PitchBook News - Top valuation step-ups of 2020

Stripe eyes epic ambitions; Jay-Z’s pot deal; Metromile to go public; crowdfunding at a crossroads
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The Daily Pitch: VC
November 25, 2020
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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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What's next for equity crowdfunding?
(Westend61/Getty Images)
The SEC has highlighted an emerging avenue to fundraising with the recent expansion of equity crowdfunding, which had shown only tepid adoption in the US since the first federal regulations were enacted in 2016.

By increasing the cap on fundraising from just over $1 million to $5 million, the updated rules may help entice more companies to embrace crowdfunding campaigns when raising cash.

The ultimate impact of the new limit may not be seen immediately, PitchBook analysts report, but with crowdfunding records already being broken during the pandemic, the interest is there to bring this once-fringe option into the mainstream:
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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  
 
 
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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

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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
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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.
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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.
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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
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