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The Daily Pitch: VC

March 10, 2021

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Today's Top Stories

Coupang boosts IPO price range, aims to raise $4B

South Korean ecommerce giant Coupang is now well on its way to having one of the largest initial public offerings by a foreign company since Alibaba, after increasing the price range of its share sale.

The company raised its IPO price target to between $32 and $34 per share, up from $27 to $30.

At the $33 midpoint price, Coupang could raise nearly $4 billion in the offering and be valued at more than $59 billion on a fully diluted basis.

Coupang is selling 100 million new shares in the IPO, with existing shareholders offering up 20 million of their own.

SoftBank is the company's largest shareholder with a 35.1% pre-IPO stake. Other top shareholders include GreenOaks Capital Partners (17.7%) and Maverick Capital (6.8%).

The company is set to make its NYSE debut Thursday.

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Why PE firms targeting tech buyouts could face competition from SPACs

(Bloomberg Creative/Getty Images)

Over the past decade, private equity buyouts have been the fastest-growing exit type for VC-backed companies, driven by the former's desire for exposure to the software and tech industries.

However, a rebound in IPO activity this year and the explosive rise of blank-check companies could create more competition for private equity when it comes to buyouts.

While PE firms might lose out on a few IPOs, "the real threat is SPACs," said 4490 Ventures managing director Dan Malven. Functioning like single-purpose PE firms, they're targeting the same tier of companies—and a lot of PE's territory with it.

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Quick Takes


	The Daily Benchmark
	2016 Vintage Global Funds-of-Funds
	VC Deals
	Cedar hits $3.2B valuation with new round
	WorkFusion brings in $220M
	SeekOut secures $65M
	M1 Finance banks $75M Series D
	Ventyx Biosciences secures $114M
	Privacera picks up $50M Series B
	Edtech startup Preply raises $35M
	Exits & IPOs
	Ambulnz merges with SPAC
	Fundraising
	Work Life Ventures seeks $60M for next fund

The Daily Benchmark

2016 Vintage Global Funds-of-Funds

Median IRR

13.42%

Top Quartile IRR Hurdle Rate

16.32%

1.26x

Median TVPI

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SVB Strategic Investors Fund VIII

TrueBridge-Kauffman Fellows Endowment Fund IV

TrueBridge Capital Fund IV

*IRR: net of fees

44 Funds in Benchmark »

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VC Deals

Cedar hits $3.2B valuation with new round

Healthcare fintech startup Cedar has raised $200 million in Series D funding at a $3.2 billion valuation. Tiger Global led the round, with Andreessen Horowitz, Thrive Capital and Concord Health Partners also participating. Cedar makes payment software for healthcare providers with a focus on simplifying the experience for patients. The company was valued at $427 million last June, according to PitchBook data.

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WorkFusion brings in $220M

WorkFusion, which offers a platform to help automate business processes, has raised a $220 million Series F led by growth equity investor Georgian, bringing the company's total funding to $340 million.

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View 94 competitors »

SeekOut secures $65M

SeekOut has raised a $65 million Series B led by Tiger Global, with participation from existing investors Madrona Venture Group and Mayfield. Based in the Seattle area, SeekOut is a developer of AI-powered recruitment software designed to help hiring managers find potential candidates.

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M1 Finance banks $75M Series D

M1 Finance has raised $75 million in a round led by Coatue. The Chicago-based company is the creator of a wealth management platform intended to help users invest in stocks and ETFs. Existing investors including Left Lane Capital and Clocktower Technology Ventures participated in the round. M1 Finance raised a $45 million Series C in October.

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Ventyx Biosciences secures $114M

Ventyx Biosciences has raised $114 million in a round led by VenBio Partners, with participation from Third Point, RTW Investments and OrbiMed, among others. The Encinitas, Calif.-based company is developing therapeutics to treat inflammatory diseases and autoimmune disorders.

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Privacera picks up $50M Series B

Privacera, a data cloud-governance and security provider, has raised $50 million. The funding round was led by new investor Insight Partners, with other backers including Sapphire Ventures, Accel and Point72 also participating. Privacera has raised about $68 million to date, according to PitchBook data.

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Edtech startup Preply raises $35M

Preply, which offers online tutoring, has landed a $35 million Series B co-led by Owl Ventures and Full In Partners. Several of the company's previous investors also participated in the round. The startup plans to use the funds for strategic initiatives like expanding its workforce and scaling its B2B business.

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Exits & IPOs

Ambulnz merges with SPAC

Mobile medical service provider Ambulnz has agreed to go public through a SPAC, Motion Acquisition Corp., at a valuation of $1.1 billion. After the deal is complete, the company will be renamed DocGo. In 2020, the company generated $94 million in revenue, a nearly twofold increase from its 2019 revenue of $48 million.

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Fundraising

Work Life Ventures seeks $60M for next fund

Work Life Ventures has filed with the SEC for its second venture fund, aiming to raise $60 million. Founder Brianne Kimmel raised the firm's first $5 million vehicle with backing from a who's who of Silicon Valley including Marc Andreessen, Alexis Ohanian and Gary Tan. Work Life invests in early-stage companies focused on the future of work.

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Chart of the Day

"Going forward, private equity will likely play a more substantial role in carveouts. Not only does the rising level of dry powder facilitate carveouts, but the Department of Justice (DOJ) also revised its merger remedies guidelines in September 2020—the guidelines' first revision in nearly a decade."

Source: PitchBook's 2020 Annual North American M&A Report