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The Daily Pitch: VC

December 8, 2020

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

Today's Top Stories

The pandemic is pausing years of progress for female founders in VC

In 2010, just 12.6% of all venture investments in the US went to startups with at least one female founder. By 2019, that figure had climbed to 23.8%. Over that same span, the annual number of exits for companies with female founders experienced a fivefold increase. For women in the VC industry, it has undeniably been a decade of progress.

But it is also undeniable that gender inequality is still a significant problem in the industry—and over the past nine months, that inequality has only been exacerbated by the coronavirus pandemic.

PitchBook's 2020 All In Report, sponsored by Microsoft for Startups and Beyond The Billion, demonstrates that disparity through a range of different metrics. But the report also offers reason to think this may just be a speed bump rather than cause for long-term concern:

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Airbnb, Wish to boost year-end IPO cash pile

Airbnb and Wish are seeking to add some $4 billion to what is expected to be a record-setting December for IPO funding in the US.

Vacation rental provider Airbnb upped the target range for its IPO to between $56 and $60 per share; the offering would raise nearly $3 billion at the midpoint price. Last week, the company was expecting a range of $44 to $50 per share for a total raise of around $2.4 billion. The new target would bump Airbnb's fully diluted market value to around $40.1 billion at a midpoint price of $58 per share.

Ecommerce company Wish has set terms for its IPO, which could raise up to $1.1 billion by selling 46 million shares at between $22 and $24 apiece. Wish would be worth more than $16 billion on a fully diluted basis at the midpoint price. It was valued at $11.2 billion last year.

This month is expected to be the highest-grossing December on record for IPOs in the US, surpassing the $8.3 billion record reached in December 2003, Bloomberg reported.

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A message from Velocity Global

How venture maximizes ROI and slows cash burn rate during global expansion

International expansion is a valuable growth strategy for portfolio companies, and it's never been more accessible. Traditional global expansion methods are complicated, time-consuming, costly and counterproductive to what VC investors need—maximum ROI. Quickly build teams overseas, gain market share and shorten time to ROI with a new global hiring method that helps investors and their portfolio companies.

Read Velocity Global's new guide, Maximize Your ROI: A Guide to Your Portfolio Companies' International Success, for crucial insights on how to:

Slow the cash burn rate and extend runway during global expansion
Protect valuable intellectual property
Secure top talent anywhere in the world

This guide offers advice for high-growth companies that need a fast, flexible, risk-averse and cost-effective global expansion strategy.

Download the guide

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On the podcast: How grocery chains are embracing ecommerce amid COVID-19

This week on "In Visible Capital," we host an extended conversation with Publicis Groupe chief commerce strategy officer Jason Goldberg about the history of grocery shopping in the US and how COVID-19 has fueled massive shifts in the landscape. Joining host Lee Gibbs and producer Jen Germain, Goldberg covers topics including:

How established grocery chains are refining their ecommerce operations to meet shoppers where they are

What percentage of our calories were acquired at restaurants and grocery stores prior to the pandemic—and how that has changed

Grocery companies' goals of parlaying pandemic-era growth into longer-term expansion

Subscribe to "In Visible Capital" wherever you listen to podcasts, and look for new episodes every Tuesday:

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Recommended Reads

As more details emerge about the recent death of Tony Hsieh, the demise of the popular and influential entrepreneur keeps getting sadder. [The Wall Street Journal]

Sequoia feared that 2020 could be catastrophic. Instead, the Silicon Valley icon is in the midst of one of its best years ever. [Bloomberg]

Ken Layne was once an influential writer on the cutting edge of new media. For his new, desert-infused venture, he's keeping things decidedly old-school. [The Guardian]

Since yesterday, the PitchBook Platform added:

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VC valuations

1507

People

409

Companies

19

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2011 Vintage Global PE Funds between $250M-$500M
	VC Deals
	Fetch Rewards snags $80M
	Accel, EQT back French insurance startup
	Tecton lands $35M
	Centivo picks up $34M
	Portfolio Companies
	Aurora to purchase Uber's self-driving unit
	Exits & IPOs
	C3.ai increases expectations for NYSE listing
	Cisco inks pair of software acquisitions
	Coursera weighs 2021 IPO
	SoFi sets sights on going public via SPAC merger

The Daily Benchmark

2011 Vintage Global PE Funds between $250M-$500M

Median IRR

18.00%

Top Quartile IRR Hurdle Rate

27.74%

1.65x

Median TVPI

Select top performers

Shamrock Capital Growth Fund III

Monomoy Capital Partners II

Carousel Capital Partners IV

*IRR: net of fees

24 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

PitchBook Capital Perspectives

Join us on Dec. 10 at 8 a.m. PST/11 a.m. EST for the PitchBook Capital Perspectives conference, where we'll be covering the state of the private markets in the context of COVID-19, the 2020 election and how to adapt to a digital workflow.

