PitchBook News - Fintech's 10 most likely IPOs

Unicorns dig out of 2023 valuation trench; Afore to deploy $185M pre-seed fund; Together AI rakes in $305M Series B from General Catalyst
Read online | Don't want to receive these emails? Manage your subscription.
PitchBook
Log in
The Daily Pitch: VC
February 21, 2025
Presented by SVB
Ads
đź’ł The fintech sector has a robust IPO pipeline of companies waiting to test public markets. Aside from startups that have already announced IPO plans, several seem to be nearing or preparing for an exit. Our fintech IPO watchlist highlights recent VC exit trends and 10 companies that could list soon. Read more

⚔️ KKR won a heated bidding war against Bain Capital, securing a 58% stake in Japanese IT services company Fuji Soft for $4.1 billion. PE activity in Japan has hit record highs, driven by regulatory reforms, favorable economic conditions and PE firms shifting away from China. Full story

Plus...
• PE filled its cart with a wealth of consumer retail deals in Q4
• Unicorns continue to add to gains, according to our index
 
A reset in consumer retail
PE dealmaking in the consumer retail industry rebounded in Q4 2024, with deal volume doubling over a sluggish Q3—and 2025 could mark a turning point for the sector.

After years of aggressive acquisitions, PE firms are reassessing their portfolios, according to our latest report on the space. From lower interest rates to tariff uncertainty and shifting consumer sentiment, the consumer retail market is undergoing a change—the report highlights what could be on the horizon.
read the preview
 
Share: Email LinkedIn Twitter Facebook
 
A message from SVB  
SVB’s innovation economy outlook
Did you know that most Series A companies didn’t increase burn in 2024? Explore this and other insights in SVB’s new State of the Markets report. Drawing on SVB's exclusive data, expert insights and network of top investors and founders, the report delivers a complete view of the innovation economy. Get the report now to benchmark your company’s financial health and potential.

Read the report
Share: Email LinkedIn Twitter Facebook
 
Unicorn 30 index climbs 9.3% to start the year
The most valuable VC-backed companies—from xAI to Anduril—continue to add to gains made last year, according to the Morningstar PitchBook Unicorn 30 index.

The index has climbed 9.3% since the start of the year, bringing its one-year growth to more than 55%. Based on deal data and secondary market prices, the index shows a significant valuation recovery has taken place since the market bottomed in mid-2023.
explore the indexes
 
Share: Email LinkedIn Twitter Facebook
Oil and gas M&A expected to pick up in 2025
(Olga Rolenko/Getty Images)
Last year was a lackluster spell for oil and gas mergers and acquisitions, but some dealmakers are optimistic that 2025 will shine brighter, featuring more midstream M&A and smaller deals. Various factors, from rising energy demand to a favorable regulatory environment, could fuel an uptick in dealmaking.
read more
 
Share: Email LinkedIn Twitter Facebook
Afore Capital starts to deploy $185M raised for fourth fund
(Jenna O'Malley/PitchBook News)
Amid an increasingly crowded segment of the VC landscape, Afore Capital is beginning to deploy $185 million for a fourth pre-seed fund it raised last year.

Just like during the emergence of the "pre-seed" investment stage, when the broader venture industry was piling into the seed market, some firms like Afore are redefining how they invest.
read more
 
Share: Email LinkedIn Twitter Facebook
 
Since yesterday, the PitchBook Platform added:
10
VC valuations
2394
People
513
Companies
46
Funds
See what our data software can do
 
The Daily Benchmark:
2018 Vintage Global Secondaries Funds
Median IRR
20.45%
Top Quartile IRR
27.99%
0.49x
Median DPI
Select top performers
Sweetwater Secondaries Fund II
Glouston Private Equity Opportunities VI
VCFA VP VI
*IRR: net of fees
16 Funds in Benchmark Â»
Check out the latest version of PitchBook Benchmarks
 
People  
Jeff Feinberg joined Star Mountain Capital as managing director and strategic portfolio partner.
 
VC Deals  
Together AI, which runs a platform giving developers access to open-source generative AI models, raised a $305 million Series B led by General Catalyst and Prosperity7 at a $3.3 billion valuation.

AI coding startup Codeium is in talks to raise a new round led by Kleiner Perkins that would value the company at $2.85 billion, TechCrunch reported.

Mercor, a company building a platform that uses AI for recruiting and hiring, raised a $100 million Series B led by Felicis at a $2 billion valuation.

OpenEvidence raised a $75 million Series A led by Sequoia Capital for its AI platform that assists doctors in making decisions. The round values the company at $1 billion.

Sanas, a startup building AI that can alter a speaker's accent in real time, raised a $65 million Series B led by Quadrille Capital.

Consumer banking startup Varo has raised about $29 million so far for its Series G out of a targeted $55 million for the round, according to SEC filings.

EG 427, a Paris-based creator of precision genomic medicine for chronic diseases in neurology, closed a €27 million Series B led by Andera Partners and Bpifrance.

Relish, the developer of an enterprise application platform, raised a $25 million Series B led by Base10 Partners.

Paris-based Spore.Bio, a microbiology testing startup, raised a $23 million Series A led by Singular.

