SMB Software Company Weave Mulls IPO

Utah-based software company Weave is considering an initial public offering (IPO), potentially in the fourth quarter of this year, according to a report from Bloomberg.

Weave, which was founded in 2011, provides a variety of customer relationship management tools to industries ranging from healthcare, home services like plumbing and HVAC, and professional service providers such as salons, accountants and veterinarians, according to the company website. Weave offers two-way text messaging between the business and its customers, and allows for appointment reminders, updates, and appointment scheduling on its platform, among other functions. Weave also offers a variety of contact-free payment options that can be personalized for each business client.

The company provides its communication services to 29 million small and medium-sized businesses (SMBs) in the U.S.

As PYMNTS reported previously, 2021 appears to be a record-breaking year for IPOs. Through July, proceeds from U.S. IPOs soared to $89 billion, marking a more than 230 percent jump from the same period in 2020. Some of the top-performing IPOs so far this year include E-Home Household, which saw a whopping 380 percent spike and a first-day return of 1,100 percent; and online betting company Esports Technologies, which saw a 254 percent boost and a 507 percent first-day return. Mid-way through the year U.S. IPOs had already climbed to $171 billion and were pacing to beat the 2020 record of $168 billion.

Read more: Buoyed By High Stock Prices, IPOs On Pace For Record Year

Keeping the momentum of other IPOs that have fared well this year, Weave could reach a valuation of approximately $2 billion with the IPO offering, according to Bloomberg.

Weave raised $70 million in a funding round in October 2019, which more than tripled its valuation to $970 million, according to a press release the company had issued. That funding round had been led by then-new Weave investor Tiger Global Management, with backing from existing investors, including Catalyst, Bessemer, Crosslink, Pelion and LeadEdge.