Marketing automation firm Klaviyo says it plans to go public.
The company filed paperwork Friday (Aug. 25) with the Securities and Exchange Commission (SEC) announcing its intent to list on the New York Stock Exchange.
Founded in 2012, Klaviyo began as a platform for eCommerce companies, although it says it has begun seeing interest from companies in other sectors.
“While our first use cases were focused on the retail and eCommerce vertical, we believe our platform is highly extensible across a broad range of verticals, including education, events and entertainment, restaurants, and travel, as well as B2B companies,” the firm said in its SEC filing.
“As we continue to scale our platform, we expect that our total addressable market will expand to businesses in all verticals that engage with third parties, including customers and clients, through email, SMS or push. Accordingly, we estimate that the total addressable market opportunity for our platform across all of these verticals is $34 billion in the United States alone.”
The company filed its paperwork the same day grocery delivery firm Instacart filed a registration statement for a proposed initial public offering (IPO).
“As I write this, a massive digital transformation is underway in the grocery industry,” Instacart CEO Fidji Simo said in the Form S-1. “Grocery is the largest retail category and represents a $1.1 trillion industry in the United States alone. But only 12% of grocery sales are made online today. As even more people shop online, online penetration could double or more over time.”
PYMNTS wrote earlier this month that Instacart’s filing — coming after a long drought in the IPO space — could open the door for other “digital disruptors” to go public.
Meanwhile, Klaviyo’s plans to go public came three months after the company launched an integration with Amazon’s Buy With Prime.
The integration allows Klaviyo users to “easily sync their Buy With Prime order and customer data with their Klaviyo account, giving them a more complete view of each customer,” the company said in a May news release.
Businesses that use Klaviyo for Buy With Prime can gain a single, real-time view of their customers, along with increased conversions and revenue, the release said.
In addition, the integration lets businesses use Klaviyo’s advertising integrations to draw new customers who made similar Buy With Prime purchases and “cross-promote other products that are eligible for Buy With Prime, so they can convert and attract new customers with timely and relevant communications,” the release said.
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