Financing
Visualizing the Stages of Startup Funding
About 1,500 new companies are founded every day.
However, only a fraction of these entrepreneurial pursuits will eventually operate on a grand scale. With many of these companies propelled by venture capital funding, how do investors provide the cash—and get a piece of the startup pie?
Pie in the Sky
Today’s creative infographic from Fundera uses pie to visualize each stage of startup funding, from pre-seed funding to initial public offering.
It’s worth noting that numbers presented here are hypothetical in nature, and that startups can have all kinds of paths to success (or failure).
Pre-Seed Funding
In the pre-seed funding round, the founder(s) pitch their business idea to potential investors. These are typically friends, family, angel investors, or pre-seed venture capital firms.
Since there is likely no performance data or positive financials to show yet, potential investors must focus on two primary features: the strength of the idea and the team.
The biggest factor in our decision-making is always the founding team […] that’s what success lives or dies on in this industry: the ability for founders to make really quick, good decisions.
At this stage, both the level of risk and potential payoff are at their highest.
Seed Funding
After the initial stages, seed funding—the first official funding round for many companies—takes place. Entrepreneurs use the funds for market testing, product development, and bringing operations up to speed.
By this point, investors are generally looking for the company’s ability to solve a need for customers in a way that will achieve product-market fit. At this stage, ideally there is also some level of traction or consumer adoption, such as user or revenue growth. The level of risk is still quite high here, so investors tend to be angel investors or venture capitalists.
Series Funding
In each series funding, the startup generally raises more money and increases their valuation. Here’s what investors tend to expect in each round:
- Series A: Companies that not only have a great idea, but a strategy for creating long-term profit.
- Series B: Companies generating consistent revenue that must scale to meet growing demand.
- Series C (and beyond): Companies with strong financial performance that are looking to expand to new markets, develop new products, buy out businesses, or prepare for an Initial Public Offering (IPO).
Private equity firms and investment bankers are attracted to series C funding as it tends to be much less risky. In recent years, startups have been staying private longer. For example, Uber obtained Series G funding and debt financing before going public.
Initial Public Offering
Once a company is large and stable enough, it may choose to go public. An investment bank will commit to selling a certain amount of shares for a certain amount of money.
If the IPO goes well, investors will profit and the company’s reputation gets a boost—but if it doesn’t, investors lose money and the company’s reputation takes a hit.
Here’s how the example investment amounts break down at each stage:
Pre-Seed | Seed | Series A | Series B | Series C | IPO | |
---|---|---|---|---|---|---|
Amount Invested | < $1M | <$1.7M | <$10.5M | <$24.9M | <$50M | <$10.5M |
Average Equity Stake | 10-15% | 10-25% | 15-50% | 15-30% | 15-30% | 15-50% |
An investor’s equity is diluted as other investors come on board, but their “piece of the pie” usually becomes more valuable.
The Venture Capital Funnel
How likely is it that a startup makes its way through the entire process? In a study of over 1,110 U.S. seed tech companies, only 30% exited through an IPO, merger, or acquisition (M&A).
Companies that reach a private valuation of $1B or more, known as unicorns, are even more rare at just 1%.
At each stage, natural selection takes hold with fewer companies advancing. Here’s a look at the entire funnel, with the “second round” generally corresponding to a series A stage, a “third round” generally corresponding to a series B stage, and so on.
Source: CB Insights
Notably, 67% of the companies stalled out at some point in the funding process, becoming either dead or self-sustaining. While startups carry a high degree of risk, they also present opportunities for substantial rewards.
Technology
Companies Gone Public in 2021: Visualizing IPO Valuations
Tracking the companies that have gone public in 2021, their valuation, and how they did it.

Companies Gone Public in 2021: Visualizing Valuations
Despite its many tumultuous turns, last year was a productive year for global markets, and companies going public in 2021 benefited.
From much-hyped tech initial public offerings (IPOs) to food and healthcare services, many companies with already large followings have gone public this year. Some were supposed to go public in 2020 but got delayed due to the pandemic, and others saw the opportunity to take advantage of a strong current market.
