Tracxn, a noted research firm that provides data on startups for venture capitalists and corporate development offices, has named FreightWaves to its Emerging Startups of Data-as-a-Service (DaaS), the latest in the Emerging Award series that recognizes the top companies in DaaS from across the globe.
Tracxn named FreightWaves and 10 other companies from around the world as a “Soonicorn” (Soon to be a Unicorn). In business, being termed a unicorn indicates a privately held startup company is valued at over $1 billion. “The term was coined in 2013 by venture capitalist Aileen Lee, choosing the mythical animal to represent the statistical rarity of such successful ventures.”
According to Tracxn, the Soonicorns “are the handful of highly valued startups that have successfully grown out of their nascency to attract valuations of over a few hundred millions. Watch out for these companies in the coming years as they take on the journey to becoming the elite Unicorns.”
“On behalf of our investors, board and employees, I am honored to accept the designations of ‘Emerging Startup’ and ‘Soonicorn’ from Tracxn,” said Craig Fuller, founder and CEO of FreightWaves. “FreightWaves joins elite companies on this list, and we will continue to work diligently to live up to this honor. Since its founding in 2017, FreightWaves has been successful and helped to bring greater visibility to the critical freight, transportation, logistics and supply chain industries.”
The DaaS category has over 3,300 startups that provide on-demand data based on criteria, according to Tracxn. This includes companies offering services like subscription-based market research, industry-specific reports and marketplaces.
Data-as-a-Service is one of the most active sectors for investors, Tracxn noted, with overall funding of $26.5 billion in over 1,100 companies. Tracxn also stated that more than one-third of the funding was raised in the 2017-2019 period.
About the Tracxn Emerging Startup Series
The Emerging Startup Series has three levels of companies: Unicorns (companies with over $1 billion valuation); Soonicorns (companies with high valuation and good chances of soon becoming Unicorns); and Minicorns (early-stage companies that have the potential to be Unicorns in the long-term).
The Tracxn Emerging Startups Series is a handpicked selection of high-growth and high-potential companies, founded since 2013, that are making an impact in their sectors. The selections are based on a combination of multiple publicly available signals and detailed analysis of the company by Tracxn’s internal sector specialist teams. “The companies that make the cut are the ones that show promising performance on multiple parameters – market size, investment by marquee investors, execution excellence and future growth prospects.”
Tracxn tracks the latest happenings in the world of startups and their associated ecosystems – including venture capital funds, private equity funds, M&A and Innovation teams of Fortune 500 companies and investment banks, among others.
Founded in 2013 by former venture capitalists, Tracxn is one of the world’s largest platforms for tracking startups and private companies spread across 300+ technology sectors and 800+ emerging themes, with dedicated coverage in 30+ countries. It is powered by a unique combination of human analysts and artificial intelligence technology that scans through billions of data points to build one of the most relevant data intelligence platforms. Backed by investors such as Accel Partners and Sequoia, Tracxn has 6,000+ subscribers across more than 40 countries. Its clientele use Tracxn data for daily deal sourcing, identifying M&A targets, deal diligence and tracking emerging themes across industries and markets. The Tracxn platform is also used by various governments, accelerators and incubators, and universities to track innovative companies and sectors. Tracxn has been featured on the Forbes Top 100 Global Analytics Startup List (2015) and its leaders on the Fortune 40 under 40 (2018).
Tracxn was founded in 2013 by Abhishek Goyal and Neha Singh.