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Top Cloud Startups to Watch (and Work for) in 2023

August 2, 2023
      |      Kieran Ryan
Clouds

My Background

Hi, I'm Kieran! I worked in startups for five years at On Deck and Wefunder. Some of my favorite things that I've worked on during my career include:

  • Wefunder Workaway: 12 founders working on a new idea, 7 days, 1 mansion in Hawaii. One of the teams we picked raised a Series A from Andreessen Horowitz, and two people who met during the trip got married...
  • On Deck: As employee #15, I contributed to the startup's growth from no revenue to a $20 million run rate in less than a year. I led the team that built the admission infrastructure to support and scale ~20 fellowships for founders, capital allocators, operators, and creators.
  • XX: Worked on a pre-YC accelerator program that invested $125K on an MFN SAFE into 8-10 teams per cohort.
  • ODX: Worked on a $100 million accelerator program that invested $125K for 7% into 100s of startups. We partnered with leaders like Flexport to build vertical industry tracks around supply chain & logistics, etc.
  • Ryan Marketing: Created an influencer marketing startup (2 million+ Instagram followers) during college with my twin brother and realized early that monetization for creators was broken. I learned a lot, and it paid enough to cover my schooling, rent, and meals.

The Methodology

I considered several data points to arrive at the startups selected on this list, including company traction, funding raised, valuation, and investors. From my initial list, I then referenced each startup with my personal network to narrow down the list to the one you see below. I take my credibility seriously, so I do not take any money from startups who want to be included on this list to remain impartial. If you want to understand my analysis of startups and prefer long-form content, read my research on the top startups of 2023 afterward.

Rippling logo

Rippling

Workforce management platform.

Headquarters

San Francisco, California

Industry

Human Resources & Benefits, SaaS, Cloud

Founded

2016

Funding

$1.2 billion

Valuation

$11.25 billion

Traction

  • Rippling rates as 4.89/5 on Software Advice, 4.8 on G2, 4.9 on Capterra, and 4.9 on GetApp by customers.
  • Rippling helps customers save time and money by reducing admin hours and the number of tasks required for HR & IT teams. Compass Coffee reduced HR & IT admin tasks by 96% by using Rippling. Double Good saves $50K annually by cutting onboarding and payroll time by 10x.
1Password Logo

1Password

Password manager.

Headquarters

Toronto, Canada

Industry

Cloud, Cybersecurity

Founded

2005

Funding

$950 million

Valuation

$6.8 billion

Traction

  • As of July 2023, 1Password has 100,000+ customers, including IBM, Slack, PagerDuty, GitLab, Under Armour, Datadog, Snowflake, and Intercom.
  • In July 2021, 1Password reported they crossed $120 million in ARR and have been profitable since day one.
Databricks Logo

Databricks

Data lakehouse architecture and AI company.

Headquarters

San Francisco, California

Industry

Data, Cloud

Founded

2013

Funding

$3.5 billion

Valuation

$38 billion

Traction

  • Databricks has over 7,000 customers, including Adobe, Rolls Royce, Comcast, Condé Nast, H&M, AT&T, Shell, Walgreens, Air Canada, Toyota, and T-Mobile.
  • Over 40% of the Fortune 500 relies on the Databricks Lakehouse Platform to unify their data.
  • Databricks has hundreds of global partners, including Microsoft, Amazon, Tableau, and Booz Allen Hamilton.

Canva in white font on blue/purple gradient background

Canva

A free-to-use graphic design tool.

Headquarters

Sydney, Australia

Industry

Design Software, Cloud

Founded

2012

Funding

$572.6 million

Valuation

$40 billion

Traction

  • Canva has 100 million+ monthly active users.
  • Users have created 15 billion+ designs on Canva.
  • Canva is used in 190 countries and supports 100+ languages.
  • 85% of the Fortune 500 uses Canva

Figma Logo

Figma

The collaborative interface design tool.

Headquarters

San Francisco, California

Industry

Design Software, Cloud

Founded

2012

Funding

$333.4 million

Valuation

$10 billion

Traction

  • The company surpassed 4 million registered users in 2020.
  • Figma customers include teams at Carta, Datadog, Oqton, Stripe, Stash, Elsewhen, Netflix, Twitter, GitHub, Square, Repsol, Zoom, Notion, Uber, Microsoft, Gusto, Coinbase, and Stitch Fix.
Checkr Logo

Checkr

Employee background screening for companies.

Headquarters

San Francisco, California

Industry

Security & Compliance, Cloud

Founded

2014

Funding

$679 million

Valuation

$4.6 billion

Traction

  • As of September 2021, Checkr processes 30 million background checks annually. 
  • As of May 2023, Checkr can run background checks in 200+ countries and territories.
  • As of May 2023, Checkr has 15,000+ enterprise customers, including Netflix, Instacart, Hot Topic, Shipt, Addeco, Papa John’s, Angi, Elwood Staffing, and HomeCare.com.
Orange "gusto" on white background

Gusto

Hire, pay, insure, and support your team.

