It's been a tough year to raise money for Seattle-area startups.
Through the first three quarters of the year, local startups have landed $2.7 billion across just under 280 deals, according to data from Seattle-based PitchBook Data and the National Venture Capital Association (NVCA). There were 479 deals worth $7.8 billion last year and 494 deals worth $9.2 billion in 2021.
Despite the difficult funding environment, the Seattle area still boasts a growing number of "unicorns," or companies with a valuation of at least $1 billion. But even these companies are not immune to the overall market slowdown. Some of these unicorns have gone through multiple rounds of layoffs, while others have gone through significant leadership changes.
The Business Journal has compiled a list of the region's unicorns, along with some key information on each company. The companies are listed below in alphabetical order.
Amperity
Most recent valuation: $1 billion-plus as of July 2021
HQ: Seattle
What to know: Amperity, founded in 2016 by Chief Technology Officer Derek Slager and former CEO Kabir Shahani, helps clients get a better understanding of their customers through data. Shahani left the company in February 2022, after which current CEO Barry Padgett took over.
Most recent funding: $100 million in July 2021
Convoy
Most recent valuation: $3.8 billion as of April 2022
HQ: Seattle
What to know: Convoy was founded in 2015 but will shut down its core business amid "a massive freight recession and a contraction in the capital markets," CEO Dan Lewis told employees in a memo Oct. 19. The company connected shippers to trucking companies, or carriers, with the aim of reducing the number of empty miles truck drivers spend on the road. Convoy has gone through four rounds of layoffs since June 2022, while co-founder Grant Goodale left his role as chief experience officer and became an adviser to Convoy at the end of June of this year.
Most recent funding: $260 million between equity funding and venture debt in April 2022
Fabric
Most recent valuation: About $1.5 billion as of February 2022
HQ: Seattle
What to know: Fabric allows clients to adjust their digital storefront without having to make complicated back-end changes. Previous CEO Faisal Masud left the role in May. Mike Micucci, an 11-year veteran of Salesforce, took over the CEO role in August. The company's former chief financial officer, Nevin Shetty, is facing four counts of wire fraud after losing almost $35 million of the company's money through his personal cryptocurrency firm.
Most recent funding: $140 million in February 2022
Flexe
Most recent valuation: $1 billion-plus as of July 2022
HQ: Seattle
What to know: Flexe was founded in 2013. The company offers on-demand warehouse and fulfillment services, turning warehouse space into a variable cost rather than a fixed cost. Flexe laid off one-third of its employees in September.
Most recent funding: $119 million in July 2022
Helion
Most recent valuation: $3 billion as of November 2021
HQ: Everett
What to know: Fusion energy company Helion last year moved from Redmond to Everett, where it is building its seventh-generation fusion generator, Polaris. Helion aims to finish building Polaris late this year or early next year, with testing and operating Polaris to come next year.
Most recent funding: $500 million in November 2021
Highspot
Most recent valuation: $3.5 billion as of January 2022
HQ: Seattle
What to know: Highspot was founded in 2012. The company's software helps sales reps with content management, training and guidance. The company laid off about 10% of its staff in February and an additional 15% in June. Highspot launched operations in India in July.
Most recent funding: $248 million in January 2022
Icertis
Most recent valuation: $5 billion as of October 2021
HQ: Bellevue
What to know: Icertis, founded in 2009, makes technology to help manage contracts with employees, customers and suppliers. The company counts Microsoft and Google as clients. Icertis laid off an undisclosed number of employees in January.
Most recent funding: $150 million through a revolving credit facility and convertible financing in October 2022
Karat
Most recent valuation: $1.1 billion as of October 2021
HQ: Seattle
What to know: Karat was founded in 2014 by Mohit Bhende and Jeffrey Spector. The company provides technology and interviewers to help clients screen engineering talent, with the aim of freeing up clients' own engineers to focus on their core work instead of interviewing candidates. Karat has laid off 94 employees through two rounds of layoffs this year.
