Psychedelic medicine startup valued at $2B

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The Daily Pitch: VC

March 4, 2021

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

Today's Top Stories

VC leads the way in latest private fund performance

Venture capital funds posted a horizon IRR of 10.5% during the third quarter of 2020, the best figure for any major private market strategy, topping a return of 9.8% for private equity. PitchBook's latest Global Fund Performance Report takes a close look at the ways those figures compare with other major private market strategies—and how they compare with VC and PE fund performance on much longer horizons. Key takeaways include:

Across all strategies, private capital funds recorded a 6.8% return in Q3, compared with 4.4% on a one-year horizon.

In terms of returns, real assets funds have lagged behind other private strategies over the past decade.

Still, each strategy has posted positive results over three-, five- and 10-year horizons.

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Peter Thiel-backed Atai Life Sciences raises new capital

Atai Life Sciences, the German startup aiming to develop mental health treatments using psychedelic substances, has raised a $157 million round.

The Series D was led by Atai founder Christian Angermayer's family office Apeiron Investment Group, Peter Thiel's Thiel Capital and Woodline Partners.

The new funding values the company at around $2 billion, Bloomberg reported. Atai is also reportedly set to tap banks for a potential US public listing as soon as Q2.

Last November, Atai secured $125 million for its Series C.

The company is developing and acquiring treatments for disorders like anxiety, depression and addiction.

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Okta to buy online security rival for $6.5B

Okta has agreed to buy Auth0, a developer of identity verification software, in an all-stock deal worth $6.5 billion.

The price tag is more than triple the $1.92 billion valuation Auth0 received last July after raising $120 million in a round led by Salesforce Ventures, according to PitchBook data.

Auth0, founded in 2013 and considered Okta's smaller rival, has raised more than $330 million in VC financing from investors including Bessemer Venture Partners, Sapphire Ventures and Trinity Ventures.

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Recommended Reads

A recent court ruling involving a private equity-backed retailer that fell into bankruptcy could have widespread implications for the future of the buyout industry. [The New York Times]

As Ring deepens its relationship with law enforcement, questions continue to arise about the surveillance implications of the company's home-security cameras. [The Washington Post]

After his run-in with regulators, Jack Ma is no longer the richest person in China. [The Wall Street Journal]

Since yesterday, the PitchBook Platform added:

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VC valuations

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People

346

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Funds

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Quick Takes


	The Daily Benchmark
	2008 Vintage North American Venture Funds
	VC Deals
	Telehealth provider DispatchHealth lands $200M
	Deliverr collects $170M
	Century Therapeutics picks up $160M
	Silver Lake leads unicorn round for Clari
	Turntide takes on $80M for electric motors
	Yugabyte banks $48M
	Exits & IPOs
	Oscar falls in trading debut
	ThredUp files for IPO
	Fundraising
	Atomic raises $260M to build new startups
	GSV Ventures nabs $180M for sophomore fund

The Daily Benchmark

2008 Vintage North American Venture Funds

Median IRR

10.30%

Top Quartile IRR Hurdle Rate

22.63%

1.47x

Median TVPI

Select top performers

MEP Associates IV

Maveron IV Entrepreneurs Fund

Spark Capital II

*IRR: net of fees

55 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Telehealth provider DispatchHealth lands $200M

DispatchHealth, a provider of mobile and virtual health services, has raised a $200 million Series D. Tiger Global led the funding round, with previous investors including Alta Partners, Echo Health Ventures and Humana also participating. Last June, DispatchHealth picked up a $135.8 million Series C led by Optum Ventures.

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Deliverr collects $170M

Ecommerce fulfillment startup Deliverr has taken in $170 million, bringing its total private backing to over $240 million. The round consisted of a Coatue-led $135 million Series D and a $35 million convertible note led by Brookfield Technology Partners. San Francisco-based Deliverr provides retailers with rapid shipping services in order to help them compete with leaders like Amazon in next-day delivery.

