Existing investors land startups bigger checks

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The Daily Pitch: VC

December 9, 2022

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

In today's Daily Pitch, you'll find:

Our latest analyst note explores existing investors' impact on the fundraising process, deal size, valuation step-ups and overall returns for VC firms and startup founders.

Get a visual on VC investment in the supply chain tech sector with our latest market map.

Chart of the day: VC fintech exit activity, from our Retail Fintech Report.

Today's Top Stories

Existing investors help startups land bigger checks with insider-led rounds

Existing investors are some of the most effective resources in VC fundraising. Investors offer insightful advice, provide access to their networks and influence the due diligence process—all actions that can ultimately produce valuation step-ups in subsequent financing for startups and signal a strong preliminary investment track record to VCs' prospective LPs.

In 2022, new financing rounds led by existing investors—known as insider-led rounds—had a median deal size of $14.1 million, nearly triple that of the non-insider-led round median of $5.5 million.

In our latest analyst note, Who Benefits from Insider-led Rounds?, we explore the influence of existing investors on the fundraising process, deal size, valuation step-ups and overall returns for VC firms and startup founders.

read it now

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Market Map: Tech investors work to untangle the supply chain

(Travel mania/Shutterstock)

While the supply chain continues to untangle, geopolitical issues ranging from China's recently relaxed zero-COVID policy to the war in Ukraine have prevented a complete return to normal.

American investment in China has also plummeted as a result of new policy in the US, raising questions as to how the supply chain will adapt going forward, given previous reliance on Chinese manufacturing and labor.

Explore our Supply Chain Market Map to find out how VCs are investing through the uncertainty.

see the data

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A message from West Monroe

Signature research: The Future of Diligence in Private Equity

Private equity's approach to diligence is evolving. The process is becoming more sophisticated as firms increasingly use data to improve efficiency with acquisitions. West Monroe's latest report analyzes the state of diligence in private equity and how investors are adapting to a digital future.

West Monroe surveyed 100 U.S. private equity leaders and found:

68% say they will use more technology and tools vs. people to get the job done
67% of respondents say their current approach to ESG diligence is consistent across targets, and only 40% say they will maintain that consistency
27% say "recommendations aligned to the investment thesis" is the most valued part of diligence today, but 40% say it will be the most valued part in the future

Get the Report

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My phone can write my texts, why not my code?

Our phones can write our texts, our email clients can craft our replies, and our word processors can quietly fix our grammar. Now, machine learning algorithms can write code.

Or at least, they're getting there. While code-completion tools are still a long way from commercialization, their early success promises to help developers save time and eventually steer clear of tedious troubleshooting.

Our latest emerging space brief sizes up VC activity for AI-powered code completion and breaks down how these tools work, some of their limitations, and what the future holds for the nascent sector.

read it now

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TripActions lands $400M credit as rivals feel growing pains

(Olena Yakobchuk/Shutterstock)

TripActions, a corporate travel and expense-management specialist, has raised a $400 million credit facility, less than two months after closing an equity round at a $9.2 billion valuation—a significant jump from the $7.5 billion it garnered a year prior.

TripActions' revenue evaporated at the start of the pandemic, and the company was forced to lay off staff. Unlike many of its rivals, TripActions has likely operated in a more efficient manner since then, said Rudy Yang, a fintech analyst at PitchBook.

Recommended Reads

The great chip war—and the challenge for global diplomacy. [Financial Times]

When might air travel return to pre-pandemic levels? Here's the forecast. [Visual Capitalist]

While many crypto exchanges may be collapsing, asset managers like Hamilton Lane, KKR and Apollo are betting that the underlying tech—blockchain—will persist. [The Wall Street Journal]

Since yesterday, the PitchBook Platform added:

15

VC valuations

1946

People

552

Companies

22

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2013 Vintage Global Debt Funds
	A message from PitchBook Media
	PitchBook's 2023 Media Kit released
	VC Deals
	Apogee secures $149M
	Customcells soars with $63M
	GoBolt nets $55M
	Dantari launches with $47M
	UnaBiz secures $25M extension
	Amex backs hotel booking startup
	Portfolio Companies
	Airtable loses executives, lays off staff
	Plaid cuts 20% of workforce
	Exits & IPOs
	Banzai to go public via SPAC, acquire Hyros
	Fundraising
	Union Square raises $200 for second climate fund

