PitchBook News - An $88B day for an ecommerce giant

New SPAC aims to aid Black founders; Mega-rounds abound in retail healthtech; BlockFi brings in $350M round; VCs value Icertis at $2.8B+
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The Daily Pitch: VC
March 12, 2021
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Today's Top Stories
Coupang tops $88B valuation in market debut
(Courtesy of Coupang)
Coupang surged over 40% in its trading debut, valuing the South Korean ecommerce company at $88.3 billion on a fully diluted basis.
  • Coupang raised $4.6 billion in its IPO, one of the year's biggest, after pricing its shares at $35 apiece. Shares closed Thursday at $49.25 each on the NYSE.

  • SoftBank's 33% stake in the company was worth about $28 billion, based on Coupang's closing stock price. GreenOaks Capital Partners' 16.6% stake was valued at $14.1 billion; Maverick Capital's 6.4% holding was worth $5.4 billion.
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New mega-rounds helped drive retail health and wellness tech in Q4
Keep, Valo Health, Everlywell and Pear Therapeutics were all among the startups in the retail health and wellness tech sector to raise VC mega-rounds during the final three months of 2020. In all, investors put $2.3 billion to work in the quarter, as the pandemic continues to drive new interest in telehealth and other related areas.

PitchBook's latest Emerging Tech Research examines the full depth and breadth of the newest developments in the retail health and wellness tech sector, with key takeaways including:
 
  • Pre-money valuations in the space increased nearly 77% in 2020 on a year-over-year basis.

  • Google's recent investment in Amwell and its acquisition of Fitbit are the latest sign of big tech companies' interest in healthtech.

  • New government and payor commitment to virtual health could spur more innovation in the space.
read the preview
 
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A message from Deloitte
What does 2021 hold in store for the expansion-stage ecosystem?
Deloitte
Private financial markets enter the 2020s with the existence of a brand-new ecosystem of large privately held businesses that hardly existed a decade ago. The Deloitte Road to Next series has mapped the key traits of these expansion-stage companies, outlining key hurdles they face as well as the actions they are taking to achieve commanding market share in their particular niches. In the latest edition, Deloitte industry leaders explore PitchBook datasets to analyze topics such as:
  • The implications of the SPAC boom
  • What the stresses of 2020 meant for funding levels
  • Whether valuations are entering bubble territory
Read it now
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General Catalyst's third SPAC aims to help Black founders
General Catalyst chairman Ken Chenault will serve on the board of directors for the firm's new SPAC. (Justin Sullivan/Getty Images)
General Catalyst is forming its third SPAC, this time with a twist: The venture capital firm's blank-check company is launching with a stated intention of supporting founders from underserved ethnic groups.

  • Catalyst Partners Acquisition Corp. filed for a $400 million IPO that will target business software companies.

  • After initially staying away from SPACs, VCs are stepping up their sponsorships, with General Catalyst emerging as one of the industry's more ardent players in the frenzy.

  • Last year the Boston-area firm formed a healthcare-focused SPAC that raised $525 million in an IPO. And just days ago, General Catalyst joined forces with Arch Venture Partners to launch a $500 million IPO for Revolution Healthcare Acquisition Corp., a digital health-focused blank-check company.

  • In an SEC filing, Catalyst Partners said an unspecified cut of the latest SPAC's profits will fund "economic empowerment and inclusion" initiatives through a charitable foundation formed by General Catalyst.

  • Several Black business luminaries are on the SPAC's team, including Kenneth Frazier, Merck CEO; James Cash, former senior associate dean of the Harvard Business School, Corey Thomas, CEO of cybersecurity specialist Rapid7; and Ken Chenault, currently General Catalyst's chairman and formerly CEO of American Express.
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Recommended Reads
Amid a pandemic, parting ways with underperforming workers has gotten a lot more complicated. [The Wall Street Journal]

Getting rich off TikTok is hard for any influencer. Unfortunately, it can be a lot more difficult for influencers who are Black. [Bloomberg]

Tiger Global founder Chase Coleman looks back on two decades of big hits and big misses—and looks ahead at what might come next. [Institutional Investor]
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Quick Takes
  The Daily Benchmark  
  2013 Vintage Global Buyout Funds  
  People  
  Snowflake CEO joins Instacart board  
  VC Deals  
  BlockFi brings in $350M  
  Forward Health picks up $225M  
  Icertis collects $80M at $2.8B+ valuation  
  General Catalyst leads $75M round for lab testing startup  
  Hi Marley lands $25M Series B  
  Exits & IPOs  
  Live streaming company Mobcrush gets acquired  
  Velo3D in talks to merge with Barry Sternlicht SPAC  
 
