So Forge Global is one of the leaders in providing “secondary liquidity” to unicorns, i.e. helping folks trade shares in them before they are public. And while they mostly focus on just a small number of the hottest start-ups and scale-ups, the data is pretty useful to get a pulse of things. The latest report is here.
And what you can see is as AI has taken off, and select defense tech has exploded (from Anduril to Shield), the secondary market has heated up.
Except for enterprise software that is 😉
Trading is still happening, but as you can see, enteprise software has seen the least appreciation — only +6.4%. And again, this is for the hottest ones.
There is overlap between enterprise software and fintech. And fintech showed positive returns of 28% for Q1 2025 with Stripe (+40%), Ramp (+27%) and Chime (+26%) materially up.
Still a reminder as much as VC is heating up, especially at the growth stage, it’s not so much for enterprise software. Not yet at least.
But we’ll see about that Figma IPO 🙂
