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Street Talk

Rokt’s $458m raise gets it ready for US IPO
Anthony
Anthony
AnthonyMacdonald
Macdonald,Macdonald
YolandaYolandaYolandaRedrup
RedrupRedrup and Kanika
KanikaKanika
Sood
Sood
Sood

If there’s one person investment bankers are going to want to get to know inDec 17, 2021 – 2.00am

Now running Sydney-founded, New York-based ecommerce marketing

Save2022, it’s ex-Jetstar boss Bruce Buchanan.

technology company Rokt, Buchanan’s nine-year-old technology company isShareplanning a major multibillion dollar US ﬂoat in 2023.
On today’s numbers, the business could easily
fetch a $5 billion-plus valuation in publicmarkets, based on a 15 times revenue multiple.

Anthony Macdonald
Yolanda Redrup
KanikaSood

Give it another year with a 65 per cent-odd
revenue growth rate, and the business could
be looking at an $8 billion IPO, assuming techstock valuations hold up to current levels.
Locally, shares in software-as-a-service cloud
accounting software company Xero fetch 23
times trailing revenue and WiseTech trades at38 times.
ROKT CEO Bruce Buchanan is planningto take the company public in 2023.

On Thursday, Rokt announced a record-breaking $458
$458
$458million
millionmillionventure
ventureventurecapitalcapitalcapitalraise
raise,
raise with US investment manager Tiger Global Management
leading the Series E round.

See Everything From Miles
Forget Expensive Telescopes (Get This Instead)$458 million venture
capital raiseOpenStarscope
AdvertisementThe raise, which also had participation from Wellington Management,
Whale Rock Capital Management, Pavilion Capital and existing local
shareholders Square Peg Capital, AustralianSuper and Hostplus, wasLATEST STORIESLive Need to Know

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arranged entirely by Rokt.
The funds were carefully selected for their ability, and willingness, to25 mins ago

support the Aussie company through its 2023 ﬂoat. Rokt wanted long-term

Monetary policy

holders committed to buying more shares, not selling out.

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Buchanan and his board, which includes TDM Growth Partners’ Tom Cowanand Janchor Partners’ John Ho, completed the mega round without
assistance.
“We had a curated list of 10 funds, and we ran it ourselves,” he said.
“It was a two-week process, we picked the three best players who had gone
deep [on the business].

Opinion Letters to the Editor

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This, Cowan says, is increasingly how the large growth raises get done.

Letters: A little maths didn’t hurtanyone“There’s been a move away from using advisors for these types of rounds...
on the basis that it’s quite clear who the right 10 to 15 growth funds are for abusiness,” he said.

Why Wallabies great David
Pocock is entering the politicalscrum

In good news for bankers, that means Rokt is open to pitches, and we’resure there will be plenty of them.

RELATED

Bruce
Bruce
BruceBuchanan’s
Buchanan’s
Buchanan’sRokt
RoktRoktsets
setssetsVC
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VCrecordrecordrecordwith
withwith$458m
$458m
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raisingraisingraising

The company’s ecommerce transaction marketing software utilises AI
algorithms to display complementary product offers or experiences toshoppers after the point of checkout on the sale conﬁrmation page. Theseoffers are designed to appeal directly to each individual consumer.
It is used by more than 3000 brands, including Ticketmaster, Disney, Live
Nation and Wayfair.
Bruce Buchanan’s Rokt sets VC record with $458m
raising
Already proﬁtable andprojecting a long-term growth rate of 50 per cent,Cowan believes the business is already listing-ready.
Rokt is on track for $US230 million in revenue this ﬁnancial year, with theAdvertisement

vast majority of its revenue stemming from the US.
When it does go public, it could be a handsome pay day for the company’s
early investors.
As well as Square Peg and TDM, the company’s Aussie backers include
Lachlan Murdoch, Carsales founder Greg Roebuck and Moelis Australia.

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Anthony
Anthony
AnthonyMacdonald
Macdonald
Macdonald co-edits Street Talk, specialising in private equity, investment banking,M&A and equity capital markets. He has 10 years' experience as a business journalist and worked
at PwC, auditing and advising ﬁnancial services companies. Connect with Anthony on TwitterTwitter.
TwitterEmail Anthony at a.macdonald@afr.com
a.macdonald@afr.com
a.macdonald@afr.com
YolandaYolandaYolandaRedrup
RedrupRedrup is an award-winning journalist who writes on technology and healthcare from
our Melbourne newsroom. Connect with Yolanda on TwitterTwitter.
Twitter Email Yolanda at
yolanda.redrup@afr.com.au
yolanda.redrup@afr.com.auyolanda.redrup@afr.com.au
KanikaKanikaKanikaSood
Sood
Sood is a Street Talk reporter. Email Kanika at kanika.sood@afr.com.au
kanika.sood@afr.com.au
kanika.sood@afr.com.au
Anthony Macdonald
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IPO

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Kanika SoodLATESTLATESTLATESTSTREETSTREET
STREETTALK
TALK
TALK

IPO

Rokt’sRokt’s $458m$458m raise
raise gets
gets itit ready
ready forfor US
US IPOIPO
If there’s one person investment bankers are going to want to get to know in 2022, it’s
ex-Jetstar boss Bruce Buchanan.
2.00am — Dec 17, 2021

Funding

Bruce
Bruce Buchanan’s
Buchanan’s Rokt
Rokt sets
sets VC
VC record
record withwith $458m$458m
raisingraising

LATEST STREET TALKRokt is now the third most valuable Australian private tech company thanks to therecord-breaking $458 million raising at a $2.75 billion valuation.
2.00am — Dec 17, 2021

Mergers & acquisitions

GoldmanGoldman Sachs
Sachs takes
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league tabletable gold,gold, but
but deals
deals
Rokt’s$458m raisegets it ready for US IPO
boom
mostboom beneﬁtted
beneﬁtted
mostIt seems pretty safe to say Goldman Sachs’ Australian investment banking team willﬁnish at the top of the M&A and ECM league tables.
9.34pm — Dec 16, 2021

Mergers & acquisitions

Bruce
Buchanan’s
Roktsets VC
recordwith $458m
PEupplayerFertility
Associates
PE snaps
snaps
up KiwiKiwi IVF
IVF
playerFertility
Associates
raising
Here’sanother member for the growing family of private equity-owned IVF providers.
9.33pm — Dec 16, 2021

Pinnacle Investment Management

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stockpickers’ boutiqueboutique Firetrail
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branchesbranches outout
GoldmanSachs takes league table gold, but deals
Firetrail Investments is branching out of its usual turf of longPNI $15.720
boom
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shortAussie
equities to dip mostits toes in global equities.
2.01%

9.32pm — Dec 16, 2021

See all Street Talk

PE snaps up Kiwi IVF player Fertility Associates

Ex Macquarie stockpickers’ boutique Firetrail
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New timepieces make asplash as watch world winds
up againThankyou Group donates
more than Suncorp,
Brambles, QBE and Mirvac

seven of Australia’s 10BOSS
highest-paid execs

Platinum YearAt Shepparton Art Museum,even the couches are works
of artis yours for $438,000

COLUMNS

Australia has a
handful of new
billionaires and twoaren’t even 40 yet

Landlords back in the box
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