CB Insights' Company Mosaic score tracks the health of private companies. These are the 22 leaders in the e-commerce industry.
We used CB Insights’ Company Mosaic score, which uses public data and predictive algorithms to assess the strength of private companies, to analyze the top e-commerce startups globally.
For this analysis,
US-based Munchery tops the list with a score of 960. It’s a food-delivery application and has raised a total of $117M in funding. Another food-delivery app, DoorDash, ranks second with a score of 950. India-based Flipkart ranks third with a Mosaic score of 940. It has raised $3B in total funding, most recently $550M in Series I funding from Tiger Global Management.
The top e-commerce startups cover a broad set of industry sub-sectors. Among the top 22 companies, there are 6 on-demand companies, 11 marketplaces, and 2 brand-based companies, i.e. companies that sell their own branded products online rather than serving as marketplaces for other brands.
Several prominent investors have made bets on more than one company on the list. Kleiner Perkins Caufield & Byers has invested in 5 out of the 22 companies. Sequoia Capital, Goldman Sachs, Accel Partners, Menlo Ventures, and Digital Sky Technologies have each invested in 3 companies in the top 22.
Segment Analysis
Marketplaces: Among the e-commerce marketplaces, the top 5 by Mosaic score are Flipkart, Poshmark, The RealReal, Houzz and Urban Ladder. Flipkart operates in the Indian market and has recently been valued at $15B. The next two companies are Poshmark and the RealReal, apparel marketplaces. Poshmark specializes in lightly used garments while the RealReal is largely focused on high fashion and luxury products. UrbanLadder and Houzz are both home décor sites, but Urban Ladder focuses on India, while Houzz — which last raised $165M at a $2.3B valuation — serves mostly US clients. T. Rowe Price and Digital Sky Technologies have invested in both Flipkart and Houzz. Steadview Capital invested in India’s Flipkart and Urban Ladder.
Brands: There are only two brand e-commerce players in the top 22 list, namely eyeglasses vendor Warby Parker and women’s fashion brand Nasty Gal. Warby Parker is valued at $1.2B after raising $100M from Tiger Global Management, T. Rowe Price and other investors. It is interesting to note that Warby Parker and Nasty Gal are moving into brick-and-mortar stores after starting with an online presence. Other major players in brand e-commerce that didn’t make it in our top 22 are Frank & Oak, CustomInk, and Chloe + Isabel. Gerenal Catalyst Partners and First Round Capital invested in both Chloe + Isabel and Warby Parker.
On-Demand: Most of the on-demand companies work in the food industry and the top five, Doordash, Munchery, FoodPanda, PepperTap and Instacart are in food delivery. Munchery specializes in delivering meals cooked by an in-house team of chefs. Meanwhile, Doordash and Foodpanda work with delivering food prepared at local restaurants. But DoorDash only operates in the United States and actually delivers the food. FoodPanda works in 40 countries outside the US and simply hosts the online menus, leaving delivery to local restaurants. PepperTap and Instacart deliver groceries in India and the United States, respectively. DoorDash and Instacart share 5 investors: Sequoia Capital, SV Angel, Khosla Ventures, Paul Buchheit, and Kleiner Perkins. Instacart is valued at $2B and DoorDash at $600M.
Check out the table below for more information on the top 22 companies:
| Company | Mosaic Score | Total Funding ($M) | Last Round of Funding ($M) | Select Investors |
|---|---|---|---|---|
| Munchery | 960 | $117 | $85 | Anthos Capital, 137 Ventures |
| DoorDash | 950 | $60 | $40 | Andy Rachleff |
| NatureBox | 940 | $59 | $30 | Canaan Partners |
| Warby Parker | 940 | $216 | $100 | American Express Ventures |
| Flipkart | 940 | $3,040 | $50 | Accel Partners |
| Poshmark | 930 | $41 | $25 | Ashton Kutcher |
| The RealReal | 930 | $82 | $40 | Canaan Partners |
| Foodpanda | 930 | $318 | $100 | Falcon Edge Capital, Goldman Sachs |
| PepperTap | 920 | $12 | $10 | Sequoia Capital |
| Urban Ladder | 920 | $82 | – | Kalaari Capital |
| Houzz | 920 | $213 | $165 | Canvas Venture Fund |
| Sprig | 910 | $57 | $45 | Accel Partners |
| Blue Apron | 910 | $58 | $50 | Bessemer Venture Partners |
| Lyst | 910 | $59 | $40 | Accel Partners |
| Nasty Gal | 910 | $65 | $16 | Index Ventures |
| FarFetch | 910 | $195 | $86 | Advent Venture Partners |
| Instacart | 910 | $275 | $220 | Andreessen Horowitz, Canaan Partners |
| Snapdeal | 910 | $1,038 | $627 | Bessemer Venture Partners, Blackrock |
| Mister Spex | 900 | $70 | $40 | Astutia Ventures |
| Dollar Shave Club | 900 | $73 | $50 | Andreessen Horowitz, Battery Ventures |
| Rent the Runway | 900 | $116 | $60 | American Express Ventures |
| Gilt Groupe | 900 | $284 | $50 | DFJ Growth Fund |
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