Portland startups, open source, and tech news, jobs, and events #pdx
If you’ve been curious about Portland’s Expensify going public, the S-1 is now available for your reading pleasure. The high notes? They plan to raise $243 million by selling about 10 million shares priced between $23-$25 range. And they plan to trade on Nasdaq under the symbol EXFY.
And from my personal perspective, I don’t ever recall reading an S-1 — and I’ve read quite a few — that reference a motivation to “Get shit done.” But this one does.
Lately, there’s been a great deal of breathless media coverage about the recent spate of local initial public offerings. Especially because they’ve come after a lengthy drought for the region, in that regard. But all of these local IPOs have one curious thing in common: none of them were actually Portland companies. Absci is in Vancouver. Dutch Bros is Grants Pass. And ESS is Wilsonville. But now, a Portland tech company promises to truly end the dearth of Portland — and Portland tech — IPOs. Expensify has filed to go public.
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In case you were unplugged this week… former Portland startup now Vancouver, Washington, biotech company Absci went public, this week. Having been on an IPO team for a venture funded startup myself, I can attest to what a herculean effort this whole process entails. And how the Absci team deserves all of the accolades for pulling this off.
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If this rumor proves true, the next IPO in Oregon probably won’t be what you think. It’s not a Portland company. And it’s not a tech company. It’s Grants Pass, Oregon, headquartered Dutch Bros. And, if they follow through, it’s rumored to value the company at $3 billion.
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Portland has its fair share of exits. But the vast majority of the time, those liquidity events are through acquisition. What doesn’t happen around these parts that regularly is an Initial Public Offering (IPO). But that may be changing, given that Expensify just filed a draft IPO registration with the SEC.
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If you’ve been part of the startup community for any amount of time, you’ve likely heard it. It comes up regularly. That bemoaning the dearth of initial public offerings (IPO) by local companies. And using that as a means of assessing the viability of startup activity in the Portland area—and potentially Oregon—as a whole.
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One of the things about which I tend to carp isn’t a lack of capital in the Portland startup scene. It’s an issue of maturity of the Portland startup scene. Because we simply haven’t had a bunch of serial entrepreneurs with successful exits plowing money back into the next generation of startups. Read More
There have been a ton of rumors swirling about Jive Software, as of late. But it looks like one of those may have more merit than the others. And given that I’ve seen it any number of places and that our friends at Jive are in the midst of a quiet period, I’m going to share this one.
According to All Things D’s sources, Jive will have its initial public offering on Tuesday, December 13. Read More