For the uninitiated, a group of unicorns is called a blessing (seriously, Google it). And from Shazam to Nextdoor to Simplivity, 10+ new billion-dollar startups have already joined the blessing in 2015.
While we’ve previously looked at the most capital efficient exits in tech, applying capital efficiency to the various companies in the billion-dollar club was floated by John Ryu of Scout Ventures a couple of weeks ago so we wanted to take a look.
What’s the most efficient startup out there in terms of valuation / vc money raised?
— John Ryu (@john_ryu) March 7, 2015
So we used CB Insights financing and valuation data to highlight the capital efficiency ratios of the billion-dollar club. Specifically, we divided the latest current valuation by the total amount of equity financing the companies have received across six categories of companies in the club. And the data yields some interesting comparisons among the growing set of companies. Below are the highlights:
- Enterprise tech companies see higher average and median capital efficiency ratios than consumer tech cos.
- eCommerce companies on the list see a lower capital efficiency ratios as can be seen by firms like Delivery Hero, Snapdeal and Lazada, which all count ratios under 2x. The bottom 3 among unicorns from a capital efficiency perspective are all eCommerce companies.
- The handful of healthcare companies on the list see a median ratio of 3.9x, but an average of 8.4x due to DFJ-backed Theranos‘ ratio of 22.5x.
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