Palantir, Asana and a direct listing revival

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The Daily Pitch: VC

September 29, 2020

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

Today's Top Stories

As Palantir and Asana revive direct listings, will others follow?

Asana and Palantir will make their public debuts on the New York Stock Exchange this week. (Eduardo Munoz Alvarez/Getty Images)

Project management specialist Asana and Peter Thiel's data-mining company Palantir Technologies are hitting the public market via direct listings on Wednesday, breathing new life into the IPO alternative that was once the buzz of Silicon Valley.

The direct listings offer rare and critical test cases for other large startups weighing public debuts. They also come at a time when the rules that govern the direct listing process are being fundamentally rewritten—making them more attractive to cash-hungry businesses:

Recommended Reads

Ecommerce had never caught on in Italy like in so many other countries. And then the pandemic arrived. [The New York Times]

Palantir's ascent to a $20 billion valuation was marked by its fair share of mythmaking. With its long-awaited direct listing looming, will the secretive data specialist be able to live up to the hype? [Intelligencer]

It's been more than 50 years since the civil rights movement led to new laws banning workplace discrimination. So why are there still so few Black CEOs? [The Wall Street Journal]

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Quick Takes


	The Daily Benchmark
	2015 Vintage Global Funds-of-Funds
	VC Deals
	ShipBob boxes up $68M
	Portfolio Companies
	Jessica Alba's Honest Company explores sale
	Exits & IPOs
	VC-backed Poshmark files to go public
	Fundraising
	Easterly eyes $100M to invest in SPACs

The Daily Benchmark

2015 Vintage Global Funds-of-Funds

Median IRR

15.69%

Top Quartile IRR Hurdle Rate

19.90%

1.33x

Median TVPI

Select top performers

Adams Street 2015 US Fund

HarbourVest Partners X-Venture

StepStone Capital Partners III

*IRR: net of fees

51 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

ShipBob boxes up $68M

ShipBob has raised a $68 million Series D led by SoftBank's Vision Fund 2. The Chicago-based fulfillment company provides shipping solutions to ecommerce businesses across Canada, Europe and the US, with plans to expand to Asia and Australia. Founded in 2014, ShipBob was valued at $195 million with a $40 million round in 2018.

Additional Investors:

Bain Capital Ventures, Hyde Park Angels, Hyde Park Venture Partners, Menlo Ventures, Y Combinator

View round

View 54 competitors »

Portfolio Companies

Jessica Alba's Honest Company explores sale

The Honest Company, the personal care and baby products business founded by actress Jessica Alba, has hired banks to handle a sale process, according to The New York Times. The Los Angeles-based company reportedly hopes to get offers that would value it at more than $1 billion. Five years ago, Honest was valued at $1.7 billion, according to PitchBook data. Since then, its valuation has dropped and growth has stalled due to reports that the company used a product ingredient it had pledged to avoid.

View details

View 24 competitors »

Exits & IPOs

VC-backed Poshmark files to go public

Poshmark, the provider of an online retail marketplace for second-hand clothing, shoes and accessories, has confidentially filed for an IPO with the SEC. The Redwood City, Calif.-based company had been delaying its IPO plans in order to focus on increasing sales, according to Bloomberg. Backed by investors including GGV, Menlo Ventures, Union Grove Venture Partners and Ashton Kutcher, Poshmark was valued at $625 million in 2017, according to PitchBook data.

View details

View 29 competitors »

Fundraising

Easterly eyes $100M to invest in SPACs

A new fund led by SPAC dealmakers at Easterly Alternatives is seeking to raise $100 million from LPs to invest exclusively in special-purpose acquisition companies, with plans to back up to 15 separate vehicles, according to Bloomberg. A SPAC backed by Easterly conducted a $2.2 billion reverse merger with Sirius International Insurance in 2018.

View details

View 2 investments »

Chart of the Day

"The dispersion of deal value across European regions in Q2 2020 exhibited consistency with a pre-pandemic market, showing a distinct concentration from the UK & Ireland, DACH, and France & Benelux regions. One notable deal outside these regions involved Estonia-based mobility startup Bolt, which closed a €100.0 million round."

Source: PitchBook's Q2 2020 European Venture Report