With Casper’s public offering earlier this week, we’ve closed the book on the first two venture-backed IPOs of note in 2020. Casper, joined by One Medical, carried over $870 million of private capital, venture and otherwise, across the finish line.
Even though each IPO featured an unprofitable tech-enabled business that had posted sub-30% growth and gross margins under 50% (far more, in the case of One Medical), they wound up miles apart in terms of their market reception and resulting valuation, measured in revenue multiples terms.
So what can we learn from the two IPOs as we look ahead to other unicorn debuts in 2020? A great number of things that help set the stage for the rest of 2020’s IPO class. Let’s discuss three