Etsy Inc. is about to show Silicon Valley that Brooklyn’s hipsters can also do initial public offerings.
The website where people sell handmade crafts and vintage goods may be the biggest technology IPO to come out of New York since 1999. Etsy, which offers items such as a $529 turquoise 1957 Royal Quiet De Luxe typewriter, is working on an IPO that could take place as soon as this quarter, people familiar with the matter said. The company is looking to raise $300 million, one person said.
The deal could mark a turning point for New York’s tech-startup scene, where dozens of IPOs — from ad-tech company AppNexus Inc. to shopping site Gilt Groupe Inc. — are anticipated and have yet to materialize. The last time a technology company from New York raised more than $300 million, the dot-com bubble was fueling IPOs from online broker TD Waterhouse Group Inc. and Barnesandnoble.com Inc., the Web spinoff of the bookstore chain.
Etsy, based in Brooklyn, New York’s Dumbo neighborhood, is working with Goldman Sachs Group Inc. and Morgan Stanley on the IPO, said the people familiar with the situation, who asked not to be identified because the information is private.
While Silicon Valley startups often pride themselves on high-tech, the idea for Etsy came from a computer made of wood. Rob Kalin, a painter, carpenter and photographer, founded Etsy in 2005 after failing to find a place to sell his hand-built computers. The company now has about 26 million items listed on its site — including a stuffed toy robot and a crown made of roses.
Etsy charges 20 cents for sellers to list products, and takes a 3.5 percent commission from each item sold. The company also generates revenue from advertising and payment processing and posted$1.35 billion in gross merchandise sales in 2013, according to its website. Etsy is likely to release a prospectus for the IPO this month with more financial details, according to the people familiar with the situation.
8-6-2021 (August 6, 2021) is the Snakiest day of the year and it’s also this year’s CircuitPython Day! The day highlights all things CircuitPython and Python on Hardware. See you there!
Stop breadboarding and soldering – start making immediately! Adafruit’s Circuit Playground is jam-packed with LEDs, sensors, buttons, alligator clip pads and more. Build projects with Circuit Playground in a few minutes with the drag-and-drop MakeCode programming site, learn computer science using the CS Discoveries class on code.org, jump into CircuitPython to learn Python and hardware together, TinyGO, or even use the Arduino IDE. Circuit Playground Express is the newest and best Circuit Playground board, with support for CircuitPython, MakeCode, and Arduino. It has a powerful processor, 10 NeoPixels, mini speaker, InfraRed receive and transmit, two buttons, a switch, 14 alligator clip pads, and lots of sensors: capacitive touch, IR proximity, temperature, light, motion and sound. A whole wide world of electronics and coding is waiting for you, and it fits in the palm of your hand.
Have an amazing project to share? The Electronics Show and Tell is every Wednesday at 7pm ET! To join, head over to YouTube and check out the show’s live chat – we’ll post the link there.
Join us every Wednesday night at 8pm ET for Ask an Engineer!
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Electronics — Hummm… 60Hz noise in your amplifier driving you nuts?
Python for Microcontrollers — Python on Microcontrollers Newsletter: EuroPython 2021, CircuitPython 7.0.0 alpha 5 and more! #Python #Adafruit #CircuitPython @micropython @ThePSF
Adafruit IoT Monthly — Smart Agriculture, an E-Ink Newspaper, and more!
Microsoft MakeCode — MakeCode for the micro:bit - 2021 Release!
EYE on NPI — Maxim’s Himalaya uSLIC Step-Down Power Module #EyeOnNPI @maximintegrated @digikey
New Products – Adafruit Industries – Makers, hackers, artists, designers and engineers! — NEW PRODUCTS – Silicone Keycap Molds – MX Compatible Switches
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