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Hello everyone, I hope you have a wonderful week. I turned 32 after experiencing a sleep-destructive heartburn. So, a little good and a little bad. But that did not stop the markets. No. Not a bit. Which means we have a lot more to say, including what the situation might mean for declining Insertech stocks and startups, and the raft of IPOs. This will be fun!

Before we get into the glory of our chat with new public companies Kaltura, Coachbase and Anovix, let’s talk about Insuretech.

In the last year or so we have seen a lot of Insertech startups in public, including Route (auto insurance), Metromile (car insurance) and Lemonade (rental insurance). Here’s a quick digest of what his performance looks like today:

  • ROOT: 72.772 per share, down 71.4% compared to આઇ 27 per IPO price.
  • Metromile: share 7.26 per share, its post-combination high from 64..4% down.
  • Lemonade: .986.97 per share, its IPO price is 199.9% higher than 29 29 per share.

Remember that Root and Metromile started trading after Lemonade, so their decline is not on the long horizon, but in short intervals. Which makes the situation more interesting.

What’s going on? Well, two of the three InsureTech public inings furings (SPAC, IPO, etc.) are underwater. He can’t be surprisingly bored for the hippo, who has his own SPAC. Is advancing a combination led by which should be covered in short order. The huge decline is not considered a boom for insuretech startups, which will have to answer private market investors about their pricing concerns.

Does Lemonade’s strong post-IPO performance reduce anxiety? It’s hard. The company is expanding into new markets, including auto insurance. The company took some material from the Texas Freeze earlier this year – according to its most recent earnings report – but from those two data points it was not clear what the company was doing or not the other two. But investors stroke about Lemonade, and not about Root and Metromile. Find out why this is the case, and why their startup is more lemonade than the other two.

It’s the IPO season

The exchange has been busy on phones over the past two weeks, talking publicly with CEOs of upcoming companies to try and learn from their recent experiences. So, the notes of the calls with the people on Kaltura, Coachbase and Anovix are as follows. Enjoy!

Cultura

  • Reminder: -online-video-focused Kaltura filed for release earlier this year before delaying its IPO and taking a second run at a funding event.
  • The exchange spoke to Kaltura CEO Ron Yakutil, who said the timing of the company’s IPO was affected by public market turmoil in early 2021. It was not surprising, but it was good to get confirmation regardless.
  • That stabilization was partly due to the flow of Y archegos, per ectutile. It makes sense, but for us it was news.
  • Yakutil said his company was not thrilled about the delay – going public is the only fund you previously announced, but he added that investors who have talked to his company for the first time are still tempted by the cult. Second run on IPO.
  • According to the CEO, the results of Kaltura’s initial Q2 show investors that what he said earlier this year is coming true. He emphasized the need for new products as a key to the company’s continued growth.
  • The CEO was happy with his price and how he trades during the first day of his company, pulling flat by 20% in value in the trade. He noted that more would have been excessive, and less un-good.
  • Regarding the low valuation that Kaltura has given compared to the March-era IPO price range, Yakutil said that you will not get a third chance to make a first impression and his company wants to make this offer. So they did. Issues of not getting lost in your own head.
  • At the time of writing, Kaltura is up 17.5% from its ડ 10 per share IPO price.

A joke, if I can. Kaltura won the inaugural TechCrunch 40 – the forerunner of the TechCrunch 50 event, which itself is the precursor to today’s TechCrunch December conference series – thanks to a vote by physical token. Yakutil still has that token, and he showed it to us during our chat. Neat!

Bed support

  • The exchange spoke with Matt Cain, CEO of NoSQL database company Chchabase. Coachbase is priced at ડ 24 per share, which is an IPO price range of થી 20 to ડ 23 per share.
  • Its worth today. 33.20, up 9.2% from today’s trade.
  • Kane was talking from a pretty strict script – pretty standard situation among new public CEOs, concerned about absurdity and going to jail – so we didn’t get the exact answers we wanted. But we still managed to learn a few things, including Chuck Chavez was yet another company who found that the density of the meeting was made possible by a remote road show.
  • CEO Couchbase further focused on discussing the world of operations databases based on opportunities. It’s hard to find a big market, he argued, making investors excited about what their company can do. Our reading here is that there is probably plenty of surface area for startups in the database world, if the market is as big as Cain counts.
  • We wanted to learn a little bit about how public market investors view open-source managed companies, but they didn’t get much out of it. Still, the company’s IPO is a pretty strong one, meaning that being OSS-built isn’t exactly as detrimental to a company hoping to exit.

Anovix

  • The exchange wanted to chat with new public company Anovix as it debuted by Spec. Why does it matter Because there are other battery-centric companies like SAPAS. Wants to be publicized by. So, chat was a good background for the next task.
  • And we like to talk to public companies. Who doesn’t
  • Asked if the combination-and-trade-under-new-ticker-symbol day is like his pay firm’s IPO, Rust said it was. Fair enough.
  • The company slipped the date of engagement for its SPAC from Q2 to Q3, we noted. Why was that In short, some SEC changes related to accounting. Our impression from the chat was not too big, but there was a slight delay in the trading date of Anovix.
  • Why go public by spec? Cash, but also a special sponsor of their combination, which Rust said is a key tool in terms of operational knowledge. The company has also hired from its SPAC sponsor network, which seemed remarkable. (Hey look, real investor value-added!)
  • Another company’s revenue generating SPS. S.P.A.C. Asked why his company is less than that, Rust said his SPAC The value of his company in the deal was negotiable, and whether that company is successful it doesn’t really matter whether the value of 1 1.1 billion or 4 1.4 billion.
  • The funny thing about Anovix is ​​that it is not starting with its upcoming battery tech considering EVS. Instead, it is targeting high-end electronics. Why Quick cycle to get the batteries in the power of hardware and possible prices. However, it is not intended to enter the EV in time.
  • The company is valued at .3 17.33 per share, given what Yahoo Finance describes as a valuation of 2.5 billion. It has better markup than what it expects and can provide good for SES’s own, future debut.

Yo, that was one A lot. Thanks for sticking with me. And thanks for reading the Exchange’s little newsletter. If you want to read some long-form on global venture capital market, Adtech and other issues you can find all our works here. Stay cool!

Your friend

Alex