NEW YORK– Forbes announced the launch of its seventh annual list of Next Billion-Dollar Startups, a compilation of the top 25 venture capital backed startups in the U.S. that Forbes thinks are most likely to reach a $1 billion valuation.
The list includes San Francisco-based Alchemy, co-founded by Nikil Viswanathan, who serves as the company’s CEO. Co-founder is Joseph Lau. The company has raised $96 million with an estimated revenue of $2 million in 2020. Lead investors include Addition, Coatue, and Pantera, according to Forbes. The firm is on pace to increase revenue tenfold this year, to an estimated $20 million, as it helps clients like PwC, Unicef and OpenSeat conduct more than $30 billion in volume annually, added Forbes.
Viswanathan, 34, and Lau, 32, previously cofounded Down to Lunch, a popular social hangout iPhone app.
In partnership with TrueBridge Capital Partners, the Forbes team analyzed hundreds of companies’ finances and interviewed their founders and investors in search of the latest companies that have the best shot of becoming unicorns. The resulting list represents disruptors from a diverse range of sectors and industries that are pioneering solutions to solve some of today’s biggest challenges.
“The up-and-comers on this year’s list are thriving as the economy recovers,” said Amy Feldman, Senior Editor at Forbes. “These 25 innovative startups have shown great promise, and we believe they’re not slowing down anytime soon.”
A $1 billion valuation isn’t what it used to be, as companies reach that milestone with breakneck speed. Even startups with barely any revenue are earning sky-high valuations as investors bet on future growth.
The average estimated 2020 revenue for companies on this year’s list is just $12 million, compared with an average $30 million in previous year’s revenue for those on the 2020 list. Still there are plenty of up-and-comers worth keeping an eye on, including one that tests your dog’s DNA and another that will help you notarize documents from the comfort of your home.
Highlights on this year’s list of the Next Billion-Dollar Startups include:
- Embark Veterinary. Close to 1 million dogs have had their DNA tested using Embark’s kits since 2015, when brothers Adam and Ryan Boyko founded the company. Its revenue is expected to double to $72 million this year. It is the largest company on this year’s list by revenue.
- Incredible Health. Founded by Iman Abuzeid and Rome Portlock, this online marketplace for hiring nurses flips traditional hiring on its head—letting hospitals apply to nurses—and its matching algorithms help cut the process from months to weeks. The company has estimated 2020 revenue of $5 million.
To see the full list, visit: Next Billion-Dollar Startups 2021