PitchBook News - Top valuation step-ups of 2020

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The Daily Pitch: VC

November 25, 2020

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

Today's Top Stories

Top valuation step-ups of 2020 dominated by fintech, lockdown-friendly names

(oatawa/Getty Images)

Almost 69% of US deal value in 2020 has come from late-stage deals, according to PitchBook data. That recent investor enthusiasm for more mature businesses has resulted in mega-deals and large valuation increases across a variety of sectors.

We took a look at 20 companies, including Robinhood, Stripe and Instacart, that have had the largest valuation step-ups since the beginning of the year:

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Since yesterday, the PitchBook Platform added:

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People

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Quick Takes


	The Daily Benchmark
	2012 Vintage Global Funds-of-Funds
	VC Deals
	Hippo raises $350M from Japanese insurer
	Current banks $131M Series C
	Well Health brings home $45M
	Portfolio Companies
	Stripe sets sights on $100B valuation
	Exits & IPOs
	Jay-Z joins cannabis SPAC deal
	Metromile to go public via SPAC merger
	Luxury retailer Mytheresa files for US IPO
	Fundraising
	Day One Ventures raises $52.5M fund

The Daily Benchmark

2012 Vintage Global Funds-of-Funds

Median IRR

12.64%

Top Quartile IRR Hurdle Rate

16.49%

1.51x

Median TVPI

Select top performers

SVB Strategic Investors Fund V-A Opportunity

Greenspring Global Partners V

Franklin Park Venture Fund Series 2012

*IRR: net of fees

38 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

PitchBook Webinar: A closer look at DACH private market activity in 2020

Join us Dec. 2 for a webinar on 2020 private market activity in the DACH region. During the discussion, PitchBook analysts will explore:

The main drivers behind an uptick in PE deal activity

How exits and fundraising have performed during the pandemic

What has driven VC investment to new heights across the region

Register to secure your spot

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VC Deals

Hippo raises $350M from Japanese insurer

Palo Alto-based home insurance startup Hippo has taken in $350 million from Mitsui Sumitomo Insurance Company to support its US expansion plans. Japan-based Mitsui Sumitomo is a subsidiary of MS&AD, whose corporate venture arm invested in a $150 million Series E in July that valued Hippo at $1.5 billion. Along with the new investment, the two companies will sign a reinsurance treaty that transfers some of Hippo's risk to Mitsui Sumitomo. Hippo has received prior backing from investors including Zeev Ventures, RPM Ventures and Horizons Ventures.

View details

View 26 competitors »

Current banks $131M Series C

Tiger Global has led a $131 million round for Current, a challenger bank offering services such as direct deposits, cash back and free overdraft options. Founded in 2015, the New York-based company's platform is used by over 2 million members. Current has raised more than $180 million in total private funding and is now valued at $750 million.

Additional Investors:

Foundation Capital, QED Investors, Wellington Management, Sapphire Ventures, Avenir

View round

View 12 competitors »

Well Health brings home $45M

Well Health, the developer of a patient communication platform, has raised a $45 million Series C led by Lead Edge Capital. Founded in 2015, the Santa Barbara, Calif.-based company was valued at $39.3 million in 2018, according to PitchBook data.

Additional Investors:

Martin Ventures, Jackson Square Ventures, Health Velocity Capital, Summation Health Ventures, Structure Capital, Freestyle Capital

View round

View similar company »

Portfolio Companies

Stripe sets sights on $100B valuation

Payments giant Stripe is in discussions to raise new capital that could value the company at more than $70 billion and potentially up to $100 billion, according to Bloomberg. Stripe has an estimated valuation of $36 billion, already making it one of the most valuable private companies in the US, according to PitchBook data. Earlier this year, it pocketed an additional $600 million for its Series G.

View details

View 88 competitors »

Exits & IPOs

Jay-Z joins cannabis SPAC deal

Rapper Jay-Z will serve as chief visionary officer of TPCO Holding, a new organization that will be formed after blank-check company Subversive Capital acquires cannabis companies Caliva and Left Coast Ventures. The deal includes a $36.5 million private placement from investors including Fireman Capital Partners and Tuatara Capital, as well as artists Rihanna, Yo Gotti and Meek Mill. Caliva and Left Coast Ventures anticipate $185 million in combined pro forma revenue this year.

View details

View 19 investments »

Metromile to go public via SPAC merger

Metromile has struck a deal to combine with blank-check company Insu Acquisition Corp. II. The agreement values the combined company at around $956 million and includes a $160 million PIPE investment led by Social Capital. Metromile runs an auto insurance platform and was valued at $540 million in 2018, according to PitchBook data.

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View 4 competitors »

Luxury retailer Mytheresa files for US IPO

Online luxury retailer Mytheresa has filed confidentially for a US IPO. The company could reportedly seek a valuation of between $1 billion and $1.5 billion. Based in Germany, Mytheresa sells clothes from brands including Gucci, Dolce & Gabbana and Prada.

View details

View 28 competitors »

Fundraising

Day One Ventures raises $52.5M fund

San Francisco-based Day One Ventures has brought in $52.5 million for its second fund, according to a regulatory filing. The VC firm's portfolio includes fintech startups Atom Finance and Truebill, as well as social media company YOLO. Day One takes its name from a mantra coined by Amazon CEO Jeff Bezos that encourages the company to approach every day with a startup mentality.

View details

View 59 investments »

Chart of the Day

"The plethora of software deals has also elevated overall PE deal multiples, which now sit near all-time highs, higher since dealmakers often pay up for quickly growing businesses. For additional context, most deals that appear in our multiples dataset were likely negotiated in 2019. As software becomes a greater focus within PE, we expect more generalists to enter the fray and for multiples to remain aloft."

Source: PitchBook's Q3 2020 US PE Breakdown