THE DIGITAL 100: The World's Most Valuable Private Tech Companies

digital 100 2012

Note: We’re working on a revised version of the Digital 100 list based on the flurry of feedback we’ve received from the companies. It will be published shortly.

Welcome to the DIGITAL 100: The World’s Most Valuable Private Tech Companies!

In the past two months, we have evaluated hundreds of private tech companies and ranked the top 100 by value.

Our rankings are based on several metrics, including revenue, users, market opportunities, growth rates, and the perception of investors and tech gurus.

A lot has changed since we published last year’s list. Since then, three of the top private tech companies—Facebook, Zynga, and Groupon—have gone public. And all of their stocks have crashed.

So we’ve taken that into account in the valuations on this year’s list. In many cases, we’ve disregarded valuations stamped on recent funding rounds and instead valued companies based on their public comparables.

(And note that we’re valuing common stock, not the preferred stock that private investors get when they invest in the private market. Preferred stock comes with downside protection, which makes it much more valuable than common stock.)

Click here to scroll through the Digital 100 →

About The List

We’ve been valuing and ranking the world’s most valuable digital startups for the last 5 years. We started with 25 companies, and this list soon expanded into the SAI 50+. Now it’s the Digital 100.

Initially, this was just a list of startups. But the term “startup” has gotten very grey. Is Twitter still a startup? How about Pinterest?

So this year, we’ve expanded our search and analysis again. We found a ton more companies that are earning a lot of money and / or growing rapidly. The result is this year’s new and improved “Digital 100” — 100 of the world’s most valuable private digital tech companies from around the world. India, China, and Russia are just a few of the countries that are represented.

Notable companies not included on

Digital 100 logo circle

last year’s list include Pinterest, the photo discovery and sharing site; Coupang, the daily deals giant of South Korea; and dozens of others. 

What’s New

It’s been a crazy year for technology companies. Many of the top companies from last year’s list have gone public. Some (most) of their stocks have gotten clobbered. A lot of young companies are receiving wild valuations that are starting to get corrected by the down market, and there’s a new mentality shift in startups: users aren’t everything; making money matters.

Methodology

We used the same valuation methodology as we  have the last four years, which you can read about in detail here. Obviously, our valuations are only as good as the information we have, so if you think we’ve missed something, please feel free to comment in the post or send an email to [email protected].

The Digital 100 Top 10:

1. Alibaba

2. Bloomberg

3. Twitter

4. 360Buy

5. Palantir

6. Dropbox

7. Square

8. MLB.com

9. SoftLayer

10. Vente-Privee

See all in order →

Complete Coverage

In A-Z Order

The Complete List 1-100

 

Acknowledgments

We want to thank the hundreds of readers, companies, investors, and executives who have taken time over the past few months to submit nominations and share information with us. We also thank our colleagues Marcus Moretti and Megan Dickey for performing much of the background research. The valuations were estimated by Henry Blodget, Alyson Shontell, and Nicholas Carlson. VCExperts was also helpful.

1. Alibaba Group, $40 billion

Estimated Value: $40 billion

Last Year's Rank / Valuation: N/A

Business: Alibaba is a B2B marketplace for international and domestic China trade.

Location: Hangzhou, China

More Info: About Alibaba

CEO: Jack Ma

Investors: Softbank Corp, Granite Global Ventures, Venture TDF Technology Group, Silver Lake Partners, DST Global, and others

Analysis: Yahoo recently sold half its stake in Alibaba, valuing the Chinese e-commerce giant at $40 billion. It's the largest private non-LBO financing ever for a technology company globally. In the past 12 months, Alibaba has handled $12 billion in transactions.

2. Bloomberg, $35 billion

Estimated Value: $35 billion

Last Year's Rank / Valuation: N/A

Business: Business and financial market media outlet

Location: New York, New York

More Info: About Bloomberg

CEO: Daniel Doctoroff

Investors: Unavailable

Analysis: In 2008, the company was worth an estimated $25 billion. Bloomberg's 2011 revenue was $7.6 billion, up 10.5% from 2010.

Although Bloomberg is comprised of many different businesses, at its core it is a media company. We give it a healthy 5X multiple on 2011 revenue for a valuation for $35 billion.

3. Twitter, $5.25 billion

Estimated Value: $5.25 billion

Last Year's Rank / Valuation: #5 / $8 billion

Business: Messaging, microblogging and social networking service

Location: San Francisco, CA

More Info: About Twitter

CEO: Dick Costolo

Investors: Last summer, Twitter raised $800 million in two rounds: one from existing Twitter shareholders and one led by DST, both at an estimated $400 million valuation. Other investors include Charles River Ventures, Union Square Ventures, Marc Andreessen, Dick Costolo, Naval Ravikant, Ron Conway, Chris Sacca, Bezos Expeditions, Spark Capital, Digital Garage, Kevin Rose, Tim Ferriss, Benchmark Capital, Institutional Venture Partners, Insight Venture Partners, T. Rowe Price, and Morgan Stanley (nice IPO leverage).

Analysis: Twitter has been growing very quickly both in terms of users and revenue. Its revenue for 2011 was $139.5 million and it's expected to generate about $350 million this year. Twitter has said it expects its revenue to jump to $1 billion in 2014.

While its valuation has been as high as $10 billion, we're living in a post-Facebook world. We give it a 15X multiple on revenue for a $5.25 billion valuation.

4. 360Buy, $5 billion

Estimated Valuation: $5 billion

Last Year's Rank / Valuation: #4 / $10 billion

Business: E-commerce

Location: Beijing, China

More Info: About 360Buy

CEO: Liu Qiangdong

Investors: Digital Sky Technologies and Wal-Mart

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: Described as the Amazon of China, the company was reportedly thinking about a 2012 IPO. It raised $1.5 billion and was valued at $6.4 billion at the beginning of 2011, led by Digital Sky Technologies. It generated $1.7 billion in sales in 2010 and $3.3 billion in 2011.

But its margins are thin and it's reportedly burning through cash. Instead of an IPO, the company is looking to raise a Series D round. Given the tough market and its thin margins, we give 360Buy a 1.5X revenue multiple for a valuation of $5 billion. Caixin reported a similar valuation for the company in May.

5. Palantir Technologies, $3.5 billion

Estimated Value: $3.5 Billion

Last Year's Rank / Valuation: #11 / $2.5 billion

Business: Analytics software / platform

Location: Palo Alto, California

More Info: About Palantir Tech

CEO: Alexander Karp

Investors: The Founders Fund, Youniversity Ventures, Glynn Capital Management, Ulu Ventures, Jeremy Stoppelman, Ben Ling

Analysis: Palantir Tech is a data analytics platform focusing mainly on the government and financial sectors.

We estimate Palantir will generate between $350 and $400 million this year from its subscription product, up from $100 million in 2011.

We estimate a 10X multiple on revenue at a valuation of 3.5 billion.

6. Dropbox, $3.5 billion

Estimated Value: $3.5 billion

Last Year's Rank/Valuation: #6 / $4 billion

Business: Dropbox is a free service that lets you bring your photos, docs, and videos anywhere and share them easily.

Location: San Francisco, California

More Info: About Dropbox

CEO: Drew Houston

Investors: Dropbox closed a massive $250M round led by Index Ventures with participation from Benchmark Capital, Goldman Sachs, Greylock Partners, and others in October 2011. It received seed money from Y Combinator and, in fall 2008, Sequoia Capital led a $7.2M Series A with Accel Partners.

Analysis: Dropbox has about 50 million users and it generated an estimated $240 million last year. It was reportedly profitable at the time of the valuation even though most of its users don't pay for the service. For those who do pay, the fees start at $10 for 50 gigabytes.

While he didn't reveal Dropbox's current valuation, Y Combinator's Paul Graham mentioned recently that Airbnb and Dropbox are worth about $7.5 billion combined.

Still, at a $4 billion valuation, Dropbox is worth as much as companies that generate a billion in revenue, and competitors are coming after the storage space quickly, from Apple to Box. Times aren't as good as they were last year, so we estimate Dropbox's valuation at a more modest $3.5 billion.

7. Square, $3.2 billion

Estimated Value: $3.2 billion

Last Year's Rank / Valuation: #14 / $1.6 billion

Business: Accept credit card payments anywhere with your iPhone, iPad or Android phone

Location: San Francisco, California

More Info: About Square

CEO: Jack Dorsey

Investors: In 2009, Khosla Ventures invested $10 million in Square. In January, Square raised $27.5 million from Sequoia Capital, Khosla Ventures, and Jeremy Stoppelman. In June, Square raised a massive $100 million round led by Kleiner Perkins Caufield & Byers and Tiger Global Management. Later in 2011, Square raised $3M from Richard Branson. In August, Square raised $25M from Starbucks and CrunchFund.

Analysis: While there are a lot of mobile payment solutions, Square is really attacking the cash register space and it's on-boarding small businesses quickly.

Last month Square authorised $200 million in new shares at a valuation of $3.2 billion. And the deal with Starbucks could double its business quickly.

Now, Square is processing U.S. credit and debit transactions for Starbucks which is huge: Starbucks' annual sales in fiscal 2011 were almost $12 billion, about two-thirds of that in the United States.

8. MLB.com, $3.1 billion

Estimated Value: $3.1 billion

Last Year's Rank / Valuation: N/A

Business: Interactive media site for Major League baseball coverage

Location: New York, New York

More Info: About MLB

CEO: Robert Bowman

Investors: MLB's 30 team owners invested $77M in the property.

