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The Daily Pitch: VC

February 1, 2021

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

Today's Top Stories

Analyzing a record year for information security, fallout from the SolarWinds hack

Information security venture funding set a record in 2020, with $9.9 billion invested in the sector—a 16% increase in deal value year-over-year, despite a decline in deal count. Largely insulated from the pandemic, the market grew steadily last year and is projected to reach nearly $207 billion by 2024.

Our Q4 installment of Emerging Tech Research on infosec includes a deep dive into the implications of the SolarWinds cyberattack. The report also tracks major industry trends, covering developments in DevOps, fraud prevention and more. Key takeaways include:

Late-stage VC deals outnumbered both early-stage and angel & seed activity for the first time since 2010

VC exit value topped $18 billion despite a slowdown in exits year-over-year, including no IPOs in Q4

Application security, although a newer category of infosec, is essential to long-term cyber defense

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Roblox debut on NYSE will have to wait

Roblox, led by CEO David Baszucki, recently saw its valuation skyrocket to $29.5 billion. (Ian Tuttle/Getty Images)

Already this year, a host of companies have announced planned IPOs or mergers with blank-check vehicles. But Roblox's planned direct listing has been put on ice for a while longer.

The gaming platform developer's direct listing has been delayed once again. This time, the SEC is investigating how the company recognizes revenue, according to a Reuters report. The postponement marks yet another setback for Roblox and its much-anticipated public debut.

Recommended Reads

Olfactory researchers like Danielle Reed have always felt like humans overlook their sense of smell. Until COVID-19 arrived, and it started to disappear. [The New York Times]

As a gift for his bar mitzvah in 2002, Jeff Feldman received the gift of a few shares of GameStop stock. Until last week, he'd been holding them ever since. [BNet]

You could do a lot with $1 trillion. Could you cure the world of disease? [The Guardian]

Since yesterday, the PitchBook Platform added:

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VC valuations

279

People

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Funds

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Quick Takes


	The Daily Benchmark
	2009 Vintage US PE Funds
	VC Deals
	Sequoia leads $20M round in Physna
	Verusen picks up $8M
	Exits & IPOs
	Coinbase opts for direct listing
	Jessica Alba's Honest Co. gears up for IPO
	MoneyLion weighs public listing through SPAC

The Daily Benchmark

2009 Vintage US PE Funds

Median IRR

16.40%

Top Quartile IRR Hurdle Rate

23.07%

1.82x

Median TVPI

Select top performers

SK Capital Partners II

Sentinel Capital Partners IV

Odyssey Investment Partners Fund IV

*IRR: net of fees

42 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

PitchBook Webinar: How did US VC fare through 2020?

Though faced with early challenges, the US venture industry has proved robust through the end of the year, as activity finished strong from a high-level perspective. 2020 set new records in total deal value, exit value and capital raised by VC funds.

Join PitchBook and NVCA on Feb. 3 for a panel discussion on VC through Q4 2020 and how the market environment is shaping up for 2021. Featuring industry experts from Velocity Global, Silicon Valley Bank, NVCA and PitchBook, the webinar will cover top trends highlighted in the Q4 2020 PitchBook-NVCA Venture Monitor, including the latest in fundraising, deal flow and exit activity.

Register today

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VC Deals

Sequoia leads $20M round in Physna

Physna, the developer of a 3D design platform, has raised $20 million in a Series B led by Sequoia, with participation from Drive Capital. The company was valued at $27.9 million in 2019, according to PitchBook data. Sequoia partner Shaun Maguire will join the company's board.

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Verusen picks up $8M

Verusen has raised an $8 million Series A co-led by Forte Ventures and Flyover Capital. The Atlanta-based company is the developer of a supply chain intelligence platform designed to track inventory and offer data analytics.

Additional Investors:

BMW I Ventures, Engage VC, Glasswing Ventures, Kubera Venture Capital, Zetta Venture Partners

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Exits & IPOs

Coinbase opts for direct listing

Cryptocurrency exchange operator Coinbase has announced plans to pursue a direct listing. In December, the company filed confidentially with the SEC for an IPO. Backed by investors including Andreessen Horowitz, Tiger Global and Greylock Partners, Coinbase was valued at over $8 billion in 2018, according to PitchBook data.

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Jessica Alba's Honest Co. gears up for IPO

The Honest Company, the baby and personal care products company co-founded by actress Jessica Alba, has privately filed with the SEC for an IPO, Bloomberg reported. The company may seek a value of some $2 billion in the offering, the report said. Backed by investors such as L Catterton, General Catalyst and IVP, Honest had reportedly sought a sale for $1 billion last year.

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MoneyLion weighs public listing through SPAC

MoneyLion, which offers a mobile financial platform, has considered going public through a merger with a blank-check company, Bloomberg reported. The potential deal could reportedly value the combined company at more than $2 billion. MoneyLion has raised funding from investors such as Capital One Ventures, Edison Partners and Greenspring Associates. It was valued at $675 million last March, according to PitchBook data.

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