PitchBook News - Affirm's IPO valuation could top $10B

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

PitchBook

Log in

The Daily Pitch: VC

January 6, 2021

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

Today's Top Stories

Affirm eyes $10B+ valuation in IPO

Affirm plans to raise up to $934.8 million in its IPO, offering 24.6 million shares at $33 to $38 apiece. At the midpoint of that range, the fintech company would be worth $10.8 billion on a fully diluted basis. It was valued at $2.9 billion in 2019, according to PitchBook data.

The IPO would be the first major tech debut of the year, following a jam-packed December that saw public offerings from Airbnb, DoorDash and C3.ai. San Francisco-based Affirm is targeting Jan. 13 for its first trading day, Bloomberg reported.

Affirm, which offers a "buy now, pay later" service for online retailers, nearly doubled its annual revenue to $510 million for the fiscal year ended June 30. Home exercise-bike maker Peloton is the company's largest merchant, accounting for 30% of revenue during the third quarter.

Affirm had plans to go public last month but reportedly postponed them due to delays at the Securities and Exchange Commission. It will list on the Nasdaq under the symbol AFRM.

Related read: Silicon Valley's banner year on Wall Street reshapes IPO landscape

Share:

Brexit agreement may mean more deals—and more red tape—for private equity

Prime Minister Boris Johnson and European Commission president Ursula von der Leyen at a meeting in early December.
(Aaron Chown/Getty Images)

After months of uncertainty, investors breathed a sigh of relief when the UK and the EU reached a trade deal in late December, just ahead of the Brexit deadline.

But the agreement still leaves many questions unanswered when it comes to financial services, including fundraising rules and the overall impact on European private equity.

Recommended Reads

Frequent-flyer miles and credit-card points began as novelties for the aviation industry. These days, they might be just as important to an airline's business as actual airplanes. [The New York Times]

The novel "American Dirt" was supposed to be Macmillan's publishing triumph of the year. Instead, it turned into a horror story. [Vulture]

Superstar psychologists have asserted for decades that the idea of the "hot hand" in sports is "a massive and widespread cognitive illusion." A very different kind of superstar might be proving them wrong. [Bloomberg]

Since yesterday, the PitchBook Platform added:

33

VC valuations

1447

People

402

Companies

31

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2013 Vintage Global Real Estate Funds
	VC Deals
	Rivian eyes new capital at $25B valuation
	Divvy secures $165M at $1.6B valuation
	Cloud security startup snags $145M
	Ikena Oncology banks $120M for cancer treatment
	SimpleNexus brings home $108M
	Terns collects $87M
	Iconovir Bio picks up $77M
	Exits & IPOs
	Oatly readies $1B IPO for 2021
	Mondelez buys paleo bar-maker Hu
	Niantic picks up social gaming platform
	Indian cosmetics company eyes $3B debut

The Daily Benchmark

2013 Vintage Global Real Estate Funds

Median IRR

12.03%

Top Quartile IRR Hurdle Rate

16.46%

1.45x

Median TVPI

Select top performers

KTR Industrial Fund III

LaSalle Asia Opportunity Fund IV

DivcoWest Fund IV

*IRR: net of fees

59 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Rivian eyes new capital at $25B valuation

Rivian is nearing new funding that will value the electric truck company at some $25 billion, Bloomberg reported. Several existing investors are reportedly contributing billions of dollars to the funding round. Rivian's backers include Amazon, Ford and BlackRock. Last July, the company raised $2.5 billion in a round led by T. Rowe Price.

View round

View 22 competitors »

Divvy secures $165M at $1.6B valuation

Expense management specialist Divvy has raised $165 million in Series D funding from investors including PayPal Ventures, Hanaco and Whale Rock Capital Management. The round values the Utah-based company at $1.6 billion, double the $800 million valuation it received in 2019, according to PitchBook data. Divvy's monthly user sign-ups have grown 500% since March 2020, and it counts weight loss tech startup Noom and the Utah Jazz among its clients.

Additional Investors:

Acrew Capital, Insight Partners, NEA, Pelion Venture Partners, Schonfeld Strategic Advisors

View round

View 76 competitors »

Cloud security startup snags $145M

Cybersecurity company Iboss has raised a $145 million round led by NightDragon and Francisco Partners. The Boston-based startup provides network security services through the cloud, which has seen tailwinds from a rise in remote work during the pandemic, Iboss CEO Paul Martini said in a statement. The startup's tech is used by more than 4,000 organizations throughout the globe.

View round

View 103 competitors »

Ikena Oncology banks $120M for cancer treatment

Ikena Oncology has raised a $120 million Series B led by Omega Funds, with participation from Surveyor Capital, Invus, Farallon Capital Management and BVF Partners. The Boston-based company is a clinical-stage developer of biomarker-based cancer therapies. Ikena raised a $49 million Series A in 2017, according to PitchBook data.

Additional Investors:

Cowen Healthcare Investments, Atlas Venture, Fidelity Management & Research, Logos Capital, HealthCor Management, OrbiMed, Bristol-Myers Squibb

View round

View 37 competitors »

SimpleNexus brings home $108M

SimpleNexus has raised a $108 million Series B led by Insight Partners. Founded in 2011, the Utah-based company is the developer of a home ownership platform designed to connect mortgage loan officers, borrowers, real estate agents and settlement agents. SimpleNexus raised a $20 million round from Insight Partners in 2018.

View round

View 13 competitors »

Terns collects $87M

Terns Pharmaceuticals has raised $87 million in a Series C led by Deerfield Management, with participation from investors including OrbiMed, Lilly Asia Ventures and Samsara Capital. The California-based biotech startup, which is developing treatments for chronic liver diseases, raised an $80 million round in 2018.

Additional Investors:

Suvretta Capital Management, Vivo Capital, Eli Lilly

View round

View 45 competitors »

Iconovir Bio picks up $77M

Nextech and Vida Ventures have co-led a $77 million Series A for Iconovir Bio, a cancer therapy developer. Two River Group, Bellco Capital, Polaris Partners, GV, Wellington Partners and Logos Capital also participated in the funding.

Exits & IPOs

Oatly readies $1B IPO for 2021

Oatly has hired investment banks to begin preparing for an IPO sometime this year that will aim to raise $1 billion, CNBC reported. The Swedish manufacturer of oat milk and other products was valued at a reported $2 billion last July when it raised $200 million from an investor group led by Blackstone, with Oprah Winfrey, Howard Schultz and Natalie Portman among the round's other backers.

View details

View 10 competitors »

Mondelez buys paleo bar-maker Hu

Mondelez has acquired Hu, a snack company known for making vegan and paleo-friendly chocolate bars. In 2019, Mondelez bought a minority stake in the company through its innovation and venture hub, SnackFutures. Other backers include Sonoma Brands and Trian founding partner Nelson Peltz. The deal values Hu at roughly $340 million, according to a Wall Street Journal report.

View details

View 17 competitors »

Niantic picks up social gaming platform

Pokemon Go creator Niantic has acquired Mayhem, the developer of a social gaming platform. The Mayhem platform will shut down in February. The company has received prior backing from investors including Accel, Y Combinator and Afore Capital.

View details

View 12 competitors »

Indian cosmetics company eyes $3B debut

Online cosmetics startup Nykaa E-Retail has begun working on an IPO for sometime this year that could value the Indian company at more than $3 billion, Bloomberg reported. The company sells a wide array of cosmetics and other beauty products from hundreds of different brands. TPG Capital has owned a stake in Nykaa since 2019.

View details

View 7 competitors »