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Southern California-based Procore said it has yet to determine neither the number of shares it plans to offer nor the price range. But it did list a proposed maximum offering price of $100 million. It also noted that it will list its common stock on the under the ticker symbol 鈥淧COR.鈥�

and J.P. Morgan Securities LLC are serving as joint lead book-running managers for the proposed offering.

Last September, we reported that an IPO could value 17-year-old Procore at more than $4 billion, according to , which cited 鈥減eople with knowledge of the matter.鈥� In December, we covered how the company had tripled its valuation to nearly $3 billion after raising a $75 million Series H from . That was up from a $1 billion valuation just two years prior when Procore raised $50 million in a round from . Since it was founded in 2003, Procore has , according to SA国际传媒 data.

Other previous backers include 听补苍诲

Last August, I reported on Procore acquiring its third startup in 12 months as part of its plan to broaden its offerings through mergers and acquisitions.

The numbers

Procore, which operates as a SaaS company, has seen impressive growth in recent years. As of August 2019, it had more than 1,800 employees, up 600 compared to a year ago, across 13 offices globally. Procore saw its annual recurring revenue surge from under $10 million in 2014 last August.聽

Last year, I talked with Procore Founder and CEO by phone about the company鈥檚 M&A strategy, and he told me then that was 鈥渏ust the beginning.鈥�

In its S-1, Procore shed more light on its financials. It revealed both increased revenue and net loss in 2019.聽 Specifically, the company鈥檚 revenue surged 55 percent in 2019 to $289.2 million compared with $186.4 million in 2018. At the same time, its net loss was up by 46.5 percent to $83.1 million in 2019 compared to $56.7 million in 2018.

Also, Procore revealed it had an accumulated deficit of $300.8 million at the end of last year.

Meanwhile, customer count nearly doubled from 4,310 at the end of 2017 to 8,506 at the end of 2019. It also has more than 1.3 million users.

Elusive profitability

Like other SaaS operators, Procore sells its products on a subscription basis for a fixed fee with pricing generally based on the number and mix of products and the annual construction volume contracted to run on its platform. As its customers subscribe to additional products, or increase the annual construction volume contracted to run on Procore鈥檚 platform, the company generates more revenue.

In citing its risk factors, Procore acknowledges a couple of things. Notably, it admits 鈥渢o a history of losses,鈥� and that it 鈥渕ay not be able to achieve or sustain profitability in the future.鈥� It also acknowledges that its business may be 鈥渟ignificantly impacted鈥� by changes in the 鈥渞elated reductions in spend across the construction industry.鈥� No doubt that a downturn resulting in a slowdown in development would be harmful to Procore鈥檚 business.

As we鈥檝e reported extensively, construction tech is one of those spaces that has not been considered traditionally sexy. It is, however, an industry that is growing both in terms of the number of companies receiving funding in the space and in terms of more mainstream investor interest. It鈥檚 also seeing more exits, as evidenced by this latest news.

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New investors and 1 co-led the round, which comes along with a new partnership with Salesforce.

Snowflake CEO Frank Slootman said in an interview with SA国际传媒 News that the company wasn’t looking to raise money, as it is “well-capitalized” and hasn’t really dipped into the last round it raised. But with the new partnership with Salesforce, it needed to find a way to bring its new partner to the cap table.

鈥淲e would not have raised a round if it hadn鈥檛 been for the partnership,” Slootman said.

He wouldn’t give details about what the partnership entails (they’ll share more information during its conference in June), but said the vast majority of Snowflake customers are also Salesforce customers, and the startup has been getting requests to work with Salesforce for years.

鈥淎t a high level, the partnership is about allowing Salesforce data to very easily, seamlessly, frictionlessly be shared on the Snowflake platform,” he said.

There won’t be any real operational changes with the new funding, Slootman said, but some of the equity will be converted to cash. The company finished its 2019 fiscal year with 174 percent year-over-year revenue growth.

For sure, $479 million is a huge sum to raise, and an impressive valuation–about triple what it was last valued (about $3.9 billion). It also makes Snowflake even more special and rare than a regular old unicorn, as it鈥檚 now reached decacorn status.

San Mateo, Calif.-based Snowflake has been steadily increasing its funding amounts until this point. So, in the spirit of nostalgia, let鈥檚 take a look back at its funding history.

The Money

Snowflake raised just under $1 million ($900,000 to be exact) in a 2012 seed round, before securing its $5 million Series A led by Sutter Hill Ventures in August 2012. Its Series B came a little over two years later in October 2014, with $26 million in a round led by Redpoint. You can see its funding history below in a neat chart made by our own Jason D. Rowley.

The company netted $79 million in a Series C round led by Altimeter Capital in June 2015, before it started raising supergiant rounds (we define those as rounds of $100 million or larger).

Snowflake raised a $105 million led by in September 2017, with a post-money valuation of about $500 million, according to SA国际传媒. It reached unicorn status around the time of its $263 million in January 2018. According to SA国际传媒, the company had a pre-money valuation of $1.2 billion at the time.

The rounds have only continued to get bigger with Snowflake鈥檚 last round being a $450 million led by in October 2018.

So what鈥檚 next for Snowflake? Slootman said an IPO would be next, but the company is in no hurry. The earliest Snowflake could go public would be July, but that doesn’t mean they will then.

“We鈥檙e very focused on the content itself, which means the data, and driving high-value data assets onto the platform, which is what we view Salesforce to be,” Slootman said. “That data is very valuable, not all data is created equal.”

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The financing values the Santa Clara, Calif.-based company at nearly $3 billion, it said, and brings its, according to SA国际传媒 data. Netskope鈥檚 last funding–a $168.7 million –closed in November 2018, propelling it to unicorn status.

New investors and participated in its latest round, as well as all existing investors including (which led its Series F), , , , , and .

Netskope describes itself as an alternative to “legacy, outdated security solutions that have failed to keep up with enterprises’ rapid adoption of new cloud and mobile technology, which have dissolved the ‘perimeter’ of a business’ network that traditional solutions were originally built for.”

Put more simply, Netskope鈥檚 Security Cloud offering aims to give companies visibility and real-time data and threat protection when accessing cloud services, websites and private apps from anywhere, on any device.

Netskope CEO said that when he started the company in 2012, 鈥渋t was clear that the cloud was changing everything, but few saw how it would disrupt security.鈥�

, managing partner at Sequoia Capital Global Equities, said his firm believes Netskope is the 鈥渦nrivaled leader driving innovation鈥� across cloud, data and network security.鈥�

Besides seeing 80 percent enterprise customer growth (25 percent of which is among the Fortune 100), the company says it has boosted its headcount by 50 percent with a focus on engineering and sales. Specifically, Netspoke says it has 1,000 customers and added 300 employees in less than a year’s time. It now has nearly 1,000 employees.

In addition to its new headquarters in Santa Clara, Netskope has opened new offices in Paris, S茫o Paulo, Seattle, New York, St. Louis, San Francisco and Tokyo. It鈥檚 also expanded into new markets including Australia, Singapore, Chile, Colombia, Brazil, Mexico, Italy, Spain and Germany.

As far as vertical markets are concerned, Beri told SA国际传媒 News that “there is not an industry that is immune to the security concerns” Netspoke addresses.

“That in mind, we continue to see massive uptake in regulated industries such as financial services, healthcare, and retail,” he said.

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