won’t even share their valuation, so getting revenue notes out of them is difficult.
Podium, however, is willing to share. Collating notes from a dinner last night, here’s how Podium has grown during its life: Podium was around the $12 million annual recurring revenue (ARR) mark when it raised its Series A. That’s pretty high for an A, which explains it managed to raise so much during the theoretically early-stage investment. By the end of 2017, the startup was doing around $30 million ARR.
Continuing, Podium is past the $50 million ARR mark today and expects to reach $60 million by the end of the year. Next year it wants to get to $100 million.
That strikes me as pretty quick, though I don’t know how it closely stacks up to Slack or other companies that are sometimes touted as the fastest growing SaaS shops of all time. All the same, Podium has burned in the neighborhood of $16 million during its life (I double-checked that one with its president), which means it’s floating a huge pile of cash.
And that indicates we won’t see an IPO soon, I wouldn’t think. Why bother when things are going so quickly?
Final thought: Podium’s revenue growth implies that at least some companies that are raising in an outsized fashion aren’t totally bonkers. Though I wonder how many other Series B level companies that have similar levels of capital raised are as large. And that not every Utah-based company burns cash like Domo.
Top Image Credit: Li-Anne Dias.
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