The PitchBook Capital Perspectives conference combines the latest market data, institutional research and expert analysis from industry professionals for a virtual event unlike any other.

For the conference, you'll automatically get limited access to PitchBook, and be able to explore detailed data on companies, investors, transactions and more on your own.

Already a client? You'll get early access to a new, highly anticipated feature called Workspaces.

Register now

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VC Deals

Fetch Rewards snags $80M

Fetch Rewards has raised an $80 million Series C led by Iconiq Growth, with participation from DST Global, Greycroft and E.ventures. The Madison, Wis.-based company is the developer of a consumer-loyalty and retail-rewards app. Fetch has now raised more than $115 million in total private funding.

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Accel, EQT back French insurance startup

Luko, a provider of home, electric vehicle and loan insurance, has raised €50 million (around $60.6 million) in a Series B led by EQT Ventures. Existing investors Accel, Speedinvest, Orange Ventures and Founders Fund also participated in the financing. Paris-based Luko secured a €20 million Series A last year.

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Tecton lands $35M

Andreessen Horowitz and Sequoia have co-led a $35 million Series B for Tecton. The San Francisco-based company offers machine learning infrastructure intended to help data scientists deploy models and automate business processes.

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Centivo picks up $34M

Centivo has raised a $34 million Series B led by B Capital Group, with participation from Define Ventures, Bain Capital Ventures and others. The company provides an insurance platform to help self-funded employers offer health plans and manage employee medical expenses. Centivo was valued at $68.6 million in 2018, according to PitchBook data.

Select Additional Investors:

F-Prime Capital, HarbourVest Partners, Ingleside Investors, Maverick Ventures, Rand Capital

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View 5 competitors »

Portfolio Companies

Aurora to purchase Uber's self-driving unit

Aurora, a developer of tech for autonomous vehicles, has agreed to purchase Uber's self-driving unit, Advanced Technologies Group. As part of the deal, Uber will invest $400 million in Aurora and hold a 26% stake, with CEO Dara Khosrowshahi joining the Palo Alto-based company's board. Backed by investors that include Amazon, Sequoia and Lightspeed, Aurora will be valued at $10 billion with the deal, Bloomberg reported.

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Exits & IPOs

C3.ai increases expectations for NYSE listing

C3.ai has set a new expected price range of $36 to $38 per share for its upcoming IPO on the NYSE, up from an initial $31 to $34 range unveiled last week. Led by former Oracle executive Tom Siebel, the enterprise software unicorn still plans to offer 15.5 million shares, with a midpoint pricing now set to raise $573.5 million. Siebel owns a 37.7% pre-IPO stake in the California-based company, and TPG Growth holds another 22.1%.

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View 31 competitors »

Cisco inks pair of software acquisitions

Cisco has agreed to acquire Slido, the Slovakian company behind a tech platform used to interact with audiences during live video meetings and events. Slido raised previous funding from BridgeStart Ventures. In a separate deal, Cisco has agreed to pay about $730 million for IMImobile, a publicly traded company based in London that develops software to help manage customer interactions.

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View 263 investments »

Coursera weighs 2021 IPO

Online education startup Coursera is considering a 2021 IPO that could garner a valuation of about $5 billion, according to Bloomberg. The Bay Area-based company is reportedly speaking to IPO underwriters, but a final decision on a public offering hasn't been made. In July, Coursera was valued at $2.57 billion after landing a $130 million Series F, according to PitchBook data.

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SoFi sets sights on going public via SPAC merger

Financial services provider SoFi has held talks with several special-purpose acquisition companies in a bid to go public, according to Reuters. The San Francisco-based business reached a valuation of $5.8 billion earlier this year, according to a PitchBook estimate. Among its investors are SoftBank, Silver Lake and IVP. In October, SoFi received conditional approval to establish a national bank.

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View 55 competitors »