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After releasing the 2011 Digital 100 list in late September, we received a lot of feedback.
As usual, we have now revised the list based on this feedback, and added 15 more worthy startups.
Here's the updated list...
Welcome to the Digital 100: The World's Most Valuable Internet Startups!
In this year's list, we've looked at and evaluated more than 300 startups and ranked the top 100.
So what are the 100 most valuable digital startups in the world?
Facebook tops our list again, with a valuation of $80 billion, up radically from $25 billion last year and $6.5 billion the year prior. Facebook continues to grow at a tremendous clip and now has more than 750 million users worldwide. The company reportedly earned $500 million on $1.6 billion in revenue during the first half of 2011 and is on track to do more than $4 billion of revenue for the year.
Rounding out the top five: Zynga, the social game developer; Groupon, the daily deals site; 360Buy, the Amazon of China, and Twitter, the massive microblogging network.
We've been valuing and ranking the world's most valuable digital startups for the last 4 years. We started with 25 companies, and this list soon expanded into the SAI 50+. Now it's the Digital 100.
This year, we've expanded our search and analysis yet again. We found a ton more companies that are earning a lot of money and / or growing their businesses rapidly. The result is this year’s new and improved "Digital 100" — 100 of the world's most valuable private digital startups.
Notable companies not included on
last year’s list include Airbnb, the apartment rental service, and Rovio, the maker of Angry Birds, and dozens of others.
What's New
It's been a crazy year for technology companies. Many of the top companies from last year's list have gone public, like LinkedIn and Pandora. Many others, like Groupon and Zynga, have filed to go public. A lot of young companies are receiving wild valuations. Some of last year's leaders have stumbled and fallen.
Methodology
We used the same valuation methodology as have the last three years, which you can read about in detail here. Obviously, our valuations are only as good as the information we have, so please feel free to comment in the post or send an email to zlichaa@businessinsider.com.
We want to thank the hundreds of readers, companies, investors, and executives who have taken time over the past few months to submit nominations and share information with us. We thank our colleague Zach Lichaa for performing most of the background research. In addition, we thank our generous sponsors Buddy Media and NYSE for making the project possible. The valuations were estimated by Henry Blodget, Alyson Shontell, and Nicholas Carlson. Sharespost also aided some of the valuations. For a complete Sharespost index, click here.
Related
Want to know what it's like working for one of the world's most awesome startups?Employees tell all.
Business: Facebook is the largest social networking site in the world with more than 750 million users, up from 500 million users last year.
Location: Palo Alto, California
More Info: About Facebook
CEO: Mark Zuckerberg
Investors: Earlier this year, Facebook closed a $1.5 billion round of funding that valued the company at more than $50 billion from Goldman Sachs, some of Goldman's international clients, and Digital Sky Technologies. Before that, the company had raised more than $400 million in funding since 2008. Microsoft ($246 million), Hong Kong billionaire Li Ka-Shing ($60 million), Greylock Partners and Meritech Capital Partners ($25M), Accel Partners ($12.8 million), PayPal co-founder Peter Thiel ($500,000), European Founders Fund ($15 million), Digital Sky Technologies ($200 million) and TriplePoint Capital ($100 million).
Analysis: Even though revenue numbers leaked earlier this year were lower than expected, Facebook is still growing very rapidly. An anonymous source told Reuters that Facebook earned $500 million on $1.6 billion in revenue during the first half of 2011. That's about twice as much as it earned and booked during the first half of 2010.
Shares are trading as high as $80 billion on Sharespost, at approximately the same level where they've been trading for the past 6 months. This is about ~60X this year's projected earnings and 20X revenue. These are high multiples, and for this valuation to be sustained, the company will have to continue to grow extremely rapidly.
Investors: Zynga has raised a total of $510 million. Series A ($10 million): Avalon Ventures, Clarium Capital, Foundry Group, Pilot Group, Union Square Ventures, Reid Hoffman, Peter Thiel, Bob Pittman, Andy Russell, Brad Feld, Series B ($29 million): Kleiner Perkins Caufield & Byers, Union Square Ventures, Institutional Venture Partners Foundry Group, Avalon Ventures. Series C ($180 million): Andreessen Horowitz, Tiger Global, Digital Sky Technologies and Kevin Rose. Series D ($300 million): Softbank and Google.
The company is on track to generate about $1.5 billion of revenue this year (extrapolating from its S-1 filing), from a combination of ads and virtual goods. This is up from $597 million last year. The company's operating profit on this revenue is still low--about 10% of revenue--but this margin will presumably expand as the company gains scale. We use a multiple of 7X revenue and arrive at a valuation of about $11 billion.
Business: Daily deal website that sells "groupons" to users - the discount is only valid if a certain number of people sign up.
Location: Chicago, Illinois (with a growing office in Palo Alto, California)
More Info: About Groupon
CEO: Andrew Mason
Investors: $1.14 billion in total venture capital raised. Angel round ($1 million): Eric Lefkofsky, Brad Keywell. Series A ($6.8 million): New Enterprise Associates. Series B ($30 million): Accel Partners, New Enterprise Associates. Series C ($135 million): Digital Sky Technologies, Battery Ventures, Accel Partners, and New Enterprise Associates. Series D ( $950 million): Digital Sky Technologies, Morgan Stanley Venture Partners, Fidelity Ventures, Andreessen Horowitz, Battery Ventures, Greylock Partners, Kleiner Perkins Caufield & Byers, Maverick Capital, Silver Lake Partners, Technology Crossover Ventures. Unattributed ($16.2 million): Peter Barris, Ted Leonsis
Analysis: Groupon began the year strong when it turned down a $6 billion buyout offer from Google in December. Since then its road to an IPO has been bumpy. The SEC was investigating the company after a detailed memo about its business was leaked to the press during the "quiet period," but now the IPO roadshow is said to be back on.
Groupon has invented a new form of marketing that has become as much a part of everyday advertising and commerce as classified ads used to be. Groupon has been so wildly successful that, in the space of a year, more than 100 Groupon clones have sprung up to capitalize on the "daily deal" concept. In recent months, however, many concerns about the Daily Deal model have arisen, and some are speculating that Groupon's years of rocketship growth will soon be behind it.
Given the company’s market lead and continued user growth, we give Groupon a 3-4X multiple on revenue for a valuation of $10 billion. Shares have sold at a valuation as high as $14.9 billion on Sharespost.
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: Described as the Amazon of China, the company is reportedly thinking about a 2012 IPO. They raised $1.5 billion at the beginning of 2011, led by Digital Sky Technologies, and did $1.7 billion in 2010 sales. The market here is massive and it will continue to grow as Chinese incomes rise.