Headquarters

San Francisco, California

Industry

Human Resources & Benefits, Cloud

Founded

2011

Funding

$746.1 million

Valuation

$10 billion

Traction

  • As of May 2023, Gusto has 300,000 customers, including Goldbelly, Spiked Spin, Finder.com, Lemon Yellow, Sleep Reset, Tinpot Creamery, Handlebar Cyclery, and American Canning.
  • As of August 2021, Gusto had more than 200,000 customers.
white "W" on purple background

Webflow

Create a custom website.

Headquarters

San Francisco, California

Industry

No-Code & Low Code, SaaS, Cloud

Founded

2013

Funding

$335 million

Valuation

$4 billion

Traction

  • In 2021, Webflow users built 450,000 websites.
  • As of March 2022, Webflow has 3.5 million users, Webflow sites get more than 10 billion monthly views, and Webflow surpassed $100 million in annual recurring revenue.
  • As of May 2023, Webflow powers over 100,000 businesses, including Ramp, Virta, Attentive, AngelList Venture, Mural, Rakuten, HelloSign, and Petal.
Plaid Logo

Plaid

Enabling all companies to build fintech solutions.

Headquarters

San Francisco, California

Industry

Fintech, Cloud

Founded

2013

Funding

$734.3 million

Valuation

$13.4 billion

Traction

  • As of May 2023, Plaid’s API network powers 7,000+ apps and services and connects to 12,000+ financial institutions.
  • As of December 2020, Plaid’s annualized revenue rate reached ~$170 million.
Checkout Logo

Checkout

Global payments solution.

Headquarters

London, England, United Kingdom

Industry

Fintech, Cloud

Founded

2009

Funding

$1.8 billion

Valuation

$11 billion

Traction

  • In 2021, Checkout surpassed $3 billion in payments processed.
  • Checkout customers include Alibaba, MoonPay, Patreon, Binance, Netflix, Farfetch, Grab, ShopBack, Curve, Coinhako, TransferGo, and Dott.
Algolia Logo

Algolia

Site search and discovery powered by AI.

Headquarters

Paris, France

Industry

Search, Artificial Intelligence (AI), Cloud

Founded

2012

Funding

$334.2 million

Valuation

$2.25 billion

Traction

  • As of July 2023, Algolia has 17,000+ customers, up from 10,000 in July 2021, including Gymshark, Co-Op, Harry Rosen, and Decathlon.
  • As of July 2021, Algolia handles 1.5 trillion search queries annually.
  • A total economic impact study commissioned by Forrester Consulting concluded that enterprises might realize a 382% ROI when deploying Algolia’s search and discovery platform.
  • As of July 2021, Algolia reported 180% YoY ARR growth.
Abnormal Security Logo

Abnormal Security

Cloud email security.

Headquarters

San Francisco, California

Industry

Cloud, Cybersecurity

Founded

2018

Funding

$284 million

Valuation

$4 billion

Traction

  • As of May 2022, Abnormal Security counts 5% of the Fortune 1000 as customers, including Foot Locker, Xerox, Liberty Mutual, Boston Scientific, Groupon, and Urban Outfitters.
  • As of May 2022, Abnormal Security reported a 99% renewal rate with customers and a 4.8/5 rating from 159 reviews on Gartner Peer Insights.
  • In 2021, Abnormal Security reported 3x growth in ARR over the previous year.
Chronosphere Logo

Chronosphere

Observability for the cloud-native generation.

Headquarters

New York, New York

Industry

Cloud, Dev Tools

Founded

2019

Funding

$370 million

Valuation

$1.6 billion

Traction

  • As of July 2023, Chronosphere counts DoorDash, Snap, Robinhood, StubHub, Abnormal, and Tecton as customers.
  • As of July 2023, Chronosphere shared that their Forrester’s study returned a 165% ROI and < 6 months payback for customers.
  • As of June 2023, Chronosphere reported customers were seeing a 60% reduction in their data volumes, up from 48% in the previous year.
  • As of January 2023, Chronosphere reported 145% net revenue retention and retained 100% of its customers.
  • In September 2022, Chronosphere reported 3x growth in ARR over its previous 12-month period.
Cockroach Labs Logo

Cockroach Labs

A distributed database with standard SQL for cloud applications.

Headquarters

New York, New York

Industry

Cloud, Data

Founded

2015

Funding

$633 million

Valuation

$5 billion

Traction

  • As of March 2023, Cockroach Labs averages 139% annual growth.
  • As of December 2021, Cockroach Labs reported 200 customers, including LaunchDarkly, DigitalOcean, Comcast, Booksy, AllSaints, and Storj.
  • In December 2021, Cockroach Labs reported 3x growth in ARR.
  • In Q3 2021, Cockroach Labs reported a 500% growth in cloud revenue.
Collibra Logo

Collibra

Data catalog, data governance, and data quality.

