PitchBook News - a16z raises record-breaking VC funds

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The Daily Pitch: VC

November 23, 2020

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Today's Top Stories

US VC fundraising hits record $69B+ in 2020 after a16z closes two mega-funds

(Richard Drury/Getty Images)

Andreessen Horowitz has helped the US VC industry set a new annual fundraising record—$69.1 billion year-to-date—after the firm closed two funds at a combined $4.5 billion.

Mega-funds of $1 billion or more are making up a growing share of the VC landscape, highlighting a disparity between established investors and those raising capital for the first time:

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Quick Takes


	The Daily Benchmark
	2008 Vintage Global Real Assets Funds
	People
	OneWeb appoints post-bankruptcy leader
	VC Deals
	Autonomous trucking startup hauls in $350M
	Chainalysis set to become blockchain unicorn
	Credit Key locks in $33M+
	Observable launches with $10.5M Series A
	Exits & IPOs
	FireEye acquires Respond Software
	Fundraising
	Sound Ventures eyes $150M fund

The Daily Benchmark

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People

OneWeb appoints post-bankruptcy leader

OneWeb has brought on Neil Masterson, formerly the COO of Thomson Reuters, as its new CEO to lead the satellite communications startup out of bankruptcy. As part of its emergence from bankruptcy, the London-based company has received a new $1 billion equity investment from the UK government and Bharti Global. OneWeb had raised well over $3 billion in backing from investors including Qualcomm, SoftBank and Virgin before filing for Chapter 11 bankruptcy protection in March.

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VC Deals

Autonomous trucking startup hauls in $350M

TuSimple has raised around $350 million in a Series E that's expected to close sometime this month, with VectoIQ leading the round, according to Forbes. The company is a San Diego-based developer of autonomous driving technology for freight trucks that raised a reported $120 million in a September 2019 venture round. Truck builders Navistar and Traton, which agreed to merger terms last month, will both reportedly invest in the new round.

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Chainalysis set to become blockchain unicorn

Chainalysis, a provider of blockchain investigation and compliance services for banks, governments and other institutions, is on the verge of closing a $100 million round that will value the New York-based software startup at $1 billion, according to Forbes. Addition will reportedly lead the round, with existing backers Accel, Benchmark and Ribbit Capital also participating.

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Credit Key locks in $33M+

Credit Key has raised $33.85 million from investors including Greycroft, Bonfire Ventures and Loeb.NYC, according to TechCrunch. The Los Angeles-based company is the developer of a fintech platform intended to offer credit and B2B payment options to ecommerce merchants.

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Observable launches with $10.5M Series A

Observable has raised $10.5 million in a round co-led by Sequoia and Acrew Capital. The San Francisco-based company is the developer of a data visualization platform that has been used by more than 4.7 million people.

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Exits & IPOs

FireEye acquires Respond Software

FireEye has acquired Respond Software, a cybersecurity company that offers software for monitoring operations. Backed by investors including CRV and Foundation Capital, the Bay Area startup was valued at $75 million in April 2019, according to PitchBook data. In a separate deal, FireEye secured a $400 million investment led by Blackstone Tactical Opportunities.

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Fundraising

Sound Ventures eyes $150M fund

Sound Ventures, a Los Angeles-based firm specializing in tech investments, has set a target of $150 million for its third namesake fund. Co-founded by Ashton Kutcher and Guy Oseary in 2015, the firm has backed cybersecurity startup SentinelOne and Acorns, the creator of an app that allows users to invest spare change into a portfolio.

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Chart of the Day

"While North America has continued to garner the majority of capital raised and close on the most funds in 2020, it is interesting to note that the continent represents about the same share of global capital raised as it does fund count. This indicates that mega-funds are not just a North American phenomenon."

Source: PitchBook's Q3 2020 Private Fund Strategies Report