 
The Daily Benchmark
2013 Vintage Global Buyout Funds
Median IRR
13.70%
Top Quartile IRR Hurdle Rate
19.16%
1.49x
Median TVPI
Select top performers
Novacap TMT IV
New Harbor Capital Fund
Sun Capital Partners VI
*IRR: net of fees
85 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
People
Snowflake CEO joins Instacart board
Frank Slootman, CEO and chairman of cloud software company Snowflake, has joined the board of Instacart. The grocery delivery company is considering a direct listing, according to a recent report from Reuters. It was valued at $39 billion after raising $265 million earlier this month.
View details
 
 
VC Deals
BlockFi brings in $350M
Crypto startup BlockFi has reached a valuation of $3 billion after raising $350 million in a Series D round. Bain Capital Ventures, Pomp Investments, Tiger Global and partners of DST Global led the financing. Jersey City, N.J.-based BlockFi operates a platform that lets users buy, sell and trade cryptocurrencies, as well as borrow funds against their crypto assets. It was valued at $435 million after a $50 million round last August, according to PitchBook data.
Select Additional Investors:
Gaingels, Pacific Century Group, Jump Capital, ParaFi Capital, Hudson River Trading, Paradigm, Bracket Capital
View details
 
View 10 competitors »
 
Forward Health picks up $225M
Forward Health, a provider of concierge clinics that integrate technology into long-term primary care for patients, has raised $225 million in Series D funding from investors including Founders Fund, Khosla Ventures, SoftBank's Vision Fund 2, The Weeknd and Marc Benioff. The company will use its fresh financing to introduce new doctor-led programs focused on heart health, cancer detection, COVID-19, stress, anxiety and weight management. Forward was valued at $453 million in 2019.
View round
 
View similar company »
 
Icertis collects $80M at $2.8B+ valuation
Contract management software provider Icertis has landed $80 million for its Series F. The funding values the company at over $2.8 billion, more than double the $1.15 billion valuation it received in 2019, according to PitchBook data. B Capital Group led the round, with Greycroft, Meritech Capital Partners and other backers participating.
Additional Investors:
Premji Invest, PSP Partners, E.ventures
View round
 
View 49 competitors »
 
General Catalyst leads $75M round for lab testing startup
Ixlayer, a provider of diagnostic testing tech, has raised $75 million in a Series A. General Catalyst led the round, with support from Pear VC and angel investors including Uber CEO Dara Khosrowshahi and 23andMe CEO Anne Wojcicki. Ixlayer's cloud-based platform, which helps biopharma companies, health systems, clinical labs and consumer companies offer virtual diagnostic testing, now supports more than 1 million patients. In 2020, the startup launched over 800 testing programs.
View round
 
View 3 competitors »
 
Hi Marley lands $25M Series B
Hi Marley, an AI-enabled texting platform that allows insurance carriers to communicate with policyholders, has brought in $25 million for its Series B. Emergence Capital led the round, with the firm's founder, Gordon Ritter, taking a seat on Hi Marley's board. Bain Capital Ventures, Underscore and True Ventures were among the other investors that also took part in the round. Last year, Hi Marley was valued at $50 million, according to PitchBook data.
Additional Investors:
Greenspring Associates, Brewer Lane Ventures
View round
 
View similar company »
 
Exits & IPOs
Live streaming company Mobcrush gets acquired
Mobcrush, the provider of a platform for live streaming video gaming, has been bought by esports company Super League Gaming. Mobcrush has received prior backing from investors like Kleiner Perkins, Sony Innovation Fund and First Round Capital. In 2016, the startup was valued at $102.1 million, according to PitchBook data.
View details
 
View 15 competitors »
 
Velo3D in talks to merge with Barry Sternlicht SPAC
Velo3D, a developer of metal 3D printing solutions, is in talks to go public through a SPAC called Jaws Spitfire Acquisition Corp. at a valuation of more than $1 billion, Bloomberg reported. Velo3D has raised venture funding from investors including Piva, Playground, Bessemer Venture Partners and Khosla Ventures. Jaws Spitfire is led by Barry Sternlicht, chairman of SH Hotels & Resorts.
View details
 
View similar company »
 
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