Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between.
Regular readers of this column will recall that we recently took a peek at Boston’s startup ecosystem, and that we compiled a short countdown of the largest rounds that took place this year in Utah.
What follows is a countdown of Boston’s seven largest venture rounds from the year, including details concerning what the company does and who backed it.
Boston has produced a number of big exits in recent years, like Carbon Black’s IPO, DraftKings’ impending kinda-IPO, Cayan’s billion-dollar exit, and SimpliVity’s huge sale to HP.
We could actually call the Motif FoodWorks‘ Series A a $117.5 million round as it came in two parts.
The Boston-based company was founded in 2012 and, according to Crunchbase data, has raised a total of $158.5 million.
That means it’s not going public any time soon, even if our back-of-the-napkin math puts it comfortably over the $100 million ARR mark (warning: estimates were used in the creation of that number).
The startup has raised over $300 million to date according to Crunchbase, including capital from Insight Partners, ICONIQ Capital, Wellington Management, GIC, and Lightspeed.
The company’s 2019 $150 million Series D-1 that valued the company at $1.25 billion wasn’t its only nine-figure round; ezCater’s 2018 Series D was also over the mark, weighing in at $100 million.
That’s a good space to play in as CrowStrike went public earlier this year, and it went pretty well.
Indeed, CrowdStrike went public to great effect in June of 2019; Cybereason announced its huge round two months later in August.
As far as backing goes, Cybereason has friends at SoftBank, with the Japanese conglomerate leading its Series C, D, and E rounds.
The market is hot for SaaS-y security companies, meaning that there is natural pressure on Cybereason to go public.
Flush with its largest round ever, I don’t see the company in a hurry to go public.