Meituan Dianping, Spotify, and GitHub are among several billion-dollar companies that either went public or were acquired in 2018.
From e-commerce to software to payments, several companies with $1B+ valuations before exit were acquired or went public in 2018.
Among the 26 companies that either went public or were acquired, the 3 largest exits were of China-based companies Meituan Dianping, Xiaomi, and Pinduoduo. Spotify and Flipkart round out the top 5 unicorn companies to exit, with both reaching $20B+ valuations.
Using CB Insights data, we identified the startups with a $1B+ valuation that exited in 2018. Below are more details on the companies, ranked by exit valuation.
Exit Valuation: $55B (IPO)
Total Funding: $7.3B
Company Description: China-based Meituan Dianping is an e-commerce platform which offers a range of services, from on-demand delivery to car-hailing to travel booking, and more.
Select Investors: Baillie Gifford & Co., China Development Bank Capital, Coatue Management, Hillhouse Capital Management, IDG Capital, Temasek Holdings, Tencent Holdings, Tiger Global Management
Exit Valuation: $54B (IPO)
Total Funding: $3.48B
Company Description: Xiaomi is a Chinese electronics company based out of Beijing. The company develops smartphones, mobile apps, and laptops, among other products.
Select Investors: Credit Suisse, Deutsche Bank, DST Global, GGV Capital, Goldman Sachs, IDG Capital, J.P. Morgan Chase & Co., Morgan Stanley, Qualcomm Ventures, Temasek Holdings
Exit Valuation: $29.6B (IPO)
Total Funding: $110M
Company Description: Pinduoduo provides an online platform for buying a wide range of products. It allows users to band together with friends and family to make group purchases at lower prices.
Select Investors: Cathay Innovation, Gaorong Capital, IDG Capital, Lightspeed China Partners, New Horizon Capital, Sequoia Capital China, Tencent Holdings
Exit Valuation: $29.5B (IPO)
Total Funding: $2.27B
Company Description: Spotify is a music streaming service that provides on-demand access to songs across a range of digital devices.
Select Investors: Deutsche Bank, DIG Investment, Fidelity Investments, Kleiner Perkins Caufield & Byers, Morgan Stanley, Tencent Holdings, The Coca-Cola Company, Tiger Global Management, TPG Capital
Exit Valuation: $20.8B (Acquired by Walmart)
Total Funding: $6.12B
Company Description: Flipkart is an Indian e-commerce company which sells a wide range of products, from clothing to electronics to home appliances, and more.
Select Investors: Accel, ICONIQ Capital, Microsoft, Qatar Investment Authority, SoftBank Group, T. Rowe Price, Tencent Holdings, Tiger Global Management
Exit Valuation: $12.6B (IPO)
Total Funding: $1.7B
Company Description: San Francisco-based Dropbox provides cloud storage for both personal and enterprise use cases.
Select Investors: Accel, Bank of America Merrill Lynch, Benchmark, Deutsche Bank, Greylock Partners, Index Ventures, J.P. Morgan Chase & Co., Salesforce Ventures, Sequoia Capital, Y Combinator
Exit Valuation: $8.36B (IPO)
Total Funding: $266M
Company Description: Adyen is a global payments platform helping businesses to accept e-commerce, mobile, and point-of-sale payments.
Select Investors: Felicis Ventures, General Atlantic, ICONIQ Capital, Index Ventures, Temasek Holdings
Exit Valuation: $7.5B (Acquired by Microsoft)
Total Funding: $350M
Company Description: GitHub is a software development platform based out of San Francisco. The company allows users to host and review code, manage projects, and build software.
Select Investors: Andreessen Horowitz, Institutional Venture Partners, Microsoft, Sequoia Capital, SV Angel, Thrive Capital
Exit Valuation: $7.46B (IPO)
Total Funding: $1.97B
Company Description: Moderna Therapeutics is a biotechnology company focused on drug discovery and drug development based on messenger RNA. The company saw a down exit, having fallen from it’s previous valuation of $7.5B.
Select Investors: AstraZeneca, BB Biotech Ventures, Bill & Melinda Gates Foundation, DARPA, Fidelity Investments, Merck & Co., Sequoia Capital China
Exit Valuation: $4.41B (IPO)
Total Funding: $513M
Company Description: San Francisco-based DocuSign provides electronic signature technology and digital transaction management services.
Select Investors: Accel, Bain Capital Ventures, Bessemer Venture Partners, Dell Technologies Capital, Deutsche Telekom Capital Partners, Google Ventures, Samsung Ventures
Exit Valuation: $4.28B (IPO)
Total Funding: $610M
Company Description: GreenSky is a digital lending platform that partners with home contractors, specialty retailers, and healthcare professionals to offer consumers point-of-sale financing. The company reached a previous valuation of $4.5B, making its IPO a down exit.
Select Investors: Dragoneer Investment Group, DST Global, Fifth Third Bank, ICONIQ Capital, Pacific Investment Management Co., QED Investors, TPG Capital, Wellington Management
Exit Valuation: $4.2B (IPO)
Total Funding: $702M
Company Description: UK-based Farfetch is a luxury e-commerce platform.
