PitchBook News - DoorDash jump-starts IPO rush

Instacart preps $30B IPO in 2021; US extends deadline for TikTok divestiture; Airbnb considers LTSE dual listing; Inceptio drives off with $120M
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November 16, 2020
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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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Instacart, Bumble tap banks for 2021 IPOs
(Courtesy of Instacart)
The year-end IPO blitz may continue into 2021, with Instacart and Bumble gearing up for public debuts and reportedly picking banks to advise on their respective listings.

Instacart has selected Goldman Sachs to lead its IPO, which could value the grocery delivery company at $30 billion, according to a report from Reuters. The San Francisco-based company reportedly sped up its IPO plans after California voters decided to uphold a state law classifying gig economy workers as independent contractors; its listing could come early next year.

Last month, Instacart surged to a $17.7 billion valuation, becoming the most valuable venture-backed food delivery company in the US, according to PitchBook data. Instacart has raised $525 million since the outset of the pandemic, more than doubling its valuation since the end of 2018.

Blackstone-backed Bumble has tapped Goldman Sachs, Citigroup and Morgan Stanley to aid with its IPO, which may come in the first quarter of 2021, according to Bloomberg. The dating app is said to be eyeing a valuation of between $6 billion and $8 billion. Last year, Blackstone bought Bumble's parent company, MagicLab, at a $3 billion valuation.
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The answer is independent impact verification against industry standards and best practices, like the Operating Principles for Impact Management (OPIM) or the Sustainable Development Goals (SDGs). BlueMark, an independent verifier, is the industry leader in evaluating impact practices and impact reporting, providing institutional investors with greater trust in the "impact" label and allowing fund managers to more confidently market their "impact" products.

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Recommended Reads
A surprise hit product in 2020 serves as an example of how consumer goods giant Procter & Gamble has set out to reinvent itself in the midst of its 19th decade. [The Wall Street Journal]

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  
 
 
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2010 Vintage Global PE Funds with more than $1B
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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.
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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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View 2 investments »
 
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
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