Klaviyo files to go public in latest sign of life for IPO market

Data and advertising automation firm Klaviyo on Friday turned the most recent tech firm to attempt to be part of the general public markets.

Klaviyo mentioned that it plans to checklist on the New York Stock Exchange underneath the image “KVYO,” in response to paperwork filed with the Securities and Exchange Commission.

Klaviyo follows grocery-delivery service Instacart’s long-awaited IPO submitting, additionally submitted on Friday. The corporations are attempting to pry open an IPO window that has been largely shut since late 2021. In December of that 12 months, software program vendor HashiCorp and Samsara, which develops cloud expertise for industrial corporations, went public, however there have been few important venture-backed tech IPOs since. Chip design big Arm, which is owned by Japan’s SoftBank, filed for a Nasdaq itemizing on Monday.

Founded in 2012, Klaviyo helps corporations retailer person information and construct profiles on them to ship focused advertising through e-mail, textual content messages and different channels. It bought its begin within the e-commerce trade by primarily serving on-line companies, although Klaviyo mentioned it is seeing rising demand from corporations in different verticals like eating places, journey, and occasions and leisure.

In its prospectus, Klaviyo reported web revenue of $15.2 million for the primary six months of the 12 months, in contrast with a web lack of $24.6 million throughout the identical interval a 12 months in the past. It had income of roughly $321 million for the primary half of the 12 months, vs. about $208 million within the first six months of 2022.

One of Klaviyo’s largest backers and sources of business is Shopify. The Canadian e-commerce big owns roughly 11% of Klaviyo’s shares, and invested $100 million within the firm final August. As of the tip of 2022, about 77.5% of Klaviyo’s annualized recurring income, or worth of its present paid subscriptions, was derived from clients who additionally use Shopify, the corporate mentioned. Klaviyo additionally has a partnership with Shopify the place it’s the “recommended email solution” for members of its Shopify Plus program. It additionally has integrations with different standard e-commerce platforms like LargeCommerce, Adobe’s Magento, and Salesforce Commerce Cloud.

Klaviyo mentioned it had greater than 130,000 clients as of June 30, in comparison with 105,000 clients a 12 months in the past.