Fintech's median VC valuations hit new highs

Mapping how Elon Musk is paying for Twitter; Shopify lands Deliverr; Group14 charges up with $400M; Walnut picks up $110M
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The Daily Pitch: VC
May 6, 2022
Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A
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In today's Daily Pitch, you'll find:
  • Though fintech experienced a decrease in VC deal value from last quarter, median valuations in the sector reached new highs. Our latest Emerging Tech Research report breaks it all down.

  • A new $7 billion commitment from outside investors has helped move Elon Musk's Twitter deal closer to reality—so where do things stand? We mapped out the money.

  • Apollo Global Management's distributable earnings jumped more than threefold in Q1 compared to the same period last year. Meanwhile, Blue Owl Capital announced its earnings for just the fourth time since going public.
Today's Top Stories
Median VC valuations for fintech hit new highs in Q1
Global VCs invested $29.3 billion in fintech during Q1, representing a 7.3% decrease in deal value from the previous quarter. Yet a string of sizable deals for payments companies including Bolt, Checkout.com and Brex helped push the median pre-money valuation for late-stage fintech companies to $257.5 million during the quarter—a 44.5% increase from 2021's full-year figure.

On the exit front, many fintech startups are expected to become acquisition targets of incumbents and other well-established fintech companies, as IPO activity grinds to a halt in the current economic environment.

Our Q1 Emerging Tech Research report on fintech breaks down the sector's strong quarter, highlighting emerging opportunities in corporate crypto finance, carbon credit tokenization and payment facilitation. It also includes a comprehensive market map of key players across each fintech sub-segment, with detailed looks at companies such as Bitwave, Celo and OpenNode.
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Mapping out how Elon Musk is paying for Twitter
(Dimitrios Kambouris/Getty Images)
From troll tweets to pot jokes, it can be hard to take Elon Musk seriously.

But a new $7 billion commitment from outside investors has moved the Twitter deal closer to reality. It also means Musk can reduce the proposed leverage on his Tesla holdings.

So where do things stand? We mapped out the money.
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A message from Ontra
Guide: The top 10 compliance concerns for private fund managers
Private fund managers face many uncertainties, including potential regulatory changes and evolving investor expectations. It's a challenge to pay close attention to the various trends and potential regulations.

In this guide, Ontra outlines 10 compliance issues, from fiduciary duties and cybersecurity to ESG and side letter obligations. It's beneficial for you to keep a close eye on these issues and how your firm may need to adjust its compliance efforts. Noncompliance now or in the future is detrimental to your firm's reputation and investor relationships.

Are you ready for the future?

Download the guide today
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Apollo's distributable earnings climb as Blue Owl's fee-related earnings surge
(Timothy A. Clary/Getty Images)
Apollo Global Management's first-quarter distributable earnings—the allocation of cash that can be returned to investors—jumped more than threefold to $915 million compared to the same period last year, following strong growth in management and performance fees.

Meanwhile, Blue Owl Capital has announced its earnings for just the fourth time since listing on the NYSE in May 2021. The firm reported $155.7 million in distributable earnings, down from $159 million in Q4 2021 (the firm's first earnings report was in Q2 2021).

Blue Owl's fee-related earnings jumped to $171 million from $165 million the quarter before.
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Take-privates in the UK: PE's big British binge
(Leestat/Getty Images)
Clayton Dubilier & Rice has effectively cleared the last major regulatory hurdle in its £7 billion (about $8.6 billion) acquisition of supermarket chain Morrisons. The buyout represents the largest transaction in what has been a remarkable run of take-privates in the UK.

Overall, there were 15 PE-backed take-privates worth a total £25 billion in the UK last year. This momentum is unlikely to be maintained in 2022, but there are still opportunities for PE firms seeking a public markets bargain in the UK and Europe.
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PitchBook News Quiz
(Drew Sanders/PitchBook News)
Did you follow the private markets news this week? Take the PitchBook News Quiz to see how you stack up.

