PitchBook News - DoorDash jump-starts IPO rush

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The Daily Pitch: VC

November 16, 2020

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

Today's Top Stories

DoorDash jump-starts year-end IPO rush

In the third quarter of 2020 alone, DoorDash delivered 236 million total orders to consumers. (rblfmr/Shutterstock.com)

Food delivery juggernaut DoorDash has filed to go public, kicking off what is shaping up to be a busy holiday season for VC-backed tech debuts.

Airbnb's S-1 is eagerly anticipated, and listings are reportedly coming soon from gaming company Roblox, fintech startup Affirm and ecommerce platform operator Wish.

In its filing, DoorDash reported $1.9 billion in revenue this year through Sept. 30—more than triple what it generated in the same period last year. It also recorded a $23 million profit in the second quarter:

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A pandemic-driven transition to telehealth is working just fine for patients. What about for doctors? [Harvard Business Review]

Mining precious metals in outer space is, for now, still the stuff of sci-fi. But new research reveals a surprising potential tactic for making it a reality. [The New York Times]

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Quick Takes


	The Daily Benchmark
	2010 Vintage Global PE Funds with more than $1B
	VC Deals
	Inceptio drives off with $120M
	Curbio brings home $25M
	Portfolio Companies
	TikTok gets more time to reach deal
	Exits & IPOs
	Airbnb considers Long-Term Stock Exchange listing
	Fundraising
	Better Tomorrow Ventures picks up $75M for inaugural fund

The Daily Benchmark

2010 Vintage Global PE Funds with more than $1B

Median IRR

8.11%

Top Quartile IRR Hurdle Rate

13.50%

1.52x

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Lone Star Fund VII

Insight Venture Partners VII

TA XI

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VC Deals

Inceptio drives off with $120M

Inceptio Technology has raised $120 million in a round led by Contemporary Amperex Technology. The company, which has offices in Shanghai and Silicon Valley, is a developer of self-driving trucks for the Chinese autonomous vehicle market. In April, Inceptio raised $100 million.

Additional Investors:

G7, GLP, Nio Capital

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Curbio brings home $25M

Curbio has raised $25 million in a round led by Comcast Ventures, with participation from Camber Creek, Brick & Mortar Ventures and Second Century Ventures, among others. The Maryland-based company is the developer of a home renovation platform for real estate agents.

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View 4 competitors »

Portfolio Companies

TikTok gets more time to reach deal

TikTok has gained 15 days to resolve national security concerns or be forced to sell the viral video-sharing app's US assets, according to reports. ByteDance, TikTok's Chinese owner, reportedly said in a court filing that the Committee on Foreign Investment in the US had given it until Nov. 27 to finalize a deal. The previous deadline was Nov. 12.

View details

View 16 competitors »

Exits & IPOs

Airbnb considers Long-Term Stock Exchange listing

In addition to its upcoming IPO on the Nasdaq, Airbnb could pursue a dual listing on the Long-Term Stock Exchange sometime next year, according to Bloomberg. The LTSE was founded by Eric Ries, author of "The Lean Startup," as a way to encourage companies to create long-term value. The exchange opened in September and has yet to host an IPO.

View details

View 19 competitors »

Fundraising

Better Tomorrow Ventures picks up $75M for inaugural fund

Better Tomorrow Ventures has launched its first fund with $75 million. The capital will be used to lead seed and pre-seed investments in fintech startups. The firm was started by NerdWallet co-founder Jake Gibson and Sheel Mohnot, who has led fintech investments for 500 Startups.

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Chart of the Day

"Although COVID-19 may have caused competition to heat up between US-based and Europe-based startups as new niches emerge, the pandemic has not hindered transatlantic investment from US investors into Europe-based startups. VC deal value with US investor participation has reached €16.1 billion through Q3 2020, putting the year on pace to set a record. US investors have long been attracted to Europe-based startups carrying lower valuations than their US counterparts, as they have the potential to enter and scale in the lucrative US market."

Source: PitchBook's Q3 2020 European Venture Report