PitchBook News - Stocks of recent tech IPOs surge

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The Daily Pitch: VC

December 20, 2024

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Stocks of recent tech IPOs surge at pace not seen in years

(Megan Woodard/PitchBook News)

The tech IPO market is backed up with startups that are scared to go public.

But if stocks are anything to go by, they have little to fear. PitchBook's VC-backed IPO index is up 66% year-to-date and at its highest level in three years.

A good chunk of that growth has been driven by recently IPO'd companies including Reddit, Rubrik and Astera Labs.

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APAC presents opportunities across markets

Wealth generation, growing populations and distinct economies are some of the factors creating opportunities in the young and rapidly developing APAC private markets. However, a low level of exits remains the main hurdle for non-domestic investors looking to pick up deals.

Our 2025 APAC Private Capital Outlook covers what's ahead for the region—from Japan's M&A spree to China's challenging macroeconomic picture to VC dealmaking in India.

read it now

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Since yesterday, the PitchBook Platform added:

22

VC valuations

2986

People

832

Companies

52

Funds

See what our data software can do

The Daily Benchmark:
2020 Vintage Global PE Funds

Median IRR

14.30%

Top Quartile IRR

21.68%

0.09x

Median DPI

Select top performers

OpCapita Consumer Opportunities Fund III

Tenex Capital Partners III

SSC Partners II

*IRR: net of fees

145 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Vultr, a Florida-based AI cloud infrastructure startup, raised a $333 million round led by Advanced Micro Devices and LuminArx Capital Management at a $3.5 billion valuation, The Wall Street Journal reported.

Oura, the developer of a health tracking smart ring, secured a $200 million Series D from Fidelity Management & Research and Dexcom. The round values the company at $5.2 billion.

Ottimo Pharma, a UK-based biotech startup, raised over $140 million for its Series A led by OrbiMed, Avoro Capital and Samsara BioCapital.

Remodel Health, which specializes in health reimbursement arrangement plans for insurance brokers, raised over $100 million in a round led by Oak HC/FT and Hercules Capital, Axios reported.

Decart, a startup building enterprise and consumer AI models, secured a $32 million Series A led by Benchmark Capital Holdings at a valuation exceeding $500 million.

Antidote Health, a startup providing ACA-compliant healthcare plans via a telehealth platform, raised a $22 million round from investors including WellTech Ventures, iAngels and Flint Capital, Calcalist reported.

Vaeridion, a Munich-based aircraft manufacturer, raised a €14 million Series A led by World Fund.

PE Deals

Fuji Soft's founding family reaffirmed support for Bain Capital's hostile takeover bid, outbidding KKR despite opposition from the company's board.

Orsted sold a $572 million stake in three US-based solar projects to Energy Capital Partners.

Meridiam acquired a 49.9% stake in Greece's €1.9 billion undersea power grid project, Bloomberg reported.

HarbourVest Partners invested in British software provider The Citation Group, joining KKR and Hg.

The Riverside Company acquired a stake in Spanish fragrance producer Essential Compositions.

Claret Capital Partners invested in Republic of Ireland-based Neurent Medical.

Exits

San Francisco-based fintech startup Chime has confidentially filed for an IPO and aims to go public in 2025, Bloomberg reported. Chime was last valued at $25 billion in 2021.

Eneos Holdings is considering a $4.5 billion IPO for its 70% stake in JX Advanced Metals Corp, a Tokyo-based copper and rare earth miner, Bloomberg reported.

Chinese battery maker Contemporary Amperex Technology is considering a $5 billion second listing in Hong Kong, Bloomberg reported.

Fundraising

Accel raised $1.35 billion for its latest VC fund, according to SEC filings, down from its previous fund, which totaled $1.75 billion.

Life science-focused VC firm XGEN Venture, based in Italy, raised €180 million at the close of its latest fund.

Philanthropic investment platform Greater Share closed its Education Fund at $52 million.

Singapore-based January Capital raised $85 million for its growth credit fund.

Corporate M&A

Norway-based Crayon Group, an information technology consultancy company, will be acquired by SoftwareOne, based in Switzerland, for $1.4 billion.

Chart of the Day

Source: PitchBook VC Dealmaking Indicator

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PitchBook News - Stocks of recent tech IPOs surge

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