Business: Messaging, microblogging and social networking service
Location: San Francisco, California
More Info: About Twitter
CEO: Evan Williams
Investors: This summer, Twitter raised $800 million in two rounds: one from existing Twitter shareholders and one led by DST, both at an estimated $400 million valuation. Other investors include Charles River Ventures, Union Square Ventures, Marc Andreessen, Dick Costolo, Naval Ravikant, Ron Conway, Chris Sacca, Bezos Expeditions, Spark Capital, Digital Garage, Kevin Rose, Tim Ferriss, Benchmark Capital, Institutional Venture Partners, Insight Venture Partners, T. Rowe Price, and Morgan Stanley (nice IPO leverage).
Analysis: Twitter's monstrous growth continues. Last year users were sending 90 million tweets per day. Last week, Twitter announced it had 100 million active users and 400 million monthly uniques. Users now send 230 million tweets per day.
In April, Twitter raised $800 million from two funding rounds with a valuation exceeding $8 billion. The microblogging site is reportedly generating $150 million in revenue this year. Given the semblance of a business model, the vibrant ecosystem, and Twitter's massive funding round, we give it a valuation of $8 billion.
6. Dropbox
Estimated Value: $4 billion
Last Year's Rank/Valuation: N/A
Business: Dropbox is a free service that lets you bring your photos, docs, and videos anywhere and share them easily.
Analysis: Before the round was reported last month, rumors were flying that Dropbox could be worth as much as $8 billion. Due to tanking markets or an interest in specific investors, Dropbox settled for a lower valuation.
The $4 billion valuation could be justified. Dropbox makes it easy to store and backup documents in the cloud, sync them between devices and retrieve them later. It solves a problem everyone has, so it has a very big potential market.
Dropbox's costs are always going to go down, because cloud computing costs are always getting cheaper. On the revenue side, Dropbox's revenues are always going to go up. It's a freemium business model, and freemiums works best when the value of the services go up over time. Most people won't pay to back up a few files on Dropbox. They'll pay to store them all.
7. Wikimedia Foundation (Wikipedia)
Wikimedia
Estimated Value: $4 billion
Last Year's Rank / Valuation: #2 / $5 billion
Business: The Wikimedia Foundation is a 501c3 non-profit. Its asset is a global user-generated encyclopedia that relies heavily on donations and on profit fundraising activities.
Location: San Francisco, California
More Info: About Wikipedia
Executive Director: Sue Gardner
Investors: Vinod Khosla, Open Society Institute, Alfred P. Sloan Foundation, Omidyar Network as well as countless individual donors
Analysis: Being a non-profit, the company doesn't operate with the goal of generating revenue. In 2010, the Wikimedia Foundation was expected to generate revenue of $20.4 million, a 28% year-over-year increase. Wikipedia, as a property, is one of the top 10 sites online globally. If it were converted to a for-profit, therefore, and run with the intention of making money, it would make a lot.
The company's costs are minimal since its content is contributed to by the public for free. As a result, its profit margins would be well above 50%. Last year we gave Wikipedia a valuation of $5 billion, but due to a slew of new, content-creating competitors that are stealing market share, we've lowered it to $4 billion.
Analysis: Vente-Privee began in France in 2001. Two years ago it became a powerhouse of a new wave of members-only e-commerce sites, including BuyVIP, null, Gilt Groupe, Ideeli, and Rue La La.
The company offers online private sales clubs involving designer fashion brands (know as the overstock market). Two years ago, the company was rumored to be talking about a $1.5 billion sale. Some sources even put the figure at between $2 billion and $4 billion. It was rumored that Amazon was also sniffing around at $3 billion.
In 2010, the company generated more than $1 billion in revenue. This year, it's rumored to be generating more than $1.5 billion. On that revenue, we apply a 2x multiple and estimate a valuation of $3 billion.
Investors: The daily deals site closed $400 million in April 2011 funding but, according to reports, only half of that money went into the company's pocket. Investors include Steve Case, T. Rowe Price, Amazon.com. Grotech Ventures, Institutional Venture Partners, Revolution LLC, and Lightspeed Venture Partners
Analysis: LivingSocial is a group buying platform that invites users to local attractions in major cities at deeply discounted rates (usually between 50-80% off). LivingSocial is on track to generate revenue of $1 billion in 2011, which is still significantly less than market-leader Groupon. Using the same 3X revenue multiple we gave Groupon, we give LivingSocial a $3 billion valuation.
10. Craigslist
Estimated Value: $2.5 billion
Last Year's Rank / Valuation: #5 / $3 billion
Business: Classified ads
Location: San Francisco, California
More Info: About Craigslist
CEO: Jim Buckmaster
Investors: eBay acquired 25% of equity in 2004 for $30+ million.
Analysis: Newspaper revenue has dropped to levels not seen in over 40 years. Craigslist remains one of many newspaper killers. The classified listing site famously charges for only a small percentage of its ads like job and real-estate ads in about 18 major metropolitan cities. If the company actually went after real revenue by charging for a lot more of its classified ads, it could generate at least $1 billion in revenue.
We estimate that Craigslist generated about $125 million of revenue in 2010 with operating margins between 70-80% in 2010. A slew of competitors are now going after chunks of Craigslist's market. Startups like Zaarly and TaskRabbit are making real-time request and listings sites. As such, along with the down real-estate market and job market, we are giving the company a slightly lower valuation than last year at $2.5 billion.
Investors: The Founders Fund, Youniversity Ventures, Glynn Capital Management, Ulu Ventures, Jeremy Stoppelman, Ben Ling
Analysis: Palantir Tech is a data analytics platform focusing mainly on the government and financial sectors. In June 2009, it raised a $90 million round at a $735 million valuation. This June, it raised half that amount, $50 million, at an estimated $2.5-3 billion valuation. It is reportedly on track to generate $100 million of revenue this year, or double its 2010 revenue.
Using a 20X revenue multiple, we estimate Palantir's valuation at $2 billion.
Investors: Ceyuan Ventures, Tiger Global Management LLC, IDG Capital Partners, Qiming Venture Partners and SAIF Partners
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: VANCL is well positioned to take advantage of China's growing middle class. The company raised $100 million late in 2010 and is expected to IPO in the U.S. later this year.They did close to $275 million in 2010 sales and are considered China's 5th largest online retailer. We estimate 2011 revenue at $600 million. Based on a 3X multiple on revenue, we value the company at $1.8 billion.
