But not everyone is playing to pocket the most capital.
Expensify is readying to go public sometime this year, but its founder David Barrett said he doesn t know how much his company is worth. That s because the expense reporting software-maker hasn t had a private valuation in almost six years, the last time it raised venture capital, and has instead used profit to pay for its own expenses and growth.
It s one of the few profitable businesses on the roster to go public this year. And if it pulls off a direct listing as Barrett plans, Expensify will be one of even fewer companies to raise less than $100 million before going public in 2021.
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Expensify is planning to become a public company as early as next summer, its CEO confirmed to Business Insider.
The company wants to do a direct listing, rather than a traditional initial public offering, even if that means it cannot raise money when its shares start trading.
Expensify doesn t need additional capital, its CEO said, because it s been profitable for years. He said the listing would be intended to allow its employees and investors to cash out their shares.
Expensify, a unicorn startup that sells software for tracking business expenses, is weighing an entry into the public market as early as next summer and leaning toward a direct stock listing rather than a traditional initial public offering, its chief executive confirmed to Business Insider.