PitchBook News - How VC valuations are faring

Charting fintech investment trends; mapping Europe's most active LPs; Chainalysis hits $8B+ valuation; Mothership raises $76M for same-day delivery
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The Daily Pitch: VC
May 12, 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:
  • Our latest US VC Valuations Report explores how startup valuations are faring in the face of market headwinds.

  • Our PE Earnings Dashboard, updated for Q1, tracks key performance metric trends for public PE firms using company filings and PitchBook data.

  • European LPs are increasing their allocations to the private markets. Where are the region's most active limited partners?
Today's Top Stories
US VC valuations yet to see full impact of market volatility
Valuations of VC-backed companies endured a quick shift to a difficult market in the first three months of 2022. While the numbers do not yet depict the immediate impact of the ongoing volatility, PitchBook analysts say that investor sentiment has changed over the last quarter.

Our latest US VC Valuations Report explores how startup valuations across the venture lifecycle are reacting in the face of market headwinds—which include rising interest rates, high inflation and geopolitical tension due to the war in Ukraine. Key takeaways include:
  • Early-stage deal sizes and pre-money valuations hit record highs in Q1. At the outset, the numbers suggest that early-stage startups are a bit more insulated from turbulence in the public markets than those at later stages.

  • As tech stocks took the brunt of the market volatility over the past few months, the average late-stage pre-money valuation decreased from the highs of 2021, along with the top-decile figure.

  • The average public listing valuation fell to $993.1 million in Q1. While the figure is still elevated on a historical scale, it represents roughly one-third of 2021's $2.8 billion.
read the report
 
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Five charts that show fintech investment trends in Q1
(twomeows/Getty Images)
Through the first three months of 2022, VC-backed fintech companies continued to show resilience and adaptability amid ongoing market uncertainty.

Here's a breakdown of several noteworthy trends in the fintech industry during Q1, according to our latest Emerging Tech Research report on the sector.
see the charts
 
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A message from the National Science Foundation
Invention to impact
Using 3D-printing technology, PSYONIC created an affordable bionic hand with multi-touch sensors.

PSYONIC (NSF-1951382) is one of hundreds of deep tech startups annually funded by the NSF, a government agency that plays a central role in accelerating discoveries into the marketplace.

Each startup can receive up to $2 million to support translational research & development. By annually investing roughly $200 million in startups, NSF helps teams navigate the earliest stages of technology translation. In the past five years, these companies have gone on to raise billions in follow-on capital, and the portfolio has had 200+ exits.

Learn more about NSF funding at seedfund.nsf.gov
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Tracking public US private equity earnings
(Drew Sanders/PitchBook News)
After an electric 2021, publicly traded US private equity firms saw earnings come down off their highs in the first quarter of 2022. However, many firms reported a jump in distributable earnings—the allocation of cash that can be returned to investors—after strong fee-related earnings and portfolio returns.

Since the last quarterly edition of our earnings dashboard, we've added TPG—which went public in January—and Blue Owl.
explore the dashboard
 
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Money map: Where are Europe's most active LPs?
(georgeclerk/Getty Images)
As the alternatives industry has evolved in Europe, so has the investor community, with institutions increasingly looking to grow their private market strategies.

From pension funds to insurance companies and government agencies, we look at the region's most active limited partners and where they are.
read more
 
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Recommended Reads
As other investors back away amid market volatility, private lenders like Apollo Global Management and Ares Management have been stepping in to prop up struggling public bond deals. [Financial Times]

Asset managers are more willing to report diversity data. But that doesn't mean the data is improving. [Institutional Investor]

The story of one Wall Street investment giant's move from New York to Nashville. [Bloomberg]
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Since yesterday, the PitchBook Platform added:
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VC valuations
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People
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Quick Takes
  The Daily Benchmark  
  2017 Vintage Global PE Funds with more than $1B  
  A message from PitchBook  
  Share your firm's expertise  
  VC Deals  
  Rippling secures $250M  
  SoftBank co-leads $200M round for Habi  
  Chainalysis hits $8.6B valuation  
  Evisort lands $100M Series C  
  Material Security valued at $1.1B  
  Mothership raises $76M for same-day delivery  
  Observe collects $70M in Series A2  
  Nexite bags $67M Series C  
  Fundraising  
  Chingona Ventures wraps up Fund II with $52M  
 
 
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VC Deals
Rippling secures $250M
Rippling has raised a $250 million Series D co-led by Bedrock and Kleiner Perkins, valuing the San Francisco-based company at $11.25 billion. Rippling provides a workforce platform that helps businesses unify their HR and IT data.
View round
 
View 33 competitors »
 
SoftBank co-leads $200M round for Habi
Habi has raised a $200 million Series C led by Homebrew and the SoftBank Latin America Fund. Operating in over 15 cities in Mexico and Colombia, the residential real estate technology company offers valuation, transaction and financing products to banks, brokers and low- and middle-income consumers.
View round
 
View 5 competitors »
 
Chainalysis hits $8.6B valuation
Chainalysis has raised a $170 million round led by Singapore sovereign wealth fund GIC, bringing the company's valuation to $8.6 billion, The Information reported. The New York-based company offers cryptocurrency investigation and compliance services to law enforcement agencies, regulators and businesses.
View round
 
View 31 competitors »
 
Evisort lands $100M Series C
Evisort has raised $100 million in a round led by TCV. The company provides a no-code contract intelligence platform for legal, IT, finance, sales and procurement teams. Evisort was valued at $184 million with a $35 million round in February 2021, according to PitchBook data.
View round
 
View 42 competitors »
 
Material Security valued at $1.1B
Material Security has secured a $100 million Series C led by Founders Fund at a $1.1 billion valuation. Previous investors including Andreessen Horowitz and Elad Gil also participated. The company's technology protects data in email accounts.
View round
 
View similar company »
 
Mothership raises $76M for same-day delivery
Mothership has raised $76 million from investors including Benchmark, WestCap and Bow Capital. The logistics company plans to use the capital to expand its on-demand freight platform nationwide.
View round
 
View similar company »
 
Observe collects $70M in Series A2
Observe has raised $70 million in Series A2 funding from Sutter Hill Ventures, Capital One Ventures and Madrona Ventures. The San Mateo, Calif.-based startup is the creator of a SaaS observability platform that helps engineers organize and visualize data.
View round
 
View similar company »
 
Nexite bags $67M Series C
Tel Aviv-based Nexite has raised a $67 million Series C led by Pitango Growth and Saban Ventures. The startup's platform provides retailers with real-time data based on in-store sales.
View round
 
View similar company »
 
Fundraising
Chingona Ventures wraps up Fund II with $52M
Chicago-based Chingona Ventures has closed its second flagship fund on $52 million. The vehicle will be used to make pre-seed investments primarily in the fintech, future of learning and health and wellness verticals, with a focus on diverse founders.
View fund
 
View 31 investments »
 
Chart of the Day
Source: PitchBook's Q1 2022 European PE Breakdown
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