> Veriff raised US$100 million from foreign venture capital funds, which boosted its valuation to US$1.5 billion and made it a unicorn. According to Startup Estonia, Veriff is the second largest startup in Estonia in terms of revenue. In the second quarter of this year, Veriff’s sales revenue amounted to more than €18 million, in which Veriff was second only to Bolt.
A 1 billion $ valuation for a company that made 18 mil in sales? This is madness.
> A 1 billion $ valuation for a company that made 18 mil in sales?
That was 18M Euro (around $20M) and in a quarter. If that revenue was all recurring, that implies an $80M/yr run rate, or a 12.5x multiple on revenue to get to a billion dollar valuation. That's only 5x the current S&P500 price-to-sales ratio (and I'd surely expect startups with any sales traction to have a much higher ratio than US large caps, due to the much higher potential for growth).
It doesn't seem that crazy to me, which might mean that I'm the crazy one.
A 1 billion $ valuation for a company that made 18 mil in sales? This is madness.
> AI-powered identity verification
Ah yes the new “crypto”.