Business: Online video service that offers a selection of TV shows, clips and movies
Location: Los Angeles, California
More Info: About Hulu
CEO: Jason Kilar
Investors: Providence Equity Partners, The Walt Disney Company, NBC Universal and News Corp.
Analysis: Despite initial reports that Hulu would IPO, the video content site will likely be acquired. Last year, it generated roughly $250 million in gross revenue. This year it's on track to double that.
Of that revenue, we've heard Hulu keeps only 35-40%. So, even with a decent top line, Hulu's bottom line is believed to be small. Based on current offers from the likes of Google and its estimated revenues of $500 million this year, we estimate that Hulu is worth about $1.6 billion.
14. Square
Estimated Value: $1.6 billion
Last Year's Rank / Valuation:N/A
Business:Accept credit card payments anywhere with your iPhone, iPad or Android phone.
Location: San Francisco, CA
More Info: About Square
CEO: Jack Dorsey
Investors: In 2009, Khosla Ventures invested $10 million in Square. In January, Square raised $27.5 million from Sequoia Capital, Khosla Ventures, and Jeremy Stoppelman. In June, Square raised a massive $100 million round led by Kleiner Perkins Caufield & Byers and Tiger Global Management.
Analysis: Earlier this year, Square raised capital at a $240 million valuation. In June, it raised an additional $100 million; two inside sources say the round valued Square at $1.6 billion.
Square is getting used by more and more small businesses, but it is still largely unprofitable. The New York Times reports, "Square is on track to notch gross revenue of about $40 million. But its adjusted operating income is expected to be in the red, at negative $20 million. The hope is for Square to reach profitability in 2012 with gross revenue of at least $200 million."
15. Jawbone
Estimated Value: $1.5 billion
Last Year's Rank / Valuation: N/A
Business: Jawbone designs and creates personal mobile technology.
Investors: Sequoia Capital, Khosla Ventures and Andreessen Horowitz
Analysis: Jawbone is the creator of Bluetooth headsets, noise-eliminating technology, JAMBOX, wireless speakers and speakerphones, as well as THOUGHTS, a free mobile service that allows users to utilize their voice in a new way.
In July, Jawbone raised $70 million for a total of $170 million raised to date. The Wall Street Journal reported that the valuation of that round was $1.5 billion.
16. Airbnb
Estimated value: $1.3 billion
Last year's Rank/Valuation: N/A
Business:Offers a global network of accommodations offered by locals.
Analysis: Mozilla is rapidly losing market share while competitors like Google Chrome are gaining popularity. We estimate that Mozilla will generate revenue of about $150 million this year, up from $120 million last year. Because the browser is losing share, we give it a lower valuation than last year at $1.1 billion.
19. Spotify
Estimated Value: $1.1 billion
Last Year's Rank / Valuation: N/A
Business:Spotify is a digital music service that provides access to millions of songs.
Investors: Accel Partners, General Catalyst Partners, GoldHill Capital Lehman Brothers, Norwest Venture Partners, Oak Investment Partners, Sequoia Capital, Trident Capital, SVB Financial Group, AOL
Analysis: Kayak's business model, which charges travel providers per click referral, is a high-margin business and the company is gearing up for an IPO.
According to its S-1 filing, Kayak is on track to generate revenue of about $200 million this year, up from $170 million last year.
We value the company at $1.1 billion, a 5X multiple of revenue.
Analysis: Gilt takes excess inventory of luxury goods and sells them on a members-only, by-invitation-only e-commerce site. The company is well-funded and has a management team with a lot of industry experience. We think e-commerce will continue to gain share of the overall U.S. retail market, which bodes well for sites like Gilt.
Gilt booked about $270 million in revenue in the fiscal year ending June 2010, and its revenue should have approached $500 million this fiscal year.
Applying a 2x revenue multiple (due to low e-commerce margins) brings us to a $1.05 billion valuation.
22. Storm8
Estimated Value: $1 billion
Last Year's Rank / Valuation: N/A
Business: Storm8 is the creator of Role Playing Games on the iPhone, iPod Touch and Android device
Investors: Accel Partners and Technology Crossover Ventures.
Analysis: Storm8 creates role playing games for mobile devices. It is rumored to be raising a $300 million round at around a $1 billion valuation from the likes of Accel Partners and Technology Crossover Ventures. Zynga was interested in acquiring Storm8 but took its name out of the running because the price was too rich.
Analysis: Coupons.com has been in the couponing business since 1998. The company has evolved to enable digital coupon programs, servicing more than 65,000 websites daily. It raised $200 million from institutional investors, reportedly at a $1 billion valuation. This week, it raised an additional $30 million.
We estimate that Coupons.com will generate about $100 million of revenue in 2011, up from $50 million in 2010. We value the company at $1 billion, a 10X multiple of revenue.
Investors: DH Capital, Goldman Sachs, ABRY Partners, Brown Brothers Harriman, CapitalSource, Caterpiller Financial, GE Capital, ING, Raymond James Financial, and CIT Group
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: The IT Management company has seen significant domestic and overseas growth in the past 5 years. We estimate Datapipe's 2010 revenue was $100 million, and it will generate more than $200 million this year. Based on a 4X multiple on revenue, we value the company at $800 million.
Analysis: Tumblr's traffic exploded this year, and so did their valuation. New York-based blogging platform Tumblr is talking to fancy venture capital firms about raising another huge pile of cash at a very generous valuation.
Tumblr is in talks to raise $75 million to $100 million at a valuation "in the range" of $800 million – possibly higher.
Investors: Fayez Sarofim & Co., Technology Crossover Ventures, Sequoia Capital and Tuputele Ventures.
Analysis: eHarmony, which operates in the US, Canada, Australia and the UK, is the destination for online daters go for "serious relationships."
We estimate that eHarmony will generate about $300 million of revenue in 2011, up from $250 million in 2010. We value the company at $800 million, a 3-4X multiple of revenue.
27. LegalZoom
Estimated Value: $800 million
Last Year's Rank / Valuation: N/A
Business:Online legal document preparation services for estate planning, trademarks, corporations and others.
Analysis: Legal documents provider LegalZoom was founded in 2001 and has been profitable for quite a few years. It's reportedly eyeing an IPO.
We estimate that LegalZoom will generate about $250 million of revenue this year, double the amount it generated in 2010. We value the company at $800 MM, a 3X multiple of revenue.
Business: Social network for recommendations on local businesses, restaurants, and the like.
