A Silicon Valley VC says a group of tech companies are quietly blowing away expectations while the spotlight shines on splashy IPOs like Lyft and Pinterest

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When it comes to tech startups going public, consumer-facing companies such as Lyft, Pinterest, and Uber are getting much of the attention these days, thanks to their multi-billion dollar valuations.

But Jai Das thinks there’s still a lot of investor demand — and plenty of growth opportunities — for less well-known companies that offer software and tech services for enterprises. Such startups remain at the center of most venture capital investing and likely will remain the core of the tech initial public offering market, Das, the president and a managing director at venture capital firm Sapphire Ventures, told Business Insider in a recent interview.

“The bread and butter of IPOs are still the enterprise software companies that are going out at like a billion, 2 billion [dollars],” he said.

Eight years ago, Marc Andreessen, the cofounder of venture capital firm Andreessen Horowitz, declared that “software is eating the world.” That remains true to this day, Das said.

Established corporations ranging from Nike to Capital One are being challenged by nimble, tech-savvy startups, he said. In order to stay competitive, such traditional companies have had to invest in new software and services as well as developers of their own.

“You just