Twilio, the US-based cloud communications platform developer backed by cloud computing company Salesforce.com and e-commerce and cloud services firm Amazon, filed to raise up to $100m in an initial public offering yesterday.
Founded in 2008, Twilio’s technology enables businesses to add real-time communication capabilities to their software applications.
The company plans to grow by strengthening its technology platform, expanding a 900,000-strong user community, of which 10% are paying customers, growing its international user base and increasing awareness of its service across various industries.
The filing shows Twilio made a $35.5m net loss in 2015, up from $26.7m the year before. Its revenue increased from $88.8m to approximately $167m over the same period.
Twilio has raised more than $240m in VC funding, having secured $130m from Salesforce’s corporate venturing unit, Salesforce Ventures, Amazon, Fidelity, T. Rowe Price, Altimeter Capital Management and Arrowpoint Partners in July 2015 at a $1.1bn valuation.
Bessemer Venture Partners, Redpoint Ventures, Draper Fisher Jurvetson, Union Square Ventures, 500 Startups and Founders Fund are also past investors.
Neither Amazon nor Salesforce have stakes in the company sized above 5%. Twilio’s largest shareholders are Bessemer, which owns a 28.5% share in the company, Union Square (13.6%) and Fidelity (6.1%).
Goldman Sachs and JP Morgan Securities are joint book-running managers for the IPO, while Allen & Company, Pacific Crest Securities, a division of KeyBanc Capital Markets, JMP Securities, William Blair & Company and Canaccord Genuity are serving as co-managers.