This graphic measures 68 companies that have gone public in 2021 — including IPOs, SPACs, and Direct Listings—as well as their subsequent valuations after listing.
Who’s Gone Public in 2021?
Historically, companies that wanted to go public employed one main method above others: the initial public offering (IPO).
But companies going public today readily choose from one of three different options, depending on market situations, associated costs, and shareholder preference:
- Initial Public Offering (IPO): A private company creates new shares which are underwritten by a financial organization and sold to the public.
- Special Purpose Acquisition Company (SPAC): A separate company with no operations is created strictly to raise capital to acquire the company going public. SPACs are the fastest method of going public, and have become popular in recent years.
- Direct Listing: A private company enters a market with only existing, outstanding shares being traded and no new shares created. The cost is lower than that of an IPO, since no fees need to be paid for underwriting.
The majority of companies going public in 2021 chose the IPO route, but some of the biggest valuations resulted from direct listings.
Listing Date | Company | Valuation ($B) | Listing Type |
---|---|---|---|
08-Jan-21 | Clover Health | $7.0 | SPAC |
13-Jan-21 | Affirm | $11.9 | IPO |
13-Jan-21 | Billtrust | $1.3 | SPAC |
14-Jan-21 | Poshmark | $3.0 | IPO |
15-Jan-21 | Playtika | $11.0 | IPO |
21-Jan-21 | Hims and Hers Health | $1.6 | SPAC |
28-Jan-21 | Qualtrics | $15.0 | IPO |
09-Feb-21 | Metromile | - | SPAC |
11-Feb-21 | Bumble | $8.2 | IPO |
26-Feb-21 | ChargePoint Holdings | - | SPAC |
03-Mar-21 | Oscar Health | $7.9 | IPO |
10-Mar-21 | Roblox | $30.0 | Direct Listing |
11-Mar-21 | Coupang | $60.0 | IPO |
23-Mar-21 | DigitalOcean | $5.0 | IPO |
25-Mar-21 | VIZIO | $3.9 | IPO |
26-Mar-21 | ThredUp | $1.3 | IPO |
31-Mar-21 | Coursera | $4.3 | IPO |
01-Apr-21 | Compass | $8.0 | IPO |
14-Apr-21 | Coinbase | $86.0 | Direct Listing |
15-Apr-21 | AppLovin | $28.6 | IPO |
21-Apr-21 | UiPath | $35.0 | IPO |
21-Apr-21 | DoubleVerify | $4.2 | IPO |
05-May-21 | The Honest Company | $1.4 | IPO |
07-May-21 | Lightning eMotors | $0.82 | SPAC |
07-May-21 | Blade Air Mobility | $0.83 | SPAC |
19-May-21 | Squarespace | $7.4 | Direct Listing |
19-May-21 | Procore | $9.6 | IPO |
19-May-21 | Oatly | $10.0 | IPO |
26-May-21 | ZipRecruiter | $2.4 | Direct Listing |
26-May-21 | FIGS | $4.4 | IPO |
01-Jun-21 | SoFi | $8.7 | SPAC |
02-Jun-21 | BarkBox | $1.6 | SPAC |
08-Jun-21 | Marqueta | $15.0 | IPO |
10-Jun-21 | Monday.com | $7.5 | IPO |
16-Jun-21 | WalkMe | $2.5 | IPO |
22-Jun-21 | Sprinklr | $3.7 | IPO |
24-Jun-21 | Confluent | $9.1 | IPO |
29-Jun-21 | Clear | $4.5 | IPO |
30-Jun-21 | SentinelOne | $10.0 | IPO |
30-Jun-21 | LegalZoom | $7.0 | IPO |
30-Jun-21 | Didi Chuxing | $73.0 | IPO |
16-Jul-21 | Blend | $4 | IPO |
21-Jul-21 | Kaltura | $1.24 | IPO |
21-Jul-21 | DISCO | $2.5 | IPO |
21-Jul-21 | Couchbase | $1.4 | IPO |
23-Jul-21 | Vtex | $3.5 | IPO |
23-Jul-21 | Outbrain | $1.1 | IPO |
28-Jul-21 | Duolingo | $3.7 | IPO |
28-Jul-21 | Riskified | $3.3 | IPO |
29-Jul-21 | Robinhood | $32.0 | IPO |
22-Sep-21 | Toast | $22.0 | IPO |
22-Sep-21 | Freshworks | $10.1 | IPO |
