Where Are They Now? … 13 Big Startups That Haven’t Raised Since 2013

In April, Slack CEO Stewart Butterfield said, “this is the best time to raise money ever.”

But despite the flood of deals creating new unicorns, some startups anointed with nine-figure valuations just a couple of years ago are sitting quietly on the sidelines. Using CB Insights data, we identified 13 venture-backed companies previously valued at $100M+ that haven’t raised a new funding round since 2013 or earlier.

Some on the list are already moving toward a new round — or exit. Of note, Andreessen Horowitz-backed GitHub is reportedly seeking new funding at a $2B valuation, while ZocDoc was reportedly raising funding at a $1.3B valuation last July. Meanwhile, Flipboard, which last raised at a $800M valuation in 2013, has reportedly been in talks with Twitter about a potential acquisition.

Others appear to be in a more precarious position. For example, customer identity-management company Jumio recently swapped CEOs after a reported investigation into financial bookkeeping issues.

Together, these 13 companies have raised $1.23B in aggregate funding and carry an aggregate value of $9.1B. The full list of companies is below, along with some notes on their current outlook.

13 Nine-Figure Startups That Haven’t Raised Since 2013

Company	Date of Last Funding	Last Disclosed Valuation	Select Investors	Outlook
	May-13	$600M	Madrona Venture Group, Shasta Ventures, Greylock Partners, Andreessen Horowitz	In March, on-demand business IT company Apptio lost its CFO to Amazon but recently promoted co-founder Kurt Shintaffer to the position. The company also added VPs of finance and investor relations, which could signal its long-rumored IPO is in the works.
	Jul-12	$280M	Benchmark, Andreessen Horowitz, Founders Fund	Task-management software company Asana has aspirations as an “email killer,” but these have seen fast competition from Slack and others. Asana last raised funding in 2012, but it says it came in ahead of target on 2014 revenue goals.
	Dec-12	$1B	Venrock, NEA, Pelion Venture Partners, Union Square Ventures	Web traffic and security services provider Cloudflare plans to go public in 2016, its CEO Matthew Prince said in March 2015. Prince added that Cloudflare is on track for a $100M annual run-rate by year’s end.
	Jun-13	$3.1B	Insight Venture Partners, Andreessen Horowitz, Temasek, Alibaba	Sports merchandise e-commerce site Fanatics just hired new CFO Lauren Levitan, who previously spent time as a retailer and industry analyst, which may signal a future offering in the next 12-24 months.
	Dec-13	$800M	Kleiner Perkins, Index Ventures, SV Angel, Insight Venture Partners	News-reader app Flipboard was reportedly in talks with Twitter for a potential acquisition offer as high as $1B.
	Jul-12	$750M	Andreessen Horowitz	Bloomberg reports that social-coding platform GitHub is seeking to raise about $200M at a valuation near $2B.
	May-12	$130M	Andreessen Horowitz, Felix Investments, Citi Ventures	Jumio CEO Daniel Mattes has reportedly resigned following an investigation into financial irregularities. The customer identity management company has raised more than $36M in venture capital but not since 2012.
	Feb-10	$150M	Union Square Ventures, Thrive Capital, Lowercase Capital	In 2012, Kickstarter CEO Perry Chen said, “We don’t ever want to sell this company, we don’t ever want to IPO.” More recently, $529M was pledged to KS projects in 2014. The company takes a 5% fee.
	Apr-13	~$350M	Flybridge Capital Partners, Insight Venture Partners, Redpoint Ventures	English-learning startup Open English has raised nearly $120M in venture capital but faced stiff competition from language-learning such as Duolingo, which recently raised at a valuation of $470M.
	Dec-11	$300M	Founders Fund, Revolution Ventures, Polaris Partners	This month, Quantcast named former Bazaarvoice CEO Stephen Collins as its new CFO. The ad-tech firm also acquired Nordic ad platform Ad Performance in June to help expand into new markets.
	Jan-11	$370M	Sequoia Capital	Fashion accessories e-commerce company reportedly did $220M in revenue in 2013. In January, the company introduced a move into skincare with its new EVER skincare line.
	Mar-13	$600M	Bessemer Venture Partners, Draper Fisher Jurvetson, Icon Ventures	Local internet marketing and ad-software firm Yodle filed for IPO in July 2014 and revealed a ~$180M revenue run rate, but has since postponed its offering indefinitely.
	Aug-11	$700M	Khosla Ventures, Bezos Expeditions, Founders Fund	Last June, doctor scheduling platform ZocDoc was reportedly raising $150M at a valuation of $1.6B however the financing and valuation have yet to be confirmed.

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