Q3 2024 Reconstitution Update

The Prime Unicorn Index and Prime Unicorn 30 completed their quarterly reconstitution this week, and in this post, we will highlight the changes to index components. 

The total component count has increased to 210, with twelve companies being newly added to the Prime Unicorn Index and four companies dropping out. The Prime Unicorn 30 also saw two companies climb into the Index. For a more detailed view of these companies and the Index, check out the Q3 Reconstitution Reports at the end of this post.

Outgoing

Functional Software Inc., Bolt Financial Inc., and Mark43 Inc. were removed from the Index as their valuations fell below the $1 billion threshold last quarter, causing them to lose eligibility.

Maplebear Inc., the parent company of Instacart, was also removed from the Index after going public earlier this year. Public companies lose eligibility six months after going public to mirror the lockup period many venture capital firms face. 

Alongside Maplebear, Cityblock Health Inc. fell out of the Prime Unicorn 30. Its Index Rank dropped from 19thlast quarter to 136th, putting the company well outside the Top 30. 

Incoming

Coreweave and Rubrik, Inc. each saw big valuation jumps last quarter, and are now ranked 3rd and 16th in the index, respectively. These are the two new additions to the Prime Unicorn 30, replacing Maplebear and Cityblock Health. 

As mentioned previously, the Prime Unicorn Index saw twelve new additions in the Q3 Reconstitution:

Workrise Technologies Inc., formerly known as RigUp, specializes in connecting skilled laborers with job opportunities in various industries through their innovative workforce management platform. The company was last valued at $3.06 billion after raising $300 million in its Series C round. Workrise’s investors include The Founders Fund, Andreessen Horowitz, Baillie Gifford & Co., Franklin Templeton, and Bedrock Capital partners, among others.

Sourcegraph, Inc. provides products such as Sourcegraph Editor that allow for editing, searching, and reviewing codes. Last valued at $2.61 billion, the company completed a 10-for-1 stock split and raised $125 million in its Series D round, where Andreessen Horowitz, Insight Venture Partners, and Geodesic Capital participated. Previous investors include Sequoia Capital, Redpoint Ventures, Goldcrest Investments, Craft Ventures, and others. 

Skydio, Inc. specializes in developing advanced autonomous drones for a range of purposes, including inspection, public safety, and filmmaking. Skydio raised $230 million in its Series E round, with participation from Andreessen Horowitz, next47, IVP, NVIDIA GPU Ventures, Linse Capital, and DoCoMo Capital. The company was last valued at $1.98 billion and completed a 5-for-1 stock split at the time of its Series E round.

ZenBusiness Inc. offers services to assist small businesses with formation, compliance, and financial management; it has successfully assisted in the creation of over 500,000 businesses since its founding in 2017. Its last fundraising round was a Series C round in 2021, which raised $200 million and gave the company a valuation of $1.44 billion. ZenBusiness’ investors include Greycroft Partners, Softbank Vision Fund 2, Cathay Innovation, Oak HC/FT Partners, ATX Venture Partners, Lerer Hippeau Ventures, and others. 

Movable, Inc., also known as Movable Ink, focuses on providing innovative marketing technology to assist businesses in creating personalized, dynamic content for emails and other digital channels. The company was last valued at $1.39 billion following a $52.32 million Series D round in 2022. Movable’s investors include Intel Capital, Contour Venture Partners, Silver Lake Waterman, ff Venture Capital, and others.

Prove Identity, Inc. offers advanced identity verification and authentication to enhance security and streamline digital transactions. Last valued at $1.31 billion, Prove raised $40 million in its Series I round last October. The company has received investments from Capital One Ventures, MassMutual Ventures, Synchrony Financial, Opus Capital, Wellington Management Company, Blue Ventures, and Apax Partners, among others. 

Pipe Technologies Inc. provides innovative financial solutions that allow businesses to access future revenue upfront, transforming their cash flow management. Pipe was last valued at $1.31 billion after raising $240 million in its Series 1.3 round. The company’s investors include Greenspring Associates, Counterpoint Global, SBI Investment Company, CreditEase, Time Ventures, and others.

BillionToOne Inc. develops innovative genetic testing technologies and has a goal of replacing amniocentesis, an invasive and risky procedure that has a high miscarriage risk, with a safe and affordable blood test. After raising $130 million in its Series D round in June, BillionToOne was valued at $1.24 billion. The round had participation from Libertus Capital, Fifty Years, Adams Street Partners, Hummingbird Ventures, Baillie Gifford & Co., Neuberger Berman, Premji Invest, and Civilization Ventures, many of whom were previous investors.

Icertis, Inc. provides organizations with a contract lifecycle management platform for management, analysis, and optimization of contracts. Last valued at $1.24 billion, Icertis’ Series F round raised $72.5 million back in 2021. Investors include B Capital Group, Greycroft Partners, Premji Invest, Meritech Capital Partners, PSP Partners, e.ventures, Eight Road Ventures, and others.

Our Next Energy, Inc., or ONE, is known for two main products, Aries and Gemini, which aim to improve the range and cost-effectiveness of electric vehicle batteries while eliminating the need for nickel and cobalt. ONE raised $300 million in its Series B round last February, and the company is valued at $1.17 billion with investments from Fifth Wall, Franklin Templeton, Riverstone Holdings, Coatue, BMW i Ventures, and Temasek Holdings, among others. 

Roadrunner Recycling, Inc. leverages AI and machine learning to provide businesses with customized, efficient, and sustainable waste and recycling solutions. Roadrunner raised $90 million in its Series D round back in 2022, giving the company a valuation of $1.13 billion. Investors include Fifth Wall, General Atlantic, e.ventures, Greycroft Partners, and Valo Ventures. 

Sigma Computing, Inc., previously known as Bitmoon Computing, has built a cloud-based analytics platform to assist businesses with data analysis and creation of visualizations. Last valued at $1.11 billion, Sigma raised $200 million in May in its Series D round. Sigma’s investors include Spark Capital, Avenir Growth Capital, D1 Capital Partners, XN-Ventures, Altimeter Capital, Sutter Hill Ventures, Snowflake Ventures, and NewView Capital, among others.

Click here to view the Prime Unicorn Index Q3 Reconstitution Report and here for the Prime Unicorn 30 Q3 Reconstitution Report.