Klaviyo pops 23% in NYSE debut: ‘we want to be revenue growth engine’

September 20, 2023 11:30 AM PDT | By Invezz

Klaviyo pops 23% in NYSE debut: ‘we want to be revenue growth engine’ — Image source: Invezz

Klaviyo is already a profitable company

The marketing automation company raised $345 million in cash via the IPO that valued it at a bit over $9.0 billion.

Klaviyo ended this past June with 130,000 customers in total – up 24% versus a year ago. On CNBC’s “Squawk on the Street”, Andrew Bialecki – its Chief Executive officer said on Wednesday:

For our customers we just want to be that revenue growth engine. We give them the tools to help grow their business and do it in a really durable way.

Note that Klaviyo is a profitable company already. It had $10.9 million in net income in its latest reported quarter.

Klaviyo generates most of its revenue from Shopify

The email marketing firm saw its revenue jump more than 50% in the second quarter. Klaviyo attributes more than three quarters of its annualised recurring revenue to Shopify Inc that invested $100 million in it last year.

The eCommerce giant owns about 11% of Klaviyo. According to its co-founder Ed Hallen:

We leaned into eCommerce to help us grow. We’ve started signing more partnerships with other platforms. We’re really excited about the possibilities really for any digital relationship.

Instacart – a California-based delivery company also popped 40% as it debuted on Nasdaq this week. But Needham initiated that tech stock with a “hold” rating only on Wednesday (find out more).

The post Klaviyo pops 23% in NYSE debut: 'we want to be revenue growth engine' appeared first on Invezz

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