Analysis: MLB.com generated about $550 million in 2011. Revenue will likely increase to $620 million this year. We give MLB a 5X multiple on estimated 2012 revenue for a valuation of $3.1 billion

9. SoftLayer, $2.8 billion

Estimated Value: $2.8 billion

Last Years Rank / Valuation: N/A

Business: Cloud-based hosting services provider

Location: Dallas, Texas

More Info: About SoftLayer

CEO: Lance Crosby

Investors: GI Partners

Analysis: Softlayer is a cloud hosting service provider and operates on strong margins. We estimate it will generate more than $400 million this year, up from $300+ million last year. We give it a similar multiple to publicly traded Rackspace and come up with a valuation of $2.8 billion.

10. Vente-Privee, $2.6 billion

Estimated Value: $2.6 billion

Last Years Rank / Valuation: #8 / $3 billion

Business: Members only, high-end e-commerce

Location: Paris, France

More Info: About Vente-Privee

CEO: Jacques-Antoine Granjon

Investors: Summit Partners (20 per cent stake)

Analysis: Vente-Privee began in France in 2001. The company offers online private sales clubs involving designer fashion brands (know as the overstock market). Three years ago, the company was rumoured to be talking about a $1.5 billion sale. Some sources even put the figure at between $2 billion and $4 billion. It was rumoured that Amazon was also sniffing around at $3 billion.

In 2010, the company generated more than $1 billion in revenue. In 2011 it was rumoured to be generating more than $1.5 billion. Since then, growth has remained relatively flat. We estimate a 1-2X multiple on 2011 revenue for a valuation of $2.6 billion.

11. VANCL, $2.3 billion

Estimated Valuation: $2.3 billion

Last Year's Rank / Valuation: #12 / $1.8 billion

Business: E-commerce specializing in clothing

Location: Beijing, China

More Info: About VANCL

CEO: Chen Nian

Investors: Ceyuan Ventures, Tiger Global Management LLC, IDG Capital Partners, Qiming Venture Partners and SAIF Partners

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: VANCL experienced 200 per cent growth in 2011, generated about $600 million. Since VANCL is growing faster than publicly traded e-commerce companies, we give it a 3X multiple on a modest $750 million 2012 revenue estimate for a valuation of $2.3 billion.

12. Airbnb, $2 billion

Estimated value: $2 billion

Last year's Rank/Valuation: #16 / $1.3 billion

Business: A global network of accommodations offered by locals

Location: San Francisco, California

More Info: About Airbnb

CEO: Brian Chesky

Investors: Andreessen Horowitz, DST Global, and General Catalyst invested $112 million in July 2011. Other investors include CrunchFund, Jeff Bezos, Ashton Kutcher and Jeremy Stoppelman.

Analysis: Airbnb is a short-term apartment rental service. Like Expedia, it's a high margin business.

TechCrunch recently estimated its 2012 revenue. It said the company takes an average of 10% on every transaction and that it could book 24 million nights this year. At $100/night (and $10 to Airbnb), that's $240 million to the company.

But even at $240 million revenues, we can't wrap our heads around the $3 billion+ valuation it's reportedly raising its new round at. We give it a $2 billion valuation, a vast increase from last year but modest compared to recent reports.

13. Pinterest, $2 billion

Estimated Valuation: $2 billion

Last Year's Rank / Valuation: N/A

Business: Pinterest is a social networking site and app for collecting the things you love.

Location: Palo Alto, California

More Info: About Pinterest

CEO: Ben Silbermann

Investors: Andreessen Horowitz, Jeremy Stoppelman, Ron Conway, FirstMark Capital, Bessemer Venture Partners and others.

Analysis: Pinterest recently raised $100 million at a $1.5 billion valuation. Its U.S. traffic is about 14.5 per cent of publicly traded, visual social network, Facebook, and Facebook is worth about $40 billion. Although it has yet to generate much revenue, Pinterest actually has higher user engagement than Facebook and it sends significant traffic to e-commerce companies. In fact, an early Facebook investor told us he thinks Pinterest will eventually be more valuable than Facebook.

It's also redefining the way people shop (by discovery, not intent). We estimate Pinterest's valuation slightly higher than its last round of financing at $2 billion.

14. Datapipe, $2 billion

Estimated Valuation: $2 billion

Last Year's Rank / Valuation: #24 / $800 million

Business: Global IT Management

Location: Jersey City, New Jersey

More Info: About Datapipe

CEO: Robb Allen

Investors: DH Capital, Goldman Sachs, ABRY Partners, Brown Brothers Harriman, CapitalSource, Caterpillar Financial, GE Capital, ING, Raymond James Financial, and CIT Group

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: The IT Management company has seen significant domestic and overseas growth in the past 5 years. We estimate Datapipe's 2010 revenue was $120 million and that it generated about $200 million in 2011. If that growth continues in 2012 and we use a revenue multiple similar to Rackspace's, we get a valuation of $2 billion.

15. Spotify, $2 billion

Estimated Value: $2 billion

Last Year's Rank / Valuation: #19 / $1.1 billion

Business: Spotify is a digital music service that provides access to millions of songs.

Location: Stockholm, Sweden

More Info: About Spotify

CEO: Daniel Ek

Investors: Kleiner Perkins Caufield and Byers, Digital Sky Technologies Global, Accel Partners, Sean Parker and Founders Fund

Analysis: Last year Spotify raised $50 million at a $1.1 billion valuation. We've heard it was trying to raise a new round at a $4 billion valuation but it was having a little trouble. This year it's expected to generate $889 million, up 160 per cent from 2011.

Spotify seems to be crushing competition in the music streaming space, but the margins are still tough and it's still not as valuable as Pandora. We estimate 2-3X revenue for a valuation of $2 billion.

16. Craigslist, $2 billion

Estimated Value: $2 billion

Last Year's Rank / Valuation: #10 / $2.5 billion

Business: Classified ads

Location: San Francisco, California

More Info: About Craigslist

CEO: Jim Buckmaster

Investors: eBay acquired 25 per cent of equity in 2004 for $30+ million.

Analysis: The classified listing site famously charges for only a small percentage of its ads like job and real-estate ads in about 18 major metropolitan cities. If the company actually went after real revenue by charging for a lot more of its classified ads, it could generate at least $1 billion in revenue.

We estimate that Craigslist generated about $125 million in revenue in 2010 with operating margins between 70--80 per cent and that revenue has continued to grow modestly. A slew of competitors are now going after chunks of Craigslist's market. Startups like Zaarly and TaskRabbit are making real-time request and listings sites. As such, along with the down real-estate market and job market, we are giving the company a slightly lower valuation than last year at $2 billion.

17. Flipkart, $2 billion

Estimated Valuation: $2 billion

Last Year's Rank / Valuation: #49 / $350 million

Business: E-commerce

Location: Bangalore, India

More Info: About Flipkart

CEO: Sachin Bansal

Investors: Tiger Global Management and Accel Partners

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: The Amazon of India raised $20 million in early 2011, led by Tiger Global. Its revenue increased 10 times from FY 2010-11 to FY 2011-12. It generated $1.029 billion in FY 2011-12. Based on Amazon's 2X revenue multiple, we value Flipkart at $2 billion.

18. Ozon Group, $1.5 billion

Estimated value: $1.5 billion

Last Year's Rank / Valuation: #51 / $350 million

Business: An Amazon-esque online store that sells Russian books, movies, music and software.

Location: Moscow, Russia

More info: About Ozon

CEO: Maelle Gavet

Investors: Investors include Ru-Net Holdings, Index Ventures, Cisco Systems, Holtzbrinch Ventures, Baring Vostok Capital Ventures, and Alpha Associates.

Analysis: If Flipkart is the Amazon of India, then Ozon is the Amazon of Russia. We estimate Ozon will generate half-a-billion-dollars this year and, if it's growth continues, it may be a billion-dollar revenue company within the next year or two.

We used a common e-commerce multiple of 2X on the estimated $500-750 million revenue to get a valuation of $1.5 billion.

19. Wonga, $1.2 billion

Estimated Value: $1.2 billion

Last Year's Rank / Valuation: N/A

Business: Wonga is a digital finance company that provides small, short-term loans.

Location: Seoul, South Korea

More Info: About Wonga

CEO: Errol Damelin

Investors: Balderton Capital, Accel Partners, Dawn Capital, Oak Investment Partners, Meritech Capital Partners and Wellcome Trust.

Analysis: Last year Wonga generated $300 million, up from $120 million in 2010. We give it a 4X revenue multiple for a valuation of $1.2 billion.

20. Hulu, $1.2 billion

Estimated Value: $1.2 billion

Last Year's Rank / Valuation: #13 / $1.6 billion

Business: Online video service that offers a selection of TV shows, clips and movies.

Location: Los Angeles, California

More Info: About Hulu

CEO: Jason Kilar

Investors: Providence Equity Partners, The Walt Disney Company, NBC Universal and News Corp.

Analysis: We estimate Hulu will generate close to half a billion dollars this year; nearly double what it generated in 2010.

But it's a difficult space that's dominated by multiple players. Hulu's true value is in its licensing agreements, which could be taken away in a moment. We estimate a modest 3X multiple for the media company for a valuation of $1.2 billion.

21. Klarna, $1.2 billion

Estimated Value: $1.2 billion

Last Year's Rank / Valuation: N/A

Business: E-commerce payments solutions provider

Location: Stockholm, Sweden

More Info: About Klarna

CEO: Sebastian Siemiatkowski

Investors: Sequoia Capital, General Atlantic and Digital Sky Technologies

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: Klarna generated $120 million in 2011, which was more than double its 2010 revenue. We give it an 8X multiple on modest 2012 revenue growth for a $1.2 billion valuation.

22. Kaspersky Lab, $1.2 billion

Estimated Value: $1.2 billion

Last Year's Rank / Valuation: N/A

Business: IT security solutions software

Location: Moscow, Russia

More Info: About Kaspersky Lab

CEO: Eugene Kaspersky

Investors: General Atlantic was, but Kaspersky bought back its shares from the firm in January 2012.

