Markets: IoT Startup Samsara Files For IPO
The latest tech startup to board the IPO train is Samsara, a VC-backed startup that makes internet-of-things (IoT)-based fleet monitoring hardware and software for logistical operators. It has unveiled an S-1 filing with the US SEC, showing its intention to list on the New York Stock Exchange (NYSE).
- Samsara has raised nearly $1bn from VCs including Andreessen Horowitz, Tiger Global, and General Catalyst, with a valuation of $5.4bn from its last funding round. The company’s co-founders sold a previous startup named Meraki to Cisco for $1.2bn.
- Samsara brought in $303mn in revenue in the nine months ended October 2021, compared to $174mn in the same period a year before. As its revenue leaped up, net losses lessened over the same period from $174mn last year to $102mn this year. Clearly, it’s a good year for Samsara.
- In its most recent fiscal year ended January 2021, Samsara brought in $250mn in revenue, doubling from $120mn in the preceding year. The net loss of the recent fiscal year was $210mn, slightly down from $225mn the year before.
- Dwindling losses and rising revenues are signs of a strong business. The pandemic of 2020 kickstarted a boom for the logistics industry, and Samsara is a major beneficiary serving the industry with hardware and software for critical fleet monitoring.
- Samsara reports having 25,000+ customers, 13,000 of which pay $5,000+ annually and about 700 paying $100,000+. That’s a lucrative recurring revenue spring, the type investors usually favor. The company’s business model is also well-positioned for further growth.
- Samsara was founded in 2015. Going from scratch to $300mn+ in annual sales in just six years is nothing short of oustanding.