The 2019 Tech IPO Pipeline by CBInsights

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286 of the most promising and highly-valued private tech companies in the United States
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Helping to raise Series A investment for tech companies.
286 of the most promising and highly-valued private tech companies in the United States
About Techcelerate Ventures

Tech Investment and Growth Advisory for Series A in the UK, operating in £150k to £5m investment market, working with #SaaS #FinTech #HealthTech #MarketPlaces and #PropTech companies.
Series tech IPO Pipeline company VC backed tech IPO Pipeline company Series C Series backed tech company IPO Pipeline investors Series B Series
1
286 of the most promising and highly-valued private tech 
companies in the United States
The 2019 Tech 
IPO Pipeline
2
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T R U S T E D  B Y  T H E  W O R L D ' S  L E A D I N G  C O M P A N I E S
"We use CB Insights to find emerging trends 
and interesting companies that might signal a shift in 
technology or require us to reallocate resources."
Beti Cung, Corporate Strategy, Microsoft
4
#FutureFintech
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June 12 - 13, 2019
New York, NY
events.cbinsights.com/future-of-fintech
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Contents
6
7
19
29
Welcome remarks
Macro trends
The 2019 Tech IPO Pipeline
Top Tech IPO Pipeline investors
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Welcome remarks
7 T H A N N U A L  T E C H  I P O P I P E L I N E  R E P O R T
This is the 7th annual edition of the CB Insights Tech IPO Pipeline Report. This year's Tech IPO Pipeline features 286 of the
most promising and highly valued private venture and private equity-backed technology companies in the United States. 
Our analysis finds that while tech IPO activity did not see a major spike in 2018, investment to potential candidates 
continues to grow significantly. Of note, there has been almost six times more $100M+ private financings than IPOs of US 
venture-backed tech companies this year. The continued frothiness in the private markets has minted more than 40 new 
US tech unicorns in 2018 YTD.
Of the venture-backed US tech companies that went public this year, we find that the median time between their first 
financing and public offering was 10.1 years. Compare that to 2013, when the median time was just 6.9 years.
As always, it is worth remembering that not all (and perhaps few) of these 286 companies will IPO next year. Many have 
just crossed the $100M valuation threshold. Others continue to tap into creative sources of capital in the private markets. 
And some will get out-executed and may never see a liquidity event. 
Still, 2019 is shaping up to be a blockbuster year for tech IPOs. Consider that if Uber, Airbnb, Pinterest, and Slack were to 
go public at their rumored IPO valuations, they would all rank among the 10 largest venture-backed tech IPOs since 2012.
Onward to 2019.
7
First, a look at the market
7 T H A N N U A L  T E C H  I P O P I P E L I N E  R E P O R T
1. Tech IPOs continue to take longer
2. No boom in tech IPOs in 2018
3. Big tech M&A rises, but also replaces some would-be IPOs
4. Mega-round mania in 2018
5. The SoftBank effect
6. Private equity funds get active in late-stage buyouts
8
The median time between first funding and IPO 
for US VC-backed tech companies that went 
public in 2013 was
6.9 years
9
The median time between first funding and IPO 
for US VC-backed tech companies that went 
public in 2018 YTD was
10.1 years
10
Companies are raising more funding prior to IPO
Includes IPOs of US-headquartered VC-backed tech companies on major US exchanges only.
M A C R O  T R E N D S
Median amount of funding raised prior to tech IPOs by year ($M), 2012  2018 YTD (12/14/2018)
$64 
$98 
$101 
$92 
$137 
$185 
$239 
2012
2013
2014
2015
2016
2017
2018 YTD
11
There has been no upswing in tech IPOs in 2018
Includes IPOs of US-headquartered VC-backed tech companies on major US exchanges only.
M A C R O  T R E N D S
IPOs of VC-backed US tech companies, 2012  2018 YTD (12/14/2018)
30
29
33
16
12
19
19
2012
2013
2014
2015
2016
2017
2018
12
Will 2019 be the blockbuster year for tech IPOs?
M A C R O  T R E N D S
Largest US VC-backed tech IPOs since 2012 vs. potential IPO valuations of Uber, Lyft, Slack, 
and Pinterest
Valuation shown is at time of IPO
$120.0B
$104.2B
$31.0B
$24.8B
$15.0B
$14.2B
$12.6B
$10.0B
$5.4B
$4.5B
Uber
Facebook
AirBnB
Snap
Pinterest
Twitter
Dropbox
Slack
Lending Club
Zayo Group Holdings
