Sometimes Silicon Valley is just too much.
Today is one of those times.
After four years of silent running, Utah-based data management startup Domo is coming out of nowhere with a $2 billion valuation, based on its $100 million revenue run rate.
Today, Domo announces the official launch of its product and the news of a $200 million Series D round of financing led by BlackRock — bringing it up to $450 million in total funding, and making it the latest member of the so-called Unicorn Club of startups valued at over $1 billion.
Veritably no one had really even heard of Domo before today, and now it’s a $2 billion company. It’s roughly 1,000 existing clients, like DHL, have had to keep their relationship with Domo on the DL or risk breaking the omerta of a venture capital stunt.
That secrecy also prevents the usual rumor-mongering and makes it tougher for potential rivals to copy the idea, incubate and emerge.
But $2 billion?
According to Domo’s CEO, it might be a deal.
I think our investors got the deal of the century,” says Domo founder and CEO Josh James.
James contends that Domo is actually like a Rube Goldberg Swiss Army Knife of data integration companies and would better be described as “five startups in one.”
But even at ‘five for the price of one,’ $2 billion is an astronomical number for a company with no track record.
Even in a world where car services are valued at $41 billion, the birth of a fully-formed unicorn is sure to take many in the Valley more than a little aback.
Then again, it makes sense that unicorns might just appear like this, because unicorns – once again – Are. Not. Real.