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Unit Economics

The Cloud 100 2021 Benchmarks Report

Today Bessemer Venture Partners, Forbes, and Salesforce Ventures announced the 2021 Cloud 100 List, the definitive ranking of the top 100 private cloud companies. And — keeping consistent with previous years’ trends — the 2021 list was even stronger than the last. This year features bigger companies, higher valuations, and more market tailwinds than ever before — so much so, in fact, that the estimated valuation required to make the list was over $1 billion*. That’s right. The bar for this year’s list was so high that each honoree achieved the unicorn milestone. Between Stripe at $95 billion, Databricks at $28 billion, and Checkout at $15 billion, to get on the 2021 Cloud 100 list was a fight among giants. These honorees truly represent the best cloud companies globally.

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Tim Connors core team
over 2 years ago

Founder, MD @ PivotNorth Capital

more interesting would be the NextCloud 100. those startups like Accredible.com that have just crossed over $5M ARR. I've never had a co that got to $5M ARR fail to become valuable.

Marcelino Pantoja founder-in-residence
over 2 years ago

Founder-in-Residence @ Platform Venture Studio

8.8x multiple and 54% IRR performance over 5 years:

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At $95b, Stripe is nearly 20% of the Top 100's total value:

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Keep in mind that these are private companies:

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Naturally, more investor demand will lead to expanding multiples and higher valuations:

Marcelino Pantoja founder-in-residence
over 2 years ago

Founder-in-Residence @ Platform Venture Studio

The Top 10 companies this year are worth more than the Top 100 companies in 2016.

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"The Cloud 100 list continues to produce strong returns. In five years, the total valuation of the 2016 Cloud 100 list has increased by more than 780%, delivering an 8.8x and 54% IRR in that time. The 2017 Cloud 100 basket has delivered an 8.5x and 71% IRR as its aggregate value nears $1 trillion; the 2018 basket a 6.2x and 83% IRR; the 2019 basket a 4.1x and 102% IRR; and the 2020 basket a 2.2x and 117% IRR in just one year alone."

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"Cloud 100 data, however, points to the fact that in the private markets, multiples are expanding even on a growth-adjusted basis. From 2017 to 2021, the average growth-adjusted multiple for Cloud 100 companies increased by 180%, meaning that investors are willing to pay higher prices for the same growth rates; they are not both increasing in lock-step. We believe that this dynamic stems from high investor appetite for strong cloud businesses and the willingness to pay premium valuations for access to these special companies.

For founders, the takeaway is that building a cloud business today is as valuable as it has ever been before. The combination of unprecedented growth rates and increased investor demand have led to a proliferation of Cloud 100 unicorns."

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You can find the full list on Forbes:

https://www.forbes.com/cloud100/#73bc8f755f94

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