Select Investors: Advent Venture Partners, Conde Nast, DST Global, Eurazeo, Felix Capital, IDG Capital, Index Ventures, JD.com, Temasek Holdings, Vitruvian Partners
13. Pivotal Software
Exit Valuation: $3.76B (IPO)
Total Funding: $758M
Company Description: Pivotal Software is a cloud software company which provides tools for developers to build software.
Select Investors: Dell EMC, Ford Motor Company, General Electric, Microsoft, VMware
Exit Valuation: $3.7B (IPO)
Total Funding: $162M
Company Description: Mercari is a Japanese e-commerce company which allows users to buy and sell a variety of products.
Select Investors: East Ventures, Global Brain Corporation, Globis Capital Partners, GMO VenturePartners, Mitsui & Co., World Innovation Lab
15. Avast Software
Exit Valuation: $3.27B (IPO)
Total Funding: $100M
Company Description: Avast Software offers cloud-based security for Microsoft Windows, macOS, Android, and iOS.
Select Investors: CVC Capital Partners, Summit Partners
16. Duo Security
Exit Valuation: $2.35B (Acquired by Cisco)
Total Funding: $122M
Company Description: Duo Security provides a software-as-a-service (SaaS) security platform to help organizations defend against breaches.
Select Investors: Benchmark, Cisco Systems, Google Ventures, Index Ventures, Lead Edge Capital, Meritech Capital Partners, Redpoint Venture
Exit Valuation: $2.2B (Acquired by PayPal)
Total Funding: $325M
Company Description: iZettle offers point-of-sale devices.
Select Investors: American Express, Dawn Capital, Index Ventures, Intel Capital, MasterCard Worldwide, Santander InnoVentures
Exit Valuation: $2.1B (IPO)
Total Funding: $200M
Company Description: Qutoutiao runs an app-based news aggregation service that curates content for individual users. The company went public in September 2018, just 6 months after it reached unicorn status.
Select Investors: Tencent Holdings, Shunwei Capital Partners, Xiaomi, Lighthouse Capital, Redpoint Ventures China
Exit Valuation: $2B (Acquired by AT&T)
Total Funding: $394M
Company Description: AppNexus is a global internet technology company which operates a marketplace for digital advertising. The company was acquired for less than its previous valuation of $2.2B, making it a down exit.
Select Investors: Coriolis Ventures, Deutsche Telekom Capital Partners, First Round Capital, Microsoft, News Corp, Venrock
20. Funding Circle
Exit Valuation: $1.96B (IPO)
Total Funding: $640M
Company Description: Funding Circle is a direct lending platform for business loans, allowing investors to lend directly to small businesses. The company went public at a lower valuation than its previous $2B, making it a down exit.
Select Investors: Accel, Baillie Gifford & Co., BlackRock, Index Ventures, Rocket Internet, Sands Capital, Temasek Holdings, Union Square Ventures
Exit Valuation: $1.76B (IPO)
Total Funding: $224M
Company Description: Eventbrite provides online event management and ticketing services.
Select Investors: DAG Ventures, Global Founders Capital, Sequoia Capital, Square, SV Angel, T. Rowe Price, Tiger Global Management
Exit Valuation: $1.65B (IPO)
Total Funding: $72M
Company Description: MedMen is a cannabis company that operates in cultivation, manufacturing, and retail.
Select Investors: Cap-Meridian Ventures, Captor Capital, N Squared Management
Exit Valuation: $1.47B (IPO)
Total Funding: $732M
Company Description: Babytree is a Beijing-based online parenting platform that allows users to blog about their parenting experiences, share photos and videos, and exchange tips with other parents. The company went public a few months after reaching a $2.19B valuation, making its IPO a down exit.
Select Investors: Matrix Partners China, TAL Education Group, Jumei International Holdings, Fosun International, Alibaba Group
Exit Valuation: $897M (IPO)
Total Funding: $238.7M
Company Description: Pluralsight is an enterprise learning platform. The company had a $1B+ valuation prior to going public, making it a down exit.
Select Investors: Insight Venture Partners, ICONIQ Capital, Felicis Ventures, GSV Advisors, Sorenson Capital, Rethink Education
Exit Valuation: $465M (Acquired by Paddy Power Betfair)
Total Funding: $417.5M
Company Description: US-based Fanduel is a daily fantasy sports provider. The company was acquired for less than its previous valuation of $1.19B, making it a down exit.
Select Investors: Pentech Ventures, Piton Capital, Bullpen Capital, Comcast Ventures, NBC Universal, KKR
Exit Valuation: $455.5M (IPO)
Total Funding: $698.2M
Company Description: Domo is a SaaS business intelligence platform. The company went public at a lower valuation than its previously held $2.7B, making it a down exit.
Select Investors: Andreessen Horowitz, Benchmark, Bezos Expeditions, Fidelity Investments, Founders Fund, GGV Capital, Greylock Partners, Meritech Capital Partners, Morgan Stanley
This report was created with data from CB Insights’ emerging technology insights platform, which offers clarity into emerging tech and new business strategies through tools like:
- Earnings Transcripts Search Engine & Analytics to get an information edge on competitors’ and incumbents’ strategies
- Patent Analytics to see where innovation is happening next
- Company Mosaic Scores to evaluate startup health, based on our National Science Foundation-backed algorithm
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