Where Are They Now? The Billion-Dollar Breakouts
Astera Labs
Nasdaq IPO, March 2024
Next Billion-Dollar Startups, 2022
Astera Labs, a provider of connectivity solutions for cloud and AI infrastructure, made a notable debut on the public markets in 2024 at a valuation of $5.5 billion. The company's IPO underscored investor interest in the semiconductor and data infrastructure sector, particularly as demand for high-speed, low-latency data movement continues to rise. Astera Labs specializes in purpose-built connectivity products that help data centers manage the increasing complexity of AI workloads. The company recently expanded its portfolio with new PCIe and CXL solutions, designed to accelerate next-generation cloud deployments and support the evolving needs of hyperscale customers.
Following a decline consistent with the overall market, Astera Labs' stock is quickly regaining momentum – its stock price has now more than doubled since IPO – bolstered by these new growth initiatives and solid business fundamentals.
Duolingo
Nasdaq IPO, July 2021
Next Billion-Dollar Startups, 2019
Duolingo, the language learning platform known for its playful green owl and gamified approach to education, made its public market debut in 2021 at a valuation of over $3.7 billion. The IPO was a milestone not just for the company, but for the broader edtech space, signaling investor belief in the long-term potential of digital-first learning models. Duolingo has consistently expanded its reach beyond language learning with products in literacy, math, and music.
Duolingo's stock has delivered strong returns since its IPO, buoyed by steady revenue growth, high user engagement, and expanding margins. While operating in a competitive and fast-evolving market, Duolingo's unique blend of product-led growth, sticky user experience, and relentless focus on innovation continues to position it as a category-defining company in consumer edtech.
Figma
Nasdaq IPO, July 2025
Next Billion-Dollar Startups, 2019
Figma has become synonymous with collaborative design and workflow innovation. It pioneered real‑time, browser‑based UI/UX collaboration, transforming how teams create together. After an attempted $20 billion acquisition by Adobe fell through, Figma's private valuation climbed to $12.5 billion in a 2024 tender offer. Its July 2025 IPO was a blockbuster, with the stock shooting up to more than 3 times its pricing on the first day of trading. With broad enterprise adoption and standout product extensions like FigJam and Dev Mode, Figma isn't just dominating category-standard design – it's building the infrastructure of modern collaborative creation.
Auth0
Acquired by Okta for $6.5 billion, May 2021
Next Billion-Dollar Startups, 2018
Auth0, recognized for its developer-friendly identity management platform, was acquired by Okta in 2021 for $6.5 billion – one of the year's largest cybersecurity deals. Since its founding, Auth0 has simplified authentication and authorization for thousands of organizations, accelerating digital transformation across industries. The acquisition allowed Okta to expand its reach among developers and offer a more comprehensive identity solution. The transaction underscored the increasing importance of secure digital identity as businesses worldwide shift to cloud-based operations.
Expanse
Acquired by Palo Alto Networks for $800 million, December 2020
Next Billion-Dollar Startups, 2020
Expanse was on the front lines of cybersecurity, tackling one of the industry's most overlooked problems: the sprawling, ever-changing attack surface. Its technology gave organizations the visibility and control needed to secure their internet assets in an increasingly complex landscape. Palo Alto Networks' $800 million acquisition was a strategic leap, turbocharging its own offerings with Expanse's proactive approach. The deal was a clear sign that reactive security is out and comprehensive, forward-thinking protection is in.
Signal Sciences
Acquired by Fastly for $775 million, October 2020
Next Billion-Dollar Startups, 2020
Signal Sciences, a leader in web application security, was named to the Next Billion-Dollar Startups in 2020 for its innovative approach to protecting web applications and APIs. The company's platform offered real-time threat detection and defense, earning the trust of major enterprises. Fastly's acquisition of Signal Sciences strengthened its edge cloud security capabilities and allowed it to deliver more comprehensive protection to customers. The transaction reflected the increasing convergence of security and performance in the cloud era.
Rippling
$16.8 billion valuation
Next Billion-Dollar Startups, 2020
Rippling, a 2020 Next Billion Dollar Startups standout, didn't just streamline HR and IT, it redefined what an all-in-one workforce platform could be. By unifying everything from payroll and benefits to device management and app provisioning, Rippling offered a radically simple solution to one of the most complex challenges in business ops. Its massive valuation – now topping $16.8 billion – reflects not just rapid growth, but deep confidence in its ability to scale with modern organizations. In an era where efficiency, automation, and employee experience are non-negotiable, Rippling has positioned itself as the operating system for the modern workforce and it's just getting started.
Verkada
$4.5 billion valuation
Next Billion-Dollar Startups, 2019
Verkada reimagined enterprise security through cloud-based, AI-powered video surveillance. By combining easy deployment with intelligent analytics, Verkada offered organizations a radically simpler and more effective way to protect their assets. Its latest valuation – at $4.5 billion — reflects strong growth and confidence in its ability to transform how companies approach physical security. In a world where safety and real-time insights are paramount, Verkada has positioned itself as a leader in smart security solutions, with plenty of runway ahead.
Vanta
$4.2 billion valuation
Next Billion-Dollar Startups, 2021
Vanta has emerged as a leading AI-powered trust management platform, helping organizations automate compliance and security. Originally focused on SOC 2 automation for startups, it has expanded into a full-stack solution to serve customers in almost 60 countries. In July 2025, Vanta closed a $150 million Series D led by Wellington Management that brought its value to $4.2 billion, a massive increase over the $2.5 billion valuation it achieved just one year earlier. The company's cash has fueled global expansion and the launch of more than 350 new features in the past year alone, including an AI agent.
