Editor’s note: This post has been updated to add startups that were not initially included in the list. Icertis’ valuation was also updated.
Another day, another unicorn spotting.
These once elusive creatures of the corporate world — privately-held companies valued at a $1 billion or more — certainly are plentiful these days.
Just this week, GeekWire reported on another Seattle startup — 5-year-old recruiting tech platform SeekOut — joining the unicorn club. And then today, another blockbuster unicorn boosted its valuation, with Seattle-based sales engagement software company Highspot raising $248 million at a $3.5 billion valuation.
The velocity at which these startups are raising money at lofty valuations is mind boggling, with many longtime watchers of the startup ecosystem saying they’ve never seen an investment pace at this level. In fact, global venture capital investments more than doubled last year, reaching an all-time record level of investment $621 billion. More than half of that haul — $311 billion — went to U.S. companies, according to CB Insights which called the past year “bonkers.”
Unicorn startups aren’t just frolicking in the mossy-covered Northwest. There are 959 startups around the world now with valuations of $1 billion or more. That’s up by 69% over 2020 levels, meaning 517 new unicorns joined the club last year, CB Insights reported.
Before we learn more about the current crop of Seattle area unicorns, a few interesting facts about this group of 16:
- None of the Seattle area unicorns boast a female or Black CEO, a disappointing statistic that signals how the venture and startup community has a long way to go to diversify.
- Microsoft’s lineage runs deep. Of the 16 companies on the list, 10 of the companies employ CEOs who spent time at the software giant, many in high-level executive roles.
- When we compiled the Seattle area unicorn list in December 2020, there were 10 startups. That list dropped by three last year when Remitly and Sana Biotechnology completed their initial public offerings and Auth0 sold to Okta for $6.5 billion.
- Even with that attrition, this year’s list has grown to 16, meaning nine new unicorns were minted in 2021.
- Enterprise software still rules the roost in the region. Eleven of the 16 companies sell their wares to other businesses. Can you name the five other startups? (Hint: They are in the real estate, consumer internet, transportation, clean tech and gaming categories).
- And most amazingly: Together, this group of 16 Seattle area unicorn companies raised a whopping $2.5 billion in the past 12 months. To put that number in perspective, that compares to a grand total of $2 billion that every Washington startup — 175 in total — raised in all of 2018. And that annual haul was the highest since 2000. It’s safe to say: There’s a lot of money sloshing around.
Now, without further ado, let’s meet the 16 unicorn startups.
Amperity
- Industry: Enterprise customer data
- GeekWire story from July 2021: Amperity is Seattle’s latest unicorn with $100M round to supercharge its customer data platform
- Co-founder and CEO: Kabir Shahani, former CEO of Appature.
- Valuation: $1.1 billion (as of July 2021)
- GeekWire 200 rank: No. 52
- Founded: 2016
Convoy
- Industry: Trucking and logistics
- GeekWire story from Nov. 2019: Convoy raises $400M at $2.7B valuation amid trucking recession and Uber Freight competition
- Co-founder and CEO: Dan Lewis, former general manager of new shopping experiences at Amazon.
- Valuation: $3.96 billion (as of Sept. 2021)
- GeekWire 200 rank: No. 6
- Founded: 2015
Chronosphere
- Industry: Data observability software
- GeekWire story from October 2021: Led by founders who met at Microsoft, Chronosphere lands $200M, reaches unicorn status
- Co-founder and CEO: Martin Mao, former engineering manager at Uber who also worked in technical roles at Amazon, Microsoft and Google.
- Valuation: $1.3 billion
- GeekWire 200 rank: Unranked
- Founded: 2019
Helion
- Industry: Fusion energy
- GeekWire story from Nov. 2021: As interest in fusion energy ignites, Helion lands $500M from OpenAI CEO, Facebook co-founder
- Co-founder and CEO: David Kirtley, former principal investigator and fusion lead at MSNW and former research scientist at the Air Force Research Laboratory
- Valuation: $3.7 billion (as of Nov. 2021)
- GeekWire 200 rank: Unranked
- Founded: 2013
Highspot
- Industry: Sales enablement software
- GeekWire story from Jan. 2022: Highspot raises $248M at $3.5B valuation as demand rises for software that helps salespeople
- Co-founder and CEO: Robert Wahbe, former corporate vice president in the server and tools division of Microsoft.
- Valuation: $3.5 billion (as of January 2022)
- GeekWire 200 rank: No. 14
- Founded: 2012
Icertis
- Industry: Sales contract management software
- GeekWire story from March 2021: Seattle-area startup Icertis now valued at $2.8 billion after fresh $80M round
- Co-founder and CEO: Samir Bodas, ex-CEO of Aztecsoft, Disha Technologies and ex-director at Microsoft.
