Can Ramp, Brex market their way upmarket?

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The Daily Pitch: VC

April 23, 2024

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

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

Ramp and Brex could quickly start racking up costs as they target larger corporate customers

Our Q1 valuations data for public companies in the agtech and gaming sectors

Buyout vehicles made a huge comeback to lead fund performance rankings

PitchBook Benchmarks offer the latest fund performance data across PE, VC and more

Today's Top Stories

Ramp vs. Brex risks becoming fintech's Uber vs. Lyft, some VCs warn

(Courtesy of Ramp)

After swallowing a 30% down round in 2023, things are looking up again for the founders of spend management startup Ramp. The company just raised a $150 million extension to its Series D at a $7.65 billion valuation.

Both Ramp and its biggest rival, Brex, built themselves off the back of startup customers. As they scale—and in the face of high churn among startups—they're looking beyond VC-backed companies to target larger corporate customers.

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PitchBook Benchmarks for PE, VC and more

PitchBook Benchmarks provide a detailed snapshot of the latest data for closed-end fund returns across strategies. The new edition is now available, updated through Q3 2023 with preliminary data for Q4. It features PDFs and visualizations that break down the data by geography and fund type. Additional data and vintage years are available in Excel data packs for PitchBook clients.

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Since yesterday, the PitchBook Platform added:

6

VC valuations

1859

People

598

Companies

23

Funds

See what our data software can do

The Daily Benchmark:
2018 Vintage Global Debt Funds

Median IRR

9.98%

Top Quartile IRR

12.90%

0.53x

Median DPI

Select top performers

Oaktree Special Situations Fund II

Raith Real Estate Fund II

PAG Enhanced Credit Fund II

*IRR: net of fees

93 Funds in Benchmark »

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People

UK placement agent Asante Capital has promoted Laura Leyland to partner.

VC Deals

San Francisco's Rippling raised a $200 million Series F led by Coatue and Founders Fund for its business management platform.

St. Louis-based healthcare technology startup Lumeris raised $100 million in a round led by Deerfield Management.

Dublin-based biopharmaceutical company SynOx Therapeutics closed a $75 million Series B led by Forbion, HealthCap and Bioqube Ventures.

Givebutter, an Austin-based nonprofit fundraising startup, secured $50 million in a round led by Bessemer Venture Partners.

Istanbul's Midas raised a $45 million Series A led by Portage for its retail investment platform.

Biopharmaceutical startup Rubedo Life Sciences raised a $40 million Series A led by Khosla Ventures and Ahren Innovation Capital.

AccessHope, a cancer treatment startup based in California, raised a $33 million Series B led by cancer treatment and research organization City of Hope.

Paris' Payflows completed a €25 million Series A led by Balderton Capital for its finance automation platform.

Smart Reporting, a Munich-based provider of medical reporting software, secured a €23 million Series C led by TVM Capital Healthcare.

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PE Deals

Blackstone has been drawing up plans for a £1.2 billion takeover of London-listed music rights investment company Hipgnosis, Sky News reported.

Everfield, a European B2B software investor backed by Aquiline Capital Partners, has acquired education software specialist MyKnowledgeMap.

Ardian may join bidders such as KKR and Global Infrastructure Partners for a controlling stake in French fiber company XpFibre, which could result in a deal of up to €7 billion including debt, Bloomberg reported.

TPG seeks to acquire German metering company Techem, Bloomberg reported.

Exits & IPOs

CVC Capital Partners has priced its IPO between €13 and €15 per share, which could value the firm at as much as €15 billion in its upcoming Amsterdam IPO.

Bridgepoint is weighing its options for Swedish drinks company Vitamin Well, which could include a sale at a potential valuation of around €2 billion, the Financial Times reported.

TA Associates may put Chaos Group, a 3D video-rendering software company, on the auction block at a potential valuation of $1.1 billion, Bloomberg reported.

Fundraising

Malaysia's sovereign wealth fund Khazanah Nasional Berhad is to set up a VC fund of up to 3 billion Malaysian ringgit (around $628 million).

Geneva-based Pictet Alternative Advisors has launched a European long-term investment fund focused on co-investments in environmental technology.

Africa-focused VC firm TLcom Capital has closed its second fund on $154 million.

UK-based space tech-investor Seraphim Space has held a first close for its second early-stage VC fund.

GEF Capital Partners closed its second climate solutions fund, which will target lower-middle-market companies, on $325 million.

Nuveen has amassed about $150 million out of the $400 million targeted for its second climate inclusion fund.

Chart of the Day

Source: Q1 2024 European Venture Report

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Can Ramp, Brex market their way upmarket?

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