Potential 2019 tech IPOs
Largest US VC-backed tech 
IPOs since 2012
13
Both tech and non-tech buyers drive billion-dollar 
tech M&A in 2018
Excludes billion-dollar VC-backed healthcare M&A
M A C R O  T R E N D S
Tech vs. non-tech buyers of VC-backed US companies for $1B+, 2013  2018 YTD (12/14/2018)
Non-techTech2013
2014
2015
2016
2017
2018 YTD
2x
14
Big M&A replaces some would-be tech IPOs
M A C R O  T R E N D S
15
Mega-rounds triumph over tech IPOs in 2018
M A C R O  T R E N D S
$100M+ financing rounds to VC-backed tech companies vs. VC-backed tech IPOs, 2012  2018 
YTD (12/14/2018)
0
20
40
60
80
100
120
140
2012
2013
2014
2015
2016
2017
2018
$100M+ equity financing 
rounds to US VC-backed tech 
companies
US VC-backed tech IPOs
IPOs include US-headquartered VC-backed tech companies on major US exchanges only
16
New private tech unicorns significantly outpaced 
tech IPOs in 2018
M A C R O  T R E N D S
New tech unicorns vs. VC-backed tech IPOs, 2012  2018 YTD (12/14/2018)
IPOs include US-headquartered VC-backed tech companies on major US exchanges only
0
5
10
15
20
25
30
35
40
45
50
2012
2013
2014
2015
2016
2017
2018
New VC-backed US tech 
unicorns
US VC-backed tech IPOs
17
SoftBank has led $100M+ financings to 16 US 
companies totaling over $10.8B in 2018 YTD
M A C R O  T R E N D S
*SoftBank invested $1B in a convertible note to WeWork in August 2018 and a warrant to pay $3B to buy shares before 9/2019 at $110 per share in November 2018.
**SoftBank invested $1.25B directly in Uber in January 2018. Uber investors and employees also tendered shares to a SoftBank-led consortium worth $8B.
$300M
$1B
$400M
$1.1B
$250M
$4B*
$375M
$400M
$400M
$300M
$240M $200M
$121M
$535M
$300M
$1.25B**
Financing
Amount:
Firm:
18
Vista Equity leads PE investors getting active in 
late-stage private tech buyouts
M A C R O  T R E N D S
Another trend in the late-
stage startup market is tech-
focused PE firms willing to 
acquire majority stakes in 
tech companies 
contemplating an IPO or exit.
Remaining to be seen is 
whether PE firms such as 
Vista start to cash out 
investments through stock 
market flotations rather than 
sales to other PE firms or 
larger companies. Vista-
backed Ping Identity has 
reportedly hired banks for a 
potential IPO.
5
3
6
9
2015
2016
2017
2018 YTD
Investments or M&A of private, VC-backed companies by Vista Equity 
Partners, 2012  2018 YTD (12/14/2018)
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The 2019 Tech IPO 
Pipeline
20
Last year's tech IPO predictions  how they fared
T H E  2 0 1 8  T E C H  I P O P I P E L I N E
Our 2018 Tech IPO Pipeline identified 355 tech companies that represented the cream of the 
crop within VC and private equity portfolios. Here are how our predictions did:
Secondary transactions not included.
355 tech IPO pipeline companies
57 companies exited via IPO or M&A
16 companies went public
120 raised additional financing in 2018
$24B in financing raised
50% exited or raised financing in 2018
21
In 2018, the 286 Tech IPO Pipeline 
companies raised:
$30.5 billion
in equity financing
22
A selection of 2019 Tech IPO Pipeline companies
2 0 1 9  T E C H  I P O P I P E L I N E
23
Top 5 IPO prospects  Ranked by Mosaic Score
Mosaic was built with a grant from the National Science Foundation. Using non-traditional public signals ranging from customer signings to hiring activity to media 
sentiment to web traffic and mobile app data, Mosaic scores provide a rigorous, data driven way to understand the health and momentum of private companies. To learn 
more about Mosaic, visit https://www.cbinsights.com/company-mosaic.
2 0 1 9  T E C H  I P O P I P E L I N E
Company
Description
Mosaic Momentum Score 
(max 1,000)
Total funding ($)
Select investors
Web performance and 
security services
940
$182M
Pelion Venture Partners, 
NEA, Venrock
Cloud data management
870
$292M
Lightspeed Venture 
Partners, Greylock 
Partners, Khosla Ventures
Customer experience 
management software
870
$255M
Sequoia Capital
Cloud video conferencing
900
$142M
Horizons Ventures, 
Emergence Capital 
Partners, Sequoia Capital
Exercise equipment and 
media
860
$1B
Tiger Global Management, 
True Ventures, L Catterton
We used our proprietary company rating algorithm, Mosaic, to identify a select group of 
companies that are most likely to go public in 2019. The list is below:
24
2018 was a record fundraising year for Tech 
IPO Pipeline companies
2 0 1 9  T E C H  I P O P I P E L I N E
$415 $552 $1,312 $2,202 $3,642 $11,039 $23,052 $19,412 $21,755 $30,571 3
2
2
6
5
4
11
18
28
54
63
114
138
170
214
244
191
205
208
0
50
100
150
200
250
300
 $-
 $200
 4
 $600
 8
 $1,000
 
