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PitchBook

The Daily Pitch: VC

July 1, 2020

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

Today's Top Stories

Uber sets sights on Postmates

(Courtesy of Postmates)

Just weeks after its failed bid for Grubhub, Uber reportedly is in talks to acquire Postmates for $2.6 billion, in a step toward further consolidation in food delivery.

It's not the first time the San Francisco-based company—a relatively small player with less than 10% of the US market—has received interest from the ridehailing giant. And being acquired by Uber isn't the only option on the table for Postmates:

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After a clash between troops in the Himalayas that left 20 of its soldiers dead, India is retaliating against China by banning one of its most popular exports: TikTok. [The Wall Street Journal]

Getting laid off or furloughed once is bad enough. Now, as the coronavirus continues to surge in the US and many states reassess plans to reopen their economies, workers are facing the prospect of an uncomfortable whiplash. [The Washington Post]

Since yesterday, the PitchBook Platform added:

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VC valuations

1278

People

401

Companies

30

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2014 Vintage US PE Funds
	VC Deals
	Discord valued at $3.5B with latest round
	Super Coffee maker Kitu Life grabs $25M
	Sundae scoops up $16M+
	Hunters picks up $15M
	Upsolver nails down $13M
	Elementary Robotics nabs $12.7M
	Insurance tech startup collects $8M
	Exits
	Google purchases maker of smart glasses
	Fundraising
	Summit Partners pulls in $2.2B for two funds
	Eduardo Saverin's B Capital brings in $820M

The Daily Benchmark

2014 Vintage US PE Funds

Median IRR

15.88%

Top Quartile IRR Hurdle Rate

23.21%

1.46x

Median TVPI

Select top performers

Consonance Private Equity

BVIP Fund VIII

Shore Capital Partners Fund I

*IRR: net of fees

71 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Discord valued at $3.5B with latest round

Discord, the developer of a voice, video and text communication platform for gamers and other users, has announced a new $100 million fundraise. The round reportedly includes backing from Index Ventures and values the company at $3.5 billion. Founded in 2015 and based in San Francisco, Discord raised a $150 million round at a valuation of more than $2 billion in 2018, according to PitchBook data.

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Super Coffee maker Kitu Life grabs $25M

Kitu Life has raised $25 million, valuing the company behind the drink brand Super Coffee at more than $200 million, according to Bloomberg. ZX Ventures, the innovation arm of AB InBev, reportedly participated in the round and will help distribute Super Coffee products in the US. Among the other reported investors were Skyview Capital, former NBA player Baron Davis and Green Bay Packers quarterback Aaron Rodgers' Rx3 Ventures.

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Sundae scoops up $16M+

Sundae, the provider of a real estate marketplace for residential properties, has collected a $16.55 million Series A led by QED Investors. Founders Fund, Susa Ventures and others also participated. Founded in 2018 and based in San Francisco, Sundae helps homeowners sell their homes as-is, avoiding home repairs, cleanings and showings.

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Hunters picks up $15M

Microsoft venture arm M12 has led a $15 million Series A for Hunters, the developer of an autonomous cybersecurity and threat detection platform. US Venture Partners, YL Ventures, Blumberg Capital and Okta Ventures also participated in the funding. Founded in 2018, the Tel Aviv-based company plans to use the funding in part to expand operations across North America.

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Upsolver nails down $13M

Upsolver has raised a $13 million Series A from lead investor Vertex Ventures, with participation from Wing Venture Capital and Jerusalem Venture Partners. Based in Sunnyvale, Calif., Upsolver provides a data lake platform that helps developers manage, integrate and structure streaming data for analysis. The startup has raised around $17 million in total VC funding to date.

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Elementary Robotics nabs $12.7M

Elementary Robotics has raised $12.7 million in a Series A led by Threshold Ventures, with Fika Ventures, Fathom Capital, Ubiquity Ventures and Toyota AI Ventures also participating. The Los Angeles-based startup is the creator of a hardware and software platform that's designed to automate manufacturing and logistics work. Threshold partner Mo Islam has been added to Elementary Robotics' board of directors.

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Insurance tech startup collects $8M

Hi Marley has raised $8 million in Series A1 funding, bringing the round's total amount to $18.6 million. True Ventures and Underscore VC led the financing, with Bain Capital Ventures and Greenspring Associates also participating. The Boston-based startup is the maker of an intelligent text-based chatbot for the insurance industry.

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Exits

Google purchases maker of smart glasses

Google has acquired North, a Canadian developer of smart glasses and related technology, with The Globe & Mail reporting a price of about $180 million. The company, formerly known as Thalmic Labs, will abandon plans to release a second generation of its main product, called Focals 2.0. North raised a reported $120 million in venture funding in 2016 from investors including Intel Capital and the Amazon Alexa Fund.

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Fundraising

Summit Partners pulls in $2.2B for two funds

Summit Partners has closed two new vehicles, raising €1.1 billion (about $1.2 billion) for its third European growth equity fund and $1 billion for its fifth venture capital fund. The former fund will pursue investments of up to €70 million, and the latter will back growth-stage companies in North America with investments of up to $60 million.

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View 777 investments »

Eduardo Saverin's B Capital brings in $820M

B Capital Group, the venture capital firm started by Facebook co-founder Eduardo Saverin, has closed its second fund on $820 million. The new fund, which will invest in growth-stage startups, brings the firm's total assets under management to $1.44 billion. B Capital's portfolio includes telehealth company Bright.md, payment provider Plastiq and e-scooter company Bird.

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Chart of the Day

"Median step-up multiples for late-stage valuations have continued to rise over the last five years, reaching 1.58x in Q1 2020. This has been fueled in part by the surplus of available capital along with a 'growth at all costs' mentality. This is likely to subside as investors become more prudent and focus their efforts inward toward existing portfolio companies."

Source: PitchBook's Q1 2020 US VC Valuations Report