5 charts from VC's expectation-defying year

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The Daily Pitch: VC

December 21, 2020

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

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The year in charts: VC defies 2020 expectations

(Micheile Henderson/Unsplash)

At the outset of the pandemic, many thought it would spell bad news for the venture capital industry, including Sequoia, whose now-infamous missive warned of a "Black Swan."

But 2020 has been a year that has largely defied many expectations for the industry, setting decade highs from investing to fundraising to IPOs.

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Since yesterday, the PitchBook Platform added:

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People

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Funds

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Quick Takes


	The Daily Benchmark
	2005 Vintage Global Buyout Funds
	VC Deals
	Zomato secures $660M at $3.9B valuation
	Brazilian lending startup banks $255M
	Very Good Security locks in $60M
	PostHog picks up $12M Series A
	Avenue 8 lands $4M
	Exits & IPOs
	Software specialist UiPath files for IPO
	Poshmark shows 2020 revenue growth, profits in IPO filing

The Daily Benchmark

2005 Vintage Global Buyout Funds

Median IRR

8.20%

Top Quartile IRR Hurdle Rate

12.88%

1.45x

Median TVPI

Select top performers

Axcel III

Advent Global Private Equity V

Marlin Equity Partners

*IRR: net of fees

80 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Zomato secures $660M at $3.9B valuation

Indian food delivery company Zomato has raised $660 million at a $3.9 billion valuation. Investors in the round included Tiger Global, Kora, Luxor, Fidelity, D1 Capital, Baillie Gifford, Mirae and Steadview. CEO Deepinder Goyal tweeted that Zomato's gross merchandise volume, or the value of all sales on the platform, was on pace to exceed a pre-pandemic peak for December.

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Brazilian lending startup banks $255M

Creditas has raised $255 million at a $1.75 billion valuation in a new funding round, according to reports. London-based private equity investor LGT Lightstone led the round, with participation from Tarsadia Capital, Wellington Management, E.Ventures and others. Sao Paulo-based Creditas reportedly plans to use the funds to grow internationally, with a focus on its recently launched subsidiary in Mexico.

Additional Investors:

Sunley House Capital Management, Amadeus Capital Partners, SoftBank Group, Kaszek Ventures, VEF

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Very Good Security locks in $60M

Very Good Security has raised a $60 million Series C led by Vertex Ventures US, with participation from Andreessen Horowitz and Goldman Sachs. The company offers a data security platform.

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PostHog picks up $12M Series A

PostHog has raised $12 million in a round led by GV, with participation from Y Combinator. The company develops open-source product analytics software designed to understand user behavior. PostHog was valued at $16 million in April, according to PitchBook data.

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Avenue 8 lands $4M

Avenue 8, the developer of a residential real estate brokerage platform, has raised $4 million from investors including Craft Ventures, Zigg Capital and Good Friends. The San Francisco-based company plans to use the funding in part to expand operations in New York and other markets.

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Exits & IPOs

Software specialist UiPath files for IPO

UiPath, a developer of robotic process automation software, has filed confidentially with the SEC for an IPO. The New York-based company was valued at over $10.2 billion in July after raising a $225 million Series E, according to PitchBook data. It has raised over $1.2 billion in prior funding from investors including Sequoia, Accel and CapitalG.

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Poshmark shows 2020 revenue growth, profits in IPO filing

Online fashion resale marketplace Poshmark has filed for an IPO, revealing revenue growth and profits this year. The company posted revenue of $192.8 million, up 28% year-over-year, and a $20.9 million profit for the nine months ended Sept. 30. In late 2017, Poshmark was worth $625 million, according to PitchBook data. It counts Mayfield (26.5% pre-IPO stake), Menlo Ventures (15.8%), Inventus Capital (10.4%) and GGV Capital (7.9%) among its top shareholders.

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Chart of the Day

"[W]e have been surprised by the vigor in which mega-funds have come to market through 2020, despite the pandemic. We have seen numerous massive funds launch, and signs now point to an active finish to the year for mega-fund closes. For example, CD&R has already collected $12 billion of the $13 billion target for its latest fund offering, and New Mountain's sixth flagship offering has collected $6 billion of its $8 billion target."

Source: PitchBook's Q3 2020 US PE Breakdown