Headquarters

Brussels, Belgium

Industry

Cloud, Data

Founded

2008

Funding

$640 million

Valuation

$5.25 billion

Traction

  • As of November 2021, Collibra has 500+ customers, including Equifax, Cox Automotive, L'Oréal, Cambia Health Solutions, and Northern Trust.
ConductorOne Logo

ConductorOne

Identity security and access control.

Headquarters

Portland, Oregon

Industry

Cloud, Cybersecurity

Founded

2020

Funding

$20 million

Valuation

Undisclosed

Traction

  • ConductorOne customers include Ramp, Shippo, DigitalOcean, Panther, Loom, Policygenius, Revizto, and StreamNative.
Dagger Logo

Dagger

CI/CD as code that runs anywhere.

Headquarters

San Francisco, California

Industry

Cloud, Dev Tools

Founded

2018

Funding

$30 million

Valuation

Undisclosed

Traction

  • Dagger customers include Grafana Labs and Flipt.
  • As of July 2023, Dagger’s GitHub has 8.6K stars, 444 forks, and 156 contributors.
  • As of July 2023, Dagger has 2,777 members in its Discord community.
Docker Logo

Docker

Accelerated, containerized application development.

Headquarters

Palo Alto, California

Industry

Cloud, Dev Tools

Founded

2013

Funding

$442 million

Valuation

$2.1 billion

Traction

  • As of July 2023, Docker has 18 million+ developers, 7 million+ applications, and 13 billion+ monthly image downloads on its platform.
  • As of July 2023, Docker customers include Adobe, Blue Apron, PayPal, Segment, Palo Alto Networks, Target, Stripe, Splunk, Verizon, and AT&T.
DragonflyDB Logo

DragonflyDB

The fastest in-memory data store.

Headquarters

Tel Aviv, Israel

Industry

Cloud, Data

Founded

2022

Funding

$21 million

Valuation

Undisclosed

Traction

  • As of July 2023, DragonflyDB claims its software has 25x more QPS and 12x faster snapshotting than Redis.
  • As of July 2023, DragonflyDB claims it offers 30% less memory usage than other market offerings.
Dremio Logo

Dremio

The easy and open data lakehouse platform.

Headquarters

Santa Clara, California

Industry

Cloud, Data

Founded

2015

Funding

$407 million

Valuation

$2 billion

Traction

  • As of July 2023, Dremio customers include Unilever, Samsung, Nokia, Microsoft, Blackrock, Bentley, Abbot, Deloitte, Amazon, and DB Cargo.
Hex Logo

Hex

Do more with data together.

Headquarters

San Francisco, California

Industry

Cloud, Data

Founded

2019

Funding

$102 million

Valuation

Undisclosed

Traction

  • As of March 2023, Hex has 450+ customers, including OpenSea, Fivetran, Glossier, Brex, Noom, Notion, Anthropic, AngelList, Algolia, and Glean.
  • As of March 2023, Hex reported 4x growth in revenue and the size of their business in the previous 12-month period.
Incident.io Logo

Incident.io

Effortless incident management.

Headquarters

London, England, United Kingdom

Industry

Cloud, Dev Tools

Founded

2021

Funding

$38 million

Valuation

Undisclosed

Traction

  • As of July 2023, Incident.io claims they help customers save 7 hours per incident, 6 months of engineering time by not building it in-house, and 3 hours less downtime per month.
  • As of July 2023, Incident.io customers include Etsy, Vercel, Loom, Linear, Vanta, Ramp, dbt Labs, Pipe, Duffel, Primer, Netlify, Skyscanner, TravelPerk, and Render.
Jellyfish Logo

Jellyfish

Enabling engineering performance and strategic alignment.

Headquarters

Boston, Massachusetts

Industry

Cloud, Dev Tools

Founded

2017

Funding

$117 million

Valuation

Undisclosed

Traction

  • As of February 2022, Jellyfish has 175 customers, including Hootsuite, Priceline, Optimizely, Jobvite, PagerDuty, Jobber, and Latch.
  • In February 2022, Jellyfish reported 3x revenue growth in the past year.
LaunchDarkly Logo

LaunchDarkly

Feature flag and toggle management.

Headquarters

Oakland, California

Industry

Cloud, Dev Tools

Founded

2014

Funding

$330 million

Valuation

$3 billion

Traction

  • As of July 2023, LaunchDarkly has 4,000+ customers, up from 2,000 in August 2021, including NBC, HashiCorp, SAP, Ryanair, Square, Vodafone, and Intuit.

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