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: The company isn't growing very quickly anymore so we give it a 2X multiple on 2012 revenue, which we estimate will fall between $600 and $750 million, for a $1.2 billion valuation.

23. Rovio, $1 billion

Estimated Value: $1 billion

Last Year's Rank / Valuation: #17 / $1.2 billion

Business: Game development and merchandise company, well known for the popular game, Angry Birds.

Location: Espoo, Finland

More Info: About Rovio

CEO: Mikael Hed

Investors: Accel Partners, Atomico Ventures, Felicis Ventures.

Analysis: Rovio is experiencing rapid growth, but if there's one thing Zynga's IPO has taught us it's that the gaming industry is brutal and very hits-driven. Angry Birds games are a fad, and Rovio needs to have another franchise up its sleeve to keep its billion-dollar company status.

That said, 30 per cent of its revenue comes from merchandise sales, an area Zynga hasn't excelled in. Its revenue also jumped from about $10 million in 2010 to $106 million in 2011. We give it a 8-10X multiple on revenue for a $1 billion valuation.

24. Conduit, $1 billion

Estimated Valuation: $1 billion

Last Year's Rank / Valuation: N/A

Business: Conduit offers cloud-based tools to help web and mobile publishers engage their audience.

Location: Foster City, California

More Info: About Conduit

CEO: Ronen Shilo

Investors: Benchmark Capital and J.P. Morgan

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: In April, Conduit was valued at $1.3 billion when its investor Yozma Venture Capital sold its stake and J.P. Morgan's fund bought a 7 per cent stake for $100 million. The valuation was given before Facebook's IPO and the tech environment is different now. We give it a more modest $1 billion valuation.

25. Aricent Group, $900 million

Estimated Value: $900 million

Last Year's Rank / Valuation: N/A

Business: Provides software and services to application, infrastructure, and service providers.

Location: East Brunswick, New Jersey

More Info: About Aricent Group

CEO: Sudip Nandy

Investors: Kohlberg Kravis Roberts & Co. and Flextronics International

Analysis: Last year, Aricent's total net operating revenues increased 15.65% to about $280.7 million. We value the company at $900 million, a 3-4X multiple of revenue.

26. Survey Monkey, $800 million

Estimated Value: $800 million

Last Year's Rank / Valuation: N/A

Business: Online survey builder

Location: Palo Alto, California

More Info: About SurveyMonkey

CEO: Dave Goldberg

Investors: Spectrum Equity, Bain Capital Ventures, Bank of America, SunTrust Robinson and Humphreys

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: A few months ago a transfer of assets landed Survey Monkey a $1 billion valuation. We estimate it will generate 6-figure revenue this year from its subscription and premium tool services. We give it an 8X multiple on revenue for an $800 million valuation.

27. Mu Sigma, $800 million

Estimated Value: $800 million

Last Year's Rank / Valuation: N/A

Business: Use technology and data to help companies make better business decisions.

Location: Northbrook, Illinois

More Info: About Mu Sigma

CEO: Dhiraj Rajaram

Investors: Sequoia Capital

Analysis: Mu Sigma uses technology and data to help businesses make better decisions. It raised $108 million last year and generated $63.2 million. This June, it passed the $100 million revenue mark. We assume it will finish the year strong and generate $200-250 million. We value Mu Sigma at $800 million, a 3-4X multiple of revenue.

28. ZocDoc, $750 million

Estimated Value: $750 million

Last Year's Rank / Valuation: #32 / $700 million

Business: Online booking for doctor and dentist appointments

Location: New York, New York

More Info: About ZocDoc

CEO: Cyrus Massoumi

Investors: Jeff Bezos, DST Global, The Founders Fund, Khosla Ventures, Mark Benioff, SV Angel, and Goldman Sachs

Analysis: ZocDoc is an easy way to book last-minute doctor appointments online. It is used by more than 1,000,000 people per month. ZocDoc is free for patients but charges each doctor in its system ~ $300 per month. It's live in 31 U.S. markets. Investors have pumped more than $95 million into the startup.

It's a high margin business and because ZocDoc charges doctors monthly fees rather than taking a percentage of transactions, it has the potential to generate more than a company like Expedia or Airbnb would. Based on its user and market growth, as well as previous funding rounds, we estimate ZocDoc's valuation at $750 million.

29. Just Eat, $700 million

Estimated Value: $700 million

Last Year's Rank / Valuation: N/A

Business: Online ordering system for picking up food for takeout

Location: London, England

More Info: About Just Eat

CEO: Klaus Randel Nyengaard

Investors: Index Ventures, Venrex Investment Management, Redpoint Ventures, and Vitruvian Partners

Analysis: Just Eat is growing very fast. In 2010 it generated $500 million but kept only $10 million. Last year it generated $750 million and kept close to $100 million. We give it a 7X multiple on revenue for a $700 million valuation.

30. Gilt Groupe, $700 million

Estimated Value: $700 million

Last Year's Rank / Valuation: #21 / $1.05 billion

Business: Online private sales of luxury and fashion brands

Location: New York, New York

More Info: About Gilt Groupe

CEO: Kevin Ryan

Investors: The New York-based company has raised more than $200 million of capital in several rounds from Matrix, General Atlantic, Goldman Sachs, and others.

Analysis: Gilt takes excess inventory of luxury goods and sells them on a members-only, by-invitation-only e-commerce site.

Gilt booked about $270 million in revenue in the fiscal year ending June 2010, with revenue approaching $500 million in the fiscal year ending June 2011.

It's had to shutter a few of its less profitable brands this year though, and the flash sales category is slowing down across the board. We estimate a $700 million valuation for Gilt, down from over $1 billion last year.

31. Everyday Health, $700 million

Estimated Value: $700 Million

Last Year's Rank / Valuation: #45 / $400 million

Business: Online health information resource

Location: New York, New York

More Info: About Everyday Health

CEO: Benjamin Wolin

Investors: Foundation Capital, NeoCarta Ventures, Revolution, Rho Ventures, Scale Venture Partners, Village Ventures

Analysis: Everyday Health is a resource for health information, including a personalised option; it's a bigger, better WebMD. The company canceled IPO plans in late 2010 and raised a $20 million round instead.

We estimate that the company will generate between $150 and $200 million this year, up from about $100 million last year. Applying a 4X multiple on estimated revenue, we get a valuation of $700 million.

32. Evernote, $700 million

Estimated Valuation: $700 million

Last Year's Rank / Valuation: #84 / $175 million

Business: Organizational software

Location: Mountain View, California

More Info: About Evernote

CEO: Phil Libin

Investors: Sequoia Capital, Morgenthaler Capital, DOCOMO Capital, Troika Dialog, Meritech Capital Partners, CBC Capital, T. Rowe Price Associates, Harbor Pacific Capital, and Allen & Company

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: We estimate Evernote will generate $50 million this year, up from about $20 million in 2011. The company recently raised $70 million at a $1 billion valuation. Yammer just sold for $1.2 billion and it's a similar business model. We apply a 10-15X multiple on 2012 revenue for a $700 million valuation.

33. LivingSocial, $645 million

Estimated Value: $645 million

Last Year's Rank / Valuation: #9 / $3 billion

Business: E-commerce (daily social deals)

Location: Washington, DC

More Info: About LivingSocial

CEO: Tim O'Shaughnessy

Investors: Steve Case, T. Rowe Price, Amazon.com. Grotech Ventures, Institutional Venture Partners, Revolution LLC, JP Morgan, and Lightspeed Venture Partners

Analysis: LivingSocial's financials are available via Amazon's earnings reports. According to that, Living Social generated $245 million in 2011 and is expected to generate roughly $500 million this year. Even though it's growing faster than Groupon, it's hard to justify using a different revenue multiple for the private daily deals site. Not to mention it's burning a lot of cash.

Using a 1.3X multiple on revenue, we arrive at a $645 million valuation.

34. Criteo, $600 million

Estimated Value: $600 million

Last Year's Rank / Valuation: N/A

Business: Criteo offers personalised display ads

Location: Paris, France

More Info: About Criteo

CEO: Jean-Baptiste Rudelle

Investors: IDInvest Partners, Elaia Partners, Index Ventures and Bessemer Venture Partners

Analysis: Criteo just raised $40 million at an $800 million valuation. But we estimate Criteo will generate between $200 and $400 million this year and give it a 2X multiple on revenue for a $600 million valuation.

35. Zulily, $600 million

Estimated Value: $600 million

Last Year's Rank / Valuation: #31 / $700 million

Business: Daily deals for mums, babies and kids

Location: Seattle, Washington

More Info: About Zulily

CEO: Darrell Cavens

Investors: Zulily raised $43 million in the summer of 2011. Investors include Meritech Capital Partners, August Capital, Maveron, and Trinity Ventures

Analysis: Zulily is a daily deals site focused on bringing clothing and accessories to mums, kids, and babies at a discounted rate. It was on track to generate more than $150 million last year. If we assume revenue doubles this year and apply a 2X multiple, we get a valuation of $600 million.

36. Zoosk, $560 million

Estimated Value: $560 Million

Last Year's Rank / Valuation: #42 / $450 million

Business: Online dating platform

Location: San Francisco, California

More Info: About Zoosk

CEO: Shayan Zadeh and Alex Mehr (co-CEOs)

Investors: Bessemer Venture Partners, Canaan Partners, ATA Ventures and Amidzad Partners.

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures. Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: Zoosk has over 50 million registered accounts, and we estimate it will generate about $150 million this year. Using a 3-4X multiple on revenue, we arrive at a $560 million.

