Cheatsheet: $0 to $1M to $5M in revenue – here’s how long it took B.C. unicorns
Cheatsheet: $0 to $1M to $5M in revenue – here’s how long it took B.C. unicorns
Plus, the time it took them to hire 100 employees.
Since December 2020, at least 13 B.C. companies have become unicorns – businesses valued at least $1 billion – through private investment, acquisition, or initial public offering (IPO). There has been no shortage of reporting on these firms. However, no publication has shared internal information on these companies like the velocity of their revenue growth, hiring metrics, and use of non-dilutive funding sources – until now. This is part two of five in our Unicorn Files series.
As reported in our latest exclusive, “Five things you didn’t know about Vancouver’s tech unicorns,” it took an average of 1.5 years for these companies to secure a paying customer. It also took an average of three years for each to reach $1 million in revenue and 4.7 years to cross $5 million in revenue. Below, find the individual breakdowns for seven of nine B.C. unicorns that spoke to our team.
Why are we sharing this? Individual data on a company is not necessarily useful in and of itself. However, taken together with a peer group, it can perhaps provide some perspective for early-stage companies and a blueprint for businesses that may come after them.