Meacham: 'Unicorns' aren't a myth in the startup world. Here's how to spot them

Published: Monday, May 24, 2021 By: Scott Meacham Source: NewsOK

Oklahoma and i2E scored another first in innovation and entrepreneurship in April when Alkami Technology, our state’s and our firm’s first “unicorn,” debuted on the Nasdaq (ALKT). 

In venture capital parlance, “unicorn” describes a privately held startup company with a company valuation of over $1 billion. Unicorns in the traditional sense are a mythical breed, more likely imagined than seen — but in the venture capital business, they do sometimes appear.

Alkami Technology’s initial public offering (IPO) raised $180 million, selling 6 million shares of common stock, with a surging market capitalization that exceeded $3 billion — more than triple the definition of a “unicorn” deal.

The firm provides cloud-based digital banking solutions for banks and credit unions. The company was founded (as iThryv) by Oklahomans and a group of serial entrepreneurs made up of Gary Nelson, Scott Klososky, Steve Meston, Bobby Gruenewald and Louis Iaanaccone more than 10 years ago in Oklahoma City.

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