37. Coupang, $550 million

Estimated Value: $550 million

Last Year's Rank / Valuation: N/A

Business: Coupang is a daily deals site.

Location: Seoul, South Korea

More Info: About Coupang

CEO: Bom Kim

Investors: Altos Ventures and Maverick Capital.

Analysis: Coupang has three businesses: traditional e-commerce like Amazon's, a portal where partners can list items for sale, and a daily deals business like Groupon's. It has been cash flow positive since late 2011 and operating/net income profitable since May 2012. It will also likely report operating and net income profit for the full fiscal year 2012.

Last year the two-year-old company generated $230 million in gross revenue. This year, we estimate it's e-commerce business will generate about $200 million gross revenue. The listings business will generate $100 million The daily deals business will generate $50 million in net revenue.

With a 2X multiple on the e-commerce revenue and listings business, and a 1X on the daily deals business, we estimate that Coupang's is worth $550 million.

38. Redfin, $550 million

Estimated Value: $550 Million

Last Year's Rank / Valuation: #64 / $230 million

Business: Online brokerage for buying and selling homes

Location: Seattle, Washington

More Info: About Redfin

CEO: Glenn Kelman

Investors: Madrona Venture Group, Greylock Partners, Draper Fisher Jurvetson, Vulcan Capital, BEV Capital,The Hillman Company, CrunchFund, and Globespan Capital Partners.

Analysis: Redfin lists real estate properties online and separates themselves from the competition (Trulia, Zillow) by offering brokerage services as well. We estimate it will generate more than $50 million this year, up about 60 per cent from the year prior. We use a 10X multiple on revenue, similar to Zillow's, to arrive at a $550 million valuation.

39. Qualtrics, $550 million

Estimated Value: $550 million

Last Year's Rank / Valuation: N/A

Business: Online survey software provider

Location: Provo, Utah

More Info: About Qualtrics

CEO: Ryan Smith

Investors: Accel Partners and Sequoia Capital

Analysis: Qualtrics is profitable, and we estimate it will generate north of $50 million this year. We used a 10X multiple on revenue to arrive at a $550 million valuation.

40. Seamless, $525 million

Estimated Value: $525 million

Last Year's Rank / Valuation: N/A

Business: Web and mobile local food delivery company

Location: New York, New York

More Info: About Seamless

CEO: Jonathan Zabusky

Investors: Accel Partners and Sequoia Capital

Analysis: Seamless, a web and mobile local food ordering company, was acquired in the mid-2000s and spun back out as a private company last year. In 2011, the company expected to generate $400 million.

Just-Eat's numbers are publicly available, and it's essentially the same business as Seamless'. Just-Eat keeps only about $98 million of the $700 million it generated last year.

Seamless has been around for much longer and has been profitable for more than five years. If we assume Seamless is keeping $75 million on $400-500 million revenues this year and apply a 7X multiple, we get a $525 million valuation.

41. Media Ocean, $510 million

Estimated Value: $510 million

Last Year's Rank / Valuation: N/A

Business: Offers an open operating system for cloud-based advertising

Location: New York, New York

More Info: About Media Ocean

CEO: Bill Wise

Investors: New Enterprise Associates

Analysis: Media Ocean has more than 80,000 users and more than $100 billion passing through its system annually. Based on that we estimate Media Ocean will generate between $150 and $200 million this year. We applied a 2-3X multiple on revenue to arrive at a $510 million valuation.

42. JustDial, $510 million

Estimated Value: $510 million

Last Year's Rank / Valuation: N/A

Business: Local search and concierge service

Location: Mumbai, India

More Info: About JustDial

CEO: VSS Mani

Investors: SAP Ventures and Sequoia Capital

Analysis: JustDial has filed its paperwork to go public. In FY2011-12 it generated about $51.5 million with a profit of about $9.46 million. It's rumoured to be vying for a ~ $720 million valuation when it IPOs. But Yelp, a similar business model, has a 15.29 Price/Sales ratio. If we apply a more modest 10X multiple on revenue, we get a $375 million valuation.

43. 10gen, $500 million

Estimated Valuation: $500 million

Last Year's Rank / Valuation: #93 / $125 million

Business: Develops MongoDB, and offers production support, training, and consulting for the open source database.

Location: New York, New York

More Info: About 10Gen

CEO: Dwight Merriman

Investors: Union Square Ventures, Flybridge Capital Partners, Sequoia Capital, and New Enterprise Associates

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: 10Gen recently raised a $42 million and it's used by a lot of Fortune 500 companies. We estimate a $500 million valuation which was tagged on the May funding round.

44. Appnexus, $500 million

Estimated Value: $500 million

Last Year's Ranking / Valuation: #81 / $175 million

Business: Offers a platform for buying real-time online advertising.

Location: New York, New York

More Info: About Appnexus

CEO: Brian O'Kelley

Investors: Venrock, Kodiak Venture Partners, First Round Capital, and Microsoft

Analysis: Appnexus is an advanced ad platform specializing in real-time auction bidding, and it's been called the most valuable startup in New York. It's also a likely acquisition target for bigger tech companies like Google or Facebook.

But things are different in the post-Facebook IPO climate. We've heard that it was seeking an $800 million valuation and had trouble raising at that price. In addition, its revenues seem to be modest: We estimate AppNexus will generate $50 million this year, up from $20-30 million last year. We value the ad platform at $500 million.

45. GitHub, $500 million

Estimated Value: $500 million

Last Year's Rank / Valuation: N/A

Business: Software management program and collaboration tool for developers using Git

Location: San Francisco, California

More Info: About GitHub

CEO: Tom Preston-Werner

Investors: GitHub closed a massive $100M round from Andreessen Horowitz in July.

Analysis: Github's last round valued it at $750 million. It has millions of users and it has long been profitable. Users are charged anywhere between $7 and $200 monthly to use its tools. If we assume revenue of $50 million and apply a 10X multiple, we get a $500 million valuation.

46. Tumblr, $500 million

Estimated Value: $500 million

Last Year's Rank / Valuation: #25 / $800 million

Business: Blog hosting platform

Location: New York, New York

More Info: About Tumblr

CEO: David Karp

Investors: Union Square Ventures, Spark Capital, Sequoia Capital, Greylock Partners, Insight Venture Partners, CrunchFund, and The Chernin Group

Analysis: Tumblr still has impressive traffic, but it has yet to find a way to monetise its 120 million monthly global uniques. It also doesn't have a good mobile product. If you look at Facebook's down stock, thanks in part to its terrible mobile product, that doesn't bode well for Tumblr.

Still, Tumblr has plenty of money from investors and time left to figure out a path to profitability, so we value the company at $500 million, slightly more than half its valuation pre-Facebook IPO.

47. Box.net, $500 million

Estimated Value: $500 million

Last Year's Rank / Valuation: #37 / $550 million

Business: Online filing sharing platform

Location: Palo Alto, California

More Info: About Box

CEO: Aaron Levie

Investors: Meritech Capital Partners, Andreessen Horowitz, Emergence Capital Partners, Draper Fisher Jurvetson, Scale Venture Partners, US Venture Partners, New Enterprise Associates, and General Atlantic.

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures. Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: Box.net provides cloud storage capabilities to businesses and individuals, and most Fortune 100 companies use its service. Its most recent funding round valued it at $1 billion, but we estimate its revenue is only about $50 million this year, significantly less than its $3 billion competitor, Dropbox. If we apply a 10X multiple based on the CRM comp, we get a valuation of $500 million.

48. Glam Media, $480 million

Estimated Value: $480 million

Last Year's Rank / Valuation: #48 / $950 million

Business: Fashion / style ad network

Location: Brisbane, California

More Info: About Glam Media

CEO: Samir Arora

Investors: Hubert Burda Media, GLG Partners, Hercules Technology Growth Capital, Accel Partners, Draper Fisher Jurvetson, Walden Venture Capital, Information Capital LLC, DAG Ventures, Mizuho Venture Capital, and Aeris Capital

Analysis: Glam continues to be a major player in the digital ad network space, and it acquired Ning last year, increasing its market share.

This year, we estimate Glam will generate between $120 and $150 million, up from about $100 million last year. If we apply a traditional 3-4X media revenue multiple, we arrive at a $480 million valuation.

49. Stella & Dot, $450 million

Estimated Value: $450 Million

Last Year's Rank / Valuation: #47 / $400 million

Business: Jewelry sold through private home parties

Location: San Francisco, California

More Info: Stella and Dot

CEO: Jessica Herrin

Investors: $37 million from Sequoia Capital and Radar Partners in February of 2011

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures. Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: At the beginning of 2011, Stella & Dot locked up $37 million in financing from Sequoia Capital, which valued the company at $370 million.

Last year the company was expected to generate $200 million, double its 2010 revenue. But the site's traffic looks flat over the past year. If we assume modest revenue growth for 2012 and apply a 2X traditional e-commerce multiple, we arrive at a $450 million valuation.

50. Marketo, $450 million

Estimated Value: $450 million

Last Year's Rank / Valuation: N/A

Business: Marketing automation software for small businesses and enterprise companies

Location: San Mateo, California

More Info: About Marketo

CEO: Phil Fernandez

Investors: InterWest Partners, Storm Ventures, Mayfield Fund, Institutional Venture Partners, and Battery Ventures

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: We estimate that Marketo's revenue will double to roughly $60 million this year. Using an 7-8X multiple of revenue, we arrive at a $450 million valuation.

51. Etsy, $430 million

Estimated Value: $430 million

Last Year's Rank / Valuation: #65 / $225 million

Business: A site dedicated to buying and selling homemade and handmade goods ('eBay for arts and crafts').