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Marlton Partners Files Preliminary Proxy Statement Related to Election of Directors for the 180 Degree Capital Board of Directors
CHICAGO, Aug. 15, 2025 /PRNewswire/ -- Marlton Partners L.P. (together with its affiliates and group members, "Marlton" or "we"), beneficial owners of approximately 5.8% of the outstanding stock of 180 Degree Capital Corp. (NASDAQ: TURN) ("TURN" or the "Company"), today announced that it has filed a preliminary proxy statement with the U.S. Securities Exchange and Commission to be used to solicit votes for the election of its four highly-qualified and independent director candidates – James C. Elbaor, Gabriel (Gabi) Gliksberg, Aaron Morris and Andrew (Andy) Greenberg (together, the "Nominees") - at the Company's upcoming Special Meeting of Shareholders scheduled for September 15. James C. Elbaor, Managing Member of Marlton, commented: "Yesterday, we filed our preliminary proxy related to our previously announced nomination of four highly-qualified director candidates to the TURN Board. As long-term shareholders, we remain committed to realizing TURN's full potential, and believe the September 15 meeting is a long overdue opportunity for Company shareholders to cast their vote on the composition of the Board. Since first engaging with the Company more than a year ago, we have remained steadfast in our intention of helping instill strong governance at TURN and to ensure that shareholder capital is respected. We look forward to TURN's owners having their rightful say on the future of the Company in September, and to speaking with shareholders directly about our nominees once we have a Definitive Proxy statement on file." About Marlton Partners Partners L.P. is a Chicago-based, privately held investment firm led by James C. Elbaor. The firm has a proven track record of success in investing in closed-end funds and acquires significant ownership positions in other assets where it believes long-term value can be enhanced through active ownership. Mr. Elbaor holds a B.A. from New York University and an M.B.A. from Columbia University. For more information about Marlton Partners L.P., please visit DISCLAIMERThis material does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. In addition, the discussions and opinions in this press release and the material contained herein are for general information only, and are not intended to provide investment advice. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are "forward-looking statements," which are not guarantees of future performance or results, and the words "may," "might," "could," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of these terms and other comparable terminology are generally intended to identify forward-looking statements. Any such forward-looking statements contained herein are based on current assumptions, estimates and expectations, but are subject to a number of known and unknown risks and significant business, economic and competitive uncertainties that may cause actual results to differ materially from expectations. Any forward-looking statements should be considered in light of those risk factors. The Participants (as defined below) caution readers not to rely on any such forward-looking statements, which speak only as of the date they are made. Certain information included in this press release is based on data obtained from sources considered to be reliable. No representation is made with respect to the accuracy or completeness of such data, and any analyses provided to assist the recipient of this press release in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should also not be viewed as factual and should not be relied upon as an accurate prediction of future results. Any figures are unaudited estimates and subject to revision without notice. The Participants disclaim any intent or obligation to publicly update or revise any such forward-looking statements to reflect any change in expectations or future events, conditions or circumstances on which any such forward-looking statements may be based, or that may affect the likelihood that actual results may differ from those set forth in such forward-looking statements. CERTAIN INFORMATION CONCERNING THE PARTICIPANTS Marlton Partners L.P., a Delaware limited partnership ("Marlton Partners"), together with the other Participants named herein, filed a preliminary proxy statement and an accompanying proxy card with the Securities and Exchange Commission ("SEC") on August 15, 2025 to be used to solicit votes for the election of its slate of highly-qualified director nominees at the special meeting of shareholders of 180 Degree Capital Corporation, a New York corporation (the "Company"), to be held on September 15, 2025, for the sole purpose of the election of directors. THE PARTICIPANTS STRONGLY ADVISES ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR. The participants in the proxy solicitation are expected to be Marlton Partners, Marlton, LLC, James C. Elbaor, Aaron T. Morris, Gabriel D. Gliksberg, ATG Fund II, LLC, ATG Capital Management, LLC, and Andrew M. Greenberg (collectively, the "Participants"). As of the date hereof, Marlton Partners is the beneficial owner of 174,867 shares of common stock, par value $0.03, of the Company (the "Common Shares"). Marlton, LLC, a Delaware limited liability company ("Marlton") is the investment manager of Marlton Partners and, by virtue of that relationship, may be deemed to beneficially own the 174,867 Common Shares beneficially owned by Marlton Partners. Mr. Elbaor is the President of Marlton and, by virtue of that relationship, may be deemed to beneficially own the 174,867 Common Shares beneficially owned directly by Marlton. ATG Fund II LLC, a Delaware limited liability company ("ATG Fund II") is the beneficial owner of 300,004 Common Shares. ATG Capital Management, LLC, a Delaware limited liability company ("ATG Management"), is the managing member of ATG Fund II and, by virtue of that relationship, may be deemed to beneficially own the 300,004 Common Shares beneficially owned by ATG Fund II. Mr. Gliksberg is the managing member of ATG Management and, by virtue of that relationship, may be deemed to beneficially own the 300,004 Common Shares beneficially owned by ATG Management. As of the date hereof, Mr. Gliksberg is the beneficial owner of 87,862 Common Shares. As of the date hereof, Mr. Morris is the beneficial owner of 10,670 Common Shares. As of the date hereof, Mr. Greenberg is the beneficial owner of 10,000 Common Shares. As of the date hereof, the Participants may be deemed to collectively beneficially own 583,403 Common Shares. Media Contact:ASC AdvisorsTaylor Ingraham (203 992 1230)tingraham@ Investors Contact:James C. Elbaor (214-405-4141)James@ View original content: SOURCE Marlton Partners L.P. Sign in to access your portfolio
