Tech Rundown: 2024 IPOs to watch

Hello there,

Here’s today's tech rundown — everything you need to know from the world of tech in 3 minutes!

In today’s email:

• 2024 IPO candidates appear

• Ikea leans into smart tech

• Worst passwords of 2023

The Lead Story

The IPO window cracked open this week — and we got a glimpse into which companies could go public soon.

2023 has been an abysmal year for IPOs. Estimates note a roughly 15-20% total drop in companies ringing the bell, but the number of blockbuster tech listings is likely much worse.

There was a glimmer of hope earlier this year, when Instacart, Arm, and Klaviyo all went public. However, this came to be more of a false start as almost no startups followed suit and the noted companies faltered in the following weeks.

Now, we get a second chance. Recent reports claim Reddit, Shein, and Skims are on the IPO track.

Valuations are speculative, with Reddit eyeing $15b, Shein a whopping $90b, and Skims around $4b.

If all goes well, this batch could be the first of many. Other tech companies rumoured to be testing the public waters include Stripe, Databricks, Starlink, and Plaid.

IPOs benefit the tech ecosystem as a whole. The recycling of capital, wherein exiting founders become seed/angel investors, propel the next generation of startups forward.

Being a public company also makes acquisitions easier, serving as a lifeline for struggling startups that find themselves affected by unfavourable market conditions.

In sum, a thriving IPO (and M&A) market positively impacts nearly every facet of the startup community. Considering the number of late-stage startups that missed the last IPO window, a few successful listings could create a snowball effect.

Excitement is contagious — and so are exits.

More Tech News

• Tesla Triumphs: Swedish court orders Transport Agency to deliver Tesla license plates, after postal workers initial refusal (more)

• Security Breach: ID management provider Okta found hackers stole data on all customer support users, not just the initially reported 1%.(more)

• Swedish Sensors: Ikea enters the smart home market, launching 3 sensors for motion detection and leaks (more)

• Google Aid: Google is testing a feature that would let users add notes on search results for others to see (more)

• Delivery Denied: UK Supreme Court rules that Deliveroo drivers are not employees and thus not entitled to comparable benefits (more)

Startup Funding

• WeRoad is a platform for young adults (aged 20-40) to book group travel. Raised $20m (more)

• Augment is looking to create an online alternative to traditional MBA programs. Raised $6m (more)

• Ediphi helps planners and builders streamline the construction process and reduce costs. Raised $7m (more)

• Inclusively is a platform that helps accommodate employees’ disabilities in the workplace. Raised $13m (more)

• OfferFit aims to replace traditional A/B testing for marketers with ML personalisation and gamification. Raised $25m (more)

• AI21 lets businesses build and launch AI applications, e.g. chatbots. Raised $53m (more)

• Naarea is a nuclear startup looking to build a small reactor that could eventually be commercialised. In talks to raise $165m (more)

Useful Sites

• Faircado: Find the best pre-owned products

• Collov AI: AI to redesign your place

• Giga Brain: Scans online discussions (eg Reddit posts) at scale

Daily Data

Binance the behemoth

Distractions

• Canadian city hires a Nightlife Czar to shake boring rep

• Worst passwords this year

Ps: we love feedback — Email us to share your thoughts on what’s working or missing. We respond to every email!