• Klaviyo went public after raising $576 million in its IPO. Shares opened at $36.75 apiece.
• The opening price gives cofounder and CEO Andrew Bialecki a stake worth roughly $3.6 billion.
• Venture capital firms including Summit Partners, Accomplice, and Accel also made out handsomely.

Klaviyo went public at a market cap of $11.3 billion on Wednesday, as it becomes the latest company trying to stir the initial public offering market from a deep slumber.

Humble beginnings doesn't begin to describe Klaviyo. The company, which helps merchants sell more through text and email marketing, got started in empty conference rooms at MIT's Sloan School of Management, where one of its cofounders was studying for his master's degree.

The two founders chugged along for three years before raising any venture capital, and even then, the startup took in only as much money it needed and without dramatically diluting the founders, Insider has reported. Over 11 years, investors doled out $454 million in funding to Klaviyo, and SEC filings show it has spent just $15 million of that capital, while reaching profitability and a staff of 1,500 employees.

Now Klaviyo's founders, employees, and investors are set to enjoy the spoils of a stock market launch. The company priced shares at $30 per share in its IPO, raising $576 million in proceeds. It debuted on Wall Street to a pop, opening 23% above its initial price, at $36.75 per share.

The company's filing with the Securities and Exchange Commission named all of its biggest shareholders, which include venture capital firms Summit Partners, Accel, and Accomplice. We don't know what these investors paid for their shares so we can't calculate their profit, but Klaviyo's shares opened on the stock market at $36.75, and we used that price to determine the worth of their stakes.

Andrew Bialecki, Klaviyo cofounder and CEO: $3.6 billion

His stake:  98,865,414 shares

Andrew Bialecki, along with cofounder Ed Hallen, has quietly built one of the hottest enterprise startups of the past decade. Insiders say he did it on his terms — bootstrapping the company for the first several years, burning as little cash as possible, and commanding higher valuations without giving away the whole pie. 

His 38.1% ownership stake prior to the offering makes him Klaviyo's largest stockholder, outstripping its investors.

At $36.75 a share, those shares are worth roughly $3.6 billion.

Summit Partners, investor in Klaviyo: $2 billion

Its stake: 54,431,112 shares

After years of raising as little capital as possible, Klaviyo closed its first major equity round in the spring of 2019. The investment firm Summit Partners put up the entire sum of the $150 million Series B round, a sign of its conviction. Summit followed on its original investment in the 2020 Series C round and later in the 2021 Series D. 

Additionally, Michael Medici, a managing director of Summit Partners, sits on the board of Klaviyo.

At $36.75 a share, those shares are worth roughly $2 billion.

Ed Hallen, cofounder and chief product officer: $1.2 billion

His stake: 32,989,106 shares

Ed Hallen was studying for his master's degree at MIT's Sloan School of Management when a friend from his last job asked him to team up on a business venture. Together, he and cofounder Andrew Bialecki built Klaviyo into a unicorn startup and market leader in email marketing.

At $36.75 a share, his shares are worth roughly $1.2 billion.

Accomplice, venture investor in Klaviyo: $497 million

Its stake: 13,521,208 shares

In the spring of 2015, when Klaviyo set out to raise its first institutional round of funding, the venture capital firm Accomplice put together a syndicate of Boston tech founders and angel investors to lead its $1.5 million seed round. Accomplice followed on its original investment in the 2016 Series A round and later in the 2019 Series B. 

At $36.75 a share, those shares are worth roughly $497 million.

Shopify, venture investor in Klaviyo: $340 million

Its stake: 9,249,114 shares

In the early days of Klaviyo, the company's founders Andrew Bialecki and Ed Hallen built it as a service on top of the Shopify app store. This seeded a lifelong partnership for the two companies, and in 2022, Shopify bought in with a $100 million strategic investment in Klaviyo.

Its prospectus shows Shopify has stock warrants that let it buy 3,935,793 shares of Klaviyo's stock at a price of $0.01 per share, and an additional 15,743,174 shares at $88.93 apiece that must be purchased before July 28, 2030.

At $36.75 a share, the shares it currently holds are worth roughly $340 million.

Accel, venture investor in Klaviyo: $243 million

Its stake: 6,619,435 shares

The megafund Accel first put capital into Klaviyo in the fall of 2020, when it led the company's $200 million Series C round. Ping Li, a partner at Accel who led the investment, has sat on the board of Klaviyo over the past three years.

At $36.75 a share, those shares are worth roughly $243 million.

Astral Capital, venture investor in Klaviyo: $243 million

Its stake: 6,619,435 shares

Astral Capital is a boutique venture firm run by Jon Karlen, a mainstay in the Boston tech scene.

Karlen was a partner at Accomplice when Klaviyo first set out to raise capital. Andrew Bialecki pitched him under the ballpark lights at a Boston Red Sox game. Karlen asked to lead the $1.5 million round of seed funding in Klaviyo at a valuation cap of $20 million, which was fully 20 times its revenue, according to two people with direct knowledge.

After Karlen struck out on his own to raise a debut fund, Astral Capital, he followed on his original investment in Klaviyo by leading the company's $7 million Series A in 2016.

At $36.75 a share, those shares are worth roughly $243 million.

Landon Edmond, Klaviyo chief legal officer and general counsel: $8.5 million

His stake: 230,443 shares

Landon Edmond joined Klaviyo in 2020 from SAP, where he oversaw a team of more than 300 legal professionals as senior vice president and general counsel. He began his career as an attorney at the law firm Morrison & Foerster.

At $36.75 a share, those shares are worth roughly $8.5 million.

Amanda Whalen, Klaviyo CFO: $7.3 million

Her stake: 198,958 shares

Amanda Whalen joined Klaviyo in 2022 from Walmart, where she served as executive vice president and chief financial officer responsible for eight international markets. Since her tenure began, Whalen has been tasked with getting Klaviyo in shipshape for the public market.

At $36.75 a share, those shares are worth roughly $7.3 million.

Tony Weisman, Klaviyo board member: $4.4 million

His stake: 120,833 shares

Bostonians know Tony Weisman best as the former chief marketing officer of Dunkin' Brands, where he led the rebranding efforts that included dropping "Donuts" from the name. In 2021, he joined Klaviyo as a board member.

At $36.75 a share, his shares are worth roughly $4.4 million.

Jennifer Ceran, Klaviyo board director: $4.1 million

Her stake: 111,999 shares

In 2021, Klaviyo tapped Jennifer Ceran to join its board of directors. She previously led eBay through the Great Financial Crisis as treasurer and helped the Silicon Valley cloud software provider Box complete a successful IPO.

At $36.75 a share, her shares are worth roughly $4.1 million.

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