In a clear indication of current market conditions, only one of this year’s company drivers went public during the year, as IPOs have been and continue to be scarce. Similarly, the current fundraising environment is a far cry from the easier money that has defined the past two years. Still, past downturns have notoriously brought forth new generations of exceptional entrepreneurs and companies, as well as showcased the staying power of industry incumbents.
Amid an explosion of European competitors in all things delivery and logistics, DoorDash has remained at the forefront of this increasingly global industry and continued its penetration into the European market that began with its acquisition of Finnish startup Wolt in June 2022. UiPath, a process automation company that employs artificial intelligence methods to create robots that allow companies to automate certain administrative tasks, rocketed to a $29 billion valuation as a result of its April 2021 IPO, delivering handsome returns for early backers including Accel, Index Ventures and Seedcamp.
The company offers a full stack of products and services that enable businesses of all sizes to accept and process payments online, including credit and debit cards, e-wallets and bank transfers. At the time of its Series D, the company disclosed that it has been operating profitably for years, ultimately attracting an impressive roster of investors, including Altimeter, Dragoneer, Tiger Global, Ribbit Capital, Coatue Management and others.
The Stockholm-based music streaming platform is perhaps the most ubiquitous European company in a generation, with over 450 million monthly active users and 190 million premium subscribers as of October 2022. These results are even more impressive in light of the broader downturn in the streaming market. Spotify beat its own guidance for user growth and subscribers, posting its largest-ever Q3 growth in the most recent quarter.
The company has continued to deliver strong results throughout 2022, with consistently high top line growth and narrowing losses. In the past year, Monday.com opened regional headquarters in New York City and London and expanded its team in Tokyo. Just this month, the company’s internal studies reported that the majority of decision makers plan to increase software budgets next year in the US, UK and Australia. Monday.
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