23-Sep-21 | Remitly | $6.9 | IPO |
28-Sep-21 | Amplitude | $6.4 | Direct Listing |
29-Sep-21 | Warby Parker | $6.0 | Direct Listing |
14-Oct-21 | GitLab | $11.0 | IPO |
27-Oct-21 | Rent the Runway | $1.7 | IPO |
29-Oct-21 | Udemy | $4.0 | IPO |
03-Nov-21 | Allbirds | $2.2 | IPO |
04-Nov-21 | NerdWallet | $1.2 | IPO |
10-Nov-21 | Rivian | $66.5 | IPO |
10-Nov-21 | Expensify | $2.2 | IPO |
11-Nov-21 | Winc | - | IPO |
11-Nov-21 | Weave | - | IPO |
17-Nov-21 | UserTesting | - | IPO |
17-Nov-21 | Braze | $6.0 | IPO |
18-Nov-21 | Sweetgreen | $3.0 | IPO |
09-Dec-21 | Nubank | $41.0 | IPO |
Though there are many well-known names in the list, one of the biggest through lines continues to be the importance of tech.
A majority of 2021’s newly public companies have been in tech, including multiple mobile apps, websites, and online services. The two biggest IPOs so far were South Korea’s Coupang, an online marketplace valued at $60 billion after going public, and China’s ride-hailing app Didi Chuxing, the year’s largest post-IPO valuation at $73 billion.
And there were many apps and services going public through other means as well. Gaming company Roblox went public through a direct listing, earning a valuation of $30 billion, and cryptocurrency platform Coinbase has earned the year’s largest valuation so far, with an $86 billion valuation following its direct listing.
Big Companies Going Public in 2022
As with every year, some of the biggest companies going public were lined up for the later half.
Tech will continue to be the talk of the markets. Payment processing firm Stripe was setting up to be the year’s biggest IPO with an estimated valuation of $95 billion, but got delayed. Likewise, online grocery delivery platform InstaCart, which saw a big upswing in traction due to the pandemic, has been looking to go public at a valuation of at least $39 billion.
Of course, it’s common that potential public listings and offerings fall through. Whether they get delayed due to weak market conditions or cancelled at the last minute, anything can happen when it comes to public markets.
This post has been updated as of January 1, 2022.
Technology
The World’s Biggest Startups: Top Unicorns of 2021
Here are the world’s biggest startups with a valuation above $10 billion.

The World’s Biggest Startups: Top Unicorns of 2021
Many entrepreneurs start businesses around the world, but only the most successful new companies become “unicorns”—the biggest startups with a valuation above $1 billion.
Some unicorns are little-known companies making quiet but impactful strides in software, healthcare, automotive, and other fields. Others have already become well-known industry leaders, like aerospace manufacturer SpaceX and game developer and publisher Epic Games.
In total, there are more than 800 unicorn startups globally. That said, this visualization specifically hones in on the world’s decacorns (unicorns with valuations above $10 billion) as of December 2021 according to CB Insights.
Private Startups Valued at Over $10 Billion
The world’s most prominent unicorns constantly see their valuations change as they enter different rounds of funding or maturity.
In December 2021, there were 35 startups with a valuation above $10 billion, spread out across different countries and industries.
