Zulily’s initial public offering today represented a huge milestone for the Seattle company.
It also made the founders and venture capitalists fabulously rich.
Take, for instance, 43-year-old Zulily co-founder and chairman Mark Vadon who was able to maintain a 31.4 percent stake in the company through multiple rounds of financing.
Vadon’s 35.4 million shares now equates to $1.3 billion
Yes, that’s billion with a “B.”
Co-founder and CEO Darrell Cavens didn’t do too poorly either. The 40-year-old’s 21.8 percent stake is now worth $941 million.
Seattle venture capital firm Maveron was the biggest outside shareholder. It sold 2.6 million shares at the $22 offering price today, pocketing $57 million right off the bat. But that’s a fraction of its overall ownership, which stands at 22.3 percent or 24.6 million shares. That equates to $927 million.
Other primary holders of the stock included August Capital which now holds 7.7 million shares ($290 million); Andreessen Horowitz which now holds 7.5 million shares ($282 million); Trinity which now holds 2.7 million shares ($101 million); and Meritech Capital which now holds 2.5 million shares ($94 million).
Zulily’s stock, which priced at $22 per share on Thursday, immediately shot up when it opened to the public. It opened at $39.40, and touched as high as $41.32 before closing the day at $37.70. That was an increase of 71 percent from the offer price — just below Twitter’s 73 percent gain on its first day of trading last week.
The low-profile e-commerce company was founded just four years ago, and its annual revenue is already bigger than Twitter’s. Last year, Zulily posted $331 million in revenue. It now has a market value of $4.6 billion
Here’s a look at the full breakdown of ownership (click for larger image).