PitchBook News - Fintech's 10 most likely IPOs

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The Daily Pitch: VC

February 21, 2025

Presented by SVB

💳 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.

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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

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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.

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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.

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Since yesterday, the PitchBook Platform added:

10

VC valuations

2394

People

513

Companies

46

Funds

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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 »

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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

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PitchBook News - Fintech's 10 most likely IPOs

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