Marketing automation platform startup Klaviyo files confidentially for U.S. IPO

After riding the e-commerce wave to become a unicorn, Boston-based data and marketing automation startup Klaviyo has confidentially submitted paperwork on Friday for an initial public offering (IPO) in New York to U.S. regulators, Reuters reported, citing people familiar with the matter.

One of the sources told Reuters that while the terms of the IPO have not yet been made public, Klaviyo is planning to raise at least $750 million in the listing.

The sources told Reuters that the decade-old startup has enlisted the services of banks including Goldman Sachs Group, Morgan Stanley, Citigroup Inc, Barclays Plc, Mizuho Financial Group Inc, and William Blair to help it prepare for its upcoming public listing. However, neither Klaviyo nor the banks have responded to requests for comment.

In April of this year, The Wall Street Journal had already reported that Klaviyo was making preparations for an initial public offering (IPO).

Founded in 2012 by Andrew Bialecki and Ed Hallen, Klaviyo provides a unified customer platform for e-commerce businesses to manage their marketing campaigns, email communications, customer data, SMS, and more. Its platform is designed to help businesses automate their marketing efforts and improve customer engagement.

Klaviyo uses data from customer interactions to create personalized marketing campaigns, such as email newsletters, abandoned cart reminders, and product recommendations. The platform also integrates with other e-commerce tools, such as Shopify, Magento, and BigCommerce.

Since its inception over a decade ago, Klaviyo has experienced significant growth in recent years, with more than 70,000 businesses using its platform. The company has also raised over $600 million in funding from investors, including Summit Partners, Accel, and Battery Ventures.

In May 2021, Klaviyo was valued at $9.15 billion after raising $320 million in a funding round led by investors including Sands Capital Ventures, Counterpoint Global (Morgan Stanley), and Whale Rock. With its recent IPO filing, the company is now preparing to go public on the New York Stock Exchange.