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The Daily Pitch: VC

July 15, 2020

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Today's Top Stories

Serial founder Bansal launches Traceable with $20M from Unusual Ventures

Jyoti Bansal's new cybersecurity startup targets a niche market that's expected to boom in the next few years.
(Kimberly White/Getty Images)

Software entrepreneur Jyoti Bansal has unveiled Traceable, an app-security specialist that is the second company to come out of Big Labs, the studio he created after selling AppDynamics to Cisco in 2017. San Francisco-based Traceable is launching with $20 million in Series A funding from Unusual Ventures, the firm Bansal co-founded with John Vrionis.

Traceable, using artificial intelligence and a technology called distributed tracing, aims to help companies tell when their platforms are being contacted by other apps that may have nefarious motives:

Recommended Reads

For millions upon millions of Americans, the pandemic has been a catastrophe. For one anonymous Wall Street billionaire, it's been anything but. [Bloomberg]

An in-depth look at how the long-running ideological battle between China and the West is now manifesting in a war over TikTok. [Stratechery]

The FBI is investigating multiple potential instances of private equity and hedge funds being used to launder money for international criminals. [Reuters]

Since yesterday, the PitchBook Platform added:

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Quick Takes


	The Daily Benchmark
	2016 Vintage Global Secondaries Funds
	VC Deals
	Auth0 snags $120M at $1.9B valuation
	Digital pharmacy Medly raises $100M
	German fintech startup banks $65M
	Lattice raises $45M Series D
	Nasuni pulls in $40M for cloud storage
	African forestry startup Komaza raises $28M
	Healthtech startup banks $24M
	Exits
	BigCommerce files to go public

The Daily Benchmark

2016 Vintage Global Secondaries Funds

Median IRR

22.40%

Top Quartile IRR Hurdle Rate

34.20%

1.35x

Median TVPI

Select top performers

Industry Ventures Special Opportunities Fund III

Timber Bay Fund I

Greenspring Secondaries Fund II

*IRR: net of fees

20 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Auth0 snags $120M at $1.9B valuation

Auth0, the creator of an identity authentication platform for security and development teams, has raised a $120 million Series F that values the company at $1.92 billion. Salesforce Ventures led the round, with participation from existing investors Bessemer Venture Partners, Sapphire Ventures and others. Auth0 was valued at more than $1.1 billion with a $103 million round in May 2019, according to PitchBook data.

Additional Investors:

Meritech Capital Partners, World Innovation Lab, Trinity Ventures, Telstra Ventures, K9 Ventures

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Digital pharmacy Medly raises $100M

Amid increased demand for digital healthcare services during the pandemic, Medly Pharmacy has closed $100 million in Series B funding. Volition Capital and Greycroft co-led the financing, with support from Horsley Bridge and Lerer Hippeau. Launched in 2017, the startup operates an online pharmacy that serves around 50,000 users in New York and New Jersey.

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German fintech startup banks $65M

Pricefx, a provider of cloud-native price optimization and management software, has raised $65 million in a Series C led by Apax Partners. Existing investor Digital+ Partners also participated. Founded in 2011 and based in Germany, the startup's tech is used by B2B and B2C companies across a variety of industries.

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Lattice raises $45M Series D

Lattice, a developer of workforce management software, has secured $45 million in a round led by Tiger Global. Existing investors including Khosla Ventures, Thrive Capital, Fuel Capital and Y Combinator also participated in the funding. Lattice raised $25 million in October 2019 at a $215 million valuation, according to PitchBook data. Founded in 2016, the San Francisco-based company has over 1,900 customers including Postmates, Reddit and Cruise.

Additional Investors:

Frontline Ventures, Founders Fund

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Nasuni pulls in $40M for cloud storage

Cloud file storage startup Nasuni has raised $40 million in equity and debt to fund its growth. The equity portion was supported by backers such as Goldman Sachs, Telstra Ventures and Northbridge Venture Partners, while the credit facility came from Silicon Valley Bank. In February 2019, the Boston-based company raised $25 million at a $215 million valuation, according to PitchBook data.

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African forestry startup Komaza raises $28M

Sustainable microforestry startup Komaza has collected $28 million in a Series B that aims to raise $33 million total. The round was supported by AXA Investment Managers, Dutch development bank FMO, Novastar Ventures and Mirova. The Kenyan startup, which works with small-scale farmers across sub-Saharan Africa, plans to plant 1 billion trees over the next decade.

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Healthtech startup banks $24M

AristaMD has raised a $24 million Series B from investors including Ascension Ventures, .406 Ventures, Cigna Ventures and MemorialCare Innovation Fund. The San Diego-based company offers a platform to help healthcare providers manage referrals.

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Exits

BigCommerce files to go public

BigCommerce, the provider of a cloud ecommerce platform, has filed with the SEC to go public on the Nasdaq. Founded in 2009 and based in Austin, the company's first quarter revenue grew nearly 30% year-over-year to $33.2 million, while it posted a net loss of $4 million in Q1. BigCommerce has received prior VC backing from investors including General Catalyst, Tenaya Capital and GGV Capital. The company was valued at $514 million with a $64 million round in 2018, according to PitchBook data.

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Chart of the Day

"Capital infusions at the angel & seed-stage are used by biotech startups to test their lead drug candidate or platform technology in robust pre-clinical animal models that aim to recapitulate the target clinical indication. ... According to our dataset, aggregate angel & seed stage VC deal activity in biotech & pharma startups has increased five-fold over the last decade, growing from $156.2 million across 71 deals in 2009 to $840.4 million across 304 deals in 2019."

Source: PitchBook analyst note on the biotech industry