Location: San Francisco, California
More Info: About Yelp
CEO: Jeremy Stoppelman
Investors: Max Levchin, Bessemer Venture Partners, Benchmark Capital, DAG Ventures
Analysis: Yelp has managed to successfully take on the incumbents in this space and command very high CPMs given their local targeting and active user-base. But Google is posing itself as a competitor, with Places and the acquisition of Zagat.
We estimate Yelp will generate about $100 million of revenue in 2011, up from $50 million in 2010. We value the company at $700 million, a 7X multiple of revenue.
Investors: Most recently, the company raised more than $56 million in March of 2011. Investors include Lighthouse Capital Ventures, Battery Ventures, Saints Capital, T. Rowe Price, and Wasatch Funds.
Analysis: With all the free service recommendation sites out there it's hard to believe people would pay up for contractor referrals, but Angie's List has been quietly running this business since 1995.
According to its recent S-1 IPO filing, Angie's List will generate about $80 million in 2011, up from $55 million in 2010. We value the company at $700 million, an 8-9X multiple of revenue.
Investors: Sequoia Capital, Accel Partners, and Fayez Sarofim & Co.
Analysis: Trulia is one of the largest and fastest growing online real estate companies in the US. Trulia is close to Zillow's audience metrics, while doubling revenue year over year.
With Zillow valued at $1 billion or more, we estimate Trulia's valuation at $700 million.
Analysis: Zulily is a daily deals site focused on bringing clothing and accessories to moms, kids, and babies at a discounted rate. The valuation of the latest funding round was reportedly $700 million.
32. ZocDoc
Estimated Value: $700 million
Last Year's Rank / Valuation: N/A
Business: Online booking for doctor and dentist appointments
Investors: Jeff Bezos, DST Global, The Founders Fund, Khosla Ventures, Mark Benioff, and SV Angel
Analysis: ZocDoc is an easy way to book last-minute doctor appointments online. It is used by more than 700,000 people per month. ZocDoc is free for patients and charges every featured practice $250 per doctor.
Analysis: Chegg is "the Netflix" of the $10 billion textbook market. The company allows students to rent textbooks for their classes.
With $130 million in 2010 revenue, and a $75 million funding round in September of last year, we view Chegg as a well positioned company in a growing space. Shares are trading as high as $600 million on Sharespost.
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: Service-Now, which specializes in IT Management software, is on pace to double its annual revenue to an estimated $200 million this year. Applying a 3x revenue multiple, we estimate the company's valuation is $600 million.
Investors: Union Square Ventures, O’Reiley AlphaTech Ventures, Jack Dorsey, Kevin Rose, Alex Rainert, Ron Conway, Joshua Schachter Chad Stoller, Sergio Salvatore, Andreessen Horowitz. The most recent round of funding occurred in June of 2011. The company raised $50 million.
Analysis: Foursquare is a location-based social networking service. 2011 has been a big year for the company, having inked partnership deals with companies like American Express and ESPN and achieving total registered users of 10 million. The company also recently clocked its one-billionth check-in. A $50 million funding round in June of this year valued the company at $600 million.
Investors: Greylock Parnters, New Enterprise Associates, Dave Duffield (CEO of company)
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: The financial and human capital management software provider is set to nealry double it's 2011 revenue number. We estimate it at $120 million, up from $65 million in 2010. We value the company at $600 Million, a 5X multiple of revenue.
Investors:Meritech Capital Partners, Andreessen Horowitz, Emergence Capital Partners, Draper Fisher Jurvetson, Scale Venture Partners, and US Venture Partners. The company raised $48 million in early 2011, and according to the company, much of the money will be spent on "building infrastructure".
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Investors: Institutional Ventures, GGV Capital, Roger Ehrenberg, Softbank Capital, European Founders Fund, Greycroft Partners, Ron Conway, and Bay Partners. The most recent round of funding came in June of 2011; Buddy Media raised $54 million to accelerate growth.
Analysis: 2011 was a good year for Buddy Media.* We estimate that the social media management platform for brands is on pace to double yearly revenue this year, reaching an estimated $20 million. An August funding round valued the company at about $500 million.
*Disclosure: Buddy Media is a sponsor of the Digital 100 list.
Analysis: MediaBank offers tools to maximize media buying. We estimate that the company will generate about $50 million in revenue this year. Applying a 10x multiple on revenue we come up with a valuation of $500 million.
Analysis: According to a company press release, Adknowledge generated $300 million in revenue in 2010 (double its 2009 revenue). It raised $200 million this past January. The company is reliant on Facebook, however, and we hear Facebook didn't make AdKnowledge its ad network of choice. We apply a 1-2x multiple to revenue, resulting in a $480 million valuation.
Investors: The New York Times Company, Union Square Ventures, and Allen & Company
Analysis: Another company whose business model is suited well for the struggling job market, Indeed is a job listing search engine that aggregates job postings from around the web. Indeed is one of those business models that doesn't need to run expensive ads on its site in order to turn a profit since it gets content for free. In addition, its pay per click ads have held up relatively well in the past year.
We estimate Indeed will generate about $50 million in revenue in 2010 and $100 million in 2011. Due to its strong growth and high margins we apply a 4-5x multiple to revenue, resulting in a $450 million valuation.
Investors: Bessemer Venture Partners, Canaan Partners, ATA Ventures and Amidzad Partners.
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: With over 50 million registered accounts, Zoosk is the largest online dating community in the world. We estimate that revenue will double in 2011 and reach more than $200 million in 2012. At a 2-3x multiple, we estimate a $450 million valuation
Analysis: Yodle specializes in helping local businesses market themselves on the web. We estimate revenues will reach $100 million this year, up from about $70 million in 2010. We apply a 4x multiple to revenue and reach a valuation of $400 million.
Investors: Foundation Capital, NeoCarta Ventures, Revolution, Rho Ventures, Scale Venture Partners, Village Ventures
Analysis: Everyday Health is a resource for health information, including a personalized option; it's a bigger, better WebMD. The company canceled IPO plans in late 2010 and raised a $20 million round instead.
We estimate that the company will generate about $100 million of revenue this year. Applying a 4X multiple, we get a valuation of $400 million.
46. Kabam
Estimated Value: $400 million
Last Year's Rank / Valuation: N/A
Business: Interactive entertainment company that creates free-to-play games for social networks.
Investors: Canaan Partners, Google Ventures, Betfair, Intel Capital, Redpoint Ventures, Pinnacle Ventures, Performance Equity Partners, SK Telecom Ventures
Analysis: Kabam develops multi-player online games for social networks. It raised $85 million in May ($115 million total). We estimate a valuation of $400 million.
