and Dbt Labs were among the biggest names that skyrocketed in valuation. The most in-demand startups raised money in ways previously unfathomable, like securing three rounds of funding within 12 months or obtaining a billion-dollar valuation before revenue had reached $1 million.
His sentiment echoes a belief common among founders and investors across the ecosystem that consolidation is coming. Mike Volpi, a partner at Index Ventures, predicts that Databricks and Snowflake—a former No. 1 on the Cloud 100 which is now among the most resilient public software stocks, with a market cap of $54 billion—could eventually try to gobble up unicorns like Fivetran and Starburst Data , the latter in which he is an investor. Smaller companies, then, could be even easier targets.
Handy says he also plans to launch fewer big projects. “Let’s get better at what we’ve already launched,” he says. “If you make these small adjustments in plans, they actually matter a lot,” he says, adding that “we have not and will not do layoffs.” Airbyte will likely need to reach $50 million in revenue to guarantee a flat round under current market conditions, says Altimeter partner Jamin Ball, who was a lead investor on the latest funding round. The startup, which helps customers transport data from one place to another, hauled in $181 million in three rounds between March and December of last year. The Series B stage company started with an open-source approach before launching its first paid product in April.