How Twitter stacks up among take-private deals

Plumbing AI data pipelines; Left Lane Capital picks up speed with $1.4B fund; Capella Space snags $97M; Wisq nabs $20M to fight social isolation
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The Daily Pitch: VC
April 26, 2022
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In today's Daily Pitch, you'll find:
  • Elon Musk's $44 billion deal for Twitter ranks as one of the most valuable take-private pacts in recent decades—we chart the 10 largest since 2000.

  • PE firms are battling for limited resources as mega-funds overwhelm LPs' funding abilities.

  • Our recent analyst note spotlights how streaming data analytics for AI is unlocking a bright future for startups in the nonrelational database space.
Today's Top Stories
How Twitter ranks in the largest take-private deals of recent decades
Elon Musk (Pool/Getty Images)
At $44 billion, Elon Musk's deal for Twitter is one of the most valuable take-private deals in recent decades. It's also an outlier for such pacts, which typically feature private equity clubs and a mountain of debt.

These are the 10 largest take-private deals since 2000.
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The future of AI inference lies in nonrelational databases
Nonrelational databases can support a wide variety of data types and formats as they integrate unstructured data without the connecting schema found in relational databases.

VC-backed companies in the space are likely to benefit from the proliferation and scale of machine learning data streams and may become larger than legacy businesses such as Oracle and IBM in the long run.

Our recent analyst note on the emerging space explores how streaming data analytics for AI will cause nonrelational databases and data lakes to overtake relational databases in market share.

The report also includes a market map, as well as a closer look at VC-backed market participants in nonrelational databases including Confluent, Databricks and Pandio.
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Partner Perspectives
The key trends shaping the foodtech revolution
In the past decade, food production, distribution and consumption all evolved dramatically, propelled by multiple private companies' innovation. From platforms tackling logistics to research-and development-intensive enterprises looking to create new, nutritionally optimized foods more sustainably, the space is experiencing a period of true dynamism. Deloitte's latest Road to Next report explores the key trends within the foodtech space, including:
  • Datasets on record-breaking private investment in foodtech companies.
  • Insights from Deloitte partners surrounding key technological and regulatory trends to watch.
  • A spotlight on the push toward farm-to-table.
Read it now
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Left Lane Capital picks up speed with $1.4B second fund
Left to right: Harley Miller, Vinny Pujji, Dan Ahrens and Jason Fiedler (Courtesy of Left Lane Capital)
Less than two years after closing a $630 million fund, New York-based Left Lane Capital has raised a much larger vehicle. The capital will be used to back internet and consumer tech companies at the Series A and B stages with checks of up to $100 million.

Though the firm's managing partners may be young, they're far from new to venture capital, having spent much of their careers at VC and growth equity powerhouse Insight Partners.
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Private equity mega-funds overwhelm LP funding abilities
(Nuthawut Somsuk/Getty Images)
A recent flurry of private equity mega-funds is limiting capital available to GPs, which could disrupt the lucrative status quo that PE firms have become accustomed to.

PE fundraising had a banner 2021 and a strong start to this year. But GPs are battling for limited resources, as myriad managers are currently raising capital and overwhelming traditional LP funding abilities.
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Recommended Reads
Warren Buffett has consistently resisted shareholders' calls for Berkshire Hathaway to provide climate disclosures and spend more on sustainability. The conflict is likely to flare up again at the firm's upcoming annual gathering. [The New York Times]

Amid war in Ukraine and surging global inflation, one asset is becoming increasingly popular among Wall Street money managers: cash. [The Wall Street Journal]

As investors crank up the pressure, companies are being confronted with a record number of environmental and social concerns. [Bloomberg]
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Quick Takes
  The Daily Benchmark  
  2012 Vintage Global Funds-of-Funds  
  Partner Perspectives  
  Innovation & Opportunities in Management Consulting industry report  
  VC Deals  
  Capella Space nabs $97M  
  TheGuarantors collects $50M Series C  
  TCV leads $40M round for Syllable  
  Wisq picks up $20M to fight social isolation at work  
  Hour One raises $20M Series A  
  Leasecake secures $12M Series A  
 
 
The Daily Benchmark
2012 Vintage Global Funds-of-Funds
Median IRR
16.78%
Top Quartile IRR
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1.88x
Median TVPI
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SVB Strategic Investors Fund V-A Opportunity
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48 Funds in Benchmark »
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Partner Perspectives
Innovation & Opportunities in Management Consulting industry report
In 2021, the worldwide management consulting market size exceeded $200 billion and experienced a healthy growth rate of 12%. Despite the entire business community dealing with the uncertainty brought on by the COVID-19 pandemic, management consulting firms still flourished thanks to the positive impact of digitization.

Introhive's industry report examines the impact of digitization on the management consulting industry and explores how firms can continue to excel in an ever-shifting global and economic climate.

Read the report
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VC Deals
Capella Space nabs $97M
Capella Space has raised a $97 million Series C led by NightDragon. Based in the Bay Area, the company's satellite radar imagery services are used to provide geospatial analytics.
View round
 
View 10 competitors »
 
TheGuarantors collects $50M Series C
TheGuarantors has raised a $50 million Series C led by Portage Ventures. The New York-based startup is a developer of insurance and financial products for renters and landlords.
View round
 
View 18 competitors »
 
TCV leads $40M round for Syllable
Syllable has raised a $40 million Series C led by TCV. Using AI and natural language understanding, the Sunnyvale, Calif.-based company offers intelligent voice solutions for health system call centers and medical practice offices.
View round
 
View similar company »
 
Wisq picks up $20M to fight social isolation at work
Wisq has raised a $20 million Series A led by Norwest Venture Partners, with support from True Ventures and Shasta Ventures. The company offers a social networking platform designed to connect employees and promote social well-being.
View round
 
View similar company »
 
Hour One raises $20M Series A
Hour One has raised $20 million in a round led by Insight Partners. The New York- and Tel Aviv-based company creates virtual human characters based on real people for commercial and professional use cases.
View round
 
View similar company »
 
Leasecake secures $12M Series A
Leasecake, the creator of a cloud-based operating system for lease and location management, has raised $12 million in a round led by PeakSpan Capital.
View round
 
View similar company »
 
PitchBook Webinar: Q1 2022 Venture Monitor
Join PitchBook and industry experts from JP Morgan, Insperity and NVCA on May 5 for a webinar covering our Q1 2022 Venture Monitor Report. This webinar will discuss upcoming market changes brought about by factors such as interest rates and public market volatility.

Topics will include:
  • Stagnancy in deal activity and the stress it places on certain areas of the market.

  • The Q1 downturn in public listings, resulting in only 28 IPOs or deSPAC transactions, and how it affects high-value late-stage companies.

  • Back-to-back record quarters for dry powder as fundraising hit a new commitment record of $73 billion in Q1, following one of the best markets in 2021.
Register now to secure your spot
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Chart of the Day
Source: PitchBook's Q1 2022 European Venture Report
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