Ethos Technologies has priced its initial public offering and is expected to go public on Thursday, making it one of the first tech IPOs of the year.
If it hits its current price range of $18 to $20 per share, it would enter at $1.26 billion at the highest price — raising $102.6 million for itself and about $108 million for its selling shareholders. Should investor interest be high, this could push valuations higher. This means bigger valuations and raising more money.
The company, which offers software to sell life insurance, is backed by Sequoia, Accel, Alphabet’s venture capital arm GV, SoftBank, General Catalyst and Heroic Ventures. Sequoia and Accel companies are not selling shares in IPO. exposure.
Ethos was a rising startup star in the pre-AI era, leading to one major round after another in 2021. In its early stages, it was supported by several family offices, including Will Smith, Robert Downey Jr., Kevin Durant and Jay Z. told TechCrunch in 2018.
it hit $2.7 billion valuation $400 million had been raised by then in 2021, most of it in that year itself. PitchBook estimates that it raised very little money thereafter.
Ethos is profitable and has been for years, its IPO documents show. In the nine months ending September 30, Ethos earned about $278 million in revenue and just under $46.6 million in net income.
