PitchBook News - Canva nearly doubles its valuation

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PitchBook

The Daily Pitch: VC

June 23, 2020

Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A

Today's Top Stories

Insurtech faces short-term pressure

The insurance industry's digital transformation is underway, as insurtech startups disrupt the traditional value chain. In Emerging Tech Research: Insurtech, PitchBook analysts find:

Global VC insurtech deals in Q1 dropped to $785 million of invested capital from $1.8 billion in Q4 2019

Digital distribution and related customer acquisition technologies are relatively mature while underwriting and claims technologies are still in the early stages

Reinsurers are stepping up participation in insurance innovation via investments, partnerships and sponsorships

While COVID-19 will have substantial near-term impact to some areas of insurtech, long-term secular trends remain positive for the industry

If you have any questions or feedback about the research, we'd love to hear from you: https://my.pitchbook.com/n/36649.3464245.2210733

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More coronavirus news: Continuing coverage from PitchBook

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Canva nearly doubles valuation to $6B with new funding

(Courtesy of Canva)

Canva has raised $60 million in a round that values the Sydney-based company at $6 billion. The funding comes less than a year after the graphic design business raised $90 million at a $3.2 billion valuation in October, according to PitchBook data.

Co-founded in 2012 by CEO Melanie Perkins, Cameron Adams and Cliff Obrecht, Canva is backed by investors including Sequoia, Felicis Ventures and Blackbird Ventures. The company has more than 30 million users across 190 countries; it recently opened its first US office in Austin.

In 2019, Canva launched a workplace collaboration platform that allows designers to share tools and marketing materials. In response to the coronavirus outbreak, the company teamed with FedEx this month to create a digital design marketplace to help small and medium-sized businesses develop branding materials.

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A message from Corporate Resolutions

Choose your leaders wisely

By Joelle Scott, COO, Corporate Resolutions

Companies need to tread lightly before making hiring decisions based on connections alone. Vetting executive hires is critical to preserving and promoting positive corporate culture, and the current environment makes it more important than ever. Investors and board members need to not only make sure their new executive is qualified, but also that their morals and reputation mirror that of the company. Due diligence can bring to light illegal behavior, lawsuits alleging discrimination or other toxic behavior, domestic abuse, and malicious social media posts.

An exemplary leader delivers profitable results for investors and employees alike; don't make a hiring mistake that damages your reputation and your bottom line.

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Focusing on femtech with 'In Visible Capital'

In the latest episode of PitchBook's "In Visible Capital" podcast, reporter Eliza Haverstock joins hosts Adley Bowden and Adam Lewis to discuss her recent story on growing VC interest in startups using tech to change the way women navigate menopause.

The trio also look at why the femtech space has historically struggled to pull in VC dollars, as well as how female founders and female investors are handling the shaky economic climate brought on by the COVID-19 pandemic.

Listen now

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Checkout.com hits $5.5B valuation with Series B

(metamorworks/Getty Images)

Online payments provider Checkout.com has raised $150 million, tripling its valuation to $5.5 billion. DoorDash backer Coatue Management led the round, with support from existing investors including Insight Partners, DST Global, Blossom Capital and GIC, Singapore's sovereign wealth fund.

The London-based startup will use the capital to shore up its balance sheet and invest in new products. Last year, the company raised Europe's largest-ever Series A in the fintech industry, $230 million, according to PitchBook data.

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Recommended Reads

A wave of massive secondary deals has crashed onto Wall Street in recent months, as the coronavirus crisis causes many major companies to reassess their balance sheets. [The Wall Street Journal]

If donor dollars are any indication, private equity and hedge fund pros seem to have a clear preference in the upcoming US presidential election. [Bloomberg]

Scientists may have been stuck at home for the past several months. But that's not stopping them from making new discoveries. [Wired]

Since yesterday, the PitchBook Platform added:

8

VC valuations

1266

People

335

Companies

15

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2012 Vintage Global Buyout Funds
	VC Deals
	Cedar banks $102M
	Thai fintech Synqa scores $80M
	$20M flows into heart valve startup
	Exits
	F45 Training looks to go public through a SPAC
	Fintech startup nCino files for IPO
	Invitae to buy ArcherDX for $1.4B
	Microsoft buys IoT startup CyberX
	ServiceNow secures data management deal

