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The Daily Pitch: VC

November 17, 2020

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

Today's Top Stories

Introducing PitchBook's 'Manager Style Framework'

(Abstract Aerial Art/Getty Images)

Private markets have long lagged their public counterparts in their ability to apply systematic, quantitative metrics to evaluate a fund manager's investment approach. With the PitchBook Private Manager Style Framework, a new set of metrics will help investors evaluate how a general partner's check sizes and specializations across industries, geographies and strategies compare with the rest of the market, and learn how those practices have drifted from mandates over time.

Driven by our market-leading private market database, we apply a suite of quantitative systems aimed to help LPs and others investors:

Compare and contrast GP strategies

Ensure that a manager's actual investment practices are consistent with stated strategy

Understand broad levers GPs use to build funds

Understand how a GP strategy fits within an investor's private market allocation

PitchBook subscribers can expect to find our manager style framework applied to GP profiles within our platform in early 2021. We hope you find this tool useful in your practice and as always, email us with any comments or questions.

Recommended Reads

From electric aviation to spatial computing to quantum sensors, a look at the top 10 emerging technologies of 2020. [Scientific American]

Public transportation revenue has been hit hard in many major cities like New York. Even after the pandemic has subsided, will passengers return? [Financial Times]

At 5 months old, Chris Nikic underwent open-heart surgery. It took him years to learn how to tie his shoes. Now, at age 21, he is the first person with Down syndrome to complete the Ironman triathlon. [The New York Times]

Since yesterday, the PitchBook Platform added:

4

VC valuations

443

People

119

Companies

7

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2013 Vintage Global Venture Funds with less than $250M
	VC Deals
	Strava scores $110M
	SoftBank leads $100M round for MindTickle
	Investors pump $65M into AliveCor
	InterVenn Biosciences picks up $34M
	Exits & IPOs
	UiPath works with banks on 2021 IPO
	Bird weighs public debut via SPAC
	Tom Siebel's C3.ai files for IPO
	Reliance Retail picks up VC-backed Urban Ladder
	Fundraising
	Orbia Ventures makes first investment

The Daily Benchmark

2013 Vintage Global Venture Funds with less than $250M

Median IRR

13.09%

Top Quartile IRR Hurdle Rate

30.03%

1.4x

Median TVPI

Select top performers

Foresite Capital Fund I

Pear Ventures I

Seaya Ventures Fund I

*IRR: net of fees

24 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Strava scores $110M

TCV and Sequoia have co-led a $110 million round for Strava, the developer of a social platform for athletes. Dragoneer Investment Group, Madrone Capital, Jackson Square Ventures and Go4it Capital also participated in the funding. The San Francisco-based company was valued at $365 million in 2017, according to PitchBook data.

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View 18 competitors »

SoftBank leads $100M round for MindTickle

MindTickle, which offers a data-driven platform for sales teams, has raised a $100 million round led by SoftBank's Vision Fund 2. Norwest Venture Partners, Canaan, NewView Capital and Qualcomm Ventures also participated in the funding. The San Francisco-based company was valued at $275 million in July 2019, according to PitchBook data.

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View 121 competitors »

Investors pump $65M into AliveCor

AliveCor has raised a $65 million Series E co-led by Omron, Khosla Ventures, WP Global Partners, Qualcomm Ventures and Bold Capital Partners. The Mountain View, Calif.-based company is a developer of AI-based medical devices intended to help healthcare providers detect and manage heart conditions such as atrial fibrillation.

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View 4 competitors »

InterVenn Biosciences picks up $34M

InterVenn Biosciences has raised $34 million in a round led by Anzu Partners, with participation from Genoa Ventures, Amplify Partners, True Ventures and Xeraya Capital. The company operates a biomarker platform that targets treatments for ovarian, pancreatic, liver, prostate and kidney cancer.

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View 3 competitors »

Exits & IPOs

UiPath works with banks on 2021 IPO

Enterprise software company UiPath is being advised by JPMorgan Chase, Morgan Stanley, Bank of America and Credit Suisse on its planned IPO, according to Bloomberg. The offering is expected to take place next year and could reportedly value the company at more than $20 billion—roughly double what it was worth in July. UiPath's backers include Alkeon Capital Management, Coatue and CapitalG.

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View 86 competitors »

Bird weighs public debut via SPAC

Electric scooter-sharing startup Bird could go public through a deal with a special-purpose acquisition company, according to Bloomberg. Bird has reportedly been in talks with several SPACs, but doesn't intend to make a public debut this year. In January, the Santa Monica, Calif.-based startup was worth $2.85 billion after picking up $75 million in funding, according to PitchBook data.

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View 14 competitors »

Tom Siebel's C3.ai files for IPO

C3.ai, the enterprise software company founded by billionaire and former Oracle executive Tom Siebel, has filed for an IPO. The business was valued at $3.3 billion last year after raising $50 million from BlackRock, according to PitchBook data. It forged a partnership last month with Microsoft and Adobe on a new customer service product. Siebel and TPG Growth own the majority of C3.ai, according to an SEC filing.

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View 36 competitors »

Reliance Retail picks up VC-backed Urban Ladder

Reliance Retail Ventures, the retail arm of Indian conglomerate Reliance Industries, has purchased a 96% stake in online furniture and home decor company Urban Ladder for 1.82 billion rupees (about $24.5 million), with the option to acquire the remaining stake in the Bengaluru-based company. Urban Ladder has reportedly received prior backing from Sequoia, Kalaari Capital, Steadview Capital and others.

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View 39 competitors »

Fundraising

Orbia Ventures makes first investment

Mexico City-based Orbia (formerly Mexichem) has announced its first investment through Orbia Ventures, a corporate venture fund that targets startups developing tech related to sustainability, smart cities, energy storage, communications and more. For its first deal, the vehicle invested $3 million in SeeTree, an agtech startup building technology for tree farming. Orbia is a provider of specialty products and solutions for the building and infrastructure, precision agriculture, healthcare delivery and data communications sectors.

View details

View 1 investments »

Chart of the Day

"Having peaked in 2018, France & Benelux cross-border deal value has fallen, registering €53.7 billion through Q3 2020. Although this drop-off can be largely attributed to a bumper year for M&A in 2018, major cross-border deals have still been conducted. In 2020, France-based Asteelflash, one of the largest electronic manufacturing services companies in Europe, was acquired by China-based Universal Scientific Industrial (SHG: 601231) for €450.0 million."

Source: PitchBook's Q3 2020 European M&A Report