,2
 $1,400
 
,6
 $1,800
 2,0
 $ ,200
 2,4
 $ ,600
 2,8
 $3,000
 
,2
 $3,400
 
,6
 $3,800
 4,0
 $ ,200
 4,4
 $ ,600
 4,8
 $5,000
 
,2
 $5,400
 
,6
 $5,800
 6,0
 $ ,200
 6,4
 $ ,600
 6,8
 $7,000
 
,2
 $7,400
 
,6
 $7,800
 8,0
 $ ,200
 8,4
 $ ,600
 8,8
 $9,000
 
,2
 $9,400
 
,6
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 $10,0
 
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 $10,4
 
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 $10,8
 
1,000
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1,400
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 $12,0
 
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 $12,4
 
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 $12,8
 
3,000
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3,400
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 $14,0
 
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 $14,4
 
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5,400
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 $16,0
 
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 $16,4
 
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7,000
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7,400
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7,800
 $18,0
 
,200
 $18,4
 
,600
 $18,8
 
9,000
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9,400
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9,800
 $20,0
 
,200
 $20,4
 
,600
 $20,8
 
1,000
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1,400
 $2 ,6
 
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 $22,0
 
,200
 $22,4
 
,600
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 $24,0
 
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 $24,4
 
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 $26,0
 
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 $28,0
 
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1,000
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1,400
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1,800
 $32,0
 
