--- title: 2020 VC-Backed IPO | EquityZen description: EquityZen gives its forecast for the 2020 IPO market and what venture backed private companies it expects to make their public market debut. image: https://blog.equityzen.com/hubfs/EquityZen_Blog_2020-IPO-Outlook-1000x667.jpg --- [![EquityZen](https://blog.equityzen.com/hubfs/equityzen-logo.svg "EquityZen")](https://equityzen.com/) - [Investments](https://equityzen.com/explore/) - [Explore](https://equityzen.com/explore-private-market/) - How it Works - [Investors](https://equityzen.com/investor/) - [Shareholders](https://equityzen.com/shareholder/) - [Institutions](https://equityzen.com/institutions/) - [Issuers](https://equityzen.com/issuers/) - [Financial Advisors](https://equityzen.com/financial-advisors/) - [Insights](https://blog.equityzen.com/) - [Login](https://equityzen.com/accounts/login/) - [Sign Up](https://equityzen.com/accounts/register/) [Back to insights](https://blog.equityzen.com) [Market Views](https://blog.equityzen.com/tag/market-views) # 2020 VC-Backed IPO Shortlist ![EquityZen](https://blog.equityzen.com/hs-fs/hubfs/image%20(5).png?width=96&height=96&name=image%20(5).png) Written by EquityZen • December 2, 2019 • 3 min read ![2020 VC-Backed IPO Shortlist](https://blog.equityzen.com/hs-fs/hubfs/EquityZen_Blog_2020-IPO-Outlook-1000x667.jpg?width=1318&height=736&name=EquityZen_Blog_2020-IPO-Outlook-1000x667.jpg) In this article Like this article? VC-backed companies looking to IPO (or directly list) this year will face increased scrutiny on profitability, corporate governance and valuation expectations. Below, we’ve outlined company-specific factors we believe will affect IPOs and direct listings and the candidates seeking to go public in the near term. ## Looking Back on 2019 2019 was a mixed bag for tech IPOs. While results of some offerings showed the pent-up demand for the SaaS and IaaS industries, others demonstrated the skepticism towards money losing business models. Beyond Meat, 10x Genomics and Zoom were among the success stories, while SmileDirectClub, Uber and WeWork faltered. The latter paused the IPO market in the second half of 2019, and despite see-sawing marketing conditions, companies are eyeing the public waters, learning from 2019 missteps. ## Factors That Will Affect Near-Term IPOs ### Profitability: Shifting Strategy from Growth to Profits Marking a significant shift from 2019, startups are focusing on profitability in contrast to the growth-at-allcosts playbook used to achieve unicorn status. As high-profile startups like Uber and WeWork demonstrated, public investors are more skeptical of businesses that generate billion-dollar losses in favor of high growth rates. Therefore, we expect to see startups increasingly emphasize positive unit economics for mature markets and plans to achieve profitability in the near term. ### Corporate Governance: Stronger Oversight on Founders After many noteworthy missteps by some tech founders and public pressure, venture capital firms are pushing for stronger corporate governance practices. Key features investors will push for include single class voting structures (vs. dual class), independent board directors and proper disclosures in IPO paperwork (e.g., reportable segments, industry metrics and disclosures of conflicts of interest). Other items that would be welcomed are non-staggered boards, board members with adequate qualifications and experience, and non-executive chairpersons (i.e., the CEO is not the chairman of the board of directors). ### Not All Startups Deserve Tech Multiples: Valuations Below Last Private Round The notion that a tech-enabled business warrants a tech multiple has cracked. Investors will value their business based on the industry they operate in. Companies may receive favorable valuations for using technology to have more efficient operations vis-à-vis their industry peers, but their valuation will predominantly rely on industry multiples (e.g., a tech-enabled retail consumer business will receive a consumer retail multiple, not a tech multiple). Therefore, some startups may go public with valuations below their last private round. ## VC-Backed IPO Shortlist We reviewed 223 U.S.