June's largest development in the venture industry may well have been Twilio's successful IPO. The offering was the first this year for a U.S. VC-backed tech company, and also the first for a unicorn since Square (NYSE: SQ) completed its less-than-stellar IPO in November—when the company's market cap nearly halved its previous private valuation.
Twilio (NYSE: TWLO) saw its value more than double during its first day trading, booming to $2.3 billion from an initial market cap of $1.07 billion at pricing. For the time being at least, the offering calmed fears that the rest of 2016 and beyond wouldn't be able to accomodate exits for unicorns and other highly valued companies.
So whose valuations are growing?
Using the PitchBook Platform, which tracks over 25,000 VC valuations, we pulled June's completed U.S. funding rounds and ranked them below by largest valuation step-up multiple and post-money dollar increase.
Our valuation step-up multiple compares a company's latest pre-money valuation to its previous round's post-money valuation, helping to benchmark performance across industries or between comparables.