The Daily Benchmark

2013 Vintage Global Debt Funds

Median IRR

7.80%

Top Quartile IRR

9.11%

1.23x

Median TVPI

Select top performers

York Special Opportunities Fund II

Davidson Kempner Long-Term Distressed Opportunities Fund II

Oaktree Real Estate Debt Fund

*IRR: net of fees

57 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from PitchBook Media

PitchBook's 2023 Media Kit released

Year to date, PitchBook's newsletters have over 161 million impressions and over 744,000 report downloads. Partnering with PitchBook Media is a way to feature your firm's insights in one of the most popular venues for timely and relevant PE and VC articles, news, asset class reports and custom white label reports.

The brand-new 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.

Click here to download it today or to speak to someone on the media team.

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VC Deals

Apogee secures $149M

Apogee Therapeutics has raised $149 million in a Series B led by Deep Track Capital and RTW Investments. The biotech company's founding investors, Venrock Healthcare Capital Partners and Fairmount Partners, also participated.

View round

View similar company »

Customcells soars with $63M

German battery maker Customcells has raised a $63 million Series A. The round was led by World Fund, a climate-focused VC, and carmaker Porsche.

View round

View similar company »

GoBolt nets $55M

Logistics startup GoBolt has closed a C$75 million (about $55 million) Series C. The round was led by Yaletown Venture Partners and joined by Ingka Investments.

View round

View similar company »

Dantari launches with $47M

Dantari, a company that is developing therapeutics to target tumors, has raised a $47 million Series A led by Westlake Village BioPartners and Caltech.

View round

View similar company »

UnaBiz secures $25M extension

UnaBiz has raised an additional $25 million for its Series B led by Sparx Group, bringing the round's total to $50 million. The Singapore-based startup offers internet-of-things services, including SigFox, which it acquired in April.

View round

View 16 competitors »

Amex backs hotel booking startup

American Express Ventures, the VC arm of the credit card giant, has invested an undisclosed amount in Selfbook. The hotel booking SaaS company closed a $40 million Series A last year led by Tiger Global.

View round

View 4 competitors »

Don't miss our upcoming webinar

The crypto market has lost some of its luster since its resurgence in 2021, with values dropping and companies and investors alike leaving the industry. But there is still ongoing VC interest, and we predict a significant amount of deployed capital in the next few years.

Join our webinar to get the perspectives of industry investors and PitchBook emerging tech senior analyst Robert Le on how this technology can move forward. Key topics include:

How this crypto bear market is different from past downturns.

What investors are avoiding in this market and where they see opportunities.

Viewpoints on risk management, security flaws, regulations and other crypto trends.

Register now to secure your spot.

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Portfolio Companies

Airtable loses executives, lays off staff

No-code software developer Airtable is cutting 20% of its staff and losing its chief revenue officer, chief product officer and chief people officer, TechCrunch reported. Just last year the company garnered an $11 billion valuation.

View details

View 69 competitors »

Plaid cuts 20% of workforce

Plaid, a fintech startup that connects bank accounts to financial applications, is laying off about 20% of its workforce. In a message to Plaid employees, CEO and co-founder Zach Perret said, "Revenue growth did not materialize as quickly as expected." Last year, the company raised a $425 million Series D that raised its valuation to $13.4 billion.

View details

View 48 competitors »

Exits & IPOs

Banzai to go public via SPAC, acquire Hyros

Marketing startup Banzai has agreed to go public via a merger with blank-check company 7GC & Co. Holdings. The company will trade on the Nasdaq with a combined enterprise value of $380 million. After the merger is completed, Banzai has agreed to acquire advertising startup Hyros for $110 million. Banzai is backed by investors including Tribe Capital and DNX Ventures.

View details

View 5 competitors »

Fundraising

Union Square raises $200 for second climate fund

VC firm Union Square Ventures has closed its second fund targeting climate-focused startups on $200 million, The Information reported. Union Square was an early backer of Twitter and Etsy, and previously raised $162 million for its first climate vehicle.

View fund

View 197 investments »

Chart of the Day

Source: PitchBook's Q3 2022 Retail Fintech Report

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