Evan Crafts a $3.4B IPO on New York Stock Exchange
Posted On July 4, 2021
Evan Craft, the CEO of the internet service provider YCombinator, has raised $3 billion on the New York stock exchange.
Craft is taking advantage of a wave of consolidation that has taken place in the internet industry in recent years, and the new round will enable him to focus on his company’s growth plan and ensure its future.
“We are extremely excited to announce this round of financing, as well as the subsequent acquisition of the remaining YCombina portfolio,” Craft said in a statement.
“This deal is a tremendous opportunity for the company, and we are eager to grow and accelerate the growth of YCombinostatica.
We believe this investment in YCombination will allow us to achieve our growth plans, accelerate the company’s expansion, and deliver a strong return on our investments.”
Craft’s company has been steadily building out its presence on the internet, serving up the world’s largest list of content creators and delivering a number of other services, including YouTube, Vine, and its video streaming platform, YCombined.
The company is currently one of the fastest growing companies on the US stock market, with a valuation of $1.1 billion, according to FactSet.
The stock has been soaring since the company was founded in 2011.
It is now trading at more than $20 a share.
Craft’s latest venture, YCo, is focused on helping content creators generate revenue for the companies they work for, and has been growing at more speed than many companies, according for the New Yorker.
It has a market cap of $3,764 million.
“YCombination and YCo will combine to drive our growth,” Craft’s statement said.
Craft, who previously founded the online music service Napster, also previously founded Twitter, a company he is now also running.
YCombi is currently backed by private investors including Y Combinator and Fidelity.
The news of the new financing comes on the heels of another round of $8 million in financing for YCombine in May.
Craft also previously raised $6.3 billion in funding last year, and in February, the company raised $1 billion in a $2.5 billion round led by Andreessen Horowitz.
Craft told the New Republic that the funding will help him focus on YCombins core competencies and accelerate its expansion.
“As we look ahead to our next phase, we are making significant investments in new technologies to accelerate our growth and deliver better value to our customers,” Craft told Forbes.
“These investments will allow YCombinations leadership team to focus exclusively on building a scalable, profitable, and valuable business that enables us to deliver more than 4 million new videos every month.”