PitchBook News - The Vision Fund's IPO window is open

Instacart considers direct listing; Edtech unicorn Coursera files to go public; Agtech VC deal value soared in Q4; Reddit appoints its first CFO
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The Daily Pitch: VC
March 8, 2021
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SoftBank's Vision Fund squeezes through the IPO window
SoftBank-backed Coupang's IPO could be the most valuable US offering of a foreign company since Alibaba. (Courtesy of Coupang)
SoftBank's tech bets have been paying off in spectacular fashion in recent months, and a lineup of mega-IPOs are fast approaching.
  • If Coupang's upcoming public listing delivers on expectations, the South Korean ecommerce leader could become the Vision Fund's largest public holding, surpassing Uber.

  • Real estate tech company Compass and Full Truck Alliance, a Chinese shipping technology business, have also filed for IPOs. Private investors have valued both at several billion dollars apiece.

  • It's all part of CEO Masayoshi Son's plan: SoftBank is accelerating efforts to take portfolio companies public at a time when investors are paying sky-high premiums for tech IPOs.
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Biotech, digitization and indoor farming help fuel the future of agtech
The story of agtech in 2020 was one of struggles due to COVID-19 and success in spite of it, ending with a triumphant Q4: Global VC deal value in agtech totaled $2.3 billion, up 82% over Q3 and 56% over Q4 2019.

So what's next? As the world begins to look past the pandemic, population growth and climate change will continue to drive a surge in agtech funding, according to our latest Emerging Tech Research, as the industry reckons with the planet's rapidly changing needs. Other highlights from the report include:
  • Ag biotech grew 41% in 2020, with annual deal value reaching $2.2 billion—the largest subsector within the agtech industry.

  • Farmers are relying on digitization and ag marketplaces to boost profits and reach more customers, adding stability to a historically low-margin business.

  • The indoor farming sector grew 168% year-over-year, propelled by mega-rounds used to build massive new facilities.
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A message from Twin Brook Capital Partners
A different kind of contraction
Twin Brook Capital Partners
Twin Brook Capital Partners' founder and managing partner Trevor Clark reflects on working through the unprecedented events of last year and discusses the state of the market moving into 2021.
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The pandemic is pausing years of progress for female founders in VC
For women in the VC industry, it has undeniably been a decade of progress.

But it is also undeniable that gender inequality is still a significant problem in the industry—and over the past year, that inequality has only been exacerbated by the coronavirus pandemic:
  • With a nod to International Women's Day, we're resurfacing PitchBook's 2020 All In Report from December, sponsored by Microsoft for Startups and Beyond The Billion.

  • The report illustrates VC's gender disparity through a range of different metrics, including dealmaking and exit activity.

  • It also offers reason to believe this recent step-back may be a speed bump rather than cause for long-term concern.
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Recommended Reads
A recent appointment by President Biden could have ominous implications for big tech companies and their allies. [Protocol]

The number of active ridehailing drivers plummeted after the onset of the pandemic. In the months to come, will companies like Uber and Lyft be able to keep up with demand? [Wired]

In the winter of COVID-19, running fanatics have been resorting to some unusual (and sometimes subterranean) ways to get in their miles. [The Wall Street Journal]
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Quick Takes
  The Daily Benchmark  
  2018 Vintage Global Venture Funds  
  People  
  Reddit taps former Snap exec as first CFO  
  VC Deals  
  Infarm lands $100M  
  Eco secures $26M+  
  Whatnot banks $20M in a16z-led round  
  Exits & IPOs  
  Instacart considers direct listing  
  Coursera files to go public  
  Shutterfly in talks to merge with SPAC  
  Bitfury to take crypto-mining subsidiary public via SPAC  
  Fundraising  
  Ascension Ventures closes $285M fund  
 
 
The Daily Benchmark
2018 Vintage Global Venture Funds
Median IRR
13.30%
Top Quartile IRR Hurdle Rate
25.63%
1.04x
Median TVPI
Select top performers
Forbion Capital Fund IV
CP Ventures Fund 1
OrbiMed Private Investments VII
*IRR: net of fees
61 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
People
Reddit taps former Snap exec as first CFO
Reddit has named Andrew Vollero as its first chief financial officer. Vollero joins the company from private security company Allied Universal. Before that, he was a Tailored Brands board member and served as Snap's first CFO, leading the company through its IPO.
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VC Deals
Infarm lands $100M
Indoor farming startup Infarm has raised $100 million in debt and equity financing as it looks to expand its offerings beyond herbs and greens to include crops like mushrooms and tomatoes, Bloomberg reported. Existing investors including Hanaco Ventures and Atomico reportedly participated in the fresh financing, which follows a $170 million round in September that valued the Berlin-based startup at $884 million, according to a PitchBook estimate.
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Eco secures $26M+
Eco has raised over $26 million in a round led by Andreessen Horowitz, with participation from investors including Founders Fund, Activant Capital, Slow Ventures and Coinbase Ventures. The San Francisco-based company is the developer of a cryptocurrency payments platform.
Additional Investors:
Tribe Capital, Valor Capital Group
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Whatnot banks $20M in a16z-led round
Whatnot, the developer of an online marketplace designed for trading limited-edition toys and collectibles, has raised a $20 million Series A led by Andreessen Horowitz. Backers such as Y Combinator, Wonder Ventures, Scribble Ventures and Operator Partners also supported the funding.
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Exits & IPOs
Instacart considers direct listing
Instacart is mulling going public via a direct listing rather than a traditional IPO, Reuters reported. The grocery delivery giant is reportedly concerned that it could leave money on the table if it opts to sell shares in an IPO. Bankers preparing Instacart's listing have estimated that the stock market could value the company at over $50 billion, the report said. Last week, Instacart's latest fundraising round valued it at $39 billion.
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Coursera files to go public
Online learning and education company Coursera has filed for an IPO on the NYSE. Coursera has raised over $463 million in funding to date and was valued at $2.57 billion in July, according to PitchBook data. Its biggest shareholders include NEA (18.3% pre-IPO stake), G Squared (15.9%) and Kleiner Perkins (9.2%).
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View 44 competitors »
 
Shutterfly in talks to merge with SPAC
Shutterfly, an online photo-printing company, is in talks to go public via a SPAC called Altimar Acquisition Corp. II at a valuation of between $4 billion and $5 billion, including debt, The Wall Street Journal reported. The company first went public in 2006 but was taken private by Apollo Global Management less than two years ago in a $2.7 billion transaction. Shutterfly's revenue growth is now in the double digits, up from being flat when Apollo purchased the company, the report said.
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Bitfury to take crypto-mining subsidiary public via SPAC
Bitcoin-mining company Cipher Mining has agreed to combine with Good Works Acquisition, a blank-check company. The deal is expected to provide Cipher, a subsidiary of Bitfury, with $595 million in cash and value the combined company at $2 billion. Bitfury has been backed by Korelya Capital, Binary Financial and Cherry Tree Investments, among others.
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Fundraising
Ascension Ventures closes $285M fund
Ascension Ventures, an investment firm backed by 13 hospital systems, has closed its fifth fund with $285 million in committed capital, bringing the firm's assets under management to over $1 billion. The stage-agnostic firm invests in healthcare-related companies.
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View 92 investments »
 
Chart of the Day
Source: Q4 2020 PitchBook-NVCA Venture Monitor
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