Instabase Achieves Unicorn Status and Finally Explains What It Does
The little-known software company has raised new funding at a $1.05 billion valuation, despite public market turmoil.
Silicon Valley got another addition to its stable of unicorns on Monday: Instabase Inc. The business tools company said it has raised $105 million at a $1.05 billion valuation. But most people won’t have heard of the company. Until today, Instabase’s website offered only a single sentence saying it helps “solve problems” and “create new breakthroughs.”
In the age of WeWork’s initial public offering meltdown, one might expect investors to be scaling back their bets on tech startups. WeWork parent We Co. ousted its chief executive officer last month as prospective public investors gave its valuation a haircut of tens of billions of dollars. Meanwhile, the stock of Uber Technologies Inc. is down by about a third since its IPO in May.