The Prime Unicorn Index benchmark, the standard bearer for private markets benchmarking, tracks post-money valuations for U.S-based, VC-backed private companies. Reflecting the broader private market, the Index is down 6.79% year to date.
Last week, we covered recent down rounds among components of the Prime Unicorn Index, showcasing the gloomy outlook in the private markets. However, this week, we will cover companies going against this trend, such as Rarefied Atmosphere, Inc.
Rarefied Atmosphere, Inc. (DBA: Atmosphere TV) delivers streaming TV services developed to supply TV programs that can be enjoyed without the necessity of audio, specifically designed for commercial enterprises. This company’s platform features channels curated precisely for TV displays present in locations like eateries, fitness centers, and hospitality establishments. Additionally, it incorporates a feature for digital signage that lets businesses circulate their internal promotional materials in conjunction with the provided content. This service allows businesses to access channels loaded with endless hours of entertainment, updated on a weekly basis. It is also a component of the Prime Unicorn Index, the standard bearer for private markets benchmarking.
Before its most recent round, Atmosphere had raised four times in Series A, Series A-1, Series B, and Series C preferred rounds. It raised its Series A round on March 6, 2020, at $1.85 per share, with participation from Capstar Capital, S3 Ventures, and Valor Equity Partners. It raised its Series A-1 on October 15, 2020, at $2.70 per share, with participation from S3 Ventures and Valor Equity Partners. It raised its Series B on April 22, 2021, at $11.63 per share, led by Valor Equity Partners. Atmosphere raised its Series C on January 4, 2022, at $30.13 per share, led by Sageview Capital, with participation from S3 Ventures and Valor Equity Partners.
Atmosphere most recently raised $65M in a Series D round on February 7, 2023, with participation from S3, Sageview, and Valor Equity. This valued the company at roughly $1.46 billion at a preferred price per share of $35.35, making it a newly minted unicorn in a period defined by down rounds.
See how Atmosphere is performing against the Prime Unicorn Index below.
