PitchBook News - Deliveroo disappoints in public debut

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The Daily Pitch: VC

April 1, 2021

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Today's Top Stories

Deliveroo disappoints in public debut, dealing a blow to UK

(Jack Taylor/Getty Images)

Shares in Deliveroo plummeted by as much as 30% in the company's public debut on the London Stock Exchange, wiping around £2 billion (about $2.76 billion) off its valuation following a controversy over worker pay.

The food delivery company set its shares at the bottom of its range at £3.90, which gave it an opening market cap of around £7.59 billion. Deliveroo had already shaved around £1.2 billion off its top-end valuation earlier this week before shares started trading, citing choppy market conditions.

Deliveroo's performance is a blow for the UK, which was hoping the IPO would be a draw for more tech listings. The float is still the UK's biggest in a decade in terms of market cap, and its offering is the largest since ecommerce company The Hut Group raised £1.88 billion last September.

"Given the euphoria surrounding the Deliveroo listing, it was surprising to see the stock plummet on its debut," said Dominick Mondesir, a private capital analyst at PitchBook. "This will likely bring into laser focus corporate governance and ESG practices for companies contemplating tapping the London public markets."

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Quick Takes


	The Daily Benchmark
	2011 Vintage Global Secondaries Funds
	VC Deals
	Tonal hits $1.6B valuation in new $250M round
	Plus drives off with $220M
	Uniphore collects $140M Series D
	Manticore Games locks in $100M
	Productiv picks up $45M Series C
	Exits & IPOs
	SoftBank-backed Compass slashes IPO target by half
	Fundraising
	Harlem Capital lands $134M for diversity-focused fund

The Daily Benchmark

2011 Vintage Global Secondaries Funds

Median IRR

15.12%

Top Quartile IRR Hurdle Rate

17.80%

1.62x

Median TVPI

Select top performers

CS Strategic Partners V

CS Strategic Partners V VC

AlpInvest Partners Fund V - Secondary Investments

*IRR: net of fees

16 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Tonal hits $1.6B valuation in new $250M round

Home workout startup Tonal has landed $250 million in new financing at a $1.6 billion valuation. Dragoneer Investment Group led the Series E, with support from Cobalt Capital, L Catterton and Sapphire Ventures, as well as athletes like Drew Brees and Maria Sharapova. Tonal's system combines digital weights with a screen, providing instructor-led workouts that can be completed at home. The San Francisco-based company's sales grew by more than eightfold in 2020, echoing the breakout growth fitness powerhouse Peloton experienced during the pandemic.

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View 1 competitors »

Plus drives off with $220M

Plus has raised $220 million in funding co-led by FountainVest Partners and ClearVue Partners. Based in Cupertino, Calif., Plus is a developer of self-driving technology for commercial trucks. The new financing is an extension of a $200 million round the company raised in February.

Select Additional Investors:

Millennium Technology Value Partners, Quanta Computer, Sequoia China

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Uniphore collects $140M Series D

Uniphore has raised $140 million in a round led by Sorenson Capital. Founded in 2008, the Palo Alto-based company is the creator of an AI-based conversational service automation platform designed to offer vocal analytics on customer service calls.

Select Additional Investors:

Cisco Investments, March Capital, National Grid Partners, Sanabil Investments, Serena Capital

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Manticore Games locks in $100M

Manticore Games has raised a $100 million Series C led by XN. The San Mateo, Calif.-based company is a developer of gaming software that allows users to create and explore multiplayer games.

Select Additional Investors:

Benchmark, Correlation Ventures, Epic Games, SoftBank

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Productiv picks up $45M Series C

Productiv has raised $45 million in a round led by IVP, with participation from Accel, Norwest Venture Partners, Okta Ventures and Atlassian Ventures. The Palo Alto-based startup is the developer of a SaaS management platform that provides companies with real-time app usage data and visibility. Founded in 2018, Productiv was valued at $100 million in 2019, according to PitchBook data. IVP general partner Steve Harrick has joined the company's board.

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Exits & IPOs

SoftBank-backed Compass slashes IPO target by half

Real estate tech company Compass has reduced the amount it plans to raise in its IPO by around half to roughly $462.5 million at the midpoint price, with the goal of selling 25 million shares at between $18 and $19 apiece. A midpoint pricing would value the SoftBank-backed company at nearly $8.7 billion on a fully diluted basis. Compass had originally planned to sell 36 million shares at $23 to $26 each.

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Fundraising

Harlem Capital lands $134M for diversity-focused fund

Harlem Capital has raised $134 million for its second flagship venture fund, which will continue the firm's strategy of investing in women and minority founders. The diversity-focused firm has backed ecommerce startup CashDrop, media company Blavity and pet insurance provider Wagmo. Harlem Capital's first fund closed in 2019 with $40 million. Both funds allot 1% of the carry to be split among portfolio company founders.

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View 29 investments »

Chart of the Day

"Dissecting our analysis by sector, IT exit volume proportions substantially increased in 2020, hitting a new high. Close to 20% of all exit volume came from the sector, up from 12% a decade ago, predictably mirroring the trend seen in dealmaking. The bulk of PE assets that are actively trading have been in sectors benefiting from the pandemic, such as IT, due to valuations holding steady and, in some cases, rising."

Source: PitchBook's 2020 Annual European PE Breakdown