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The Daily Pitch: VC

February 22, 2021

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

Today's Top Stories

Avid Ventures and LPs bet on new strategy with firm's $68M debut fund

Addie Lerner, founder and managing partner of Avid Ventures
(Avid Ventures)

Addie Lerner, a former principal at General Catalyst, has launched the first fund for her venture capital firm, Avid Ventures.

The $68 million vehicle plans to make Series A and Series B investments in tech companies across North America, Europe and Israel. It has already backed fintech startups such as Nova Credit and Alloy.

Avid's fund strategy does not include strict ownership or size requirements for its investments. The idea is to initially write small checks alongside lead investors.

In 2020, only 50 debut funds closed—a seven-year low, according to PitchBook data.

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The most active investors of 2020

In a year like no other, which firms made the most deals?

PitchBook's Global League Tables for 2020 are now available, spanning the full spectrum of private financial markets.

We rank everything from the most active law firms in the venture universe to the most active PE investors in Europe.

In addition, we've added several new breakouts of activity, ranking the most active VCs in China as well as introducing European sub-regions across the board.

check out the rankings

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A message from SS&C Intralinks

The climate target plan: Investment opportunities from raising 2030 decarbonisation goals

The impact of climate change continues to be debated, but one thing is unquestionably rising: the regulatory ceiling on emissions. The European Commission has proposed increasing the EU's 2030 target for greenhouse gases' emission reduction from 40% to at least 55%. And the European Parliament approved an even higher target of 60%. Is there an upside for investors?

Download our new special report that outlines predictions and paths for investments—both in greenfield and brownfield assets—generated by the climate target plan.

Climate-driven opportunities are heating up. Download this report now.

Intralinks INsights.
CLEAR ADVANTAGE.

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Uber's UK ruling could have implications for gig economy startups

Former Uber drivers Yaseen Aslam and James Farrar first brought the case against Uber in 2016. (Carl Court/Getty Images)

The UK Supreme Court has rejected Uber's appeal against an earlier ruling that said its drivers must be classified as workers and not as self-employed—a decision that may significantly affect the gig economy.

The decision, which cannot be appealed, means thousands of drivers would be entitled to both minimum wage and paid time off, and the ridehailing giant could face paying substantial compensation.

The ruling, which criticized Uber for sidestepping UK labor laws, could disrupt startup business models that rely on gig workers to rapidly scale.

Recommended Reads

Allbirds quickly won converts in Silicon Valley with its environmentally friendly approach to comfy footwear. With an IPO on the horizon, can the company keep the momentum going? [Bloomberg]

Last week, baseball star Fernando Tatis Jr. signed a new 14-year, $340 million contract. Few people were happier than the investors in an unusual fund called Big League Advance. [The Wall Street Journal]

The first time Lim Ji-hyun disappeared, it was in pursuit of a better life. The second time? It's still a mystery. [Marie Claire]

Since yesterday, the PitchBook Platform added:

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Quick Takes


	The Daily Benchmark
	2007 Vintage Global PE Funds
	VC Deals
	Chinese grocery app maker raises $2B
	Abound lands $22.9M Series A
	Portfolio Companies
	Coinbase valued at $100B+ in secondary share sale
	Fintech startup Brex wants to start a bank in Utah
	Exits & IPOs
	Edtech startup Nearpod bought by Renaissance

The Daily Benchmark

2007 Vintage Global PE Funds

Median IRR

9.13%

Top Quartile IRR Hurdle Rate

16.64%

1.48x

Median TVPI

Select top performers

Hudson Ferry Capital Fund I

Marlin Equity Partners II

Five Elms I

*IRR: net of fees

148 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Chinese grocery app maker raises $2B

Grocery app startup Xingsheng Youxuan has raised $2 billion at a $6 billion pre-money valuation in a round led by Sequoia China, Reuters reported. PE firms FountainVest Partners, Primavera Capital Group, KKR and others also participated. The Chinese company operates a bulk-ordering platform and was reportedly worth $4 billion during a fundraising round last July.

Select Investors:

Temasek Holdings, Tencent Holdings

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Abound lands $22.9M Series A

Abound has raised $22.9 million in a round led by Left Lane Capital, with participation from RiverPark Ventures, All Iron Ventures and Red Antler. The New York-based company is the developer of a wholesale marketplace intended to connect small business owners and independent brands.

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Portfolio Companies

Coinbase valued at $100B+ in secondary share sale

Coinbase has been valued at over $100 billion in a recent secondary share sale, Axios reported. Last month, the cryptocurrency exchange operator reportedly launched the secondary sale for up to 1.8 million shares via Nasdaq Private Markets. The latest 127,000 share sale on Friday valued the company at $100.23 billion, the report said. Coinbase was valued at $8 billion in its last private round of financing in 2018, according to PitchBook data. It also recently announced it was pursuing a direct listing.

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View 80 competitors »

Fintech startup Brex wants to start a bank in Utah

Fintech startup Brex has filed to create a bank based in Draper, Utah. The company, which provides business credit cards to technology startups, has hired Silicon Valley Bank veteran Bruce Wallace to be Brex Bank's potential CEO. Brex raised $150 million last May in a round led by DST Global, valuing the company at $2.75 billion, according to PitchBook data.

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Exits & IPOs

Edtech startup Nearpod bought by Renaissance

Nearpod, a developer of interactive teaching software for K-12 teachers, will be acquired by edtech company Renaissance for an undisclosed sum, according to reports. Florida-based Nearpod has been backed by Insight Partners, Reach Capital and Rothenberg Ventures. It was last valued at $164 million in 2018, according to PitchBook data. Renaissance is owned by Francisco Partners.

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View 51 competitors »