Forbes named Livongo to their third annual Next Billion-Dollar Startups List. Livongo is one of 25 companies featured on the list.
Every year for the past three, Forbes has gone looking for 25 young U.S. companies with a strong shot at reaching a valuation of $1 billion or more. Last year’s list included hot companies like the crowdfunding site GoFundMe, online retailer Boxed and innovative home seller OpenDoor. This year, with the help of TrueBridge Capital Partners, we asked venture firms which companies they thought most likely to hit the billion-dollar mark soon.
More on our methodology: TrueBridge, a 10-year-old Chapel Hill, NC firm that also collaborates with Forbes on our annual Midas list of the world’s top tech investors, asked 195 venture firms to nominate startups and to encourage their portfolio companies to nominate themselves. It also fielded entries directly, through a link that appeared on its website and on Forbes.com. To be considered, firms had to give TrueBridge their revenue numbers, their most recent valuations, a list of investors, data on their customers and an outline of their business model and growth trajectory. There was no fee to apply. TrueBridge examined nearly 100 companies, then passed a list of 40 to the Entrepreneurs team at Forbes. We did further reporting and analysis, researching companies’ track records, evaluating business plans, and talking to founders, investors, customers and competitors. We also gave TrueBridge more than a dozen additional companies to evaluate. The list is confined to U.S. startups. We’ll start fielding nominations for the 2018 list in June.
Founder: Glen Tullman (CEO); Equity raised: $142 million; Estimated 2017 revenue: $36 million; Lead investors: General Catalyst, Kleiner Perkins Caufield & Byers, Microsoft Ventures
What it does: Sells a service that helps diabetics manage their disease. Launched in 2014 in Mountain View, California, the company makes a glucose monitor that sends patients’ blood glucose data to the cloud, where its technology returns results and treatment instructions to the monitor’s screen. When a reading indicates a serious health threat, a Livongo diabetes specialist calls the patient within 90 seconds. Most of its 200-plus customers are self-insured employers, including AT&T, Boeing and Exxon Mobil. A veteran CEO and entrepreneur, Tullman, 58, has a son who was diagnosed with type 1 diabetes at age eight. Tullman’s mother also suffered from the disease.