Going Public via Confidential Filings

Via Confidentially Files for Initial Public Offering

Via, a company specializing in on-demand shuttle services and related software, has submitted a confidential filing for an initial public offering (IPO). The company indicated this development through an official statement.

Details regarding the number of shares to be offered and the anticipated price range remain undisclosed, which is standard practice for initial filings of this nature.

Following Reddit's Lead

Via’s move mirrors that of Reddit, as both companies have initiated the private filing process prior to the typical year-end market slowdown. Market debut for both is projected to occur in early 2022.

Strategic Timing Amidst Market Conditions

The decision to file now, despite the approaching holiday season, is strategically sound. Via has demonstrated strong financial performance in recent quarters.

Preparing for an early IPO is a logical step, particularly given the continued strength of tech valuations despite recent market adjustments. Companies seeking to go public may be motivated to capitalize on the current IPO window.

Funding History

According to Crunchbase data, Via has secured $777.1 million in funding from a diverse group of investors.

These investors include Macquarie Capital, Mori Building, Shell, 83North, Broadscale Group, Ervington Investments, Hearst Ventures, Planven Ventures, Pitango, and RiverPark Ventures.

Recent Valuation and Growth

Last month, Via announced a $130 million funding round, resulting in a company valuation of $3.3 billion.

This round appears to have been a pre-IPO event, considering the timing. The funding followed a doubling of the annual run rate for TransitTech, Via’s software platform, exceeding $100 million.

Reaching IPO Scale

Essentially, Via has attained the revenue level typically associated with companies preparing for an IPO, without factoring in any additional revenue streams.

This timing aligns with the company’s overall growth trajectory.

Expanding Partnerships

Beyond its software revenue, Via has significantly expanded its partnerships.

Having initially taken five years to secure its first city partnership, the company now collaborates with over 500 partners, including major metropolitan areas like Los Angeles Metro, Jersey City, and Miami.

Navigating Pandemic Challenges

Via encountered fluctuating demand during the pandemic. Initial ridership declines were offset by increased demand for its software platform from cities prioritizing emergency services.

This shift proved beneficial from a business perspective, given the long-term nature of city contracts.

Strategic Acquisitions

Over the past several years, Via has bolstered its operations, potentially signaling its intention to pursue a public offering.

In March, the company acquired Remix, a provider of transportation planning and street design software, for $100 million. The acquisition of Fleetonomy also contributed to this expansion.

Competition in the Mobility Sector

Via is not alone in preparing for a 2022 public debut.

This month, Voi Scooters raised $115 million in a Series D funding round in anticipation of an IPO, and Kakao Mobility achieved a $4.2 billion valuation ahead of its planned listing.

Questions for the Filing

TechCrunch has submitted a series of inquiries regarding the filing, awaiting its release.

Key questions include the company’s ability to achieve traditional SaaS gross margins when selling to governmental entities, the length of its sales cycles, the depth of its market penetration, and the allocation of previously raised capital – specifically, whether it was invested in cash flow or resulted in operating losses.