Earlier this week, Rochester, Michigan-based OneStream Software announced that it closed on $200 million in new capital that will be used to position the company optimally for its IPO slated for the near future. Additionally, StockX announced a major round of funding in the amount of $195 million at a valuation of $3.8 billion. It’s a great week for Detroit startups!
Tune in to the Business Beat, below, to learn more about the incredible growth of these Detroit startups:
“These are the shining stars of the startup scene regionally today here in southeast Michigan. These are the stories that inspire new generations of entrepreneurs to cast their own fate in the startup world.”
– Jeff Sloan
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Good morning, Paul.
It’s Friday, a perfect day to celebrate vision and hard work resulting in a couple of startup companies right here in the Detroit region whose valuations are now well into the billions. Earlier this week, Rochester, Michigan-based OneStream Software, a company we featured previously on the Business Beat, announced that it has just closed on $200 million in new capital that will be used to position the company optimally for its IPO slated for the near future.
OneStream is a leader in modern corporate performance management solutions for mid-size to large enterprises. The round of funding to OneStream was led by New York city-based hedge fund D1 Capital Partners and comes in at a valuation of a whopping $6 billion for OneStream. This round of investment follows an investment made by KKR in 2019, which valued the company at the time at more than 1 billion.
The 200 million in funding announced by OneStream accounts for the second largest venture capital haul for a Michigan company in history, according to data compiled by Ann Arbor-based EntryPoint, second only to a round of investment totaling 275 million into StockX at a valuation of 2.8 billion.
And speaking of StockX, the Detroit-based online marketplace for sneakers, apparel and other collectibles has also just announced a major round of funding this week in the amount of 195 million at a valuation of 3.8 billion.
Wow! These are the shining stars of the startup scene regionally today here in southeast Michigan. These are the stories that inspire new generations of entrepreneurs to cast their own fate in the startup world.
Both of these companies are homegrown and both no doubt are headed for even higher heights. Now, success stories like this, not only make us proud to claim them in our region and not only do they inspire and fuel more entrepreneurial activity, they are also growing employment bases, employing skilled workers, both locally and recruited to our area, which helps our local economy grow. And lastly, that cash that flows ultimately down to the founders and other shareholders of these great companies makes its way back into the startup community to further fuel venture funding activity. No doubt, it’s a great week for the startup community in southeast Michigan.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.