Hello and welcome back to our regular morning look at private companies, public markets and the grey space in between.

Today we’re taking stock of a cohort of special companies: still-private startups that have reached $100 million in annual recurring revenue (ARR). Our goal is to understand which startup companies are actually exceptional. This late in the unicorn era, hundreds of companies around the world have reached a valuation of $1 billion, making the achievement somewhat pedestrian.

Reaching $100 million in ARR, however, still stands out.

We explored the idea earlier this week, citing Asana, Druva and WalkMe as private companies that recently reached $100 million ARR. In addition to that trio, Bill.com and Sprout Social, both of which went public this week, also crossed

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