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The Daily Pitch: VC

March 12, 2021

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

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.

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A message from Deloitte

What does 2021 hold in store for the expansion-stage ecosystem?

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 »

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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.

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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

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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.

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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

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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.

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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

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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.

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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.

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