- Valuation: $5 billion (as of October 2021)
- GeekWire 200 rank: No. 3
- Founded: 2009
Karat
- Industry: Hiring and recruiting
- GeekWire story from Oct. 2021: Technical interviewing startup Karat reaches $1.1B valuation as another unicorn emerges in Seattle
- Co-founder and CEO: Mohit Bhende, former senior director at Microsoft’s Xbox unit.
- Valuation: $1.1 billion (as of Oct. 2021)
- GeekWire 200 rank: No. 45
- Founded: 2014
OfferUp
- Industry: Used goods marketplace
- GeekWire story from March 2020: OfferUp raises $120M, will acquire rival Letgo; OLX Group to own 40% of combined entity
- CEO: Todd Dunlap, former managing director of North America at Booking.com and former vice president of consumer and online at Microsoft.
- Valuation: $1.4 billion (as of Aug. 2019)
- GeekWire 200 rank: No. 9
- Founded: 2011
Outreach
- Industry: Sales engagement software
- GeekWire story from June 2021: Outreach lands $200 million, pushing valuation of sales software startup to $4.4 billion
- Co-founder and CEO: Manny Medina, former director of business development at Microsoft.
- Valuation: $4.4 billion (as of June 2021)
- GeekWire 200 rank: No. 5
- Founded: 2014
Place
- Industry: Real estate
- GeekWire story from Nov. 2021: Real estate startup Place comes out of nowhere with $100M round, led by Goldman at $1B valuation
- Co-founders: Ben Kinney, former owner of Active Rain and co-founder of Brivity. Chris Suarez, CEO of PDX Property Group.
- Valuation: $1 billion (as of Nov. 2021)
- GeekWire 200 rank: Unranked
- Founded: 2019
Qumulo
- Industry: Cloud data storage
- GeekWire story from July 2020: Seattle’s newest billion-dollar startup: Qumulo reaches unicorn status with $125M round
- CEO: Bill Richter, former president of Isilon storage division at EMC.
- Valuation: $1.2 billion (as of July 2020)
- GeekWire 200 rank: No. 22
- Founded: 2012
Rad Power Bikes
- Industry: Electric bikes
- GeekWire story from Oct. 2021: Rad Power Bikes lands $154M, its second mega round this year, to boost e-bike business
- Co-founder and CEO: Mike Radenbaugh, former director of product development at GolfBoard.
- Valuation: $1.65 billion (as of Oct. 2021)
- GeekWire 200 rank: No. 13
- Founded: 2007
Rec Room
- Industry: Gaming
- GeekWire story from Dec. 2021: Seattle VR startup Rec Room raises $145M, reaches $3.5B valuation
- Co-founder and CEO: Nick Fajt, former principal program manager working on Microsoft’s HoloLens.
- Valuation: $3.5 billion (as of Dec. 2021)
- GeekWire 200 rank: No. 59
- Founded: 2016
SeekOut
- Industry: Recruiting and HR software
- GeekWire story from Jan. 2022: Latest unicorn sighting in Seattle: SeekOut lands $115M to expand recruiting software
- Co-founder and CEO: Anoop Gupta, former distinguished scientist at Microsoft who was a former technical assistant to Bill Gates and previously led Microsoft’s Unified Communications Group.
- Valuation: $1.2 billion (as of Jan. 2022)
- GeekWire 200 rank: No. 106
- Founded: 2017
Tanium
- Industry: Cybersecurity
- GeekWire story from Dec. 2020: Tech CEO moves $9B cybersecurity company’s HQ to Seattle area, says S.F. is ‘not the city it was’
- Co-founder and CEO: Orion Hindawi, former vice president of technology at BigFix
- Valuation: More than $9 billion (as of Dec. 2020)
- GeekWire 200 rank: No. 4
- Founded: 2007
Zenoti
- Industry: Salon and spa software
- GeekWire story from June 2021: Fresh off ‘Next Tech Titan’ win at GeekWire Awards, Zenoti lands $80M, total funding up to $330M
- Co-founder and CEO: Sudheer Koneru, former executive vice president of products and COO at Click2learn and former product unit manager at Microsoft.
- Valuation: More than $1.5 billion (as of June 2021)
- GeekWire 200 rank: No. 12
- Founded: 2010
Related: The 2021 venture numbers are simply mind-boggling: Record investments recorded in Washington state
*Editor’s note: Data collected via GeekWire, PitchBook, LinkedIn and SEC filings.