Utah-based software company Weave is considering an initial public offering (IPO), potentially in the fourth quarter of this year, according to a Bloomberg report.
Weave, which was founded in 2011, provides a variety of customer relationship management tools to industries ranging from healthcare, home services like plumbing and HVAC, and professional service providers such as salons, accountants and veterinarians, according to the company’s website. Weave offers two-way text messaging between the company and its customers, and enables appointment reminders, updates and appointment scheduling on its platform, among other functions. Weave also offers a variety of contactless payment options that can be customized for each business customer.
The company provides communications services to 29 million small and medium-sized businesses (SMEs) in the United States
As PYMNTS previously reported, 2021 looks to be a banner year for IPOs. Through July, IPO proceeds in the United States climbed to $ 89 billion, a jump of more than 230% from the same period in 2020. Some of the best-performing IPOs so far now this year include E-Home Household, which has seen a whopping 380% spike. and a first day yield of 1,100%; and online betting company Esports Technologies, which saw a 254% increase and a 507% return on day one. By mid-year, IPOs in the United States had already reached $ 171 billion and were set to break the record high of $ 168 billion in 2020.
Read more: Supported by high stock prices, IPOs move at record pace for record year
Keeping the momentum of other IPOs that have gone well this year, Weave could reach a valuation of around $ 2 billion with the IPO offer, according to Bloomberg.
Weave raised $ 70 million in a fundraising round in October 2019, which more than tripled its valuation to $ 970 million, according to a press release issued by the company. This funding round was led by Weave’s new investor, Tiger Global Management, with the support of existing investors including Catalyst, Bessemer, Crosslink, Pelion and LeadEdge.
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