Location: Brooklyn, New York

More Info: About Etsy

CEO: Chad Dickerson

Investors: Caterina Fake, Stewart Butterfield, Joshua Schachter, Albert Wenger, Union Square Ventures, Accel Partners, Hubert Burda Media

Analysis: In May, Etsy raised $40 million at a $600 million valuation. It's been profitable since 2009 and it generated roughly $50 million last year according to a WSJ source. It has 275 employees, 875,000 active sellers and gets 40 million monthly uniques. Pinterest has been a big traffic driver for the craft sale site. This year its merchants have generated more than $500 million in sales of which Etsy takes a 3.5 per cent cut plus 20 cents per posted item.

Etsy operates most like eBay. We applied a 5-6X multiple on estimated 2012 revenue of $70 million for a $430 million valuation.

52. One Kings Lane, $400 million

Estimated Valuation: $400 Million

Last Year's Rank / Valuation: #43 / $440 million

Business: Flash sale site

Location: San Francisco, California

More Info: About One Kings Lane

CEO: Doug Mack

Investors: Tiger Global Management, Institutional Venture Partners, Kleiner Perkins Caufield & Byers, and Greylock Partners

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: One Kings Lane is a discounted home furnishing e-commerce site. It is expected to generate $200 million this year, up from $100 million last year. If we use a 2X revenue multiple (because it's an e-commerce site and it has thin margins), we arrive at a $400 million valuation.

53. Nasty Gal, $400 million

Estimated Valuation: $400 million

Last Year's Rank / Valuation: N/A

Business: Online store for vintage clothing

Location: Los Angeles, California

More Info: About Nasty Gal

CEO: Sophia Amoruso

Investors: Index Ventures

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: Nasty Gal was completely bootstrapped until earlier this year. It has grown more than 400 per cent YOY. Its revenue jumped from $23 million in 2011to an expected $128 million in 2012.

We assume its crazy growth will continue and applied a 2X e-commerce multiple on $200-250 million revenue for 2013 to get a $400 million valuation.

54. Klout, $400 million

Estimated Valuation: $400 million

Last Year's Rank / Valuation: N/A

Business: Measures influence across social media networks like Twitter, Facebook, and LinkedIn

Location: San Francisco, California

More Info: About Klout

CEO: Joe Fernandez

Investors: Mayfield Fund, ff Venture Capital, Bobby Yazdani, Lucid Ventures, Zelkova Ventures, Thomas Korte, Paige Craig, Michael Yavonditte,Thomas McInerney, Jason Finger, Kleiner Perkins Caufield & Byers, Greycroft Partners, CrunchFund, and others

Analysis: A lot of consumers don't understand Klout. They see it as the social scoring site that once ranked Justin Bieber as the most influential person in the world.

But like Nielsen, Klout is a data company that doesn't really need consumer interest to be successful. It's an enterprise play that's used by 8,000 companies, from Salesforce to Virgin. It has upwards of 60 billion monthly API calls, making it one of the top in the world following Google, Facebook and Amazon. Microsoft just made a strategic investment in Klout too, and it's integrating Klout's data with Bing. Additionally, Klout works with about 150 advertisers who want to integrate their brands into its service and reach social influencers.

Given Microsoft's recent investment and how many enterprises are excited about Klout's opportunity, we give it a $400 million valuation.

55. Automattic, $400 million

Estimated Value: $400 million

Last Year's Rank / Valuation: N/A

Business: Hosts web publishing platforms like WordPress.com

Location: San Francisco, California

More Info: About Automattic

CEO: Toni Schneider

Investors: Blacksmith Capital, Polaris Venture Partners, Radar Partners, True Ventures, Tony Conrad, Shelby Bonnie, and New York Times

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: Automattic is the company behind WordPress.com, one of the biggest blogging platforms on the web (although most of its users don't pay for the service). We estimate Automattic will generate roughly $50 million this year, nearly double what it generated last year. If we use a 4X media multiple, we get a $200 million valuation.

56. Xiu, $400 million

Estimated Value: $400 million

Last Year's Rank / Valuation: #55 / $300 million

Business: Chinese fashion platform and retailer

Location: Shenzen, China

More Info: About Xiu

CEO: George Ji

Investors: Kleiner Perkins Caufield & Byers and Warburg Pincus LLC

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures. Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: Xiu is one of the largest e-commerce companies in China. We assume it will generate at least $200 million this year and applied a 2X e-commerce multiple to arrive at a $400 million valuation.

57. Manta, $375 million

Estimated Valuation: $375 Million

Last Year's Rank / Valuation: #99 / $120 million

Business: Small business profiles and business networking

Location: Columbus, Ohio

More Info: About Manta

CEO: Pamela Springer

Investors: Athenian Venture Partners, Reservoir Venture Partners L.P., and Norwest Venture Partners

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: We assume Manta will generate roughly $50 million this year, double what it generated in 2011, and it recently raised $44 million. Yelp, a similar business model, has a 15.29 Price/Sales ratio. If we apply a more modest 7-8X multiple on $50 million revenue, we get a $375 million valuation.

58. Eventbrite, $350 million

Estimated Value: $350 million

Last Year's Rank / Valuation: #85 / $150 million

Business: Event management and sales

Location: San Francisco, California

More Info: About Eventbrite

CEO: Kevin Hartz

Investors: Tiger Global Management, Sequoia Capital, Tenaya Capital, DAG Ventures, European Founders Fund, Jawid Kareem, Jeff Clavier, and David Sacks

Analysis: Eventbrite is a ticketing platform. It raised a $50 million Series D round from Tiger Global last May. In 2010, Eventbrite had its first $1 million day according to a tweet by its CEO, Kevin Hartz. Now it has passed $1 billion in total ticket sales and it's growing faster than in any of its four years prior.

'It took nearly two years -- from January 2009 to December 2010 -- to go from $100 million in sales to $400 million,' TechCrunch writes. 'But it only took the next 18 months or so for it to more than double that amount and hit $1 billion of total ticket sales.'

Eventbrite takes 2.5 per cent of ticket sales, although many of the tickets 'sold' on the site are free of charge. Every user is charged a $.99 posting fee. According to Inc, it's selling about 1.4 million tickets per month (or about 16.8 million annually).

Based on its exploding ticket sales we estimate Eventbrite is generating between $30 and $60 million this year. If we look at both PayPal and eBay, which are similar business models, and apply a 6X multiple on estimated revenue we arrive at a $360 million valuation.

59. Sugar, Inc, $350 million

Estimated Value: $350 million

Last Year's Rank / Valuation: #68 / $210 million

Business: Media conglomerate targeting women

Location: San Francisco, California

More Info: About Sugar, Inc.

CEO: Brian Sugar

Investors: Sequoia Capital, NBC Universal, and Institutional Investment Partners

Analysis: We estimate Sugar Media will generate roughly $125 million this year, about double its 2010 revenue. Since it's a media company, we gave it 4X multiple on revenue to arrive at a $350 million valuation.

60. Kickstarter, $350 million

Estimated Value: $350 million

Last Year's Rank / Valuation: N/A

Business: Crowdsourced funding platform for creative projects

Location: New York, New York

More Info: About Kickstarter

CEO: Perry Chen

Investors: Union Square Ventures, Scott Heiferman, Zach Klein, Caterina Fake, Chris Sacca, Jack Dorsey, Chris Fixon, Thrive Capital, Betaworks, and others

Analysis: Kickstarter is growing extremely fast and its projects are starting to raise eye-popping amounts of money, of which the crowdsourced site takes 5 per cent. It's already become a big brand name and an industry game-changer. With its multiple million-dollar projects, we estimate Kickstarter will generate between $15 and $30 million this year, a significant increase from its 2011 revenue. We give it a high valuation of $350 million based largely on its enormous potential for changing the investing and e-commerce industries forever.

61. Apptio, $350 million

Estimated Value: $350 million

Last Year's Rank / Valuation: N/A

Business: Provides technology business management solutions to IT companies

Location: Bellevue, Washington

More Info: About Apptio

CEO: Sunny Gupta

Investors: Greylock Partners, Madrona Venture Group, Andreessen Horowitz, Shasta Ventures, Cisco Systems, and T. Rowe Price

Analysis: Apptio is an enterprise subscription business that's growing quickly. We estimate Apptio will generate $50 million this year and applied a 7X multiple on revenue to get a $350 million valuation.

62. FreshDirect, $350 million

Estimated Value: $350 million

Last Year's Rank / Valuation: #52 / $350 million

Business: Online grocer

Location: Long Island City, New York

More Info: About FreshDirect

CEO: Jason Ackerman

Investors: Wm Morrison Supermarkets, AIG Global Investment Corp, AIG Capital Partners, Maverick Capital, CIBC Capital Partners, Canyon Partners, and Mercantile Capital Partners

Analysis: Fresh Direct is the online grocer that delivers to your house, while putting a premium on customer service. Fresh Direct raised $50 million from U.K.-based grocery chain Wm Morrison Supermarkets, in March of 2011.

Traffic is flat though and it's a low margin business, so we're keeping it at the same valuation as last year: $350 million.

63. eHarmony, $350 million

Estimated Value: $350 million

Last Year's Rank / Valuation: #26 / $800 million

Business: Online Dating

Location: Santa Monica, California

More Info: About eHarmony

CEO: Neil Clark Warren

Investors: Fayez Sarofim & Co., Technology Crossover Ventures, Sequoia Capital and Tuputele Ventures.

Analysis: eHarmony, which operates in the U.S., Canada, Australia and the U.K., is the destination for online daters go for 'serious relationships.'

Shaespost pegs eHarmony's 2010 revenue at $280 million, its 2011 revenue at $295 million and its 2012 revenue at $310 million. But over the past year its traffic hasn't grown very much, which means accounts probably haven't grown much either. Due to the stalled growth, we value the company at $350 million.