Most recent funding: $110 million in October 2021
OfferUp
![Todd Dunlap OfferUp CEO[1]](https://media.bizj.us/view/img/12124800/todd-dunlapofferup-ceo1*540xx6000-3375-0-313.jpg)
Most recent valuation: $1.4 billion as of August 2018
HQ: Bellevue
What to know: OfferUp was founded in 2011. The company allows consumers to buy and sell goods such as furniture, clothes, jewelry and cars. OfferUp in November confirmed it was laying off 19% of its staff. Former Microsoft and Booking.com exec Todd Dunlap took over as CEO from co-founder Nick Huzar in July 2021.
Most recent funding: $120 million in March 2020
Outreach
Most recent valuation: Over $4.4 billion as of June 2021
HQ: Seattle
What to know: Outreach, founded in 2014, helps sales reps create playbooks, manage deals and analyze their sales pipelines. The company says it has more than 5,500 clients, including Zoom and DocuSign. Outreach has conducted four rounds of layoffs since August 2022.
Most recent funding: $200 million in June 2021
Place
Most recent valuation: More than $1 billion as of November 2021
HQ: Bellingham
What to know: Place, founded in 2019, offers real estate agents services like legal help, human resources support, design and accounting, all of which help agents focus on their primary role of working with clients. Consumers can also use Place to search homes based on their geography.
Most recent funding: $100 million in November 2021
Qumulo
Most recent valuation: Over $1.2 billion as of July 2020
HQ: Seattle
What to know: Qumulo was founded in 2012. The company helps clients store and manage large amounts of data. The company laid off about 80 employees, or more than 18% of its staff, in June 2022.
Most recent funding: $125 million in July 2020
Rec Room
Most recent valuation: $3.5 billion as of December 2021
HQ: Seattle
What to know: With Rec Room, which launched in 2016, users can create an avatar and hang out virtually with friends. Users can also explore and create virtual rooms. The game is free and available on mobile, PC, game consoles and VR headsets.
Most recent funding: $145 million in December 2021
SeekOut
Most recent valuation: Over $1.2 billion as of January 2022
HQ: Bellevue
What to know: SeekOut, launched in 2017, searches public profiles, the open web, published papers and conferences to help clients find job candidates. The company also combs internal and external data to give clients a better understanding of their current employees and even what internal roles they could fill. GeekWire reported this month SeekOut laid off 16 employees.
Most recent funding: $115 million in January 2022
Swiftly
Most recent valuation: More than $1 billion as of September 2022
HQ: Seattle
What to know: Swiftly, founded in 2018, offers brick-and-mortar grocers tools like loyalty programs and digital coupons to help drive more consumers into the store. The company, which sells its services to retailers rather than to consumers, also provides mobile checkout features and the ability for consumers to tally how much they are putting in their carts.
Most recent funding: $100 million in September 2022
Tanium
Most recent valuation: Over $9 billion as of October 2020
HQ: Kirkland
What to know: Tanium, founded in 2007, protects clients' end devices, such as laptops and smartphones, from cybercriminals. In February, the company announced co-founder and CEO Orion Hindawi was stepping down as CEO and becoming the executive chairman. Dan Streetman, who was previously the CEO of the data management company Tibco Software, replaced Hindawi.
Most recent funding: $150 million in October 2020
TaxBit
Most recent valuation: $1.33 billion as of August 2021
HQ: Seattle and Salt Lake City
What to know: TaxBit, founded in 2017, provides crypto tax and accounting software for businesses, governments, exchanges and individual consumers. The company cut 15% of it headcount in December and 40% in June. The company in June also named Lindsey Argalas as CEO, replacing co-founder Austin Woodward.
Most recent funding: $130 million in August 2021
Temporal
Most recent valuation: $1.5 billion as of February 2022
HQ: Seattle
What to know: Temporal was founded in 2019. The company helps developers write and run back-end software, with the aim of making software more reliable.
Most recent funding: $75 million in February 2023
Zenoti
Most recent valuation: $1.5 billion as of June 2021
HQ: Bellevue
What to know: Zenoti, founded in 2010, offers software to help with appointments, billing and marketing. In addition to salon and spa businesses, the company works with skin care and waxing clients. The company in September 2021 acquired Minneapolis-based ProPoint Solutions and its SuperSalon brand.
Most recent funding: $80 million in June 2021
Is there a company missing from the list? Contact Inno Senior Reporter Rick Morgan.