Metcycle, developer of a German metals trading platform, secured a €14.1 million Series A led by 2150.

Mansa, a Dubai-based cross-border payments startup, raised $10 million in a round led by Tether and Polymorphic Capital.
 
PE Deals  
Macquarie Asset Management acquired US-based DynaGrid, which provides services to the electric utilities market as well as engineering, procurement and construction firms.

Avon Products, a beauty products unit of Brazil-based Natura & Co, could sell its operations outside of Latin America to IG4 Capital, Reuters reported.

Tritium Partners invested $115 million in Loxo, a company developing AI recruiting software.
 
Exits  
Saudi Arabia-based hospital operator SMC Hospitals is planning an IPO as early as Q2 2025, Bloomberg reported.

Eagle Football Holdings, an investment firm that targets stakes in professional football teams, is planning a New York IPO, Bloomberg reported.

NYSE-listed Valvoline acquired automotive maintenance services company Breeze Autocare from Greenbriar Equity Group in a $625 million deal.

PhonePe, an India-based payments company backed by Walmart, is preparing for a Mumbai IPO.
 
Fundraising  
Los Angeles-based Bonfire Ventures raised $245 million at the close of its fourth fund, Fortune reported.

Wellington Management closed on $194 million in capital commitments for its first collateralized loan obligation partners fund.
 
Chart of the Day  
Source: Tech Landscape: Animal Biotech
 
About PitchBook | Terms of use | Advertise with us | Contact
Follow us: in twtr fb

This email was sent to you via the PitchBook Platform.

Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here.

PitchBook Data Inc., 901 Fifth Avenue, Suite 1200, Seattle WA 98164, United States

© 2025 PitchBook. Win what's next. All rights reserved.

Older messages

How far have risk premiums fallen?

Thursday, February 27, 2025

Also: Biopharma VC ecosystem matures; European venture valuations rebound in 2024; Introducing the Morningstar PitchBook Buyout Replication Index... Read online | Don't want to receive these emails

Why PE isn't all-in on AI

Thursday, February 27, 2025

Also: Supply chain tech's Q4 success story, how our stock market index replicates PE buyout portfolios & more Read online | Don't want to receive these emails? Manage your subscription. Log

Newer VCs lean on niche fund model

Thursday, February 27, 2025

VCs favoring mature biopharma companies; PE pulls some Gs in defense spending; Fluidstack on deck for $200M Series A for AI cloud computing Read online | Don't want to receive these emails? Manage

Data dive: Emerging opportunities in VC

Thursday, February 27, 2025

Coinbase's SEC win leaves a question; Footwork Ventures jogs off with $225M for second fund; gaming's SaaS-powered future Read online | Don't want to receive these emails? Manage your

Balyasny targets $350M for first VC fund

Thursday, February 27, 2025

Femtech funding flourishes; VC medtech dealmaking declines; US tariffs may speed Europe's VC brain drain Read online | Don't want to receive these emails? Manage your subscription. Log in The

You Might Also Like

Reinvention

Friday, March 21, 2025

How do you reinvent yourself? It's not as easy as it seems. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

🔍 The ABCs of Email Marketing

Friday, March 21, 2025

Start sending emails that actually work. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Saturday Stuff will be back in April

Friday, March 21, 2025

March 21, 2025 | Read Online Saturday Stuff will be back in April Hello friends! Happy Friday 👋 Quick housekeeping note: I am currently taking an extended 𝕏 hiatus! Since this newsletter is things

Amazon Gives Insight into the "Sales Obliterator" Badge

Friday, March 21, 2025

You're an Amazon whiz... but maybe not an email whiz. Omnisend makes setting up email for your brand as easy as click, drag, and drop. Make email marketing easy. Hey Reader, Amazon has a wide

1300% Growth in AI Search Referrals? What You Need to Know

Friday, March 21, 2025

This week on the Niche Pursuits News podcast, Jared and Thomas tackle some of the biggest shifts happening in search, AI. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Ignore Everything Outside of Your Control And Watch Your Wealth Grow

Friday, March 21, 2025

Bitcoin Is the Gold of the 2020's ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

A Story Formula That Can’t Miss, YouTube Updates, Deep Research Model Comparisons, and More

Friday, March 21, 2025

Today's Guide to the Marketing Jungle from Social Media Examiner... presented by social-media-marketing-world-logo The weekend is almost here, Reader! Before you unplug, here's one last round

Influence Weekly #381 - Spotter's Invite-Only Event In NYC Aims To Connect Top Creators With CMOs And Agency Leaders

Friday, March 21, 2025

Sneak Peek Into The Toolbox Of Meta's Upcoming 'Edits' Video App ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

AI drives pharma biotools dealmaking

Friday, March 21, 2025

AI unlocks new frontiers in plant biotech; charting India's VC market; SoftBank inks $6.5B deal for Ampere Read online | Don't want to receive these emails? Manage your subscription. Log in The

Your invitation to the $164K “Inner-Circle”…(Urgent)

Friday, March 21, 2025

A private invite to an “Inner-Circle” View in browser ClickBank We're just 4 hours away from kicking off the first session - and with limited spaces on each call, you must pick a time and secure