47. Stella & Dot
Estimated Value: $400 Million
Last Year's Rank / Valuation: N/A
Business: Jewelry sold through private home parties
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: Stella and Dot has a lot to be excited about. At the beginning of 2011 it locked up $37 million in financing from Sequoia Capital, which valued the company at $370 million. With revenues reportedly set to reach $200 million by the end of this year (doubling its 2010 number), we estimate the company is worth $400 million.
Investors: Hubert Burda Media, GLG Partners, Hercules Technology Growth Capital, Accel Partners, Draper Fisher Jurvetson, Walden Venture Capital, Information Capital LLC, DAG Ventures, Mizuho Venture Capital
Analysis: Glam continues to be a major player in the digital ad network space, but with a flurry of competitors in the market, we're not predicting much growth in 2011.
This year, we estimate Glam will generate about $100 million in 2011 revenue and about $200 million in 2012. For the purposes of a recent transaction, the company was valued at $950 million.
*Glam Media just announced that it has acquired Ning, a social networking company. This was a major acquisition--about $150 million--and Glam's value will therefore likely rise accordingly.
Investors: Tiger Global Management and Accel Partners
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: The Amazon of India raised $20 million in early 2011, led by Tiger Global. We estimate it will generate $100 million in 2011 revenue. Based on a 3-4X multiple on revenues, we value the company at $350 million.
Investors: $41 million in 2011 funding came from Next World Capital, Cue Ball Capital, StarVest Partners, Constellation Growth Capital and Kodiak Venture Partners.
Analysis: Ideeli is an online discount retailer specializing in fashion, beauty, home, and travel deals. Their items are not available for long and, as such, Ideeli falls under the "flash sales" category.
We estimate that ideeli will generate about $250 million of revenue this year. At a 1-2x multiple of revenue, we estimate Ideeli's valuation at $350 million.
Analysis: Ozon is the Amazon of Russia; it is the country's leading e-commerce site. With revenue on pace to reach an estimated $175 million in 2011, we apply a 2X multiple and estimate a $350 million valuation.
Investors: Wm Morrison Supermarkets, AIG Global Investment Corp, AIG Capital Partners, Maverick Capital, CIBC Capital Partners, Canyon Partners, Mercantile Capital Partners
Analysis: Fresh Direct is the online grocer that delivers to your house, while putting a premium on customer service. Fresh Direct raised $50 million from UK based grocery chain Wm Morrison Supermarkets, in March of 2011.
With $350 million in estimated 2011 revenue, we use a 1X to estimate a $350 million valuation.
Business: High-end ad network: sells and serves ad campaigns for web sites.
Location: San Francisco, California
More Info: About Federated Media
CEO: Deanna Brown
Investors: Omidyar Network, New York Times, Mitchell Kapor, Andrew Anker, Mike Homer, Tim O'Reilly, JP Morgan, Oak Investment Partners
Analysis: Federated Media specializes in helping brands leverage the overwhelming amount of new media companies. It also publishes and curates editorial content for major clients like HP, Intel, GE and AMEX.
We estimate that revenue will reach about $90 million in 2011, up from $65 million in 2010. Using a 4x multiple, we estimate a $350 million valuation.
Investors: Revolution Ventures, The Founders Fund, Polaris Venture Partners, Cisco Systems
Analysis: Quantcast has become one of the front-runners in the media measurement space by embedding code into participating websites to keep track of traffic and other useful analytics. This is quite the change from comScore / Nielsens back in the day.
The company was rumored to be raising another round of funding last summer but, because of the markets, that round was pushed to earlier this year. Quantcast's pre-money valuation was around $300 million.
Investors:Kleiner Perkins Caufield & Byers and Warburg Pincus LLC
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: China's lead e-commerce site, Xiu will reportedly bring in about $150 million in 2011 revenue. The company also recently raised $100 million in VC funding. At a 2X multiple of revenue, we estimate Xiu's valuation is $300 million.
Investors: 3i Group, Benchmark Capital, Finnish telecom company Elisa Group and advertising group Taivas
Analysis: Habbo Hotel is a virtual hotel where 80 million registered and 7 million monthly unique users go to talk, play games, lay out in the sun, and do whatever else people do at real hotels.
We estimate the company will generate $100 million in revenue in 2011. We apply a 3x multiple for a $300 million valuation.
Analysis: Imperva provides cloud based security for files, data, and applications. Extrapolating from its S-1 filing, we estimate that the company will generate about $80 million in 2011 revenue, up from $55 million in 2010. At a 4x multiple of revenue, we estimate Imperva's valuation at $300 million.
Investors: Raised $30 million from Tiger Management, Accel Partners, Intel Capital and General Catalyst Partners in late 2010.
Analysis: Vostu is an online gaming company that is big in Brazil. It has 42 million users.
Vostu raised $30 million at the end of last year at what we estimate was a $300 million post-money valuation. While the company has grown significantly since then, a lawsuit with Zynga is a potential risk for Vostu. We estimate that Vostu will do about $50 million of revenue this year. We use a 6x multiple, keeping the valuation at $300 million.
59. ShoeDazzle
Estimated Value: $280 Million
Last Year's Rank / Valuation: N/A
Business: Personal styling and fashion services including the sales of shoes, handbags, jewelry, and more for a monthly fee.
Investors: $40 million in May 2011 funding from Andreessen Horowitz, Lightspeed Venture Partners, and Polaris Ventures
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: Shoedazzle offers its members personalized fashion, including shoes, jewelry, handbags, and other accessories. Users are charged to receive the monthly accessories at their doorsteps.
The company is expected to generate $70 million in 2011 revenue, up from $23 million in 2010. Shoedazzle raised $40 million in May of 2011, with a valuation north of $200 million.
Applying a 4x on 2011 revenue, we estimate Shoedazzle's valuation at $280 million.
60. Collective
Estimated Value: $275 million
Last Year's Rank / Valuation: N/A
Business: Provides display advertising solutions for advertisers and publishers.
Investors: Accel Partners, Greycroft, iNovia Capital
Analysis: Collective is a platform for digital display advertising. We estimate the company will generate about $150 million in revenue in 2011, up from $100 million in 2010. At a 2X multiple of revenue, we estimate a $275 million valuation.
Investors: Clearstone Venture Partners, Square 1 Bank, Mayfield Fund, Stanford University, University of California Berkley, Matt Coffin, IDG Ventures Vietnam, Silicon Valley Bank, Peacock Equity, Jarl Mohn
Analysis: We estimate that Rubicon will generate about $35 million of revenue this year. Applying a 7x multiple, we estimate Rubicon's valuation at $250 million.
