Hello Investors, As macro factors start to weigh on global equity markets, we thought we'd revisit 5 venture-backed companies that went public around 6 months ago and see how they're doing. We tracked: New Relic Box Hortonworks LendingClub OnDeck Capital First, we looked at the stock's performance over the past 6 months: The two FinTech companies, OnDeck and LendingClub, have underperformed the Nasdaq while software companies Box, New Relic, and Hortonworks have managed to maintain 25%+ gains. Next, we looked at how the market is valuing these companies on their trailing twelve month (TTM) revenue: In all but one instance, the Sales Multiple (Market Cap divided by TTM revenue) has decreased. This can be interpreted in one of a few ways: Investors have re-calibrated the price they are willing to pay for growing tech companies, These five companies are "growing" into their multiple (ie: investors were actually valuing the companies on expected revenue growth, and the companies are delivering on that expectation) the Sales Multiple is one of many factors that go towards valuation OnDeck's contract is the most extreme: investors initially valued OnDeck at a 20x multiple, and that has now shrunk to 4.