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Stripe CFO joins the board of $3 billion AI startup Vercel

Dec 17, 2024 - businessinsider.com
Vercel, an AI startup valued at over $3 billion, has appointed Steffan Tomlinson, CFO of Stripe, to its board of directors. Tomlinson brings significant experience in guiding tech startups through the IPO process, having previously served as CFO at companies like Palo Alto Networks and Confluent. His addition to Vercel's board is seen as a strategic move as the company positions itself for potential public offering in the future. Vercel CEO Guillermo Rauch highlighted Tomlinson's expertise in leading developer-focused companies to public markets as a key asset for Vercel's growth.

Vercel has been experiencing significant growth, driven by the generative AI boom and its AI tools for developers. The company recently surpassed $100 million in annualized revenue, with its AI SDK and Next.js framework seeing substantial increases in downloads. Vercel operates on a consumption-based business model, similar to Stripe and Confluent, where revenue is generated based on usage rather than the number of users. CFO Marten Abrahamsen emphasized the company's focus on scaling its enterprise presence and building towards a future IPO, though no timeline has been set.

Key takeaways:

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  • Steffan Tomlinson, CFO of Stripe, has joined Vercel's board, bringing experience in taking tech startups public.
  • Vercel, valued at over $3 billion, is positioning itself for potential future public offerings, with recent financial and strategic expansions.
  • The generative AI boom has significantly contributed to Vercel's growth, with its AI SDK and Next.js framework seeing substantial increases in downloads.
  • Vercel employs a consumption-based business model, aligning its revenue with customer usage, similar to companies like Stripe and Confluent.
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