Submissions for the eighth annual Forbes Cloud 100 record at the moment are open via Could 12.
With tech’s IPO window nonetheless largely slammed shut, the world’s strongest cloud computing firms discover themselves in holding patterns. Each single firm on final yr’s Forbes Cloud 100 stays eligible — even No. 5 Figma, which introduced a $20 billion exit by way of acquisition, however finds that deal nonetheless pending regulatory approval.
It’s towards this backdrop that submissions open for the 2023 record, produced in partnership with Bessemer Enterprise Companions and Salesforce Ventures. Nominations could also be submitted till Could 12 at thecloud100.com.
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The Cloud 100 Checklist
A lot has modified within the cloud trade panorama over the previous yr. The sustained market downturn has been amplified by rising rates of interest, much less enterprise capital to go round and a banking crisis in addition. Some startups have stumbled, whereas others unexpectedly thrive. So whereas a lot of final yr’s finest and brightest cloud startups stay contenders, potential newcomers — of which there have been 20 on final yr’s record — are inspired to use. Anticipate to see extra main movers that mirror the likes of No. 4 Miro, which jumped 32 spots from 2021, or Lacework, which vaulted to No. 55 on its first yr making the record.
The Cloud 100, which is coming into its eighth yr, acknowledges the main privately-held cloud firms on this planet. Previous honorees who’ve graduated from eligibility embody family names Zoom, Dropbox and Slack; high-performing software program shares like Cloudflare and CrowdStrike; and Forbes cowl story options Snowflake and UiPath.
Nominees confidentially share monetary knowledge (inside provided ranges) together with valuation, income and development fee. This generates a monetary rating, which is taken into account along with a individuals and tradition rating — based mostly on variety, headcount change and third-party knowledge like worker scores — and a market management rating derived from suggestions by dozens of C-suite friends at public firms not eligible for the record. Firms don’t pay a charge for record placement or consideration.
No. 1 Stripe, No. 2 Databricks and No. 3 Canva have held their pole positions on Cloud 100 for 2 years in a row. The three firms alone represented $173 billion of the 2022 record’s $793 billion in complete market worth — reflective of a venture-backed ecosystem that has produced more and more bigger firms over time by way of valuation, in addition to income and worker depend. Typical listmakers boast valuations of no less than $1 billion, as was the case for each single honoree final yr.
However, the 2022 record solely captured the impression of some months of economic pullback on cloud computing. This yr’s record will reveal the results in full drive. A bevy of startups have seen their valuations slashed, both via their very own volition or by markdowns from a few of their traders; even the trio atop the record haven’t been immune to those cuts. Others have introduced layoffs as they navigate continued market doldrums.
The bar to make Cloud 100 is excessive. Candidates have to be non-public and never majority owned by one other firm. The typical firm final yr had 1,300 staff, an $8 billion valuation and greater than $600 million in enterprise capital raised (although bootstrapped firms are additionally eligible to use).
The Cloud 100 is accompanied by an inventory of 20 Rising Stars: fledgling startups which have raised lower than $25 million in funding however have proven early promise to develop into a future breakout cloud firm. Candidates ought to apply via the identical submission course of.
Forbes publishes the complete record in the summertime, accompanied by an in-depth bundle with reporting on standout firms, developments and evaluation. Our companions host an occasion later this yr with panels and particular programming for honorees. For extra data on methodology, judges and a hyperlink to use, go to thecloud100.com.