E-commerce marketing firm Klaviyo files for IPO

E-commerce marketing automation company Klaviyo filed for an initial public offering Friday, per an SEC filing.

Why it matters: A successful retail tech company IPO could be a catalyst for more listings, a capital markets source told Axios earlier this month.

• While recognizable consumer names like Cava and Gen Restaurant Group have won the hearts of investors with their IPOs, tech companies have mostly kept their distance, spooked by Silicon Valley Bank and more-scrutinizing investors.

Catch up fast: Klaviyo raised $320 million in a Series D in 2021, valuing it at $9.5 billion.

Details: Goldman Sachs, Morgan Stanley and Citigroup are Klaviyo's joint bookrunners, joined by Barclays, Mizuho, William Blair, Piper Sandler, Truist Securities, Baird, Canaccord Genuity, Needham & Company and TD Cowen.

By the numbers: The company recorded $585.1 million in revenue for the year ended June 30 2023.

• Klaviyo has raised $454.8 million since inception in 2012, of which it has used just $15 million for operations.
• The company has $439.8 million of cash and cash equivalents.

Flashback: CEO Andrew Bialecki and product chief Ed Hallen founded the company in 2012.

• Klaviyo assists companies with targeted emails and text messages.

👀 What we're watching: Instacart also filed for its IPO Friday, with expectations that its shares will start trading on Nasdaq next month.

Editor's note: This story has been updated with details about Instacart's IPO filing.