How many rounds has it taken the latest crop of tech companies to go public? Below is the data from the last 40 IPOs.
Software. On median, publicly traded software companies raised through their Series E before going public. Note that Palantir went all the way through their Series K. Other companies like Datto did zero rounds because they were private equity owned.
Consumer Focused Tech. The number of SaaS IPOs is far greater than consumer focused tech, but we do have the data on 6 IPOs. The rang is wide as Doximity raised only through the Series C while Duolingo went to a Series H. Others like Bumble had no rounds because they were largely owned by private equity at the time of going public.
Notably, the data does not show whether there were multiple occurrences of the same round (for instance B, B1, B2) or bridge rounds, but both are unlikely since these companies all were successful enough to go public. Overall, to get to the promised land, it’s likely going to take some serious fundraising so make sure your capital formation strategy and use of capital is well planned and efficient.
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