A monthly roundup of enterprise news, thoughts and updates from Emergence Capital.
Welcome! March was a busy month with multiple enterprise IPOs (Mulesoft, Alteryx) and plenty of news from big firms like Oracle who crossed the $1B cloud revenue mark. Don’t worry, we didn’t forget the little guys…or not so little as startups like Looker and Service Titan raise big rounds. Throw in YC demo day and it was a busy month! Check out the monthly highlights below and stay tuned in April for a podcasts with Kathy Lord, SVP Sales at Intacct.
News & Major Exits
- Mulesoft is the first enterprise technology IPO of 2017 — Shares popped around 50% above its $17 debut price to about $25.50 a share in its first few hours of trading.
- Data analytics firm Alteryx goes public — Closed up 10.7% from its IPO pricing on its first trading day. Company helps business analysts prep their data, allowing them to rely less on IT and data scientists.
- Cloudera files for IPO — Pursuing valuation of $4.1B according to reports. Revenue of $261M in 2016, up from $166M the previous year.
- Security startup Okta files for IPO — Hopes to raise $100M in the offering. Okta has raised more than more than $228M to date according to Crunchbase.
Blogs & VC Reads
- How AI Can Prove Workers’ Best Defense In The Race Against Automation — Gordon Ritter and Jake Saper of Emergence Capital say automation doesn’t have to be synonymous with wage decline or unemployment. Technologies that drive automation, like machine learning and AI, can be used to retrain and “up-skill” displaced employees, rather than being a threat to workers.
- The Anatomy Of A Successful IPO — Jai Das of Sapphire Ventures shares insight for startups considering going public: tell a story with your numbers, diversify your board, and focus on the long-term with your employees.
- Benchmarks in SaaS for Seed and Series A Rounds in 2017 — Michael Cardamone shares benchmarks he has seen for SaaS companies in the Bay Area and NYC.
- Augmented Reality Is Already Improving Worker Performance — Magid Abraham of Upskill and Marco Annunziata of General Electric say AR technologies will be instrumental in closing the skill gap that is responsible for the shortage of skilled manufacturing workers.
- The folks over at OpsPanda, a resource planning platform for sales, sales ops and finance, put out a great template for sales ops folks — The template highlights things like strategic metrics, pace metrics, and pipeline conversion metrics. Your ability to track conversion across stages makes your pipeline report a fantastic forecasting tool.
- Venture Capital Funnel Shows Odds of Becoming a Unicorn Are Less than 1% — CB insights shares data from a cohort of over 1,000 startups from the moment they raised their first seed investment to see what happens to them empirically.
- Looker announces $81.5M Series D funding led by CapitalG — Includes Geodesic, Goldman Sachs, Kleiner Perkins Caufield & Byers, Meritech, Redpoint and Sapphire.
- ServiceTitan raises $80M Series B led by Iconiq Capital — Provides business software for home service businesses
- Boston based artificial intelligence company DataRobot raises $54M Series C funding — Led by New Enterprise Associates; aims to automate the process of creating machine learning models so companies can make better use of their data.
- Business intelligence startup Visier raises $45 million Series D — Led by Sorenson Capital.
- Mark Roberge on Seeking Wisdom Show — Mark Roberge shares lessons he has learned in selling to mid-market and individuals through a PQL model and what he’s learned from going from zero to IPO. Mark helped HubSpot grow from day one (as SVP of Worldwide Sales and Services and then Chief Revenue Officer) and now spends his time as a Senior Lecturer in the Entrepreneurial Management Unit at the Harvard Business School