The California-based tech firms, Eventbrite and Upwork, have moved towards their public launch in the U.S. - a signal that high-value private companies are viewing the initial public offering (IPO) market as a potential avenue for capital.
Eventbrite is a global ticketing and event technology platform that allows event organizers to plan, promote, and sell tickets to events, while Upwork is a merger between freelancer sites Elance and oDesk, and plans to go public in the second half of 2018.
Eventbrite, so far, has processed more than $8 billion in gross ticket sales since its inception in 2006, and raised another $300 million since its founding. Some of its investors include Sequoia Capital, T. Rowe Price Group Inc. and Tiger Global, and according to Wall Street Journal reports, is currently valued at more than $1 billion.
Upwork, on the other hand, has collectively raised more than $100 million in funding from investors such as T. Rowe Price, Benchmark Capital, and FirstMark Capital.
Recently, bankers have even commented on a steady influx of what are called "bakeoffs", where "companies interview potential underwriters" to have them help prep for a potential IPO. Because of this flurry of new activity, marketers are anticipating the latter half of 2018 to be packed with IPO announcements.
If the ventures go forth with the IPO plan, they would join the ranks of a myriad of other private tech firms that have earned no small amount of capital after entering the new market - including Spotify, Dropbox, and Zscaler Inc.
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