PitchBook News - Robinhood aims for an IPO in 2021

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The Daily Pitch: VC

November 18, 2020

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

Today's Top Stories

Robinhood, Arrival aim to go public

Robinhood is looking to go public in early 2021, according to Bloomberg, possibly joining a wave of IPOs next year.

The online trading platform operator has asked banks to pitch roles for a potential offering, the report said. In September, the Menlo Park-based company added $460 million to its Series G, propelling its valuation to $11.7 billion. This year alone, Robinhood has raised some $1.3 billion—nearly half of its total fundraising haul, according to PitchBook data.

Robinhood's listing could join grocery delivery provider Instacart, enterprise software specialist UiPath, dating company Bumble, home mortgage provider Better.com and fashion retailer Mytheresa, which are all reportedly laying the groundwork for offerings of their own in 2021.

Another company reportedly aiming to go public is Arrival, a London-based maker of electric vans and buses. Arrival is in talks to merge with special-purpose acquisition company CIIG Merger Corp., according to Bloomberg. The deal is expected to value the new company at between $5 billion and $6 billion.

Last month, BlackRock injected $118 million into Arrival, reportedly valuing it at about €3 billion (around $3.6 billion). The carmaker has also received backing from investors including UPS, Hyundai and Kia.

Related read: What's electrifying the romance between SPACs and cleantech?

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PitchBook's Manager Style Framework: PE spotlight

(PM Images/Getty Images)

As part of our newly announced Private Manager Style Framework, we're diving into this new metric to evaluate private equity's investment approach. Our latest analyst note demonstrates how to apply this tool to assess PE managers; a future note will explore the VC space. Highlights include:

The Manager Style Score can be used to assess a manager's deal concentration in past investments by industry or geography

We use real-world examples to help visualize how well-known PE managers stack up against each other

While the scores are not rankings of quality or expected performance, they can be useful to compare managers' evolving investment styles

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.

read it now

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A message from BlueMark, a Tideline company

Impact verification is key to building trust and confidence in impact investing

As growth in impact investing accelerates, so too have concerns about impact-washing. Many fund managers are now using the "impact" label to position their organizations as socially and environmentally friendly and better compete for assets.

But how can investors be confident—and managers minimize their liability—that impact claims will translate to impact performance?

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.

Learn more about BlueMark and impact verification

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Shamrock scoops up part of Taylor Swift's catalog in $300M deal

A few months after releasing her latest album, Taylor Swift is battling with a private equity firm over her first six.
(Frazer Harrison/Getty Images)

Taylor Swift just can't seem to shake off private equity.

After a year of feuding with The Carlyle Group and music mogul Scooter Braun over the rights to her first six albums, another PE firm has stepped in and purchased them for around $300 million.

As a result, Swift is now plotting her own endgame:

Recommended Reads

Healthcare providers and governments have now had more than eight months to grapple with the realities of the pandemic. But the market for crucial N95 masks remains chaotic, cutthroat and unclear. [The New York Times]

In Hollywood, Blackstone is making a 500,000-square-foot bet on the idea that content is king. [The Wall Street Journal]

Wind and solar power are now cheaper than fossil fuels. For entrepreneurs like Michael Polsky, that means the fun is just getting started. [Forbes]

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Quick Takes


	The Daily Benchmark
	2009 Vintage Global Secondaries Funds
	People
	Emergence Capital announces promotions
	VC Deals
	Relativity Space targets $500M at $2.3B valuation
	PingCap picks up $270M Series D
	DataRobot pockets $270M ahead of IPO
	Klaviyo collects $200M Series C
	Lightspeed leads $130M round for Cato Networks
	Hover brings home $60M
	ActivTrak takes in $50M Series B
	Exits & IPOs
	Autodesk to acquire Spacemaker for $240M
	Fundraising
	Innovation Endeavors targets $325M fund

The Daily Benchmark

2009 Vintage Global Secondaries Funds

Median IRR

11.70%

Top Quartile IRR Hurdle Rate

16.08%

1.52x

Median TVPI

Select top performers

RCP Secondary Opportunity Fund

Verdane Capital VII

The Aurora Fund

*IRR: net of fees

12 Funds in Benchmark »

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People

Emergence Capital announces promotions

Bay Area-based venture firm Emergence Capital has promoted Jake Saper to general partner and Carlotta Siniscalco to principal. Saper has worked at the firm since 2014 and is a board member at business software startup Guru, while Siniscalco joined Emergence in 2018 and is on the board of vendor security company Whistic.