-headquartered unicorns on various factors, including: 1) Have they achieved $100M in annual recurring revenue? 2) Do they have seasoned executives with public market experience? and 3) Has the company indicated it is eyeing the public markets? We believe there are nine potential near-term IPO or direct listing candidates. Not all companies listed will complete an IPO or direct listing, and not all IPOs, direct listings will result in a successful investment. ![Screen Shot 2022-11-30 at 2.55.25 AM](https://blog.equityzen.com/hs-fs/hubfs/Screen%20Shot%202022-11-30%20at%202.55.25%20AM.png?width=760&height=503&name=Screen%20Shot%202022-11-30%20at%202.55.25%20AM.png) ![Screen Shot 2022-11-30 at 2.56.01 AM](https://blog.equityzen.com/hs-fs/hubfs/Screen%20Shot%202022-11-30%20at%202.56.01%20AM.png?width=761&height=451&name=Screen%20Shot%202022-11-30%20at%202.56.01%20AM.png)   Cautionary Note Regarding Forward Looking Statements This article contains forward-looking statements, including, but not limited to statements about late-stage venture backed companies. We caution that these statements are not guarantees of future performance and do not constitute investment recommendations. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward looking statements involve a number of risks, uncertainties or factors beyond EquityZen's control. We undertake no obligation to update or revise the contents of this article, including any forward-looking statements, and the forward-looking, which are accurate only as of the time of this writing. Past performance is not indicative of future returns. Join Investors and Shareholders Exploring the Private Markets Today [![Get Started](https://no-cache.hubspot.com/cta/default/20754585/8e691282-6ef2-4809-87ba-5604efc0edbe.png)](https://cta-redirect.hubspot.com/cta/redirect/20754585/8e691282-6ef2-4809-87ba-5604efc0edbe) ### Related Articles ![EquityZen IPO Outlook with Woman Rock Climber](https://blog.equityzen.com/hs-fs/hubfs/EquityZen_IPO_Outlook_2019.jpg?width=812&height=446&name=EquityZen_IPO_Outlook_2019.jpg) ##### 2019 IPO Outlook — A Bellwether Year for the New Tech Elite? 2018 was a bull year for the IPO market. Could 2019 bring new opportunities for investing in technol... Market Views 3 min read ![purple electrionic panel grid](https://blog.equityzen.com/hs-fs/hubfs/shutterstock_2190979845.jpg?width=812&height=446&name=shutterstock_2190979845.jpg) ##### Everything Is a Bank: Why Stablecoins Are More Than Just Digital Dollars Stablecoins are a key building block of finance. Learn how these assets are transforming payments an... Investor Education 5 min read ![From Entrepreneurial Economy to Investment Opportunity](https://blog.equityzen.com/hs-fs/hubfs/shutterstock_539405500.jpg?width=812&height=446&name=shutterstock_539405500.jpg) ##### From Entrepreneurial Economy to Investment Opportunity Explore how self-directed investors can align their portfolios with entrepreneurship and innovation,... Market Views 8 min read #### The Potential to Shape the Future Join over 700,000 investors and shareholders accessing the private markets with EquityZen [![Get Started](https://no-cache.hubspot.com/cta/default/20754585/b1b6ba1b-ed6d-4097-8816-bcd01b3b9828.png)](https://cta-redirect.hubspot.com/cta/redirect/20754585/b1b6ba1b-ed6d-4097-8816-bcd01b3b9828) #### Company - [About](https://equityzen.com/about/) - [Careers](https://equityzen.com/careers/) - [Press](https://equityzen.com/press/) #### Policies & Disclosures - [Disclosures](https://equityzen.com/disclosures/) - [Business Continuity Plan](https://equityzen.com/bcp/) - [Privacy Policy](https://equityzen.com/privacy/) - [Allocation Policy](https://equityzen.com/allocation-policy/) - [Form CRS](https://equityzen.com/form-crs/) #### Help - [Help Center](https://help.equityzen.com/en/) - [Getting Started](https://help.equityzen.com/en/collections/5549447-getting-started) - [Status Page](https://status.equityzen.com/) #### Connect - [![Facebook](https://blog.equityzen.com/hubfs/facebook-1.svg)](https://www.facebook.com/EquityZen) - [![Instagram](https://blog.equityzen.com/hubfs/instagram-1.svg)](https://www.instagram.com/equityzen_/) - [![Vector (8)](https://blog.equityzen.com/hubfs/Vector%20(8).svg)](https://twitter.com/EquityZen) - [![Linked In](https://blog.equityzen.com/hubfs/linkedin-1.svg)](https://www.linkedin.com/company/equityzen) Investment opportunities posted on this website are "private placements" of securities that are not publicly traded, are subject to holding period requirements, and are intended for investors who do not need a liquid investment. Investing in private companies may be considered highly speculative and involves a high degree of risk, including the risk of substantial loss of investment. Investors must be able to afford the loss of their entire investment. See [our Risk Factors](https://equityzen.com/risk-factors/) for a more detailed explanation of the risks involved by investing through EquityZen’s platform.   EquityZen Securities LLC (“EquityZen Securities”) is a subsidiary of EquityZen Inc. EquityZen Securities is a broker/dealer registered with the U.S. Securities and Exchange Commission and is a [FINRA](http://www.finra.org/)/[SIPC](https://www.sipc.org/) member firm.   Equity securities are offered through EquityZen Securities. Check the background of this firm on [FINRA’s BrokerCheck](https://brokercheck.finra.org/firm/summary/281820).   EquityZen Inc. was awarded a 2024 Fintech Breakthrough Award by Tech Breakthrough LLC on March 19, 2025, based on the prior year and covering calendar year 2024, and has compensated FinTech Breakthrough LLC for use of its name and logo in connection with the award. FinTech Breakthrough LLC is a third party and has no affiliation with EquityZen.   EquityZen created the ticker symbols referenced on this page for use solely on the EquityZen platform. They do not refer to any publicly traded stock. EquityZen does not have an affiliation with, formal relationship with, or endorsement from any of the companies featured and none of the statements on the site should be attributed to those companies.   “Market Activity” and other transactional data displayed on this website is compiled by EquityZen and is confidential and historical in nature. Unauthorized use, distribution or reproduction is prohibited. Transactional information does not guarantee future investment results. EquityZen cannot guarantee finding or approving a transaction at any displayed price.   EquityZen.com is a website operated by EquityZen Inc. ("EquityZen"). By accessing this site and any pages thereof, you agree to be bound by our [Terms of Use](https://equityzen.com/terms/). EquityZen and logo are trademarks of EquityZen Inc. Other trademarks are property of their respective owners. © 2026 EquityZen. All rights reserved. EquityZen 1 New York Plaza 12th floor New York, NY 10004 [Trustpilot](https://www.trustpilot.com/review/equityzen.com) [![Secured via DigiCert Extended Validation certificate](https://dioguwdgf472v.cloudfront.net/assets/equityzen/img/digicert-site-seal.png)](https://seal.digicert.com/seals/popup/?tag=eoBY_h-N&url=equityzen.com&lang=en_US&cbr=1411486682292) [![FINRA's BrokerCheck](https://dioguwdgf472v.cloudfront.net/assets/equityzen/img/broker-check.png)](https://brokercheck.finra.org/firm/summary/281820) [![SIPC](https://dioguwdgf472v.cloudfront.net/assets/equityzen/image/common/sipc.png)![FinTech Breakthrough Award](https://dioguwdgf472v.cloudfront.net/assets/equityzen/img/fintech-award.png)](https://www.sipc.org/) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "EquityZen", "url" : "https://blog.equityzen.com/author/equityzen" }, "dateModified" : "2025-03-06T18:28:41.763Z", "datePublished" : "2019-12-02T20:00:00.000Z", "headline" : "2020 VC-Backed IPO | EquityZen", "image" : [ "https://blog.equityzen.com/hubfs/EquityZen_Blog_2020-IPO-Outlook-1000x667.jpg" ], "mainEntityOfPage" : { "@id" : "https://blog.equityzen.com/2020-vc-backed-ipo-shortlist", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.equityzen.com/hubfs/EZ_logo_h_color-bk_RGB-1.png" }, "name" : "EquityZen, Inc." } } ```