64. Veracode, $320 million

Estimated Value: $320 million

Last Year's Rank / Valuation: N/A

Business: Veracode offers security testing software and remediation services

Location: Burlington, Massachusetts

More Info: About Veracode

CEO: Bob Brennan

Investors: Polaris Venture Partners, Atlast Venture, .406 Ventures, Symantec, Rovi Corporation, In-Q-Tel, Meritech Capital Partners, StarVest Partners

Analysis: We estimate Veracode will generate $40 million this year, up from $20 million last year. If we compare it to Salesforce and apply an 8X revenue multiple, we arrive at a $320 million valuation.

65. Wix, $310 million

Estimated Value: $310 million

Last Year's Rank / Valuation: N/A

Business: Website builder and publishing platform

Location: San Francisco, California

More Info: About Wix

CEO: Avishai Abrahami

Investors: Bessemer Venture Partners, Mangrove Capital Partners, Benchmark Capital, DAG Ventures, and Insight Venture Partners

Analysis: We estimate Wix will generate $40 million this year and applied a 7-8X multiple to arrive at a $310 million valuation.

66. Turn, $300 million

Estimated Valuation: $300 million

Last Year's Rank / Valuation: N/A

Business: Turn offers real-time insights for advertisers

Location: Redwood City, California

More Info: About Turn

CEO: Bill Demas

Investors: Norwest Venture Partners, Trident Capital, Shasta Ventures, and Focus Ventures

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: We estimate the ad platform will pull in $200-250 million this year and gave it a 1-2X multiple to arrive at a $300 million.

67. Quantcast, $300 million

Estimated Value: $300 million

Last Year's Rank / Valuation: #54 / $300 million

Business: Media measurement and online analytics

Location: San Francisco, California

More Info: About Quantcast

CEO: Konrad Feldman

Investors: Revolution Ventures, The Founders Fund, Polaris Venture Partners, Cisco Systems, and Glynn Capital Management

Analysis: Quantcast shows website statistics and has both free and paid products for users. But it hasn't dabbled much in mobile, and competitors such as AppData and Flurry are creeping up on it quickly.

Its revenue has likely doubled in the past year to about $100 million. Given its growth but also its lack of mobile dominance, we're holding its valuation steady at $300 million.

68. Nest, $300 million

Estimated Value: $300 million

Last Year's Rank / Valuation: N/A

Business: Nest makes smart thermostats

Location: Palo Alto, California

More Info: About Nest

CEO: Tony Fadell

Investors: Kleiner Perkins Caufield & Byers, Google Ventures, Lightspeed Venture Partners, Intertrust, Shasta Ventures, and Generation Investment Management

Analysis: Nest is a smart thermostat created by ex-Apple employees. The company has been valued north of $500 million and we estimate the company will generate roughly $75 million this year. But again, hardware companies have tough margins, so even using Apple's 4X revenue multiple we estimate a lower $300 million valuation.

69. Fab.com, $300 million

Estimated Value: $300 million

Last Year's Rank / Valuation: N/A

Business: Flash sales site for design products

Location: New York, New York

More Info: About Fab

CEO: Jason Goldberg

Investors: The Washington Post Company, Allen Morgan, Baroda Ventures, First Round Capital, Zelkova Ventures, SoftTech VC, SV Angel, Menlo Ventures, Ashton Kutcher, Kevin Rose, David Tisch, Andreessen Horowitz, and others

Analysis: Fab is a fast-growing flash sale site for design and funky objects (think an online-only Ikea) that's based in New York.

It's expected to generate $150 million this year, up from $50 million for half of 2011 (Fab didn't exist before June of last year in its current form). But e-commerce margins are thin, especially when everything is sold at a discount. We applied a 2X multiple to revenue to arrive at a $300 million valuation.

70. Foursquare, $300 million

Estimated Value: $300 million

Last Year's Rank / Valuation: #35 / $600 million

Business: Location-based social network

Location: New York, New York

More Info: About Foursquare

CEO: Dennis Crowley

Investors: Union Square Ventures, O'Reiley AlphaTech Ventures, Jack Dorsey, Kevin Rose, Alex Rainert, Ron Conway, Joshua Schachter Chad Stoller, Sergio Salvatore, Andreessen Horowitz. The most recent round of funding occurred in June of 2011. The company raised $50 million.

Analysis: Foursquare is a location-based social networking service. It seems to be adding about 5 million users every six months; in 2011 it grew from 5 million users to more than 15 million. This year it's grown to more than 20 million users, a number it announced in April 2012 and mentioned to us again in August.

But other apps are showing that 20 million users isn't quite as impressive as it used to be--some are achieving numbers like that in their first year; meanwhile Foursquare is a few years old and its growth has more or less stalled.

Foursquare is finally starting to take revenue generation more seriously and implementing a sales team, but the mobile app has a long way to go on the monetization front.

When Foursquare raised $50 million last year at a $600 million valuation, it was at the assumption that the app would continue to grow at a rapid pace. Without much revenue and stalled growth, we value the check-in app at $300 million.

71. Storm8, $300 billion

Estimated Value: $300 million

Last Year's Rank / Valuation: #22 / $1 billion

Business: Storm8 is the creator of Role Playing Games on the iPhone, iPod Touch and Android device

Location: Redwood Shores, California

More Info: About Storm8

CEO: Perry Tam

Investors: n/a - bootstrapped

Analysis: Storm8 is a mobile gaming company founded by ex-Facebookers. Its games have been downloaded on 100 million devices. It's bootstrapped and profitable, and in one very big day last year it generated $1 million. 'Obviously, we're not doing a $1 million every day,' Tam said then. 'That would be more than $365 million a year. But, having said that, if you take a look at the top grossing charts, we consistently have multiple apps in the Top 25.'

If we assume the company is generating a more modest $150 million this year and apply a slightly higher revenue multiple than Zynga's, we get a $300 million valuation.

72. Flipboard, $300 million

Estimated Value: $300 million

Last Year's Rank / Valuation: #69 / $200 million

Business: personalised social magazine for iPad

Location: Palo Alto, California

More Info: About Flipboard

CEO: Mike McCue

Investors: Venture Partners, Comcast Capital, Kleiner Perkins Caufield & Byers, Index Ventures, the Chernin Group, angel investor Ron Conway, Square CEO Jack Dorsey, actor Ashton Kutcher, and Facebook co-founder and Asana founder, Dustin Moskovitz.

Analysis: Flipboard is an easy news reading experience for the iPad. In April, Flipboard raised $50 million at an estimated $200 million valuation. It has started to go mainstream and now more than 1.5 million people use it daily.

But the platform could easily be nuked by Twitter and it seems more and more likely that Twitter will directly compete with Flipboard. In fact, it's why Flipboard's CEO had to step down from Twitter's board. If Flipboard can manage to survive Twitter's media play, then it's a $300 million company.

73. Vibrant Media, $300 million

Estimated Value: $300 million

Last Year's Rank / Valuation: #82 / $175 million

Business: Contextual / In-text ad network

Location: New York, New York

More Info: About Vibrant Media

CEO: Cella Irvine

Investors: Fortis, ABS Ventures

Analysis: Vibrant media is a contextual (in-text hyperlinking) advertising company. We estimate moderate revenue growth to $150 million this year. Using a standard ad network multiple of 2X we arrived at a $300 million valuation.

74. Rubicon Project, $270 million

Estimated Value: $270 million

Last Year's Rank / Valuation: #61 / $250 million

Business: Advertising

Location: Los Angeles, California

More Info: About Rubicon

CEO: Frank Addante

Investors: Clearstone Venture Partners, Square 1 Bank, Mayfield Fund, Stanford University, University of California Berkley, Matt Coffin, IDG Ventures Vietnam, Silicon Valley Bank, Peacock Equity, Jarl Mohn

Analysis: We estimate Rubicon will near $100 million in revenue this year, up 70 per cent from the year prior. Using a 3X multiple on revenue, we value the company at $270 million.

75. OpenX, $260 million

Estimated Value: $260 million

Last Year's Rank / Valuation: N/A

Business: OpenX is an ad exchange and technology platform

Location: Los Angeles, California

More Info: About OpenX

CEO: Tim Cadogan

Investors: First Round Capital, Mangrove Capital Partners, O'Reilly AlphaTech Ventures, Accel Partners, Index Ventures and SAP Ventures

Analysis: We assume OpenX's revenue will grow modestly this year to about $130 million. Using a traditional ad network multiple on revenue of 2X, we arrived at a $260 million valuation.

76. Return Path, $250 million

Estimated Valuation: $250 Million

Last Year's Rank / Valuation: #79 / $200 million

Business: E-mail marketing

Location: New York, New York

More Info: About Return Path

CEO: Matt Blumberg

Investors: Union Square Ventures, Sutter Hill Ventures, Mobius Venture Capital, and SAP Ventures

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: Return Path has been steadily growing and last August it raised $11 million at a $200 million pre-money valuation. We estimate the company will generate more than $50 million this year, a slight increase from last year. We used a 5X multiple on revenue to arrive at a $250 million valuation.

77. Quora, $250 million

Estimated Value: $250 million

Last Year's Rank / Valuation: N/A

Business: Online platform for creating and sharing content

Location: Palo Alto, California

More Info: About Quora

CEO: Adam D'Angelo

Investors: Benchmark Capital, Keith Rabois, Adam D'Angelo, Peter Thiel, and Matrix Partners

Analysis: Quora recently raised a round at a $400 million valuation. It doesn't have many users and it doesn't have any revenue, but the product being built is extremely user friendly and has the potential to be very valuable. Where Wikipedia is the new encyclopedia for things, Quora is becoming the encyclopedia for experiences. People who went through unique life experiences share them on Quora via answers to questions such as, 'What did it feel like to be inside the twin towers on 9/11?' and 'What's it like to be a self-made millionaire by age 25?'

