DocuSign, the cloud-based electronic signature platform, is skyrocketing in value and even overtook real estate tech giant Zillow Group in market capitalization, according to public stock data from Yahoo. The National Association of Realtors (NAR) is reaping the reward of the prudent investment through its venture arm, Second Century Ventures (SCV).
At the close of the trading day, Zillow Group’s market capital – the market value of a public company’s shares – sat at $8.56 billion with DocuSign at $8.66 billion. See the market caps below from Yahoo Finance:
SCV invested in DocuSign nearly a decade ago and sold 28 percent of its 5.6 million shares – netting NAR a $20 million windfall – when DocuSign went public in April. But its remaining shares continued to balloon in value.
When DocuSign went public, it opened its first day of trading with a market cap of roughly $4.4 billion.
A spokesperson for NAR told Inman that SCV sold an additional 1.2 million shares on September 18. SEC filings were not immediately available, but Jackson Square Ventures, also an early investor in DocuSign, sold that same day at $55 per share, which would have netted SCV $66 million.
SCV would still own roughly 2.832 million shares in the company, which is currently trading at $52.35 – a value of slightly more than $148 million. Not bad for what was reported as an initial $5 million investment.