,200
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
$M Bar
$M Line
2000  2018 YTD (12/14/2018)
25
Mega-rounds to companies in the Tech IPO 
Pipeline continue to climb
2 0 1 9  T E C H  I P O P I P E L I N E
6
23
50
32
64
97
2013
2014
2015
2016
2017
2018
$100M+ financing rounds to Tech IPO Pipeline companies by year; 2013  2018 YTD (12/14/2018)
26
California-based companies dominate the Tech 
IPO Pipeline
2 0 1 9  T E C H  I P O P I P E L I N E
177
44
19
9
5
5
4
4
3
3
13
27
60% of Tech IPO Pipeline companies first 
raised between 2010 and 2014 
2 0 1 9  T E C H  I P O P I P E L I N E
1
7
5
27
23
38
45
44
23
24
15
11
6
3
2
2
2
1
1
4
1
0
0
1
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
28
45 Tech IPO Pipeline companies first became 
unicorns in 2018
2 0 1 9  T E C H  I P O P I P E L I N E
45
18
10
20
12
1
3
2018
2017
2016
2015
2014
2013
2012
29
Top 2019 Tech IPO 
Pipeline Investors
30
A16Z, KPCB, GV lead Tech IPO Pipeline investors
I N V E S T O R  T R E N D S
Andreessen Horowitz moves up two spots to 
first on the list of investors with the most 
investments in Tech IPO Pipeline companies 
this year. 
Andreessen Horowitz, Kleiner Perkins, 
Google Ventures and Sequoia Capital all 
remained in the top 5, with Accel moving up 
two spots. Investors who made the ranking 
after not appearing on the top 20 last year 
include Y Combinator and Thrive Capital.
Investors ranked by highest number of portfolio companies 
in the 2019 Tech IPO Pipeline
31
A16Z, KPCB, GV lead Tech IPO Pipeline investors
I N V E S T O R  T R E N D S
Andreessen Horowitz, Tiger Global, and 
Sequoia Capital topped all investors with the 
highest number of billion-dollar Tech IPO 
Pipeline companies in their portfolio, each 
with 20 or more. Sequoia Capital first 
invested in 45% of its pipeline companies in 
the billion-dollar club at the seed or Series A 
stage.
The list is rounded out by a mix of venture 
capital firms such as Founders Fund, NEA, 
and Spark Capital, and traditionally late-
stage investors such as Wellington 
Management, Fidelity Investment, SoftBank, 
T. Rowe Price, and Baillie Gifford & Co.
Top ranked investors by 2019 Tech IPO Pipeline companies 
in the unicorn club
32
Top 2019 IPO Pipeline investors  By entry stage
I N V E S T O R  T R E N D S
1. Andreessen Horowitz
2
7
9
10
8
2
Series E+
Series C
Series B
Series A
Seed
Growth Equity
2. Kleiner Perkins Caufield & Byers
3
5
9
9
5
5
1
Series E+
Series D
Series C
Series B
Series A
Seed
Private Equity
2. Google Ventures
5
11
6
9
6
Series D
Series C
Series B
Series A
Seed
4. Sequoia Capital
3
4
5
7
12
5
Series E+
Series D
Series C
Series B
Series A
Seed
33
Top 2019 IPO Pipeline investors  By entry stage
I N V E S T O R  T R E N D S
4. Accel
6. SV Angel
6. New Enterprise Associates
8. Institutional Venture Partners
2
6
9
14
3
2
Series D
Series C
Series B
Series A
Seed
Other
1
12
17
Series C
Series A
Seed
2
1
4
6
11
5
1
Series E+
Series D
Series C
Series B
Series A
Seed
Other
5
5
7
6
2
2
Series E+
Series D
Series C
Series B
Series A
Growth Equity
34
Top 2019 IPO Pipeline investors  By entry stage
I N V E S T O R  T R E N D S
9. Tiger Global Management
10. Goldman Sachs
11. Y Combinator
11. ICONIQ Capital
9
3
3
4
4
2
1
Series E+
Series D
Series C
Series B
Series A
Other
Growth Equity
7
8
4
3
1
1
Series E+
Series D
Series C
Series B
Series A
Growth Equity
1
1
22
Series C
Series B
Seed
4
11
3
2
1
1
1
Series E+
Series D
Series C
Series B
Private Equity
Other
Growth Equity
35
Top 2019 IPO Pipeline investors  By entry stage
I N V E S T O R  T R E N D S
13. Lightspeed Venture Partners
14. Founders Fund
14. Battery Ventures
16. Wellington Management
4
7
7
3
1
Series C
Series B
Series A
Seed
Private Equity
1
5
7
4
4
Series D
Series C
Series B
Series A
Seed
1
3
4
5
5
2
1
Series E+
Series D
Series C
Series B
Series A
Seed
Growth Equity
8
8
1
2
1
Series E+
Series D
Series C
Series B
Other
36
Top 2019 IPO Pipeline investors  By entry stage
I N V E S T O R  T R E N D S
16. General Catalyst
18. Thrive Capital
18. Khosla Ventures
3
5
7
4
1
Series C
Series B
Series A
Seed
Growth Equity
1
6
2
4
6
Series E+
Series C
Series B
Series A
Seed
3
6
5
5
Series C
Series B
Series A
Seed
37
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