In Orlando, it took a village to raise a unicorn.
That’s according to Suneera Madhani, co-founder and CEO of Stax. The Orlando-based fintech company on March 8 announced it notched a significant achievement: a $1 billion valuation, which qualifies it for the elusive “unicorn” startup status.
Of course, becoming Orlando’s first completely homegrown unicorn is not just the work of Madhani and fellow co-founders Sal Rehmetullah and Jacques Fu, she told Orlando Inno. It was made possible by the company’s nearly 300 workers, the values instilled by Madhani and Rehmetullah’s immigrant parents and a wide range of entrepreneurship and business organizations across Central Florida.
“It would take the entire Orlando Business Journal to thank all the people who helped,” Madhani said.
In its early days, the company tapped Orlando-area resources like accelerator Starter Studio, the Rollins College Venture Plan Competition and local investors to access coaching, funding and exposure.
While it’s not an exhaustive list, multiple members of Orlando’s business community who played a role in Stax’s success since it was founded in 2014 weighed in on why the company’s achievement is a big deal for the region. Here's what they had to say:
Peter McAlindon, executive director of the Center for Advanced Entrepreneurship, Rollins College Crummer Graduate School of Business: “Thanks to Stax, the Central Florida entrepreneurship community is more energetic and dynamic than ever. Their success indicates that our entrepreneurial ecosystem is alive and well. Since winning our Crummer Venture Plan Competition in 2015, Suneera Madhani and the Stax team have set a new standard of entrepreneurial success, one to which we can all aspire.”
Mitchel Laskey, managing partner, DeepWork Capital: “The team at Stax delivered every single month for as long as we’ve known them, which is back to 2015. It’s fully understandable they’ve reached a new milestone.”
Charlie Lewis, chair, Orlando Tech Council; founder, BlueWave Investment Partners: “When we invested back in 2015, we had a feeling they were going to be big, but we had no idea how big. We are very proud of them and grateful to have them in our ecosystem as they give so much back to our community.”
Richard Licursi, CEO, venVelo: “VenVelo was fortunate to have participated in the first investment round at Fattmerchant (now Stax). When one studies the core business of Stax, it is basically a business that has been done before. That said, from the very beginning the passion, the dedication, the drive and commitment to a set of core values from the entire team has led to the outstanding accomplishments Stax and the startup community of Orlando now can celebrate. Success breeds success, and the success of the team at Stax will lead bigger and stronger investors to recognize the entrepreneurial community here in Central Florida.”
Buddy Dyer, mayor, city of Orlando (via Twitter): “The success of Stax shows Orlando is a place where startups can launch and thrive. Siblings Suneera Madhani and Sal Rehmetullah started the company in 2014, and it's developed into one of America's fastest-growing companies, right here in our city.”
Tim Giuliani, president and CEO, Orlando Economic Partnership: “Stax has proven that innovation can be born and bred in Orlando, where companies can find the best talent to scale their tech and innovations and an ecosystem build to support their growth.”
Alex Martins, CEO, Orlando Magic: “The Orlando Magic is a proud partner of Stax and has been extremely pleased in using their innovative payment processing system within our business operation. We take great pride in the fact that they are locally Orlando grown and a minority-owned business. We share in their excitement about their success and growth, and look forward to continuing to grow our relationship in the future.”
Jill Vaughan, executive director, Downtown Orlando Partnership: “We are so proud to have Stax based in downtown Orlando. This unicorn deliberately has chosen to launch and keep their company here because they know what a vital launchpad for success Orlando is. The deep connections and the wonderful relationships that are easily forged in Orlando make the difference for founders looking to build their dreams."
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