Bitcoin bull run drives a blockchain revival

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The Daily Pitch: VC

February 8, 2021

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Today's Top Stories

Bitcoin bull market fuels blockchain startup deal boom

(AUDINDesign/Getty Images)

When bitcoin rallied in late 2017, it captured the public imagination by pushing the cryptocurrency's price to then-unprecedented highs. What followed was the most prolific year on record for investment in blockchain and cryptocurrency startups.

Now, with bitcoin trading at more than $30,000, investors are hopeful that history could repeat itself.

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Credit Suisse has pulled back from Wall Street in the past decade. But now, led by a pioneer in the space, the bank is cashing in on the SPAC bonanza. [The Wall Street Journal]

Robert Brockman has been accused of conducting the largest tax-evasion scheme in American history. It's far from the first time the software billionaire has encountered controversy. [Forbes]

A leaked trove of smartphone location data is allowing experts to track individuals who stormed the US Capitol on Jan. 6. It's also raising new questions about just how much our apps know about us. [The New York Times]

Since yesterday, the PitchBook Platform added:

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VC valuations

299

People

105

Companies

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Quick Takes


	The Daily Benchmark
	2011 Vintage Global Venture Funds with more than $250M
	VC Deals
	Class books $30M+
	Coterie collects new funding
	Exits & IPOs
	Bolt Biotherapeutics raises $230M in IPO
	Fundraising
	Brazilian firm secures $130M fund with SoftBank backing
	Corporate M&A
	Newmark to buy Knotel out of Chapter 11

The Daily Benchmark

2011 Vintage Global Venture Funds with more than $250M

Median IRR

18.25%

Top Quartile IRR Hurdle Rate

21.18%

2.16x

Median TVPI

Select top performers

Menlo Ventures XI

General Catalyst Group VI

Khosla Ventures IV

*IRR: net of fees

12 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Class books $30M+

Class has raised a $30.75 million Series A co-led by Insight Partners and Owl Ventures. The Washington, DC-based company is a developer of online learning software designed to help teachers prepare assignments, conduct tests and manage students.

Select Additional Investors:

Reach Capital, Catalysis Capital Partners, Slow Ventures

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Coterie collects new funding

Coterie has secured $11.5 million in a Series A1 round led by Intact Ventures, with participation from investors including Alpha Edison, RPM Ventures and Allos Ventures. Based in Ohio, the company provides an insurtech platform for small businesses.

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Exits & IPOs

Bolt Biotherapeutics raises $230M in IPO

Bolt Biotherapeutics, a developer of drugs that treat cancer, took in $230 million after selling 11.5 million shares at $20 each in its initial public offering on the Nasdaq. Bolt's most advanced treatment targets multiple cancers that express the HER2 protein. The Redwood City, Calif.-based company's leading outside shareholders include Novo Holdings, which owns 12.2% of Bolt's shares following the offering, Vivo Capital (10.5%) and Sofinnova Venture Partners (6.9%).

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Fundraising

Brazilian firm secures $130M fund with SoftBank backing

Sao Paulo-based Igah Ventures has taken in $130 million for a fund that will invest in Brazilian startups, with SoftBank among the vehicle's investors, Bloomberg reported. The VC firm has backed facial recognition company Acesso Digital and Conexa Saude, a healthtech provider. Igah was formed last year through the combination of E.bricks Ventures and Joa Investimentos.

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Corporate M&A

Newmark to buy Knotel out of Chapter 11

Real estate tech company Knotel has filed for Chapter 11 bankruptcy protection and will be acquired by Newmark. The New York-based startup was valued at $1.6 billion in 2019, according to PitchBook data. In addition to Newmark, Knotel's backers have included Wafra, Norwest Venture Partners and The Sapir Organization. Newmark plans to pay $70 million to acquire the company's assets, Bloomberg Law reported.

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