![]() ![]() SWaN & Legend Venture Partners, Riverbend Capital, and Chanel’s investment arm, Mousse Partners, have all invested. CAVA has been raising capital from investors for more than a decade and has a handful of venture capitalists on its cap table. After its blockbuster IPO, the company is now worth nearly $5 billion, based on its market cap as of yesterday’s close. “Happy they did well,” says Wesley Chan, cofounder and managing partner at FPV Ventures, but “it’s not quite a tech company so while encouraging it’s not quite the harbinger everyone is hoping for.”įood-focused or not-CAVA was, just yesterday, still a venture-backed unicorn. It’s hard to know whether the market is as ready for SaaS or fintech companies as it appears to be for consumer-focused CAVA, which has a heavy retail store footprint and sells products in grocery stores. CAVA, though VC-backed, isn’t quite the venture darling that a Stripe or Databricks is. “This listing represents a welcome, positive sign for the IPO market,” NYSE president Lynn Martin told Term Sheet in an email, noting that the exchange is looking forward to “hearing that first-trade bell ring with regularity.”īut don’t get your hopes up too high just yet. (None of CAVA’s major investors sold shares at the IPO, Klein says.) But it will likely make waves across the rest of the market, which has hundreds of unicorns waiting in the queue to go public. “I don’t want to overstate it, but it felt like a real break in the clouds from the environment that we’ve been in for the last 18 months or so,” Klein says.ĬAVA’s IPO will likely offer a nice bump to the portfolios of CAVA investors like Klein’s firm Revolution and mutual fund manager T. After what’s been an extraordinarily dry IPO market, CAVA’s blockbuster IPO-in which shares rose 99% from market open to close to nearly $44-the Washington, D.C.-based fast-casual restaurant’s debut on the New York Stock Exchange offered a much-needed respite to the startup ecosystem: a glimmer of hope that exits are still within reach, even for unprofitable companies. While reasonable effort is made to maintain the accuracy of credit card information, it is presented without warranty.Klein, a partner at venture capital firm Revolution, hopped on the phone with Term Sheet less than two hours after market close and right before he headed off to a celebratory dinner with CAVA’s management team in Hudson Yards. *See the credit card issuer's web site to review the terms and conditions of all offers. While we make reasonable effort to provide fair and accurate information, it is presented without warranty. This site has financial relationships with some of the cards mentioned here and may be compensated if consumers choose to apply for these links in the content and ultimately sign up with them.ĭisclaimer 2: strives to give our readers a thoroughly unbiased and independent opinion. This site may be compensated through the credit card issuer Affiliate Program. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. ![]() Disclaimer: This content is not provided or commissioned by the credit card issuer. ![]()
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