PitchBook News - Palantir, Asana make awaited debuts

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The Daily Pitch: VC

October 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

Palantir, Asana claim healthy valuations in public debuts

(Yuichiro Chino/Getty Images)

Palantir Technologies and Asana went public through direct listings on Wednesday, and by the end of trading had each topped their most recent private market valuations.

But the day wasn't a total celebration for Palantir. Shortly after it began trading, a letter from House Democrats to the SEC began to circulate, calling for more information around "material risks" posed by Palantir's work and corporate structure:

Recommended Reads

Stocks are losing steam after an impressive rally that has extended for much of the pandemic. Is political uncertainty to blame? [The New York Times]

Venture capital is usually a business of home runs and strikeouts. For LPs investing in the space, that means diversification can be doubly important. [Institutional Investor]

Seven months into the recovery, data shows that the COVID-19 recession is the most unequal one in modern US history. [The Washington Post]

Since yesterday, the PitchBook Platform added:

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VC valuations

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People

411

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Funds

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Quick Takes


	The Daily Benchmark
	2018 Vintage Global Secondaries Funds
	VC Deals
	Vtex hits $1.7B valuation in SoftBank-backed round
	Alkami collects $140M
	Homer books $50M Series C for early education platform
	Papaya Global pulls in $40M
	Lee Fixel's VC firm leads round in Indian news provider
	Coralogix collects $25M in Series B funding
	Fundraising
	Crosslink eyes $275M fund

The Daily Benchmark

2018 Vintage Global Secondaries Funds

Median IRR

32.26%

Top Quartile IRR Hurdle Rate

78.27%

1.29x

Median TVPI

Select top performers

Glouston Private Equity Opportunities VI

Verdane X

Ardian Secondary Fund VIII

*IRR: net of fees

12 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

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Join our webinar on Oct. 8 to get caught up on key elements of the Volcker Rule, including what it is, why it exists and expected implications of the recent revisions. Takeaways will include:

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VC Deals

Vtex hits $1.7B valuation in SoftBank-backed round

Vtex, the developer of an ecommerce platform for B2B and B2C brands, has secured a $225 million Series D at a $1.7 billion valuation. Investors including Tiger Global, Lone Pine Capital and SoftBank participated in the funding. Operating in the US, the UK, Spain and Colombia, Vtex raised a $140 million Series C in November 2019. It counts Walmart and Coca-Cola among its customers.

Additional Investors:

Constellation, Endeavor Catalyst

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View 5 competitors »

Alkami collects $140M

Digital banking specialist Alkami Technology has raised $140 million in a round led by D1 Capital Partners. Founded in 2009, the Texas-based company works with more than 160 financial institutions in the US. Alkami was valued at around $665 million in August, according to PitchBook data.

Additional Investors:

Fidelity Management & Research, Franklin Templeton Investments, Stockbridge Investors

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View 25 competitors »

Homer books $50M Series C for early education platform

Homer, a brand of edtech company Begin, has raised $50 million from investors including Lego Ventures and Sesame Workshop. Liquidity Capital also contributed $25 million in trajectory-based financing. Based out of New York, Homer is the developer of an early-learning program designed for kids aged two to eight. The startup had previously focused mainly on reading skills, but plans to expand its curriculum this month.

Additional Investors:

3one4 Capital, TrustBridge Partners, Interlock Partners

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Papaya Global pulls in $40M

Papaya Global, which provides a global workforce management and payroll platform, has secured a $40 million Series B led by Scale Venture Partners. Founded in 2016, the company has raised $95 million in financing to date.

Additional Investors:

Access Industries, Bessemer Venture Partners, Dynamic Loop Capital, Group 11, Insight Partners, New Era Ventures, Workday Ventures

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Lee Fixel's VC firm leads round in Indian news provider

Inshorts, the creator of an Indian news aggregation app, has raised $35 million in a round led by Lee Fixel's Addition, according to reports. Inshorts reportedly plans to use the fresh capital to scale its new location-based social network, Public, in India. Tiger Global, where Fixel was a former partner, and Rebright Partners are among the startup's other backers.

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Coralogix collects $25M in Series B funding

Coralogix, the developer of a platform that uses machine learning to help companies manage and analyze data logs, has picked up a $25 million round. The financing was co-led by new investors Red Dot Capital Partners and OG Tech Ventures. Based in San Francisco, Coralogix has raised more than $40 million in private funding to date.

Additional Investors:

Aleph VC, StageOne Ventures, Janvest Capital Partners, 2B Angels

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View 84 competitors »

Fundraising

Crosslink eyes $275M fund

Crosslink Capital has set a $275 million target for its ninth flagship fund, according to an SEC filing. The Bay Area-based VC firm has a portfolio that includes Postmates and Chime.

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View 267 investments »

Chart of the Day

"The amount of capital available within the industry, bolstered by strong fundraising in the first half of 2020, has provided abundant opportunities for late-stage companies to raise capital. Despite a troubled economy, late-stage valuation step-ups have remained at historically high levels, with the median step-up through Q2 coming in at 1.6x."

Source: PitchBook's Q2 2020 US VC Valuations Report