In latest tech IPO bid, SurveyMonkey formally files to go public
Seeking to raise at least $100 million and probably more, SurveyMonkey Inc. today formally filed to go public following the submission a S1 draft registration statement in June.
Founded in 2009, the company offers a cloud-based online survey and questionnaire tool that has become synonymous with online surveys in the same way as Google with search.
SurveyMonkey said that in the first half of 2018 that it had a $27.18 million net loss on $121.2 million in revenue, compared with a $19.1 million net loss on $106.5 million in revenue in the first half of 2017.
Losses at the company are narrowing year-on-year, with a loss of $24 million for the calendar year 2017 on $218.8 million in revenue, versus a $76.4 million loss on $207.3 million in revenue in 2016.
How much SurveyMonkey has raised coming into its IPO is not clear. TechCrunch reported the company has raised “some $600 million” across several rounds of equity funding from investors. Crunchbase pegs the figure at $1.1 billion, but that includes two rounds of debt financing, including $100 million in 2010.
Tiger Global, the led investor in previous rounds, owns 29.3 percent of the company. with tennis player Serena Williams and Facebook Inc. Chief Operating Officer Sheryl Sandberg sitting on the company’s board. Sandberg’s relation with SurveyMonkey goes back many years with her husband Dave Goldberg serving as the company’s chief executive officer between 2009 and his death in 2015.
Current CEO Zander Lurie mentioned Goldberg specifically in the U.S. Securities and Exchange Commission filing, writing that “SurveyMonkey embodies who Dave was as a person — curious, helpful, approachable and at the same time powerful. Our strong company culture and business were shaped by his leadership…. Anyone who knew Dave will understand how devastating it was for the company — for all of Silicon Valley, actually — to lose such a visionary. Organizations that suffer that sort of shock can either unravel or rally. We rallied. I believe the company is more empathetic, more resilient and more determined because of Dave’s life and death.”
Before this filing, Eventbrite was the most recent company to file for a public offering, in what has been a strong year for IPOs so far.
SurveyMonkey plans to list on the Nasdaq under the stock ticker SVMK. An IPO date has not been set and the amount raised may change prior to the float. JP Morgan, Allen and Co. and BofA Merrill Lynch are underwriting the offering.
Photo: infomatique/Flickr
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