The Exchange

Bootstrapping in 2021 goes a long way

The well-worn riff that it’s easier than ever to start a company today could be wed to the concept that it’s perhaps cheaper, too. That should bode well for bootstrapping.

It turns out fintech is worth as much as SaaS

The lesson appears to be that revenue growth matters more than near-term margins for fintech companies, allowing them to secure valuations that far surpass their final private marks.

Indications of a hot market abound as Freshworks, Toast price IPOs

Toast and Freshworks both raised their IPO ranges and priced above the raised interval. If you are looking for an indication that it's a good time to go public, this is it.

Really, this market isn’t good enough?

Klarna's CEO says he's 'nervous' to take the company public. But the public market for BNPL companies actually feels pretty strong at the moment.

Which VCs are set to make a killing in GitLab’s IPO

The GitLab debut is set to make a lot of funds material coin.

Divining the real value of my favorite fintech sub-niche 

Welcome back to The TechCrunch Exchange, a weekly startups-and-markets newsletter. It’s inspired by what the weekday Exchange column digs into, but free, and made for your weekend reading.

The value of software revenue may have finally stopped rising

Startups are raising record sums around the world, thanks to several contributing factors. But the free ride could be ending.

What could stop the startup boom?

Similar to how certain macroeconomic conditions have provided a long-term boost, a reversal of those conditions could do the opposite.

Forge’s SPAC deal is a bet on unicorn illiquidity

The total addressable market that Forge serves is growing by the day, with more and more unicorns being born and a steady drumbeat of unicorn IPOs doing little to clear the decks.

Atlanta’s sundry startups join in global VC funding boom

With around $3 billion invested in the first half of 2021, already around a 50% gain on 2020’s full-year figures, it’s clear Atlanta is seeing an unprecedented wave of venture investment.

Here’s what your BNPL startup could be worth

What would you pay for $1 of BNPL GMV?

Toast looks toward $18B valuation in upcoming IPO

If you were considering buying into Toast's IPO in hopes of having a say in its future, don't. You won't.

Tracking startup focus in the latest Y Combinator cohort

First, some housekeeping: Thanks to our new corporate parents, TechCrunch has the day off tomorrow, so consider this the last chapter of The Exchange for this week. (The newsletter will go out Saturda

What Amplitude’s choice to direct list says about its products, growth and value

The recent round followed by a quick direct listing means that we'll be able to mock Sequoia if Amplitude winds up worth more than $4.15 billion when it floats.

Inside Freshworks’ IPO filing

Let's dig into the company's historical growth, track Freshworks' changing profitability profile and check to see if its revenue quality is improving over time.

5 takeaways from Toast’s S-1 filing

Startup founders, take a minute to track Toast's revenue growth per category over time. Sometimes diversified offense is functional defense, it turns out.

Corporate venture capital follows the same trend as other VC markets: Up

We’ve seen non-venture funds flow into the later stages of startup land, pushing VCs toward earlier-stage and more venture-y deals. Why would CVCs be immune to the same trend?

Forbes jumps into hot media liquidity summer with a SPAC combo

Is it the most exciting debut? No. But it does highlight that with enough gumption, one can take a magazine business into the digital age and keep aggregate revenue growing. That's worth something.

D2C specs purveyor Warby Parker files to go public

Warby Parker has two main sales channels, largely attractive economics, falling losses and rising adjusted profitability. You could even argue it handled the pandemic well. So what's it worth? 

Boston’s startup market is more than setting records in scorching start to year

Boston is benefiting from larger changes to the U.S. venture capital market, helping close historical gaps in its startup funding market and access funds that previously might have skipped the region.
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