Investors: Accel Partners, General Catalyst Partners, AOL, IAC, Hearst Interactive Media, GE Commercial Finance, Allen & Company, Brookside Capital, Maverick Capital, New York Times, Dentsu, J-Stream, Cyber Communications, TransCosmos
Analysis: According to its S-1 filing, Brightcove generated revenue of $28.4 million during the first six months of 2011, up from $20.4 million in the prior period. We estimate the company will generate about $75 million this year and apply a 3-4X multiple for a $200 million valuation.
Investors: Kleiner Perkins Caufield & Byers and Sequoia Capital
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: Based on its S-1 filing, Jive is on track to generate $70 million this year. But its S-1 also indicates that Jive has poor gross margins; expenses are high and it's losing revenue. We estimate a 3-4X multiple on revenue for a $240 valuation.
*New addition to the original list
64. Redfin
Estimated Value: $230 Million
Last Year's Rank / Valuation: N/A
Business: Online brokerage for buying and selling homes
Investors: Madrona Venture Group, Greylock Partners, Draper Fisher Jurvetson, Vulcan Capital, BEV Capital and The Hillman Company.
Analysis: Redfin lists real estate properties online and separates themselves from the competition (Trulia, Zillow) by offering brokerage services as well.
Based on shares traded on Sharespost, we estimate a valuation of $230 million.
Business: A site dedicated to buying and selling homemade and handmade goods ("eBay for arts and crafts").
Location: Brooklyn, New York
More Info: About Etsy
CEO: Rob Kalin
Investors: Caterina Fake, Stewart Butterfield, Joshua Schachter, Albert Wenger, Union Square Ventures, Accel Partners, Hubert Burda Media
Analysis: We estimate that Etsy will generate about $75 million of revenue this year, up from $50 million in 2010. We apply a 3x multiple on revenue and estimate a value of $225 million.
Investors: Canaan Partners, Masthead Venture Partners, European Founders Fund, Meritech Capital Partners, SAP Ventures, Draper Fisher Jurvetson, Tirangle Peak Partners, DFJ Growth
Analysis: Tremor Media is a video advertising network that provides streaming video advertising on the web. We estimate it will generate about $100 million in 2011 revenue, up from $75 million last year. On a 2x revenue multiple, we estimate the company's valuation at $225 million.
Analysis: Sugar is a content, social media, and e-commerce network for women. The company generates revenue from ads, lead-gen, and e-commerce. We estimate that Sugar will do about $70 million of revenue this year. We apply a 3X multiple for a valuation of $210 million.
Investors: Venture Partners, Comcast Capital, Kleiner Perkins Caufield & Byers, Index Ventures, the Chernin Group, angel investor Ron Conway, Square CEO Jack Dorsey, actor Ashton Kutcher, and Facebook co-founder and Asana founder, Dustin Moskovitz.
Analysis: Flipboard is an easy news reading experience for the iPad. In April, Flipboard raised $50 million at an estimated $200 million valuation.
70. Say Media*
Estimated Valuation: $200 million
Last Year's Rank / Valuation: N/A
Business: Digital and social media advertising platform
Investors: First Round Capital, August Capital, WPP, Focus Ventures, and Maveron
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: SAY Media connects advertisers with consumers via social media and other web platforms. We estimate the company will do $100 million in 2011 revenue, up from $58 million in 2010. We value the company at $200 million, a 2X multiple of revenue.
Investors: HLM Venture Partners, Long River Ventures, Polaris Venture Partners, BlueCross BlueShield Venture Partners, Sandbox Industries, Adcension Health Ventures
Analysis: Phreesia is a quick patient check-in device used by doctors offices. It raised $20 million last summer, bringing its total financing to $42 million. The company generates revenue via pharmaceutical advertising. We estimate the company's value is about $200 million.
Investors: Kennet Partners, Enterprise Partners, Shepherd Ventures, Francisco Partners
Analysis: Specific Media is a large digital advertising company, focusing on video and display ads. You may remember Specific Media bought MySpace in the middle of 2011 for a reported $35 million. We estimate a valuation of $200 million.
Analysis: Tagged is a social network that helps users meet new people through online social games. The company has more than 80 million registered users worldwide and a daily audience of more than 4 million unique visitors. We estimate Tagged's revenue will double this year to roughly $50 million. We value the company at $200 million, a 4X multiple of revenue.
Investors: Spark Ventures, Index Ventures, and Accel Partners
Analysis: Mind Candy is a social network with online games for children. It's most famous for its Moshi Monsters, virtual creatures Mind Candy users can adopt and buy virtual goods for. Spark Capital sold half its Mind Candy stake in June for 15 times more than its initial investment 7 years prior. The deal valued the company at a reported $200 million.
75. Clearspring
Estimated Value: $200 Million
Last Year's Rank / Valuation: N/A
Business: .Connects publishers and advertisers on the social web
Analysis: Clearspring connects brands with social media via targeted advertising. The company had a $78 million post-money valuation in 2008, and we estimate its generated revenue will triple in 2011.
Investors: Generation Investment Management, Paul Capital Investments, RRE Ventures, Sigma Partners, Kleiner Perkins Caufield & Byers and The Westly Group
Analysis: RecycleBank partners with cities and haulers to reward households for recycling. Households then earn RecycleBank Points that can be used to shop at participating businesses. It has raised $70 million in venture capital. We originally valued RecycleBank at $100 million, but have heard from a source that the valuation is "much, much higher by a nice multiple." Based on the insider's information, we have upped RecycleBank's valuation to $200 million.
Analysis: Undertone is a high-end interactive ad network, specializing in display ads and video. We estimate the company will generate about $125 million in revenue in 2011; up from just under $100 million last year. We apply a 1-2x multiple on revenue and get an estimated a valuation of $200 million.
Investors: FirstMark Capital, Li Ka-Shing, Temasek
Analysis: Second Market made a lot of news in 2011 by brokering privately held shares of companies likes Facebook, Twitter, and LinkedIn. The company also trades in bankruptcy claims, convertible debt, and various forms of illiquid assets.
We estimate that SecondMarket will generate about $35 million of revenue in 2011, up from $16 million in 2010. We use a 6x multiple on revenue to get a $200 million valuation.
Investors: Union Square Ventures, Sutter Hill Ventures, Mobius Venture Capital, and SAP Ventures
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: Return Path is reportedly having a very good year, set to reach $45 million in revenue, a 35% increase from 2010. The company also raised $11 million in August, at a $200 million pre-money valuation. With healthy revenue growth and little direct competition, Return Path seems to be in very good shape.
