Klaviyo, which provides a software platform that automates digital marketing campaigns, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise over $750 million. Insiders plan to sell a portion of the offering.
Klaviyo's SaaS platform combines proprietary data and application layers into one vertically-integrated solution with machine learning and artificial intelligence capabilities. This is believed to enable business users of any skill level to harness their data in order to send the right message at the right time across email, SMS, and push notifications, more accurately measure and predict performance, and deploy the specific actions and campaigns that drive the highest impact. The company has focused on marketing automation within retail and ecommerce as its first application use case, and believes its software is extensible across a broad range of functions and verticals. As of June 30, 2023, its platform had scaled to over 130,000 customers.
The Boston, MA-based company was founded in 2012 and booked $585 million in revenue for the 12 months ended June 30, 2023. It plans to list on the NYSE under the symbol KVYO. Klaviyo filed confidentially on May 12, 2023. Goldman Sachs, Morgan Stanley, Citi, Barclays, Mizuho Securities, and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
