PUBLIC VALUATIONS

Go public with Carta Valuations

During Q4 2020 and Q1 2021, Carta’s valuation team assisted many clients with an IPO, some of which are highlighted below.

Carta has delivered over 20,000 valuations since entering the 409A market in 2016. Of Carta’s hundreds of late-stage valuation clients, one third are subscribed to semi-annual or quarterly 409As with an expected exit within the next 12 to 24 months, over half are audited by the Big Four, and nearly half have earned “unicorn” status.

20,000+ Valuations Delivered

The largest 409A valuation provider in the United States, covering all industries and all lifecycle stages, from Seed stage to IPO.

60+ Valuation Experts

Holding various credentials — such as the CFA, CAIA, CPA, ABV and MSF — and a combined valuation experience of 100+ years at major firms including Deloitte, KPMG, EY, Moss Adams, Grant Thornton, and Andersen Tax.

1,500+ Audited Valuation Customers

As the largest 409A valuation provider in the United States with 500+ customers audited by the Big Four, Carta’s valuation team is driving policy to ease the burden of audit procedures.

IPO WITH CARTA VALUATIONS

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Industry: Internet and Direct Marketing Retail

Public listing date: March 2021

Company overview: Thredup operates online resale platforms that allows consumers to buy and sell secondhand women’s and kids’ apparel, shoes, and accessories. The company was founded in 2009 and is based in Oakland, California.

The Carta valuation team consistently delivered a great experience in our several years working with their team. Their team’s ability to provide thoughtful analysis in compressed timeframes was tremendously helpful for us and our auditors as we prepared for our IPO in early 2021.

Alon Rotem, Chief Legal Officer, Thredup
thredup

Industry: Interactive Media and Services

Public listing date: March 2021

Company overview: Trustpilot operates a review platform for businesses and consumers in the United Kingdom, North America, and internationally. Its online review platform that enables consumers to make purchasing decisions, and businesses to showcase their service. The company was founded in 2007 and is headquartered in Copenhagen, Denmark.

[We had worked] with the Carta team for our 409A valuations for several years and [were] very satisfied with the results. The team is very easy to work with and the process [was] seamless as we [were] already storing so much of the relevant information in Carta directly.

Hanno M. Damm, Chief Financial Officer, Trustpilot
trustpilot

Industry: Pharmaceuticals

Public listing date: February 2021

Company overview: Nuvation Bio, a clinical-stage biopharmaceutical company, focuses on the development of therapeutic candidates for oncology. The company was incorporated in 2018 and is headquartered in New York, New York.

nuvation

Industry: Biotechnology

Public listing date: February 2021

Company overview: NexImmune, a clinical-stage biotechnology company, engages in developing therapies with curative potential for patients with cancer and other life-threatening immune-mediated diseases. The company was incorporated in 2011 and is headquartered in Gaithersburg, Maryland.

We greatly appreciated that Carta provided a consistent, experienced team for each of our 409A engagements, especially as we approached our IPO. The Carta team was a valuable partner in working through multiple scenarios and sensitivities around the timing and value of our IPO which was critical for the comfort of our Board and partners as we went through our preparation.

John Trainer, Chief Financial Officer, NexImmune
NexImmune

Industry: Agricultural and Farm Machinery

Public listing date: January 2021

Company overview: Agrify Corp develops precision hardware and software grow solutions for the indoor agriculture marketplace primarily in the United States. It offers vertical farming units, integrated grow racks, and LED grow lights; and non-proprietary products designed, engineered, and manufactured by third parties, such as air cleaning systems and pesticide-free surface protection products. The company was incorporated in 2016 and is based in Burlington, Massachusetts.

agrify

Industry: Data Processing and Outsourced Services

Public listing date: January 2021

Company overview: Affirm operates a platform for digital and mobile-first commerce in the United States and Canada. The company’s platform includes point-of-sale payment solution for consumers, merchant commerce solutions, and a consumer-focused app. Its payments network and partnership with an originating bank, enables consumers to pay for a purchase over time with terms ranging from one to forty-eight months. The company was founded in 2012 and is headquartered in San Francisco, California.

affirm

Industry: Interactive Home Entertainment

Public listing date: December 2020

Company overview: Skillz operates a mobile games platform that connects players worldwide. Its platform hosts casual esports tournaments. The company was founded in 2012 and is headquartered in San Francisco, California.

skillz

Industry: Consumer Finance

Public listing date: December 2020

Company overview: Upstart operates a cloud- based artificial intelligence (AI) lending platform. The company’s platform aggregates consumer demand for loans and connects it to its network of the company’s AI-enabled bank partners. Its platform connects consumers, banks, and institutional investors through a shared AI lending platform. The Company was incorporated in 2012 and is headquartered in San Mateo, California.

upstart

Industry: Life Sciences Tools and Services

Public listing date: December 2020

Company overview: AbCellera Biologics develops antibody discovery platforms. Its full-stack, AI-powered drug discovery platform searches and analyzes the database of natural immune systems to find antibodies that can be developed as drugs. The Company was founded in 2012 and is headquartered in Vancouver, Canada.

The [409A] report looked great to us, but more importantly, when we submitted it to the lawyers, underwriters, accountants, and everyone who would eventually pore over it, not once did we have to answer questions or go back and forth with our analyst to make changes – it was all there. This report was also completed under a very demanding timeline.

Andrew Booth, Chief Financial Officer, AbCellera Biologics
abcellera

Industry: Automobile Manufacturers

Public listing date: October 2020

Company overview: Fisker focuses on design, development, manufacture, and sale of electric vehicles. The company was founded in 2016 and is headquartered in Manhattan Beach, California.

The Carta team is amazing. Very efficient, knowledgeable and responsive.

Dr. Geeta Gupta-Fisker, Co-Founder and Chief Financial Officer, Fisker
fisker

Industry: Pharmaceuticals

Public listing date: October 2020

Company overview: Tarsus Pharmaceuticals, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of novel therapeutic candidates for ophthalmic conditions. The company was incorporated in 2016 and is headquartered in Irvine, California.

The Carta valuation team was extremely helpful and professional in working with our Tarsus team as we prepared for our IPO; they were very responsive and proactive during this time with multiple calls to ensure alignment of valuation information with our finance team.

Leo Greenstein, Chief Financial Officer, Tarsus Pharmaceuticals
tarsus

Industry: Biotechnology

Exit date: October 2020

Company overview: Spruce Biosciences, a biopharmaceutical company, focuses on developing and commercializing novel therapies for rare endocrine disorders. The company was incorporated in 2014 and is headquartered in Daly City, California.

Carta played an important role in the work leading up to our initial public offering in 2020. The valuations were well prepared and aligned with expectations from all key stakeholders.

Samir Gharib, Chief Financial Officer, Spruce Biosciences
spruce

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