PitchBook News - SoftBank eyes $525M for first SPAC

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

PitchBook

Log in

The Daily Pitch: VC

December 22, 2020

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

Today's Top Stories

High-profile public debuts push DevOps IPO value past $58B in 2020

Through Q3, IPOs in the DevOps space generated $58.4 billion, a 28% increase over 2019's full-year value—with three months still to go. While exit activity has been subdued in terms of deal count, IPOs for tech companies including Snowflake and Unity have driven up the aggregate value.

The pandemic has put a spotlight on the pressure to digitize, creating both opportunities and obstacles for different companies, depending on their level of digital sophistication, according to our Q3 Emerging Tech Research report on Cloudtech and DevOps. Other takeaways include:

Venture investments in Q3 reached $2.2 billion, bringing the year's total to $5.6 billion, on pace to surpass 2019's figure

Late-stage deal activity is on pace to set a record, reflecting the broader VC trend of increased focus on more mature startups

Communication and collaboration startups have raised $1 billion through Q3 amid the shift to remote work

read the preview

Share:

SoftBank targets $525M for first SPAC

SoftBank has joined the 2020 SPAC wave, with plans to raise $525 million through an IPO of its first blank-check company, according to an SEC filing. The SPAC, dubbed SVF Investment Corp., will be overseen by SoftBank Investment Advisers, which manages the firm's Vision Funds. SoftBank is also looking to create at least two more SPACs, Axios reported.

The new SPAC will target a tech-related company, with a potential focus on sectors such as robotics, AI or computational biology. SoftBank is also setting its sights on a company it hasn't already invested in, Bloomberg and Axios reported.

SoftBank is the latest high-profile investor to join the growing list of SPAC sponsors this year. Venture capital firms like FirstMark Capital, Ribbit Capital and Lux Capital have all backed SPACs in recent months, along with a host of private equity firms.

Share:

10 standout European deals that shaped 2020

Takeaway.com's acquisition of Just Eat created Europe's largest food delivery company. (Courtesy of Just Eat Takeaway.com)

It didn't take long to realize that this wasn't going to be a normal year on the M&A dealmaking front, but the past 12 months have been nothing if not surprising.

When it comes to deals worth at least $5 billion, 2020 has been characterized by a quiet summer bookended by busy months. These 10 European buyouts and acquisitions stand out from the crowd.

Recommended Reads

Following the journey of $100 as it moves through an unpredictable, rollercoaster of a year on the US stock market. [Financial Times]

With all of his foreign assignments canceled, one Swedish photographer refocused on his homeland and all the beauty it has to offer. [The New York Times]

The coronavirus is reshaping the way families view nursing homes. Will that shift continue once the pandemic is over? [The Wall Street Journal]

Since yesterday, the PitchBook Platform added:

14

VC valuations

1272

People

407

Companies

31

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2011 Vintage Global Buyout Funds
	VC Deals
	OneTrust hits $5.1B valuation
	Supply chain startup Project44 lands $100M
	Bolt brings in $75M
	Israel's Trigo collects $60M Series B
	Exits & IPOs
	Health insurance startup Oscar files for IPO
	Fundraising
	Snoop Dogg's Casa Verde rounds up $100M+ for new fund

The Daily Benchmark

2011 Vintage Global Buyout Funds

Median IRR

14.47%

Top Quartile IRR Hurdle Rate

23.03%

1.62x

Median TVPI

Select top performers

Shamrock Capital Growth Fund III

Monomoy Capital Partners II

Cope Opportunities 2

*IRR: net of fees

72 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

OneTrust hits $5.1B valuation

Cybersecurity company OneTrust has raised a $300 million Series C at a $5.1 billion valuation. TCV led the round, and existing investors Insight Partners and Coatue participated. With headquarters in both Atlanta and London, OneTrust was valued at $2.7 billion in February, according to a PitchBook estimate. More than half of Fortune 500 companies use OneTrust's software, which helps businesses comply with privacy and security regulations.

View round

View 36 competitors »

Supply chain startup Project44 lands $100M

Project44 has raised a $100 million Series D led by Insight Partners. The Chicago-based company is the operator of a supply chain platform designed to help shippers and logistics companies manage deliveries. In June 2019, Project44 raised $20 million at a $280 million valuation, according to PitchBook data.

Additional Investors:

8VC, Emergence Capital Partners, Omidyar Technology Ventures, Sapphire Ventures, Sozo Ventures, Underscore VC

View round

View 13 competitors »

Bolt brings in $75M

Bolt has raised $75 million in a Series C1 co-led by WestCap and General Atlantic. The San Francisco-based company is the developer of a fast, secure checkout platform for online shoppers and retailers. The funding comes roughly five months after Bolt was valued at $500 million, according to PitchBook data.

View round

View 24 competitors »

Israel's Trigo collects $60M Series B

Trigo has raised $60 million in a round led by 83North, with participation from Red Dot Capital, Tesco and others. The Tel Aviv-based company is a developer of checkout software intended to help shoppers pay for items without having to wait in line at store checkouts.

Additional Investors:

Vertex Ventures Israel, Hetz Ventures, Morrag Investments

View round

View 24 competitors »

Exits & IPOs

Health insurance startup Oscar files for IPO

Oscar has filed confidentially with the SEC for an IPO. Earlier this month, the New York-based health insurance specialist raised $140 million in a round led by Tiger Global. Its other backers include Founders Fund, General Catalyst and Khosla Ventures. Oscar was valued at $3.2 billion in 2018, according to a PitchBook estimate.

View details

View 18 competitors »

Fundraising

Snoop Dogg's Casa Verde rounds up $100M+ for new fund

Casa Verde Capital, the VC firm co-founded by Snoop Dogg, has raised over $100 million for its second fund, according to SEC filings. That's more than double the firm's previous fund, which closed on $45 million in 2018. Casa Verde invests in the cannabis sector and has backed companies including online marijuana marketplace Dutchie and Bespoke Financial, which provides short-term loans for cannabis companies.

View fund

View 18 investments »