Morning Report: Stitch Fix and MongoDB have confidentially filed. What can we tell so far?
Earlier this week, TechCrunch’s Katie Roof broke the news that MongoDB has filed to go public confidentially. In effect, it means that the company has prepared filings for their IPO, but that we can’t see them as it gets its financial house in order.
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Under the JOBS Act, companies with less than $1 billion in revenue can file privately, only revealing their numbers to the public at a later date. They do so, of course, before going on their roadshow where they hope to drum up demand for their shares. You can’t do that without a public document.
Stitch Fix and MongoDB are notable companies because they are so wildly different. The former is a consumer offering, while the latter is a targeted enterprise offering. In a way, this dichotomy feels appropriate. The 2017 IPO crop contains consumer-facing companies like Snap and Blue Apron, along with a sheaf of enterprise-focused shops like Okta and Cloudera.
Here are quick notes on both companies. We’ll start with Stitch Fix:
- As Roof notes, the company hasn’t raised in a while, and it was last valued at “a post-[money]-valuation of $309.31 million” back in 2014. It’s presumably worth more than that now. The firm, according to its Crunchbase profile, is the “first fashion retailer to blend expert styling, proprietary technology and unique product to deliver a shopping experience that is truly personalized for you.“ This is a consumer play that, it seems, has operated for years under its own cashflow. Could we see a profitable S-1?
- MongoDB is a traditional unicorn. Worth $1.6 billion, the firm has raised $303 million to date. However, and this is notable, MongoDB has not raised capital since early 2015 according to Crunchbase. That’s far longer than the traditional 18 month window between capital injections at high-growth companies. Either MongoDB is super out of cash (unclear, and it doesn’t feel overly likely), or the firm has managed to operate in a cash-efficient manner.
When could we see the S-1s, roadshows, and first-day trading for both? According to TechCrunch, this year. That’s good news for the venture crew, as there are precisely no listed tech IPOs coming up.
Such are the times in the liquidity desert.
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