PitchBook News - Exits boom in a resilient Q3 for VC

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The Daily Pitch: VC

October 13, 2020

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

Today's Top Stories

Despite pandemic uncertainty, VC deal value is ticking up in 2020

On the whole, venture dealmaking in the US remained surprisingly steady during the first six months of the coronavirus crisis: In both the second quarter and the third quarter of 2020, VC deal value was higher than in any quarter from 2019.

But the pandemic has still been reshaping the venture landscape in many ways, both big and small.

The Q3 2020 PitchBook-NVCA Venture Monitor, sponsored by Silicon Valley Bank and Certent, deploys all our latest data to paint a picture of how the VC scene has shifted during the spring and summer. The report examines a boom in interest for the life sciences sector, fundraising challenges for founders from underrepresented backgrounds, and a number of other key trends, including:

Public listings from Snowflake, Palantir, Asana and more helped drive VC exit value to its second-highest quarter ever

VCs have raised $56.6 billion for new funds through Q3, already topping 2019's full-year total

Significant long-term changes in consumer and business behavior could lay the groundwork for future unicorns

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How data lags create shifting trends in VC

In our research reports, PitchBook analysts have often noted that trends in venture capital and private equity may shift as the data lags behind reality—a persistent challenge when it comes to offering timely analysis on the often-opaque private markets.

In addition to all the latest data and analysis, this quarter's Venture Monitor includes a key addition centered on mitigating that challenge: estimates of VC deal and exit counts. Our companion analyst note to the report details the methodology behind this significant development:

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Roblox files confidentially to go public

Gaming company Roblox has confidentially filed with the SEC for a public offering, teeing up another major exit for the sector after its competitor Unity Software raised a $1.3 billion IPO in September.

The offering could value Roblox at $8 billion and come in the form of a traditional IPO or direct listing, Reuters reported earlier this month. The company was valued at $4 billion in February with a $150 million Series G led by Andreessen Horowitz, according to PitchBook data. Roblox has also received backing from investors including Greylock Partners, Tiger Global and Meritech Capital Partners.

San Mateo, Calif.-based Roblox's monthly user base grew by 38% to 164 million from January through July, according to RTrack, a website that monitors Roblox data. Its platform, which allows developers to create their own games, is popular with children and has gained a following with teachers who use educational games for remote classes, according to Bloomberg.

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Recommended Reads

In his earlier sci-fi novels, Cory Doctorow took a lighter look at the potentials of hacking and panopticons. But now, in his work—just like in the real world—the topics are taking on new shades of gray. [Wired]

For students around the US who want to learn remotely but are lacking the proper tools to do so, the digital divide starts with a laptop shortage. [The New York Times]

Many see Silicon Valley as a bastion of liberalism. Recently, though, the politics of America's tech capital are being seen in a different light. [The Washington Post]

Since yesterday, the PitchBook Platform added:

13

VC valuations

1214

People

381

Companies

16

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2015 Vintage Global Venture Funds with less than $250M
	VC Deals
	Flash Express banks $200M
	Razorpay raises $100M, becomes Indian fintech unicorn
	Snapdocs brings home $60M
	Germany's N26 eyes funding at $3.5B valuation
	Exits & IPOs
	Twilio to buy Segment in $3.2B all-stock deal
	Investors
	SoftBank preparing to launch SPAC

The Daily Benchmark

2015 Vintage Global Venture Funds with less than $250M

Median IRR

15.00%

Top Quartile IRR Hurdle Rate

20.88%

1.36x

Median TVPI

Select top performers

Forbion Capital Fund III

Vertical Venture Partners Fund I

360 Square

*IRR: net of fees

34 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Flash Express banks $200M

Thai delivery startup Flash Express has raised a $200 million Series D round led by PTT Oil and Retail Business Public, Durbell and the VC arm of Krungsri. Flash Express has 5,000 service branches across Thailand and delivers over one million packages a day.

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Razorpay raises $100M, becomes Indian fintech unicorn

Razorpay has secured a $100 million Series D co-led by Singaporean sovereign wealth fund GIC and Sequoia at a valuation of over $1 billion. The Bengaluru-based company develops an online payment platform intended to help businesses manage bank transfers, invoices and digital transactions. Existing investors Ribbit Capital, Tiger Global, Y Combinator and Matrix Partners also participated in the funding.

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View 43 competitors »

Snapdocs brings home $60M

Snapdocs has raised a $60 million Seriec C led by YC Continuity, with participation from investors including Sequoia, F-Prime Capital and Founders Fund. The San Francisco-based company offers a platform to simplify mortgage loan closings; it was valued at $200 million in October 2019, according to PitchBook data.

View round

View 13 competitors »

Germany's N26 eyes funding at $3.5B valuation

N26 is planning to raise new capital in 2021 that could value the company at more than $3.5 billion, according to Bloomberg. Backed by investors including Greyhound Capital, Battery Ventures and Insight Partners, the Berlin-based company is the developer of a mobile banking app and has more than 5 million global customers.

View round

View 43 competitors »

Exits & IPOs

Twilio to buy Segment in $3.2B all-stock deal

Cloud communications company Twilio has agreed to buy customer data startup Segment for $3.2 billion in stock. San Francisco-based Segment was valued at $1.5 billion in April 2019, according to PitchBook data. It has received prior backing from GV, Y Combinator, Accel, Thrive Capital and others. Twilio's stock, which has now tripled in value this year, closed Monday up nearly 8%, giving the company a market cap of over $47 billion.

View details

View 77 competitors »

Investors

SoftBank preparing to launch SPAC

SoftBank's Vision Fund is reportedly setting up a special-purpose acquisition company. The fund's head, Rajeev Misra, said he was preparing the investment vehicle at the 2020 Milken Institute Global Conference, and expects to reveal more details in the next couple weeks, according to reports. The Vision Fund's investment advisers will operate the SPAC with money from outside investors and SoftBank's Vision Fund 2, according to CNBC.

View details

View 134 investments »

Chart of the Day

Source: PitchBook's Q3 2020 US PE Breakdown

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Monday, October 12, 2020

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2020's SPAC-tacular keeps getting crazier

Sunday, October 11, 2020

The SPAC train keeps on rolling, which joins Instacart's new funding, Morgan Stanley mega-deals and a quartet of new unicorns in our recap of the week Read online | Don't want to receive these

Female founders lose ground amid COVID-19

Thursday, October 8, 2020

Ohanian's new fund backs YouTube star; Space meets SPACs in $1.2B deal; VCs exit AllyO in Carlyle-backed deal; Shogun secures $35M for Series B Read online | Don't want to receive these emails?

Social Capital's SPAC spree continues

Wednesday, October 7, 2020

Insect farming startup secures $224M; Unqork, Tipalti both valued at $2B by VCs; Root Insurance files to go public; Faraday Future eyes SPAC merger Read online | Don't want to receive these emails?

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Tuesday, October 6, 2020

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PitchBook News - Exits boom in a resilient Q3 for VC

Older messages

IPO awaits for Chinese ridehailing startup

2020's SPAC-tacular keeps getting crazier

Female founders lose ground amid COVID-19

Social Capital's SPAC spree continues

What's driving sustainable investing?

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