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Bitcoin bull run drives a blockchain revival

Thrasio races to $750M fundraising; The digital future of foodtech; Edtech startup Class lands $30M+; Bolt Biotherapeutics raises $230M in IPO
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The Daily Pitch: VC
February 8, 2021
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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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Lab-grown chicken, ghost kitchens and the digital future of foodtech
The pandemic fundamentally changed how consumers source their food, from online grocery shopping to ghost kitchens.

Demand for alternative proteins has also driven more capital into lab-grown meat startups, which raised over $383 million last year. The regulatory approval of Just Eat's cultivated chicken nuggets is a breakthrough moment, according to our Q4 Emerging Technology Research report on foodtech. Other takeaways include:
  • Foodtech companies raised $4 billion in Q4, ending the year with a collective $18.1 billion in venture capital

  • Funding for cultivated agriculture companies is expected to rapidly accelerate in 2021, after reaching a record $1.6 billion last year

  • The surge in online grocery shopping has fueled investment in tech and support infrastructure that will feed additional adoption
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A message from Twin Brook Capital Partners
The value of experience: Past & present
Twin Brook Capital Partners
When the pandemic hit, many private equity firms and lenders alike quickly turned their attention to existing portfolios, and risk-off sentiment suddenly made completing deals significantly more difficult—but not impossible.

Therese Icuss and Kim Trick, co-heads of underwriting at Twin Brook Capital Partners, discuss their experience through past credit cycles and working with clients to navigate challenges and execute on opportunities during a year unlike any other and beyond in Mergers & Acquisitions.
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Thrasio gets $750M for its Amazon third-party seller gambit
Thrasio is on a fundraising tear.

  • The acquirer of Amazon third-party direct-to-consumer brands announced in early January it topped the $1 billion mark in fundraising since it was founded in 2018.

  • Now Thrasio has added on to that Series C, securing an additional $750 million in venture capital from return investors like Advent International and Oaktree Capital Management.

  • The company buys and takes over operations of brands that typically have $1 million to $3 million in annual revenue, mainly through sales on Amazon's platform. In 2020, Thrasio logged a profit of over $100 million on sales of more than $500 million.

  • Thrasio didn't disclose its valuation but Bloomberg reported in January the $500 million Series C debt financing valued the Massachusetts-based company at $3 billion.
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Recommended Reads
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]
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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
View round
View similar company »
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%).
View details
 
View similar company »
 
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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View 5 investments »
 
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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View 18 competitors »
 
Chart of the Day
Source: PitchBook's All In Report: Female Founders and CEOs in the US VC Ecosystem
Who's in the newsletter today?
Investors
Advent International
Allos Ventures
Alpha Edison
Catalysis Capital Partners
E.bricks Ventures
Igah Ventures
Insight Partners
Intact Ventures
Joa Investimentos
Norwest Venture Partners
Novo Holdings
Oaktree Capital Management
Owl Ventures
RPM Ventures
Reach Capital
Slow Ventures
Sofinnova Venture Partners
SoftBank
The Sapir Organization
Vivo Capital
Wafra
Companies
Acesso Digital
Amazon
Bolt Biotherapeutics
Class
Conexa Saude
Coterie
Knotel
Newmark
Thrasio
 
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