The Daily Benchmark

2012 Vintage Global Buyout Funds

Median IRR

14.74%

Top Quartile IRR Hurdle Rate

21.00%

1.59x

Median TVPI

Select top performers

Eureka III

Seaport Capital Partners IV

Camden Partners Strategic Fund V

*IRR: net of fees

93 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

Webinar: Venture, buyout and real assets funds during market downturns

Join us on June 25 at 10 a.m. PT/1 p.m. ET for a conversation around venture, buyout and real assets funds and how investors can interpret performance and cash flows in previous downturns to build a road map for the current one. During the discussion, PitchBook analysts will explore:

Why we expect many VC funds to shift focus to supporting existing portfolio companies and adjust their reserve capital

How buyout funds tend to issue smaller and fewer capital calls and distributions in a recession and why the approach might be different this time

Why the performance of recent vintages of real assets funds is likely to take a hit

Register here to secure your spot

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VC Deals

Cedar banks $102M

Andreessen Horowitz has led a $102 million Series C for Cedar, which offers a platform to help healthcare providers process digital transactions. Scott Kupor, managing partner at a16z, will join the company's board. Cedar was valued at $116 million in 2018, according to a PitchBook estimate.

Select Additional Investors:

Kinnevik, Founders Fund, Kaiser Permanente, Lakestar, Thrive Capital

View round

View 37 competitors »

Thai fintech Synqa scores $80M

Fintech startup Synqa has raised $80 million in a Series C led by SCB 10X and Sparx Group. The Bangkok-based business is the parent company of cashless payment provider Omise and digital currency service OMG Network.

Select Additional Investors:

Toyota Financial Services, Sumitomo Mitsui Banking, SMBC Venture Capital

View round

View 57 competitors »

$20M flows into heart valve startup

Foldax has raised a $20 million Series D led by MemorialCare Innovation Fund, with participation from investors including Kairos Ventures and Caltech. The Salt Lake City-based company is the developer of surgical heart valves intended to provide artificial blood support to patients with cardiovascular diseases. Foldax was valued at $60.3 million in 2018, according to a PitchBook estimate.

Additional Investors:

Angel Physicians Fund, Sayan Bioventures

View round

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Exits

F45 Training looks to go public through a SPAC

Mark Wahlberg-backed fitness startup F45 Training is in talks to merge with Crescent Acquisition, a special-purpose acquisition company, according to Bloomberg. The fitness studio chain, which is also backed by FOD Capital, reportedly paused IPO plans due to the pandemic. Crescent's shares rose more than 17% following the report.

View details

View 12 competitors »

Fintech startup nCino files for IPO

North Carolina-based nCino has filed with the SEC to trade on the Nasdaq under the symbol NCNO. The provider of cloud-based banking software has raised more than $200 million in total venture funding from backers including Insight Partners (46.6% pre-IPO stake), Salesforce Ventures (13.2%) and Wellington Management (9.5%). In September, nCino raised $80 million in a round led by T. Rowe Price.

View details

View 28 competitors »

Invitae to buy ArcherDX for $1.4B

Invitae has agreed to acquire genomic analysis startup ArcherDX in a deal valued at about $1.4 billion. The payment will comprise 30 million Invitae shares and $325 million in cash, plus up to 27 million additional shares payable upon ArcherDX achieving certain milestones. Based in Boulder, Colo., ArcherDX had filed for an initial public offering on June 5. It raised $55 million in a round led by Perceptive Advisors last December at a $255 million valuation, according to PitchBook data.

View details

View 42 competitors »

Microsoft buys IoT startup CyberX

Microsoft has acquired Massachusetts-based startup CyberX in a bid to boost the cloud giant's security for internet-of-things devices. Israeli newspaper Haaretz reported in May that the deal would value CyberX at $165 million. The startup raised nearly $48 million from investors including Qualcomm Ventures, Norwest Venture Partners and Flint Capital.

View details

View 112 competitors »

ServiceNow secures data management deal

Digital workflow specialist ServiceNow has agreed to purchase Sweagle, a Belgian startup focused on configuration data management. Sweagle raised prior venture funding in 2019 from XAnge, reaching a valuation of $10.5 million, according to PitchBook data.

View details

View 34 competitors »

Chart of the Day

"Breaking down exit activity by sector, the healthcare industry was the only space to post year-over-year gains in exit value in Q1. €5.4 billion worth of healthcare exits occurred in the first quarter, equating to 22.7% of total exit value, significantly up from the sector's 10.0% share in Q1 2019. With that said, the bulk of healthcare exit value in Q1 came from the outlier €2.1 billion exit of UK-based BMI Healthcare. If we removed this transaction from the dataset, the industry's exit value would have fallen YoY, and proportions would be more in line with recent years."

Source: PitchBook's Q1 2020 European PE Breakdown