Customer engagement platform Braze files for $100 million IPO

New York-based customer engagement company Braze filed its Form S-1 with the U.S. Securities and Exchange Commission to go public on the Nasdaq stock exchange.  

In its filing, Braze listed the size of the offering as $100 million, a placeholder that will change when the terms of the share sale are determined. The company plans for its shares to trade on Nasdaq under the symbol “BRZE”. 

With a diverse client base including IBM, DraftKings, PayPal and Grubhub, Braze provides technology for brands to interact directly with consumers through a variety of channels. Using the Braze platform, companies can use data from email, apps and other digital platforms to better understand their customers before targeting them with personalized messages.

Founded in 2011 by Bill Magnuson, Jon Hyman and Mark Ghermezian, Braze has reported massive revenue growth over the past two years, with $150.2 million in fiscal 2021 and $96.4 million in 2020, representing year-over-year growth of 56%, according to the SEC filing.

According to PitchBook, Braze was valued at $850 million after an $80 million funding round in 2018. 

In a letter to investors, co-founder and CEO William Magnuson said the coronavirus pandemic is accelerating digital transformation, including the importance of mobile technology to connect customers with brands.

“As consumers around the globe were staying at home, brands across all industries had to pivot their focus to delivering effective and engaging digital experiences,” Magnuson said. “We are confident that the transformative impact from 2020 will echo into the future, further validating our founding vision.”

The proposed offering is being led by Goldman Sachs & Co. LLC, J.P. Morgan and Barclays. 

Written by Jordan Bevan


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