It's potentially monetizable as a search engine, but it only has about 0.3 per cent as many U.S. users as Google right now. And while we're bullish on Quora, it's hard to value a company with no hard stats, so we've nearly halved the valuation investors gave it, to $250 million.

78. Snapdeal, $250 million

Estimated Valuation: $250 million

Last Year's Rank / Valuation: N/A

Business: Online marketplace for apparel, mobile phones, computers, footwear, and more.

Location: New Delhi, India

More Info: About Snapdeal

CEO: Kunal Bahl

Investors: Nexus Venture Partners, IndoUS Venture Partners, and Bessemer Venture Partners

Analysis: Snapdeal is operating on a $100 million+ annualized run rate and it raised a round last year at a $200 million valuation. We took into account the 29-month-old company's rapid growth and applied a traditional 2-3X e-commerce multiple to revenue to arrive at a $250 million valuation.

79. Tremor Video, $240 million

Estimated Value: $240 million

Last Year's Rank / Valuation: #67 / $225 million

Business: Online video ad network

Location: New York, New York

More Info: About Tremor Media

CEO: Bill Day

Investors: Canaan Partners, Masthead Venture Partners, European Founders Fund, Meritech Capital Partners, SAP Ventures, Draper Fisher Jurvetson, Tirangle Peak Partners, DFJ Growth, and W Capital Partners

Analysis: Tremor Media is a video advertising network that provides streaming video advertising on the web. We estimate it will generate about $120 million this year, up from nearly $100 million last year. On a 2X revenue multiple, we estimate the company's valuation at $240 million.

80. RightScale, $220 million

Estimated Valuation: $220 million

Last Year's Rank / Valuation: #100 / $110 million

Business: Provides web-based cloud management platform and services

Location: Santa Barbara, California

More Info: About RightScale

CEO: Michael Crandell

Investors: Tenaya Capital, DAG Ventures, Benchmark Capital, Index Ventures, and Presidio Ventures

Analysis: We estimate RightScale will generate about $25 million this year, more than double what it generated in 2010. Taking its fast growth into account and comparing it to Salesforce's Price/Sales ratio, we gave Rightscale an 10-11X multiple and arrived at a $220 million valuation.

81. Whaleshark Media/RetailMeNot, $220 million

Estimated Value: $220 million

Last Year's Rank / Valuation: N/A

Business: Online marketplace for coupons and deals

Location: Austin, Texas

More Info: About Whaleshark Media

CEO: Cotter Cunningham

Investors: Adams Street Partners, Austin Ventures, Google Ventures, Institutional Venture Partners, J.P. Morgan, and Norwest Venture Partners

Analysis: Whaleshark is best known for RetailMeNot, a couponing business that relies on search engine traffic rather than email pushes for transactions. It makes money on affiliate leads to merchants from their coupon codes and the margins are very high. We applied a slightly higher multiple than Groupon's to Whaleshark's estimated revenue (2-3X) to get a $220 million valuation.

82. Break Media, $210 million

Estimated Value: $210 million

Last Year's Rank / Valuation: #96 / $120 million

Business: Media company for dudes

Location: Beverly Hills, California

More Info: About Break Media

CEO: Keith Richman

Investors: Lionsgate

Analysis: Break Media is a humour-based content network for men. The company publishes original content, with in-house video, editorial and gaming groups.

We estimate that Break Media will generate about $75 million of revenue in 2012, up from $50-60 million in 2011. We value the company at $210 million, a 3X multiple of revenue.

83. Tagged, $200 million

Estimated Value: $200 million

Last Year's Rank / Valuation: #73 / $200 million

Business: Social discovery and networking

Location: San Francisco, California

More Info: About Tagged

CEO: Greg Tseng

Investors: Reid Hoffman, Mayfield Fund, Horizon Technology, Finance Management LLC, Leader Ventures, Lighthouse Capital Partners, and Comerica Bank

Analysis: Tagged is a social network that helps users meet new people through online social games. Its growth has more or less stalled over the past year, and we estimate its 2012 revenue will hover around $50 million.

At the end of the day, it's an ad-based media business, so we applied a 4X multiple on revenue and maintained the $200 million valuation from last year.

84. Yext, $200 million

Estimated Value: $200 million

Last Year's Rank / Valuation: N/A

Business: Location software company that provides tools for businesses to update and sync their location data

Location: New York, New York

More Info: About Yext

CEO: Howard Lerman

Investors: Howard Lerman, Brian Distelburger, Brent Metz, Sutter Hill Ventures, Institutional Venture Partners, Michael Walrath, SV Angel, Marker, CrunchFund, and WGI Group

Analysis: Yext recently raised $27 million for its new PowerListings business at a $270 million valuation. It sold off its profitable business to IAC, Felix, for $30 million to help fund PowerListings.

In less than a year, PowerListings has been used by 50,000 paying locations. If all clients were paying the $499 fee, Yext PowerListings would generate about $25 million, although some of the merchants are probably getting a discount. Since September, nearly 1 billion business listings have been updated by Yext.

Yelp, a similar business model, has a 15.29 Price/Sales ratio. If we apply a more modest 8X multiple on $25 million revenue, we get a $200 million valuation.

85. Stripe, $200 million

Estimated Value: $200 million

Last Year's Rank / Valuation: N/A

Business: Stripe offers a solution for developers to accept payments online.

Location: San Francisco

More Info: About Stripe

CEO: Patrick Collison

Investors: Sequoia Capital, General Catalyst Partners, Peter Thiel, Chris Dixon, Elad Gil, Aaron Levie, and Redpoint Ventures

Analysis: Stripe recently raised $20 million at an estimated $400 million valuation. While the company has been quiet about its growth, it's easy to see how much potential Stripe could have. It makes it insanely easy for developers to charge money, and it can be scaled to all SaaS/in-app payments. Not to mention people are fed up with PayPal, and Stripe is rapidly becoming a popular alternative. Business Insider uses it for its BII subscription research product. Many other startups including Foursquare use Stripe as well.

When we asked if Stripe was really a 9-figure business, multiple investors and entrepreneurs told us, 'absolutely, don't underestimate Stripe.' So while it's hard to stamp a valuation on a buzzy startup that's hardly made any details about its growth public, we give it a $200 million valuation, about half the valuation it raised at.

86. Rocket Fuel, $200 million

Estimated Value: $200 million

Last Year's Rank / Valuation: N/A

Business: Rocket Fuel provides artificial intelligence advertising solutions

Location: Redwood City, California

More Info: About Rocket Fuel

CEO: George John

Investors: Mohr Davidow Ventures, Labrador Ventures, Wilson Sonsini Goodrich & Rosati, Nokia Growth Partners, Northgate Capital, Summit Partners, Cross Creek Capital, and Comerica Bank

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: We estimate Rocket Fuel generated about $50 million last year and that it will generate between $75 and $100 million this year. Using a 2-3X multiple on revenue, we arrived at a $200 million valuation.

87. Mind Candy, $200 million

Estimated Value: $200 million

Last year valuation/rank: #74 / $200 million

Business: Social and online gaming developer

Location: London, U.K.

More Info: About Mind Candy

CEO: Michael Smith

Investors: Spark Ventures, Index Ventures, and Accel Partners

Analysis: Mind Candy is a social network with online games for children. It's most famous for its Moshi Monsters, virtual creatures Mind Candy users can adopt and buy virtual goods for. Spark Capital sold half its Mind Candy stake last June for 15 times more than its initial investment seven years prior. The deal valued the company at a reported $200 million.

Mind Candy has been profitable since rolling out its subscription model in early 2009 (in 2010 it showed profits of $1.8 million on $11.6 million revenue) and its business is a lot like Rovio's, where a good chunk of its revenue is generated from merchandise sales and licensing deals. Even though it's grown significantly, Zynga's poor performance makes us wary of mobile/web gaming companies like Mind Candy. If we assume the company is generating $50-75 million and apply a 2X multiple then we keep the valuation around $200 million.

88. AddThis, $200 million

Estimated Value: $200 million

Last Year's Rank / Valuation: #75/ $200 million

Business: AddThis, formerly known as Clearspring, connects publishers, advertisers and service providers to consumers on the web

Location: Vienna, Virginia

More Info: About AddThis

CEO: Ramsey McGrory

Investors: Novak Biddle Venture Partners, ZG Ventures, Steve Case, New Enterprise Associates, Institutional Venture Partners, Nigel Morris, and others

Analysis: Formerly called ClearSpring, AddThis is a social toolbar and ad company. It has been implemented on more than 14 million websites, up from 12 million last December and it reaches more than 1.3 billion monthly uniques.

Last September AddThis was set to generate $15-30 million for 2011, up 200 per cent from the year prior. We estimate the company will generate between $40 and $50 million this year. We valued AddThis at $200 million, a 5X multiple on revenue.

89. SoundCloud, $200 million

Estimated Value: $200 million

Last Year's Rank / Valuation: N/A

Business: Online audio distribution platform

Location: Berlin, Germany

More Info: About SoundCloud

CEO: Alexander Ljung

Investors: Doughty Hanson Technology Ventures, Union Square Ventures, Index Ventures, Kleiner Perkins Caufield & Byers, GGV Capital

Analysis: SoundCloud is like Instagram for noises and it's a surprisingly big business from a user perspective. According to AppData, SoundCloud has 680,000 daily active users. When Instagram was acquired for $1 billion it had 860,000 DAUs.

Noise creation is kind of uncharted territory as a business model, but it could be great for things like swapping music beats and sound effects in terms of collaborative creation. A recent funding round valued SoundCloud at $200 million and based on the DAUs, we agree.

