Twilio turned the phone network into something a programmer could rent by the minute. Before it, adding a text message or a phone call to an app meant deals with carriers and racks of telecom gear. Twilio hid all of that behind a simple interface. Uber, Airbnb, and thousands of smaller apps used it to text riders and guests. In 2016 Twilio became the first venture-backed tech company to go public in the United States that year.

Selling to Developers First

Jeff Lawson, Evan Cooke, and John Wolthuis founded Twilio in 2008. All three had studied at the University of Michigan. Lawson had seen at earlier startups how painful it was to connect software to phones. Twilio's bet was to sell to programmers before their bosses. A developer could sign up with a credit card, write a few lines of code, and send a message that afternoon. Twilio charged for each call and text, so its revenue grew as its customers grew.

A 92 Percent First Day

Twilio priced its IPO at $15 a share in June 2016, above its expected range, and raised $150 million. The stock opened near $24 and closed its first day at $28.79, up about 92 percent. Twilio spent heavily on acquisitions in the years after, including the email company SendGrid. Growth slowed after 2021 and the stock fell hard. Lawson stepped down as CEO in January 2024, and Khozema Shipchandler took his place. Twilio still trades on the New York Stock Exchange.

Cover: Twilight with Haystacks, Camille Pissarro. Art Institute of Chicago, public domain. Chosen for twilight over haystacks (the name).