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VC Deals

Relativity Space targets $500M at $2.3B valuation

Relativity Space, a maker of 3D-printed rockets, is raising a $500 million round led by Tiger Global, according to CNBC. The funding would reportedly value the company at $2.3 billion, more than five times the $430 million valuation it received last year, according to PitchBook data.

Select Additional Investors:

Fidelity Management & Research, Y Combinator, Social Capital, Jared Leto, Mark Cuban

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PingCap picks up $270M Series D

PingCap has raised $270 million in Series D funding led by GGV Capital, Access Technology Ventures, Anatole Investment, Jeneration Capital and 5Y Capital. Based in San Mateo, Calif., the startup is the creator of TiDB, an open-source hybrid transactional and analytical database that helps companies handle large quantities of data. PingCap's tech is used by fintech specialists Square and PayPay, video-sharing company Dailymotion, and others.

Additional Investors:

FutureX Capital, Coatue, Bertelsmann Asia Investments, Matrix Partners China, Yunqi Partners, Kunlun Capital, TrustBridge Partners

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DataRobot pockets $270M ahead of IPO

DataRobot has raised $270 million led by Altimeter Capital in advance of its planned IPO. Investors including NEA, Silver Lake and Tiger Global also participated in the financing, which more than doubles DataRobot's valuation to over $2.7 billion, up from $1.3 billion last year, according to PitchBook data. The Boston-based company's platform is used by businesses to build AI-powered machine learning models.

Additional Investors:

T. Rowe Price, BlackRock, B Capital Group, Sapphire Ventures, Glynn Capital, ClearBridge

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Klaviyo collects $200M Series C

Klaviyo has raised $200 million in a round led by Accel, with participation from existing backer Summit Partners. The deal values Klaviyo at $4.15 billion, according to TechCrunch. The Boston-based company is a developer of customer data and marketing software that integrates with ecommerce platforms including Shopify and Stripe. Klaviyo has now raised $358.5 million in total private funding since it was founded in 2012. Accel partner Ping Li will join the company's board.

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Lightspeed leads $130M round for Cato Networks

Cato Networks, the developer of a cloud-based enterprise security platform, has raised $130 million in a round that values the company at more than $1 billion. Lightspeed led the funding, with participation from investors including Coatue, Greylock Partners and Singtel Innov8. Based out of Tel Aviv, Cato Networks raised $77 million in April.

Additional Investors:

Aspect Ventures, Acrew Capital

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Hover brings home $60M

Hover has secured a $60 million Series D co-led by insurance carriers Travelers, State Farm Ventures and Nationwide. Founded in 2011, the San Francisco-based company is the developer of 3D data platform that helps homeowners, insurance professionals and contractors manage home projects. In April 2019, Hover raised $25 million at a $280 million valuation, according to PitchBook data.

Additional Investors:

Menlo Ventures, Guidewire Software, GV, Standard Industries, Alsop Louie Partners

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ActivTrak takes in $50M Series B

ActivTrak has raised $50 million in a round led by Sapphire Ventures, with participation from Elsewhere Partners. The Austin-based company is the developer of a productivity analytics platform designed to monitor employee performance. ActivTrak was valued at $39 million in March 2019, according to PitchBook data.

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Exits & IPOs

Autodesk to acquire Spacemaker for $240M

Publicly traded software specialist Autodesk has agreed to acquire Spacemaker for $240 million. Based in Oslo, Spacemaker develops AI-supported software for architecture and urban design. The company raised a $25 million Series A last year led by Atomico and Northzone.

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Fundraising

Innovation Endeavors targets $325M fund

Palo Alto-based Innovation Endeavors has set a $325 million goal for its fourth venture fund, according to an SEC filing. The firm invests in sectors including cybersecurity, enterprise software and life sciences, with a portfolio that includes lending and personal finance platform SoFi and car-sharing startup Getaround.

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View 141 investments »