With Crowdstrike about to go public, we thought it would be interesting to look at a few companies in the Prime Unicorn Index that are in the same industry niche. We’ve compared 7 companies by valuation, investment amount, and price per share by round of financing. Last, we take a look at Crowdstrike’s valuation vs. revenue.
Valuation: Crowdstrike and Tanium lead the way in terms of valuation. Tanium claims to be worth closer to $6 billion, but that is after a few common stock rounds that we cannot currently confirm the price for. Therefore, we are going to keep Tanium at a conservative $3.85 billion post-money after their Series G round. Crowdstrike comes in at $3.27 billion post-money valuation after their Series E round in June 2018.
Investment Amount: Crowdstrike and Lookout both raised around $200 million in their last round of financing. If you look at total investments, Tanium has raised around $287 in preferred stock rounds and around $300 million in their most recent common stock rounds. Crowdstrike’s total investments come in around $487 million and Lookout comes in at $330 million.
Price Per Share: Crowdstrike’s most recent preferred stock price per share was $16.46, and has had all up rounds of financing (meaning the most recent price per share was higher than the previous). Venafi had two down rounds with their Series C and D, but were able to bring it back up with Series E, F, F-1 and G (Series G price per share is $2.6627).
Crowdstrike’s Revenue Multiple: On the heels of Crowdstrike’s IPO it is interesting to note the revenue multiple, if you were to compare the Series E valuation with the 1/31/2019 revenue reported on their S-1 it puts them at a 13X multiple. If you were to compare the same Series E valuation against the 1/31/2018 revenue it would give them a 28X multiple. Being their year ended is in January it can make you look at the numbers in two ways. A more conservative approach would be to stick with the 13X, and see what happens when they debut.
The Prime Unicorn Index provides a unique opportunity for institutional investors to access a fair representation of the private markets where they can make an investment on the future of their portfolios, whether they want to go long or short.
Additionally, the Index provides up-to-date empirical data used to track today’s private capital markets and offer ways to offset exposure in regard to direct private market investments by taking advantage of the trading opportunities presented by Prime Unicorn Index.
Please email us here for information on trading opportunities with the Index.
Bloomberg Ticker: PUNICORN
Reuters Ticker: .PUNICORN