MongoDB's IPO is New York's fourth top venture capital-backed exit year-to-date.
2017 has seen a spate of venture-backed tech companies go public, including California-based Okta, Snap, MuleSoft and Cloudera. After a slow beginning of the year, New York has joined the IPO party and saw three of its VC-backed startups reaching $900M+ valuation on the public market.
MongoDB‘s IPO ranks as the fourth largest venture-backed M&A or IPO in New York state since 2012, according to CB Insights data, and only comes a few months after Blue Apron‘s listing, which topped Etsy as the biggest-ever New York tech company exit.
MongoDB, which provides database management services, is backed by investors including Union Square Ventures, Sequoia Capital, New Enterprise Associates. The IPO values the company at almost $1.2B, falling short of the $1.6B valuation reached in 2015 after MongoDB raised its Series G.
This latest exit means 4 of New York’s top 10 largest venture capital-backed first exits over the last 6 years have taken place in 2017 year-to-date. All but one are B2B companies. (Our graphic includes the top 15 exits.)
Blue Apron is New York’s largest VC-backed tech exit since 2012. The public listing in June valued the company at almost $1.9B, well below its previous valuation as we noted in a previous post. Since then, Blue Apron’s share price has tumbled by almost 50%, hovering just above $5 as the company announced its plan to lay off 6% of its employees earlier this week.
The top exits are dominated by companies focused in media and advertising, social, financial services, data, retail, food delivery, and healthcare. These have all traditionally been important sectors in New York tech.
*Excludes exits from New Jersey and Connecticut.
Check out where NYC’s exit activity ranks against L.A. & Boston, here.