DoorDash ups IPO valuation hopes to $37B

Read online | Don't want to receive these emails? Manage your subscription.

PitchBook

Log in

The Daily Pitch: VC

December 7, 2020

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

Today's Top Stories

Why Blackstone and other private equity giants are gobbling up warehouses

Blackstone has been purchasing warehouses for the past decade, and it's shown no signs of slowing. (Scott Olsen/Getty Images)

Private equity gets lots of attention for gobbling up assets of all types, from fast-food chains to red-hot tech companies. Less fanfare perhaps has followed the industry's growing hunger for, of all things, warehouses and other industrial real estate.

With ecommerce sales booming, private equity firms have been on something of a buying binge, snatching up tens of millions of square feet of warehouse space.

Here's why Blackstone and others are leading the charge:

Recommended Reads

The future of London finance could be at stake as negotiators go down to the wire in figuring out the specifics of the UK's long-awaited Brexit. [The Wall Street Journal]

Two of the biggest trends in finance this year have been the rise of SPACs and a new focus on gender diversity. Unfortunately, there's little overlap between the two. [Bloomberg]

In the subterranean darkness beneath a forest floor, the roots of trees are in constant communication. What are they sharing with each other? [The New York Times]

Since yesterday, the PitchBook Platform added:

96

People

22

Companies

See what our data software can do

Quick Takes


	The Daily Benchmark
	2009 Vintage Global Secondaries Funds
	VC Deals
	Fintech startup Moov banks $27M
	Nuburu lands $20M for blue laser tech
	Construction tech startup lands $20M
	Exits & IPOs
	Lending platform Upstart sets IPO terms
	VSCO snaps up AI-powered editing app
	Lidar developer Innoviz in talks to merge with SPAC

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 »

Check out the latest version of PitchBook Benchmarks

VC Deals

Fintech startup Moov banks $27M

Moov, the creator of an embeddable banking platform, has raised a $27 million Series A led by Andreessen Horowitz. DoorDash's Gokul Rajaram and other existing investors also participated in the round. In August, the fintech company raised $5.5 million in seed funding led by Bain Capital Ventures.

Select Additional Investors:

Abstract Ventures, Canapi Ventures, Gradient Ventures, Uncorrelated Ventures

View round

View similar company »

Nuburu lands $20M for blue laser tech

Nuburu, a developer of blue laser technology used to cut and weld metals, has picked up $20 million in Series B funding. VC firm Anzu Partners and Allstate CEO Thomas Wilson co-led the round, bringing the company's total funding to almost $50 million. Wilson, along with Ron Nicol, former managing director of Boston Consulting Group, will join the startup's board.

View round

View 7 competitors »

Construction tech startup lands $20M

Construction tech startup Versatile has pulled in $20 million for a Series A round led by Insight Partners and Entree Capital. Existing investors Robert Bosch Venture Capital, Root Ventures and Conductive Ventures also participated. The Los Altos, Calif.-based company's technology includes hardware that can mount to a crane and scan and collect data across a construction site.

View round

View similar company »

Exits & IPOs

Lending platform Upstart sets IPO terms

Upstart, the provider of a consumer lending platform, plans to offer 9 million shares at $20 to $22 apiece in its upcoming IPO. Certain stockholders in the San Mateo, Calif.-based company plan to sell an additional 3.02 million shares. At the midpoint of the expected range, the company would have an initial market cap of $1.5 billion at the time of the offering.

View details

View 61 competitors »

VSCO snaps up AI-powered editing app

Photo and video editing app creator VSCO has purchased New York-based Trash. The startup had received prior backing from investors including Next 10 Ventures, Precursor Ventures and AET Fund. Trash's app uses AI to analyze the best shots of multiple video clips and weave them together into a single video.

View details

View similar company »

Lidar developer Innoviz in talks to merge with SPAC

Israeli lidar and sensor maker Innoviz Technologies is in talks to merge with special-purpose acquisition company Collective Growth Corp., Bloomberg reported. The SPAC is looking to raise up to $350 million to support a deal that would value the combined entity at around $1 billion. Innoviz is currently backed by investors including China Merchants Capital, Samsung Catalyst and New Alliance Capital.

View details

View similar company »

Chart of the Day

"Early-stage VC valuations and deal sizes across the lower, middle, and upper quartiles are pacing higher through Q3 2020 in comparison to 2019 figures. Robust valuation growth has been driven by soaring upper quartile deal sizes at the early stage in recent years. Top quartile early-stage VC deal sizes have been 10 times larger than the lower quartile through Q3 2020, as the early-stage startups showing the best potential have closed enormous rounds to boost valuations."

Source: PitchBook's Q3 2020 European VC Valuations Report