Company | Valuation | Country | Category |
---|---|---|---|
Bytedance | $140B | China | Artificial intelligence |
SpaceX | $100.3B | U.S. | Other |
Stripe | $95B | U.S. | Fintech |
Klarna | $45.6B | Sweden | Fintech |
Canva | $40B | Australia | Internet software & services |
Instacart | $39B | U.S. | Supply chain, logistics, & delivery |
Databricks | $38B | U.S. | Data management & analytics |
Revolut | $33B | UK | Fintech |
Nubank | $30B | Brazil | Fintech |
Epic Games | $28.7B | U.S. | Other |
Chime | $25B | U.S. | Fintech |
FTX | $25B | China (Hong Kong) | Fintech |
BYJU's | $21B | India | Edtech |
Xiaohongshu | $20B | China | E-commerce & direct-to-consumer |
J&T Express | $20B | Indonesia | Supply chain, logistics, & delivery |
Fanatics | $18B | U.S. | E-commerce & direct-to-consumer |
Yuanfudao | $15.5B | China | Edtech |
DJI Innovations | $15B | China | Hardware |
SHEIN | $15B | China | E-commerce & direct-to-consumer |
Checkout.com | $15B | UK | Fintech |
goPuff | $15B | U.S. | E-commerce & direct-to-consumer |
Plaid Technologies | $13.4B | U.S. | Fintech |
Grammarly | $13B | U.S. | Internet software & services |
Devoted Health | $12.6B | U.S. | Health |
Faire | $12.4B | U.S. | Artificial intelligence |
Brex | $12.3B | U.S. | Fintech |
SenseTime | $12B | China | Artificial intelligence |
Bitmain Technologies | $12B | China | Hardware |
Biosplice Therapeutics | $12B | U.S. | Health |
JUUL Labs | $12B | U.S. | Consumer & retail |
GoodLeap | $12B | U.S. | Internet software & services |
ZongMu Technology | $11.4B | China | Auto & transportation |
Global Switch | $11.1B | UK | Hardware |
Celonis | $11B | Germany | Data management & analytics |
Weilong | $10.9B | China | Consumer & retail |
Many of the most valuable startups are already giants in their fields. For example, social media company Bytedance is the developer behind video network platform Douyin and its international version, TikTok, and has amassed a valuation of $140 billion.
Financial services and payment software company Stripe jumped from a valuation of $36 billion to $95 billion over the course of the COVID-19 pandemic.
Even less universally prominent names like Swedish fintech Klarna ($45.6 billion) and Australian graphic design platform Canva ($40.0 billion) are well known within their respective fields.
But private valuations don’t last forever. Many eventually go public, like electric vehicle maker and Tesla competitor Rivian, which had a valuation of $27.6 billion before listing on the NASDAQ.
The Biggest Startups by Industries and Countries
Breaking down the world’s biggest startups by industry highlights that tech is still king in most investing circles.
More than 77% of unicorns valued above $10 billion are categorized directly in tech-related fields, primarily in financial and commerce software.
Startups Valued Above $10B By Industry | Number |
---|---|
Fintech | 9 |
E-commerce & direct-to-consumer | 4 |
Artificial intelligence | 3 |
Hardware | 3 |
Internet software & services | 3 |
Consumer & retail | 2 |
Data management & analytics | 2 |
Edtech | 2 |
Health | 2 |
Other | 2 |
Supply chain, logistics, & delivery | 2 |
Auto & transportation | 1 |
And many of the unicorns categorized in non-tech fields are still technology companies at their core. In fact, Indonesia’s logistics and package delivery company J&T Express is one of the few unicorns not directly in tech, though it still uses automated sorting in its warehouses.
It was one of the few startups to come from somewhere other than the U.S. or China, which together accounted for over 70% of the 35 biggest startups. The UK (3) was the next most-frequently listed headquarters, while Australia, Brazil, Germany, India and Sweden each had one of these unicorns on the list.
With constantly fluctuating valuations and technological breakthroughs always around the corner, the next $10 billion unicorn could come from almost anywhere.
-
Misc2 weeks ago
The Top 10 Largest Nuclear Explosions, Visualized
-
Energy3 weeks ago
Mapped: Solar and Wind Power by Country
-
Politics2 weeks ago
Mapped: The State of Global Democracy in 2022
-
Datastream4 weeks ago
Visualizing Companies with the Most Patents Granted in 2021
-
Technology2 weeks ago
Synthetic Biology: The $3.6 Trillion Science Changing Life as We Know It
-
Energy1 week ago
Visualizing U.S. Crude Oil and Petroleum Product Imports in 2021
-
Markets4 weeks ago
Why Investors Tuned Out Netflix
-
Markets1 week ago
Visualizing China’s $18 Trillion Economy in One Chart