Additional Investors:

GLP, Activant Capital, 8VC

View details

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Century Therapeutics picks up $160M

Century Therapeutics has raised a $160 million Series C led by Casdin Capital, with participation from investors including Fidelity Management & Research, RA Capital and Logos Capital. The Philadelphia-based company is using adult stem cells to develop genetically engineered therapies to treat cancer.

Select Additional Investors:

OrbiMed, Qatar Investment Authority, Leaps by Bayer

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Silver Lake leads unicorn round for Clari

Clari has raised $150 million in a Series E led by Silver Lake, valuing the startup at $1.6 billion. The Sunnyvale, Calif.-based company offers an AI-based revenue operations platform that includes account breakdowns, risk prevention, business forecasting and other tools. In 2019, Clari raised a $60 million Series D at a $460 million valuation, according to PitchBook data.

Additional Investors:

Sapphire Ventures, Bain Capital Ventures, Madrona Venture Group, Thomvest Ventures, Sequoia, Tenaya Capital, B Capital Group

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Turntide takes on $80M for electric motors

Turntide Technologies, a Sunnyvale, Calif.-based maker of electric motors, has raised an $80 million round led by Breakthrough Energy Ventures. Other backers of the round included Robert Downey Jr.'s newly launched FootPrint Coalition, the Amazon Climate Pledge Fund, Keyframe Capital, Fifth Wall's Climate Technology Fund and Captain Planet. Turntide was valued at $133 million with a $33 million round in August 2020, according to PitchBook data.

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Yugabyte banks $48M

Yugabyte has raised $48 million in a round led by Lightspeed, with participation from Greenspring Associates, Dell Technologies Capital, Wipro Ventures and 8VC. The Sunnyvale, Calif.-based company is the provider of an open-source SQL database intended to help companies build applications. In March 2020, Yugabyte raised $30 million at a $110 million valuation, according to PitchBook data.

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Exits & IPOs

Oscar falls in trading debut

Shares of health insurance company Oscar dropped more than 10% in their first day of trading on the NYSE to close at $34.80 apiece. The New York company raised $1.4 billion through its IPO on Tuesday, which priced at $39 per share. The company's leading shareholders are co-founder Joshua Kushner's Thrive Capital with 32.9 million shares, Alphabet (24 million) and Founders Fund (21.6 million).

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ThredUp files for IPO

ThredUp, an online seller of secondhand clothing and accessories, has filed for an initial public offering on the Nasdaq. The company posted a wider net loss in 2020 than in 2019, but increased its total revenue by about 14% during that same timeframe. The Oakland, Calif.-based company's top shareholders include Trinity Ventures (13.6% pre-IPO stake), Redpoint Ventures (13.6%) and Highland Capital Partners (13.5%).

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Fundraising

Atomic raises $260M to build new startups

Venture studio Atomic has raised $260 million for its third flagship fund, which will be used to continue its strategy of founding and investing in companies. The firm has created dozens of startups thus far, with 12 new companies developed in the past 12 months alone. In 2020, one of Atomic's companies, Hims & Hers, went public through a blank-check merger that valued the combined entity at $1.6 billion. Atomic raised around $150 million in 2018 for its second namesake fund.

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GSV Ventures nabs $180M for sophomore fund

GSV Ventures has closed its second flagship fund on $180 million, nearly doubling the size of a debut effort that brought in $97 million. Founded in 2016, the San Francisco-based firm focuses on multi-stage investments in edtech startups; its portfolio includes Guild, MasterClass and Coursera. GSV expects a first close for its third vehicle in the series sometime in 2021.

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Chart of the Day

"During the last two years, Nordic-based startups have leveraged strong corporate ties to boost corporate VC (CVC) investment in sectors such as financial services, technology, and mobility. Mature late-stage startups securing outsized financing drove growth in VC deals with CVC participation, as deal value jumped to over €2 billion in both 2019 and 2020."

Source: PitchBook's 2021 Nordic Private Capital Breakdown