Business:Meebo is a technology company that helps to organize the web around people.
Location: Mountain View, California
More Info: About Meebo
CEO: Seth Sternberg
Investors: Jafco Ventures, KTB Ventures, Time Warner Investments, Sequoia Capital, Draper Fisher Jurvetson, True Ventures
Analysis: Six-year-old Meebo has seen incredible growth the past year as its in-browser IM for social networks becomes widely adopted. It's social bar is driving the company with more than 165 million users.
We estimate that Meebo is worth about $185 million.
81. Appnexus
Estimated Value: $175 Million
Last Year's Ranking / Valuation: N/A
Business: Offers a platform for buying real-time online advertising.
Investors: Venrock, Kodiak Venture Partners, First Round Capital, and Microsoft
Analysis: Appnexus is an advanced ad platform specializing in real-time auction bidding. We estimate that the company will generate around $25 million in 2011 revenue, up from $7 million in 2010. Applying a 7x multiple on 2011 revenue, we estimate Appnexus's value to be $175 million.
Analysis: Vibrant media is a contextual (in-text hyperlinking) advertising company.
We estimate that Vibrant will generate about $130 million of revenue in 2011, flat from the year prior. We value the company at $175 million, a 1-2X multiple of revenue.
Analysis: Gawker Media is an online media network. We estimate that the company will generate about $30 million of revenue this year. Applying a 6X multiple, we estimate a valuation of about $175 million.
Investors: Sequoia Capital, Morgenthaler Capital, DOCOMO Capital, and Troika Dialog
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: We estimate Evernote will generate $16 million in 2011, up 300% from 2010. The company also raised $50 million this summerl. Based on a 10X multiple on revenue, we value the company at $175 million.
Investors: Tiger Global Management, Sequoia Capital, Tenaya Capital, DAG Ventures, European Founders Fund, Jawid Kareem, Jeff Clavier, and David Sacks.
Analysis: Eventbrite is a ticketing platform. It raised a $50 million Series D round from Tiger Global in May. We estimate that it will generate more than $200 million in gross ticket sales this year, up from $100 million last year, of which Eventbrite takes 2.5%.
Based on the recent financing and doubled ticket sales, we estimate Eventbrite's valuation is $150 million.
Analysis: Thrillist is a digital lifestyle publication, currently reaching over 2 million subscribers in 17 markets. It has recently seen a lot of success with a daily deals feature, which has been rapidly generating revenue for the startup.
We estimate that the company is on track to generate about $40 million of revenue this year, up from $10-15 million last year. It's commerce business has been growing steadily, so we estimate half of the revenue at a 5X multiple and the other half at a 2-3X multiple for a $150 million valuation.*
Investors: Menlo Ventures, US Venture Partners, and Venrock
Analysis: Media6Degrees is an advertising network that specializes in social targeting. We estimate that Media6Degrees' revenue will generate about $30 million of revenue this year, up from $20 million in 2010. We value the company at $150 million, a 5X multiple of revenue.
88. Beachmint
Estimated Value: $150 Million
Last Year's Rank / Valuation: N/A
Business: Social commerce company where celebrities launch lines and products.
Investors: New Millenium Partners, PacRim Venture Management, Staenberg Venture Partners, Sequoia Capital
Analysis: CafePress is an online retailer of user-customized products. It's in the process of going public.
According to its S-1 filing, Cafe Press generated $103.5 million in 2009 , $127.9 million in 2010. We estimate that it will generate at least $150 million in 2011. Due to the relatively low growth, we give it a 1X multiple for a valuation of $150 million.
Investors: Alta Partners, US Venture Partners, August Capital, Canaan Partners, and QuestMark Partners
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: Xirrus is a high performance wi-fi company. We estimate that Xirrus generated about $40 million in revenue last year, and that it will generate about $70 million this year. We apply a 1.5X multiple for a $100 million valuation.
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: We estimate Complex will generate $35 million in 2011 revenue, up from $22 million in 2010. The company raised a $9 million round in July of 2011 and attracts 37 million unique monthly visitors. Based on a 4X multiple on revenue, we value the company at $140 million.
Investors: Highland Capital Partners and Draper Fisher Jurvetson
Analysis: CafeMom is the ever-popular social network for moms, where women come together to get advice and support on various topics. We estimate that CafeMom will generate about $35 million of revenue in 2011, up from $30 in 2010. We value the company at $130 million, a 3-4X multiple of revenue.
93. 10gen*
Estimated Valuation: $125 million
Last Year's Rank / Valuation: N/A
Business: Develops MongoDB, and offers production support, training, and consulting for the open source database.
Investors: Union Square Ventures, Flybridge Capital Partners, Sequoia Capital
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: 10Gen just raised $20 million ($31.4 million total funding) a few weeks ago and it's used by a lot of Fortune 500 companies. We estimate a $125 million valuation.
Founders: Christopher Fuchs, Jeff Kurtzman, and Xavier Helgesen
Investors: Good Capital
Analysis: Better World Books collects and sells books online to fund literacy initiatives worldwide. We estimate the company generated about $60 million in revenue this year, up from $45 million last year. We apply a 2-3x revenue multiple for a valuation of $125 million.
95. Bleacher Report
Estimated Valuation: $120 Million
Last Year's Rank / Valuation: N/A
Business: A sports news and opinion website written entirely by unpaid, outside contributors
Investors: Oak Investment Partners, Crosslink Capital, and Hillsven Capital
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: The sports website, founded in 2008, has over 20 million monthly unique readers and is among the top web-based sports properties. The company received $22 million in August 2011 funding, bringing its total funding to $40 million dollars. Sources familiar with the company tell us Bleacher Report's valuation was around $120 million.
Analysis: Break Media is a humor-based content network for men. The company publishes original content, with in-house video, editorial and gaming groups.
We estimate that Break Media will generate about $60 million of revenue in 2011, up from $40 million in 2010. We value the company at $120 million, a 2X multiple of revenue.
Business: A footage licensing and video platform services company
Location: Denver, CO
More Info: About Thought Equity Motion
CEO: Kevin Schaff
Investors: Shamrock Capital Advisors
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: Thought Equity Motion is a footage licensing service. It raised $25 million this past August.
We estimate that TEM will generate about $40 million in revenue in 2011, up from $25 million in 2010. We value the company at about $120 million, a 3X multiple of revenue.
*New addition to the original list
98. Warby Parker
Estimated Value: $120 million
Last Year's Rank / Valuation: N/A
Business: Warby Parker is a prescription glasses online discount retailer.
