PitchBook News - Roblox valued at $45B+ after debut

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The Daily Pitch: VC

March 11, 2021

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Today's Top Stories

Roblox valued at $45.3B in record-setting direct listing

(Courtesy of Roblox)

Roblox went public in a much-anticipated direct listing that saw the game development platform valued at a staggering $45.3 billion on a fully diluted basis.

In doing so, the San Mateo, Calif.-based company pulled off the most valuable offering from a gaming company as well as the largest direct listing to date.

Altos Ventures, a Series C investor, held a stake worth more than $8 billion at Wednesday's closing price of $69.47. Roblox CEO and co-founder David Baszucki's shares were worth $4.58 billion.

Roblox's user base spiked 85% last year, but the company expects much more moderate user growth and a possible decline in hours on its platform in 2021.

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Quick Takes


	The Daily Benchmark
	2012 Vintage Global PE Funds
	VC Deals
	Snyk hits $4.7B valuation with $300M Series E
	Aqua Security tops $1B valuation
	Corvus takes off with $100M Series C for cyber insurance products
	Advise Health lands $100M for debut round
	Ecommerce startup snags $45M
	Tetrate raises $40M Series B
	Felicis Ventures leads $30M round for DataGrail
	Exits & IPOs
	IronNet eyes going public via SPAC merger
	Grab weighs US listing via SPAC merger
	Via buys public transit mapping startup Remix
	Fundraising
	Volpe Capital raises $80M for Latin America fund

The Daily Benchmark

2012 Vintage Global PE Funds

Median IRR

13.44%

Top Quartile IRR Hurdle Rate

19.43%

1.45x

Median TVPI

Select top performers

BVIP Fund VIII

Clearlake Capital Partners III

Parthenon Investors IV

*IRR: net of fees

119 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Snyk hits $4.7B valuation with $300M Series E

Snyk, a provider of cybersecurity for software developers, has landed a $300 million round, valuing the Boston-based company at $4.7 billion. Snyk was valued at over $2.6 billion in September. The financing, which consists of primary and secondary offerings, was co-led by Accel and Tiger Global, and includes funding from backers including GV, Salesforce Ventures, Franklin Templeton, Geodesic Capital, Sands Capital, Temasek and BlackRock.

Additional Investors:

Addition, Boldstart Ventures, Canaan Partners, Coatue, Stripes, Alkeon, Atlassian

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Aqua Security tops $1B valuation

Aqua Security has raised $135 million in Series E funding led by Ion Crossover Partners, bringing its valuation to more than $1 billion. The company, which is jointly based in Massachusetts and Israel, operates a cloud-based security platform that is used by clients in sectors including financial services, software and retail. Aqua was valued at $363 million last May, according to a PitchBook estimate.

Additional Investors:

Insight Partners, Greenspring Associates, Lightspeed, TLV Partners, M12, Acrew Capital

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View 97 competitors »

Corvus takes off with $100M Series C for cyber insurance products

Corvus has raised $100 million in a round led by Insight Partners, valuing the startup at $750 million. Founded in 2017, the Boston-based company uses AI-based risk data to develop commercial cyber insurance products that help brokers and policyholders predict and prevent loss. Deven Parekh, managing director at Insight Partners, will join the company's board. Corvus raised a $33 million Series B in January 2020.

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Advise Health lands $100M for debut round

Advise Health, the provider of a platform that lets users compare Medicare insurance plans, has collected $100 million in its first capital raise. Oak HC/FT led the funding round, with Adams Street Partners and Hamilton Lane also participating. The Indiana-based company currently operates in 20 markets across the US and plans to expand to about 100 more over the next two years.

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Ecommerce startup snags $45M

NuOrder has raised $45 million in a round co-led by Brighton Park Capital and Imaginary Ventures. Based out of Los Angeles, the company is the creator of a B2B ecommerce platform for brands and retailers like Steve Madden and Nordstrom. NuOrder was valued at $80 million in 2018, according to PitchBook data.

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Tetrate raises $40M Series B

Tetrate has raised $40 million in a round led by Sapphire Ventures, with participation from Scale Venture Partners, NTTVC, Dell Technologies Capital, Intel Capital, 8VC and Samsung Next. The company is the developer of an application networking platform designed to help companies manage microservices across their systems. Tetrate was valued at $44.4 million in 2019, according to PitchBook data.

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Felicis Ventures leads $30M round for DataGrail

San Francisco-based DataGrail has raised a $30 million Series B led by Felicis Ventures, with support from Okta Ventures, HubSpot and others. DataGrail is the developer of a data privacy platform designed to help companies such as Outreach, Overstock and Databricks comply with privacy regulations like the CCPA and the GDPR. The startup was valued at $26 million in 2019, according to PitchBook data.

Additional Investors:

Next47, Basis Set Ventures, Operator Collective

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Exits & IPOs

IronNet eyes going public via SPAC merger

IronNet Cybersecurity is considering a merger with a SPAC called LGL Systems Acquisition Corp. that would value the combined company at around $1.2 billion, Bloomberg reported. Based in Virginia, IronNet was founded by retired US Army General Keith Alexander in 2014 and has raised VC funding from investors including ForgePoint Capital and Kleiner Perkins. The company, which provides network security products for the private and public sectors, was valued at $578 million in 2018.

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Grab weighs US listing via SPAC merger

Grab is considering expediting its US public listing by merging with a SPAC, but a traditional IPO isn't off the table, Bloomberg reported. The Singapore-based delivery and ridehailing giant has raised about $13 billion from investors including SoftBank, according to PitchBook data.

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Via buys public transit mapping startup Remix

Via, a provider of public transportation technology and other mobility services, has bought Remix, a fellow provider of public transportation planning software. Based in San Francisco, Remix has been backed by investors such as Sequoia, Y Combinator and Energy Impact Partners. It was valued at $60 million in 2019, according to PitchBook data.

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Fundraising

Volpe Capital raises $80M for Latin America fund

Volpe Capital has raised $80 million for the first close of its inaugural fund, which will invest in Latin American tech companies, TechCrunch reported. SoftBank, BTG and Banco Inter reportedly anchored the new vehicle. Volpe was co-founded by former SoftBank managing partner Andre Maciel.

Chart of the Day

"Macroeconomic headwinds did not hinder early-stage VC valuations or deal sizes across the lower, middle, and upper quartiles, all of which finished 2020 higher than 2019's figures. Swelling upper-quartile deal sizes at the early stage, which reached a record €5.9 million in 2020, drove healthy valuation growth."

Source: PitchBook's 2020 Annual European VC Valuations Report