I don’t speak Chinese, but my understanding is that the Chinese word for problem and opportunity is the same. Whether the translation is true or not, the concept is. The pandemic challenged the world to adapt in order to reduce the harms caused by infectious disease. People donned masks, sheltered in place, set records for handwashing and watched a lot of Netflix. Many in-person businesses were stressed and even went bankrupt. However, some businesses thrived. We can all imagine Zoom and Netflix benefiting, but there are some less obvious companies who did very well, too. Here are five:
Photo courtesy of Edwin Hooper Available for hire
1. Clubhouse: Clubhouse is a social media app that allows users to join audio chat rooms on a wide variety of topics. The app gained popularity during the COVID-19 pandemic as people looked for new ways to connect with others while socially distancing. Clubhouse's user base grew rapidly and the company was valued at over $1 billion within a year of its launch.
2. Instacart: Instacart is a grocery delivery service that allows customers to order groceries online and have them delivered to their doorsteps. Instacart saw a surge in demand during the pandemic as people sought to avoid going to crowded grocery stores. The company's revenue grew by over 500% in 2020, and it was valued at over $39 billion as of September 2021.
3. Robinhood: Robinhood is a commission-free trading app that allows users to buy and sell stocks, options, and cryptocurrencies. The app gained popularity among young investors who were looking for a more accessible way to invest. Robinhood's user base grew rapidly in 2020, and the company was valued at over $11 billion as of September 2021.
4. Stripe: Stripe is a payment processing platform that allows businesses to accept online payments. The platform is known for its ease of use and reliability, and it has gained popularity among startups and small businesses. Stripe's revenue grew by over 50% in 2020, and the company was valued at over $95 billion as of September 2021.
5. UiPath: UiPath is a robotic process automation (RPA) platform that allows businesses to automate repetitive tasks using software robots. The platform has gained popularity as companies look to increase efficiency and reduce costs. UiPath's revenue grew by over 80% in 2020, and the company was valued at over $35 billion as of September 2021.
Zoe Zorka-contributor