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The Daily Pitch: VC

February 12, 2021

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Today's Top Stories

Why some edtech investors could finally be set for a post-pandemic payday

(seksan Mongkhonkhamsao/Getty Images)

For years, many venture capitalists were skeptical about betting on education technology startups, in large part because of a dearth of exit opportunities. Now, that's beginning to change.

When schools around the world shut their doors amid the COVID-19 pandemic, demand for digital education surged and investment in the sector took off at an unprecedented clip.

Edtech startups collected $13.3 billion in global venture funding in 2020, surpassing the previous record set in 2018 by nearly 50%.

As more capital and talent go toward edtech startups, it will pave the way for more acquisitions and IPOs, according to Ian Chiu, managing director at edtech-focused firm Owl Ventures.

Recommended Reads

In Berlin, a 29-story skyscraper made entirely of wood could turn into a new model for inclusive urban architecture. [Bloomberg]

Fast fashion has revolutionized the clothing industry over the past two decades. Now, a new crop of companies that make fashion even faster is trying to accomplish the same thing. [The Atlantic]

Examining how Twitter and Clubhouse have adopted two very different approaches to building a social network. [OneZero]

Since yesterday, the PitchBook Platform added:

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VC valuations

1554

People

522

Companies

22

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2007 Vintage Global Real Assets Funds
	VC Deals
	BharatPe banks $108M
	Cancer treatment startup collects $80M
	Pipeline Therapeutics closes $80M Series C
	Modern Health becomes unicorn with $74M round
	Human Interest locks down additional $55M in Series C funding
	Francisco Partners injects $150M in Zocdoc
	Exits & IPOs
	Pet sitting company Rover fetches SPAC deal
	Fundraising
	LightShed Ventures lands $75M for first fund
	Nationwide bolsters venture arm's war chest

The Daily Benchmark

2007 Vintage Global Real Assets Funds

Median IRR

4.30%

Top Quartile IRR Hurdle Rate

11.25%

1.15x

Median TVPI

Select top performers

Energy Spectrum Partners V

EnCap Energy Capital Fund VII

NGP Midstream and Resources

*IRR: net of fees

28 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

BharatPe banks $108M

Indian fintech startup BharatPe has raised a $108 million Series D at a $900 million valuation. Existing backer Coatue Management led the round, with participation from Ribbit Capital, Insight Partners and others. The company's platform lets merchants take out loans and accept payments from any payment app without charge. Founded in 2018, BharatPe was valued at $225 million with a $50 million round in 2019.

Additional Investors:

Steadview Capital Management, Beenext, Amplo, Sequoia India

View round

View 18 competitors »

Cancer treatment startup collects $80M

Cyteir Therapeutics has secured an $80 million Series C led by RA Capital Management, with support from Janus Henderson Investors, Ally Bridge Group, Acuta Capital Partners and Avidity Partners. Based in the Boston area, the company is a clinical-stage developer of synthetic lethal therapies designed to target cancerous tumor cells while sparing normal cells. Cyteir plans to use the funding in part to advance its lead compound into Phase II trials.

Additional Investors:

Novo Holdings, Venrock, Lightstone Ventures, Osage University Partners, Ample Plus Fund, Droia Ventures, CaaS Capital Management

View round

View 25 competitors »

Pipeline Therapeutics closes $80M Series C

Pipeline Therapeutics has raised $80 million from investors including Perceptive Advisors, Casdin Capital, Samsara BioCapital and Red Tree Venture Capital. The San Diego-based company is developing regenerative therapies intended to treat neurological disorders.

Select Additional Investors:

Franklin Templeton, Sectoral Asset Management, Suvretta Capital Management

View round

View similar company »

Modern Health becomes unicorn with $74M round

Founders Fund has led a $74 million Series D for Modern Health, the developer of a mental health platform intended to help companies such as Zendesk and Udemy manage employees' health needs. The funding values the San Francisco-based company at $1.17 billion. Modern Health was valued at $750 million in December, according to a PitchBook estimate.

View round

View 10 competitors »

Human Interest locks down additional $55M in Series C funding

Human Interest has raised an additional $55 million for its Series C, bringing the round's total to $105 million. The new funding was led by Glynn Capital, with participation from NewView Capital. The San Francisco-based company is a 401(k) provider to small and medium-sized businesses. Human Interest, which also offers investment advisory services, was valued at $34 million with a $15.4 million round in 2019, according to PitchBook data.

View round

View 10 competitors »

Francisco Partners injects $150M in Zocdoc

Francisco Partners has made a $150 million growth financing deal with Zocdoc, the provider of an online marketplace that allows patients to find doctors and schedule appointments. Based in New York, Zocdoc raised $130 million in a 2015 round led by Baillie Gifford and Atomico, with Founders Fund also participating.

View round

View 19 competitors »

Exits & IPOs

Pet sitting company Rover fetches SPAC deal

Rover has agreed to combine with Nebula Caravel Acquisition Corp., a blank-check company, in a deal that values the Seattle-based pet care provider at $1.35 billion and is expected to provide it with $325 million in cash. Rover's business, which connects pet owners with walkers and sitters, has been badly hit by stay-at-home orders during the pandemic: Year-over-year revenue fell by nearly half in 2020 to $48 million, and the company reportedly laid off around 40% of its staff last spring. Rover was valued at $925 million in 2018, according to PitchBook data, and has been backed by Madrona Venture Group, Menlo Ventures and T. Rowe Price.

View details

View 5 competitors »

Fundraising

LightShed Ventures lands $75M for first fund

LightShed Ventures has secured $75 million for its first early-stage vehicle. The fund has already doled out investments in startups such as Podchaser, Slipstream and Antenna Analytics. Founded in 2019 by former BTIG analysts Richard Greenfield, Walter Piecyk and Brandon Ross, along with former Waverly Capital investor Jamie Roberts Seltzer, LightShed invests in companies in the technology, media and telecom sector.

View fund

View 2 investments »

Nationwide bolsters venture arm's war chest

Nationwide has expanded its corporate venture capital fund's investment capacity to $350 million, up from the $100 million it had established previously. The Ohio-based insurance and financial services company formed its venture arm in 2015 to invest in insurtech and fintech startups in areas including home solutions, telematics, fleet management and digital infrastructure.

View details

View 20 investments »

Chart of the Day

Source: Q4 2020 PitchBook-NVCA Venture Monitor

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