90. Xirrus, $200 million

Estimated Value: $200 million

Last Year's Rank / Valuation: #90 / $140 million

Business: Wireless network provider

Location: Thousand Oaks, California

More Info: About Xirrus

CEO: Shane Buckley

Investors: Alta Partners, US Venture Partners, August Capital, Canaan Partners, InterWest Partners, and QuestMark Partners

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures. Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: Xirrus is a high performance wi-fi company. We estimate that Xirrus generated about $70 million in revenue last year, and that it will generate about $100 million this year. We applied a 2X multiple for a $200 million valuation.

91. Federated Media, $200 million

Estimated Value: $200 million

Last Year's Rank / Valuation: #53 / $350 million

Business: High-end ad network: sells and serves ad campaigns for web sites.

Location: San Francisco, California

More Info: About Federated Media

CEO: Deanna Brown

Investors: Omidyar Network, New York Times, Mitchell Kapor, Andrew Anker, Mike Homer, Tim O'Reilly, JP Morgan, Oak Investment Partners

Analysis: Federated Media specialises in helping brands leverage the overwhelming amount of new media companies. It also publishes and curates editorial content for major clients like HP, Intel, GE and AMEX.

But there's a problem with the model: once sites get too big, they grow up and leave Federated Media -- this happened with TechCrunch, Bleacher Report, and even Business Insider. When the top traffic drivers leave, FM has to rethink its offerings to its brand partners. This also drives down CPMs and makes FM more like an ad network than a media company.

We used the 2-3X ad network multiple on revenue and landed on a lower valuation than last year of $250 million.

92. Say Media, $200 million

Estimated Valuation: $200 million

Last Year's Rank / Valuation: #70 / $200 million

Business: Digital and social media advertising platform

Location: San Francisco, California

More Info: About SAY Media

CEO: Matthew Sanchez

Investors: First Round Capital, August Capital, WPP, Focus Ventures, Maveron, New Enterprise Associates, Shea Ventures, and Correlation Ventures

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: SAY Media connects advertisers with consumers via social media and other web platforms and sells ads across their content. The company said it was striving to hit $100 million in revenue last year. We estimate the company will generate $130 million this year and applied a 2X multiple of revenue to arrive at a $260 million valuation.

93. Yodle, $195 million

Estimated Value: $195 million

Last Year's Rank / Valuation: #44 / $400 million

Business: SEM agency for local businesses

Location: New York, New York

More Info: About Yodle

CEO: Court Cunningham

Investors: Bessemer Venture Partners, Draper Fisher Jurvetson, Wharton Venture Initiation Program, Draper Fisher Jurveston Growth Fund, and JAFCO Ventures

Analysis: Yodle specialises in helping local businesses market themselves on the web. We estimate revenues will exceed $100 million this year to about $120 million. It's most like an ad network for local businesses, so we applied a 2X multiple on revenue to arrive at a $195 million valuation.

94. Coupons.com Inc., $180 million

Estimated Value: $180 million

Last Year's Rank / Valuation: #23 / $1 billion

Business: Online coupons

Location: Mountain View, California

More Info: About Coupons.com

CEO: Steven Boal

Investors: Passport Capital and Greylock Partners

Analysis: Coupons.com has been in the couponing business since 1998. The company has evolved to enable digital coupon programs. It raised $200 million from institutional investors, reportedly at a $1 billion valuation. Last year it raised an additional $30 million.

Coupons.com was expected to generate about $100 million of revenue in 2010, but given how Groupon has performed in the public markets it's hard to value Coupons at more than a 2X multiple on revenue. We estimate the company will generate between $150 and $200 million this year and value the company at $180 million.

95. Path, $180 million*

Estimated Value: $180 million

Last Year's Rank / Valuation: N/A

Business: Mobile-only social network for close friends and family

Location: San Francisco, California

More Info: About Path

CEO: Dave Morin

Investors: Index Ventures, First Round Capital, Founders Fund, SV Angel, Kevin Rose, Ashton Kutcher, Don Dodge, Marc Benioff, Gary Vaynerchuk, Kleiner Perkins Caufield & Byers, CrunchFund, Mark Pincus, and others

Analysis: Path is a company Mark Zuckerberg and Facebook are watching closely. Facebook is quickly becoming a mobile company and Path is already mobile-only, no pivoting necessary. While AppData show's Path's daily active users at about 160,000, the company tells us that number is actually closer to 500,000. That makes Path about 56% of the size Instagram was when it was acquired by Facebook for $1 billion.

Path recently raised $30 million at a $250 million valuation. Although it has no revenue, we think it's going after a big opportunity.

96. Shazam, $175 million

Estimated Value: $175 million

Last Year's Rank / Valuation: #107 / $100 million

Business: Buy and share music and TV shows you hear playing around you

Location: London, U.K.

More Info: About Shazam

CEO: Andrew Fisher

Investors: Kleiner Perkins Caufield & Byers, Institutional Venture Partners, and DN Capital

Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures. Accel Partners, Comcast Ventures, Allen & Company, and Khosla Ventures.Analysis: Shazam is a music sharing and discovery mobile application with more than 250 million users. In 2010, Shazam generated an estimated $16 million in revenue and it raised $32 million in June 2011.

The company is growing about 45 per cent YOY, but that's not quite as fast as its most comparable, publicly traded company, Pandora, which is growing 60 per cent. If we estimate Shazam's 2012 revenue at $30-$50 million and apply a slightly lower multiple on revenue than Pandora (5X), we get the $175 million valuation.

97. PlentyOfFish, $168 million

Estimated Value: $168 million

Last Year's Rank / Valuation: #105 / $100 million

Business: Online dating

Location: Vancouver, Canada

More Info: About PlentyOfFish

CEO: Markus Frind

Investors: N/A - it's bootstrapped

Analysis: Plenty of Fish is an entirely bootstrapped online dating service. We estimate 2012 revenue at $40-50 million, up from about $30 million last year. We value the company at $170 million, a 3X multiple on revenue.

98. Warby Parker, $160 million

Estimated Value: $160 million

Last Year's Rank / Valuation: #98 / $120 million

Business: Warby Parker is a prescription eyeglass and sunglass online discount retailer.

Location: New York, New York

More Info: About Warby Parker

Co-CEO: Neil Blumenthal and Dave Gilboa

Investors: First Round Capital, SV Angel, Lerer Ventures, Davis Smith, Tiger Global, Thrive Capital, and General Catalyst

Analysis: Warby Parker is the fast-growing, vertically-integrated glasses company that recently raised a fresh $40 million. There really aren't any other major players in the space besides Luxottica, which owns almost the entire market. Last year, we estimate Warby Parker sold about 100,000 pairs of glasses at an average price per item of $100 ($5-10 million revenue). We assume sales and revenue will quadruple this year and continue growing quickly through 2013. We applied a 4X revenue on $40-80 million in revenues for a valuation of $160 million.

99. Thrillist, $140 million

Estimated Value: $140 million

Last Year's Rank / Valuation: #86 / $150 million

Business: Website and daily email recommendations for men

Location: New York, New York

More Info: About Thrillist

CEO: Ben Lerer

Investors: Oak Investment Partners, Lerer Ventures, and Pilot Group

Analysis: Thrillist is said to be generating $60 million this year, up from $30 million last year. The catch is that it's no longer a media-first company. Most of its revenue comes form its JackThreads/e-commerce business. If we apply a 2-3X multiple on revenue, we get a $140 million valuation. The company was valued slightly higher in its recent $13 million funding round.


100. Vox Media, $140 million

Estimated Value: $140 million

Last Year's Rank / Valuation: N/A

Business: Digital publishers of sites like SB Nation, The Verge, and Polygon

Location: Washington, D.C.

More Info: About Vox Media

CEO: Jim Bankoff

Investors: Accel Partners, Allen & Company, Ted Leonsis, Comcast Ventures, and Khosla Partners

Analysis: Vox Media is a rapidly growing digital media company with two well-known publications, SB Nation and The Verge. SB Nation is already roughly the size of Bleacher Report, a sports publication that recently sold to Turner Media for $200 million. Still, it has a lot of overhead costs that Bleacher Report didn't experience with its crowdsourced content model.

Between all of its properties, we estimate Vox will generate roughly $20-30 million this year. We applied a 5X multiple on revenue to arrive at a $140 million valuation.

101. Gawker Media, $140 million

Estimated Value: $140 million

Last Year's Rank / Valuation: #83 / $175 million

Business: Online media company

Location: New York, New York

More Info: About Gawker Media

CEO: Nick Denton

Investors: Self-funded

Analysis: Gawker Media is an online media network. We estimate that the company will generate about $30-50 million of revenue this year. Applying a 5X multiple, we estimate a valuation of about $140 million.

102. Media6Degrees, $140 million

Estimated Value: $140 million

Last Year's Rank / Valuation: #87 / $150 million

Business: Socially targeted advertising platform

Location: New York, New York

More Info: About Media6Degrees

CEO: Tom Phillips

Investors: Menlo Ventures, US Venture Partners, Venrock, Contour Venture Partners, and Coriolis Ventures

Analysis: We estimate Media6Degrees will generate between $40 and $60 million this year. We gave it a 2-3X multiple on revenue, keeping its valuation steady at $140 million.

103. CafeMom, $140 million

Estimated Value: $140 million

Last Year's Rank / Valuation: #92 / $130 million

Business: Social network and community for mums

Location: New York, New York

More Info: About CafeMom

CEO: Michael Sanchez

Investors: Highland Capital Partners and Draper Fisher Jurvetson

Analysis: We estimate the mega-mum content company will generate about $30-50 million of revenue this year. Applying a 5X multiple, we estimate a valuation of about $140 million.

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