A number of Silicon Valley investors are starting the long weekend with a smile. That’s thanks to Xoom Corporation , the online money transfer technology and services company, which made a very successful debut today on the NASDAQ stock market. The company’s stock zoomed (sorry, I had to do it) up a full 59 percent from its $16 per share initial public offering price to close out the trading day at $25.49. The IPO price itself, announced yesterday , was a boost from Xoom’s previously projected share price range of $13 to $15.
Xoom collected $101.2 million in proceeds from the offering, which it says it will use for the standard things — business growth and M&A. It’s a nice turnout for Xoom and its venture capital investors , who include Sequoia Capital, New Enterprise Associates, Agilus Ventures, and DAG Ventures, among others. The company collected $80 million in annual revenue in 2012, according to its IPO filing . Xoom, which was founded in 2001 and has raised a total of $78 million in outside investment , has never been the “sexiest” of companies and has flown under the radar a bit from a press perspective — perhaps that’s because its product is finance-based and not consumer facing. But it has amassed support from a some of the most prominent names in the tech industry and particularly the online payment space, counting two PayPal alums — Sequoia Capital partner Roelof Botha and former Square and Slide exec Keith Rabois — as board members . Also on the board is Xoom’s founding CEO Kevin Hartz , who handed over the reins of the company to current CEO John Kunze in October 2005 to serve as co-founder and CEO at Eventbrite . It just goes to show once again that for all the buzz in recent years about consumer-facing startups, when it’s all said and done, some of the biggest success stories of the current tech boom may be lower profile companies with an enterprise bent .