In this week's edition: Jerome Powell fights inflation, John Doerr funds a school and Elon Musk makes friends.
take the quiz
 
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Recommended Reads
Many venture capital firms frown upon or even bar their partners from using their own money to make side investments in startups. But at DST Global, it's encouraged. [Bloomberg]

For the younger generation of allocators, nothing is sacred—including the endowment model. [Institutional Investor]

Tiger Global has seen its flagship hedge fund's gain of 48% in 2020 completely erased by big losses in the following years. [Financial Times]
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Quick Takes
  The Daily Benchmark  
  2015 Vintage Global PE Funds  
  Partner Perspectives  
  The red-hot gaming industry  
  VC Deals  
  Group14 grabs $400M in Series C funding  
  Neo Financial banks $185M Series C  
  Lev secures $170M in equity and debt  
  Walnut raises $110M  
  Fictiv picks up $100M  
  Curebase brings in $40M  
  Sustainable foodtech startup nabs $36M Series A  
  Wyebot collects $8M Series A  
  Exits & IPOs  
  Investors to offload Deliverr to Shopify  
  Fundraising  
  Valia Ventures closes Fund II on $50M  
 
 
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The Daily Benchmark
2015 Vintage Global PE Funds
Median IRR
19.40%
Top Quartile IRR
24.46%
1.60x
Median TVPI
Select top performers
Gridiron Capital Fund III
Brookfield Capital Partners IV
Oaktree Power Opportunities Fund IV
*IRR: net of fees
128 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
Partner Perspectives
The red-hot gaming industry
Even before the pandemic, the gaming industry was rapidly gaining ground as a popular form of entertainment. And over the past two years, gaming cemented its role as a social outlet for millions of people. With a massive and growing user base, the gaming industry is attracting more attention from private market investors. Beyond the games themselves, the sector is fueling impressive innovation, with tools and applications that can be used in the real world.

In partnership with PitchBook, CohnReznick has released Game Changer: Red-hot gaming industry offers new opportunities for investors. The report features VC, PE and corporate transactions across the industry, with innovative teams and established game titles fetching billions of dollars.

To download the report, click here.
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VC Deals
Group14 grabs $400M in Series C funding
Group14 Technologies, a manufacturer and supplier of silicon-carbon tech for lithium-silicon batteries, has raised $400 million in a round led by Porsche AG. Based near Seattle, Group14 will use the new funds to build a second commercial-scale factory in Washington for battery active materials.
View round
 
View 1 competitors »
 
Neo Financial banks $185M Series C
Neo Financial has raised $185 million at a valuation of over $1 billion in a round led by Valar Ventures. Founded in 2019, the Canadian company partners with financial institutions to provide spending, savings, investment and rewards programs to consumers.
View round
 
View 1 competitors »
 
Lev secures $170M in equity and debt
Lev has raised a $70 million Series B co-led by Parker89 and Cross River Digital Ventures. The New York-based company operates a real estate financing platform for commercial properties. Lev has also raised $100 million in debt financing from Cross River's Strategic Direct Lending Group.
View round
 
View 15 competitors »
 
Walnut raises $110M
Walnut has raised a $110 million Series A led by Gradient Ventures. The company is the provider of a financial services platform intended to help patients pay for healthcare.
View round
 
View similar company »
 
Fictiv picks up $100M
Fictiv has raised a $100 million Series E led by Activate Capital. Based in the Bay Area, the company is the developer of a digital manufacturing platform designed to help businesses manage supply chain risks and automate workflows.
View round
 
View 24 competitors »
 
Curebase brings in $40M
Curebase has raised a $40 million Series B led by Industry Ventures. The San Francisco-based company is a developer of software and remote study management solutions for virtual and hybrid clinical trials and research.
View round
 
View 20 competitors »
 
Sustainable foodtech startup nabs $36M Series A
Voyage Foods has raised $36 million in a round co-led by UBS O'Connor and Level One Fund. The Oakland, Calif.-based company uses sustainable ingredients and sourcing practices to produce food products such as cacao-free chocolate and peanut-free spread.
View round
 
View similar company »
 
Wyebot collects $8M Series A
Wyebot has raised $8 million in a round led by Stage 1 Ventures. Based in the Boston area, the company is the developer of a wireless intelligence platform for use in sectors including education, healthcare, manufacturing and warehousing.
View round
 
View 2 competitors »
 
Exits & IPOs
Investors to offload Deliverr to Shopify
Canadian ecommerce specialist Shopify has agreed to acquire fulfillment technology provider Deliverr for $2.1 billion. Founded in 2017, Deliverr has raised funds from investors including Tiger Global, Brookfield Technology Partners and Coatue.
View details
 
View 32 competitors »
 
Fundraising
Valia Ventures closes Fund II on $50M
Valia Ventures has raised $50 million for its second namesake fund, which will be used to back startups in areas such as fintech, healthcare and enterprise software. Operating out of New York, San Francisco and London, the early-stage firm will use the vehicle to initially invest up to $1 million in pre-seed and seed-stage companies, with additional capital reserved for follow-on rounds.
View fund
 
View 31 investments »
 
Chart of the Day
Source: PitchBook's 2022 Global Fund Performance Report (as of Q3 2021)
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