Alert: Cloud Software Startup Hashicorp Files For IPO
Hashicorp, a vendor of software used by enterprises to manage their cloud infrastructure, is the latest hot Silicon Valley startup to hit the IPO train. It’s unveiled an S-1 filing for an initial public offering with the US SEC, showing its intention to list on the New York Stock Exchange (NYSE).
- Judging by the contents of its S-1 filing, Hashicorp has a solid business. It brought in $211mn in revenue in the fiscal year ended January 31, 2021, compared to $121mn in the previous year. In the six months ended July 2021, its revenue was $142mn, compared to $95mn in the same period last year.
- Net-wise, Hashicorp isn’t profitable, but its losses are reasonable compared to its revenue growth over the years. It lost $84mn in its recent fiscal year and $40mn in the six months ended July 2021.
- Hashicorp breaks down its revenue into three segments; licensing, support, and cloud-hosted services. Out of the three, support brings in the vast majority of revenue followed by licensing, then cloud-hosted services. The company says it serves over 2,000 enterprise customers, so we can expect its revenue tap to keep flowing richly.
- Hashicorp was founded in 2012. Since then, it has grown rapidly, with over $300mn in VC funding and a valuation of $5.1bn from its last funding round. For its IPO, the rumour mill is that Hashicorp is seeking a valuation above $10bn.
- Hashicorp’s main VC shareholders include Mayfield, GGV Capital, True Ventures, and Redpoint Capital, each having stakes of over 5%. On the individual side includes co-founders Mitchell Hashimoto and Armon Dadgar.