Ibotta, a Colorado-based platform offering cash back, rewards, and discounts on consumer brands, swung to a profit of $38 million in 2023, after reporting a loss of $55 million the year before. The company's platform uses AI to inform the kinds of consumer rewards it offers and has partnerships with big names such as Walmart, Dollar Tree, Kroger, Shell, and Exxon. Ibotta's IPO is highly anticipated since the company joined the unicorn club in 2019, when it achieved a value of $1 billion.
Key takeaways:
- Tech IPOs are on the rise with companies like AI startup Astera Labs, Reddit, Ibotta, Reitar Logtech, Rubrik, and NetClass Technology making successful debuts or filing to go public.
- Rubrik, a data security software company backed by Microsoft, and Ibotta, a Colorado-based platform offering cash back and rewards, are among the biggest upcoming tech IPOs, each looking to raise $100 million.
- Rubrik, despite its revenue climb and subscriber growth, reported a loss of $354 million in the fiscal year ended Jan. 31, but its IPO could raise up to $500 million according to Renaissance Capital.
- Ibotta, on the other hand, swung to a profit of $38 million in 2023 after a loss the previous year, and has partnerships with big names like Walmart, Dollar Tree, Kroger, Shell, and Exxon.