Investors: First Round Capital, SV Angel, Lerer Ventures, Davis Smith.
Analysis: While margins for online retailers aren't huge, glasses are something that are purchased almost annually; Warby's product inherently encourages repeat customers. One of the sources estimates that Warby Parker has already sold more than 100,000 pairs of glasses in the last year.
Two sources involved in the financing and one additional industry source say that the $12 million round Warby Parker just raised was at an estimated valuation of $100-200 million.
Investors: Athenian Venture Partners, and Reservoir Venture Partners L.P.
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: We estimate that Manta will generate about $30 million of revenue in 2011, up from $20 million in 2010. We value the company at $120 million, a 4X multiple of revenue.
*New addition to the original list.
100. RightScale
Estimated Valuation: $110 million
Last Year's Rank / Valuation: N/A
Business: Provides web based cloud management platform and services
Investors: Tenaya Capital, DAG Ventures, Benchmark Capital, Index Ventures, and Presidio Ventures
Analysis: RightScale is a cloud management platform. It raised a $25 million Series C last year at a estimated valuation of $100-$125 million. Due to a slew of cloud competitors, we give it a modest valuation of $110 million.
Investors: Bain Capital Ventures, Highland Capital, and Kleiner Perkins Caufield & Byers
Analysis: Rent The Runway allows users to rent dresses for a fraction of the cost of buying the dress outright. We estimate that Rent the Runway will generate about $20 million of revenue in 2011, up from $6 million in 2010. We value the company at $105 million, about a 4X multiple of revenue.
102. MiniClip
Miniclip
Estimated Value: $105 million
Last Year's Rank / Valuation: #38 / $290 million
Business: Social Gaming
Location: England
More Info: About MiniClip
CEO: Robert Small
Investors: Self-Funded
Analysis: MiniClip is one of the lesser-known online gaming companies, but the company reaches about 65 million players every month. The company makes its money from a combination of advertising and virtual goods.
We estimate about $35 million in revenue this year up from $25 million last year. We apply a 3X multiple for a valuation about $105 million.
Investors: New Atlantic Ventures, Greenhill SAVP, RRE Ventures
Analysis: Pontiflex aims to help advertisers reach digital media users with ads that prompt user sign ups. It launched a mobile advertising service this year which is growing rapidly.
Pontiflex raised $6 million in February 2011; we estimate it will generate $20 million in revenue this year, up from $12 million last year. We apply a 5X multiple on revenue for $100 million valuation.
Investors: FirstMark Capital,Union Square Ventures, and Founders Fund
Analysis: Clickable is a complete PPC management solutions company for advertisers. It has raised $20.5 million to date and revenue is up 200% YoY. Sources close to the company say Clickable's valuation is about $100 million.
Analysis: Plenty of Fish is an online dating site and is rumored to have revenue of about $30 million a year. At close to a 3x multiple on revenue, we estimate Plenty of Fish's value at $100 million.
106. Eucalyptus
Estimated Valuation: $100 million
Last Year's Rank / Valuation: N/A
Business: Platform for private cloud computing implementation
Investors: BV Capital, Benchmark Capital, New Enterprise Associates (NEA)
Analysis: Eucalyptus is a cloud computing platform led by the former CEO of MySQL, Marten Mickos. Last year, it raised $20 million. According to GigaOm, the round gave Eucalyptus a valuation of $100 million or higher.
107. Shazam
Estimated Value: $100 million
Last Year's Rank / Valuation: N/A
Business: Buy and share music you hear playing around you
Investors: Kleiner Perkins Caufield & Byers, Institutional Venture Partners, and DN Capital
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: Shazam is a music sharing and discovery mobile application. Last year, Shazam generated an estimated $16 million in revenue. It raised $32 million in June.
The CEO, Andrew Fisher, says he hopes Shazam will have a billion-dollar valuation in two years. For now, if we apply a 5X multiple on $20 million estimated 2011 revenue, we get a $100 million valuation.
Analysis: Oodle is a social marketplace. It powers Facebook's marketplace. Oodle makes money off of paid listings. We estimate Oodle generated $10 million in revenue in 2010 and $20 million in 2011. We give the company a 5x multiple on revenue for a valuation of $100 million.
Investors: Andreessen-Horowitz, Baseline Ventures, and Benchmark Capital
Analysis: Instagram is a photo sharing application that is receiving an immense amount of traffic. It is growing shockingly fast. In less than a year, it has amassed 9 million users.
There's no revenue model yet, but investors tend to get very excited about companies that grow their user-bases this fast. We therefore estimate that the company is worth $100 million.
Investors: Richmond Management, Rose Tech Ventures, Circle Financial Group, PKS Capital, Accel Partners, Circle Financial Group.
Analysis: LearnVest is a financial tools, services, and content company. It is positioning itself to become a Mint.com for the female set.
LearnVest's business closely resembles Investools, which was acquired by TD Ameritrade for an estimated $600 million. Mint.com was acquired by Intuit for $170 million while generating $6 million in annual revenue.
In July, LearnVest raised a $19 million round, bringing its total funding to $24.5 million. It's seeing quick adoption among advertisers and users, and conversion rates on its recently launched subscription product are exceeding expectations. We estimate a $100 million valuation.
111. BetterWorks
Estimated Value: $100 Million
Last Year's Rank / Valuation: N/A
Business: A business platform where businesses can create, more rewarding work environments for their employees.
Analysis: Betterworks is a social platform for employees that rewards them and encourages collaboration. Last month, Betterworks raised $8 million with an implied valuation of $100 million.
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: Lifebooker is a platform for booking discounted health and beauty appointments. We estimate that Lifebooker will generate about $25 million of revenue in 2011, up from about $13 million in 2010. We value the company at $75 million, a 3X multiple of revenue.
114. SB Nation
Estimated Valuation: $75 million
Last Year's Rank / Valuation: N/A
Business: A sports website focused on local communities across the country.
Investors: Accel Partners, Alien & Company, Ted Leonsis, Comcast Interactive Capital and Khosla Ventures
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: SB Nation is a collection of sports blogs. The company raised $10 million last November at a valuation of about $70 million. We estimate that SB Nation will generate about $20 million in revenue in 2011, a 2X increase over 2010. We value the company at about $75 million, a 4X multiple of revenue.
Investors: Lightspeed, Gemini, Solorun and Chappaz, and GIMV
Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.
Analysis: ebuzzing is at the forefront of European social media advertising. It raised $25 million in August of 2011 and we estimate that 2011 revenues will hit $27 million, up from $13 million in 2010. We value the company at $75 million, a 3X multiple of revenue
