Rubrik IPO a $1.4B+ boost for Lightspeed

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The Daily Pitch: VC

April 26, 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:

VC opportunities, limitations and dealmaking in the quantum sensing space

Rubrik's successful IPO marks a major win for Lightspeed

Europe's cleantech startups are on track for their biggest year yet for VC investment

Today's Top Stories

Rubrik IPO nails $1.4B+ win for Lightspeed

(SOPA Images/Getty Images)

Cybersecurity software company Rubrik's stock popped 16% on its first day of trading, a signal of confidence that the IPO window for venture-backed companies is finally reopening.

"I think this could be the initial company that opens the window to extend more broadly for others to follow—I really do," said Ravi Mhatre, co-founder of Lightspeed.

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Since yesterday, the PitchBook Platform added:

13

VC valuations

2185

People

888

Companies

25

Funds

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The Daily Benchmark:
2020 Vintage Global Funds-of-Funds

Median IRR

9.40%

Top Quartile IRR

14.71%

0.05x

Median DPI

Select top performers

Banner Ridge DSCO Fund I

RCP SBO Opportunities Fund

PA Small Co Private Equity Fund IX

*IRR: net of fees

34 Funds in Benchmark »

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People

Warsaw-based Abris Capital Partners has promoted its investment director, Tomasz Kujawa, to partner.

VC Deals

Augment raised a $227 million Series B at a $977 million valuation from investors including Lightspeed, Index Ventures and Sutter Hill Ventures for its AI-powered coding platform.

QI Tech, a Brazilian banking-as-a-service company, extended its $200 million Series B with additional funding led by General Atlantic, bringing its valuation to over $1 billion.

Founders Fund led a $175 million round for Cognition, the developer of an AI-powered coding assistant, at a $2 billion valuation, The Information reported.

Govtech cybersecurity company ThreatLocker raised a $115 million Series D led by General Atlantic.

Precision therapeutics startup Cerevance raised an additional $47 million for its Series B1, bringing the round's total to $98 million. The funding was led by Agent Capital, Bioluminescence Ventures and Double Point Ventures.

PinkDx, a women's health company focused on gynecological cancers, launched with a $40 million Series A led by Catalio Capital Management and The Production Board.

Blockchain development specialist Movement Labs raised a $38 million Series A led by Polychain Capital.

London's Treefera closed a $12 million Series A led by AlbionVC for its data management platform for nature-based asset reporting.

Berlin-based energy storage startup Terra One raised $7.5 million in a round led by PT1 and Neosfer.

PE Deals

AssetMark agreed to be acquired by GTRC at a valuation of $2.7 billion. The company offers a wealth-technology platform.

Apollo Global Management-backed investment group Concord Chorus has raised its offer for London-listed music rights investor Hipgnosis Song Fund to $1.5 billion, outbidding Blackstone. Concord is offering to pay $1.25 per share, versus Blackstone's $1.24.

Blackstone has agreed to buy fast-casual dining franchisor Tropical Smoothie Cafe from Levine Leichtman Capital Partners.

KKR has agreed to acquire Dutch optical and hearing care provider Nexeye from 3i Group.

Balance Point Capital made a follow-on investment in Supreme Group to facilitate the company's acquisition of Health+Commerce.

SK Capital Partners has completed its sale of Foremark Performance Chemicals, a producer of formaldehyde and derivatives for the petrochemicals industries, to PE firm CC Industries.

Portfolio Companies

KKR has retracted its plan to sell consumer food company Upfield for a potential valuation of $10 billion after a pricing disagreement with buyer ADQ emerged, Bloomberg reported.

Exits & IPOs

VC-backed Indian food delivery startup Swiggy is planning to raise $1.25 billion in its upcoming IPO.

Nvidia has agreed to buy Insight Partners-backed Israeli AI startup Deci, The Information reported.

Triton has agreed to sell EQOS, a European installation service company, to Eiffage Énergie Systèmes.

Fundraising

VC and growth equity firm Norwest Venture Partners closed its 17th flagship fund on $3 billion.

BlackRock- and Temasek-backed climate-tech investor Decarbonization Partners raised $1.4 billion for its inaugural fund.

Paris-based VC firm Ternel raised €120 million for its latest fund.

Corporate M&A

BHP Group is looking to take over its rival, Anglo American, in what could be one of the largest deals of the year at $42.6 billion, Bloomberg reported

Chart of the Day

Source: 2023 Annual US PE Middle Market Report

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Rubrik IPO a $1.4B+ boost for Lightspeed

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