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PitchBook News - Crypto startups tally a record quarter

Flying taxi industry faces headwinds; OneTrust hits $5.3B valuation; Tiger Global backs chatbot specialist; LL Cool J's Rock the Bells lands $8M
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The Daily Pitch: VC
April 9, 2021
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Today's Top Stories
Crypto startups post record quarter as opportunities abound
Coinbase CEO Brian Armstrong plans to take his company public next week. (Steve Jennings/Getty Images)
Bitcoin's latest bull market helped drive venture capital investment for cryptocurrency and blockchain startups to unprecedented highs.
  • The sector landed a record $3 billion in Q1 2021 across 239 VC deals, according to PitchBook data.

  • Several mega-rounds went to startups that are escorting institutions into the crypto fold. And the $350 million rounds raised by Dapper Labs and BlockFi topped the list.

  • More validation is on the way: Coinbase is set to go public via a direct listing after posting a remarkable jump in revenue. The exchange operator has also emerged as a top crypto investor.
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Flying taxi optimism rises, but industry faces headwinds
Volocopter is among the well-capitalized leaders in the passenger air mobility space. (Andreas Gebert/Getty Images)
No longer just a "Jetsons" dream, electric air taxis are being taken seriously by leading investors, automakers and aviation companies, and could be on the cusp of reality.

In Q1 2021, investors poured a staggering $3.8 billion into such air taxi startups, mostly through SPAC mergers and concurrent PIPE deals. Our latest analyst note explores this burgeoning industry and what lies ahead for electric vertical takeoff and landing (eVTOL) aircraft. Among the takeaways:
  • The global air taxi passenger mobility market could grow to $150.9 billion in revenue by 2035, as eVTOL aircraft have major noise and operating cost advantages over helicopters.

  • Investors may be underestimating the capital intensity and execution risk involved in commercializing passenger air mobility.

  • Well-capitalized startups with established manufacturing partners are poised for success, while we see an opportunity for early-stage VC investors to back "picks and shovels" enablement technologies.
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A message from Bridge Bank
Austin's VC ecosystem tops $2B in value for third year running
Although volume dipped 10.5% year-over-year in 2020, the Austin VC ecosystem still secured a record $2.3 billion in aggregate value, thanks in no small part to its resilient enterprise tech sector.

In this installment of Bridge Bank's Markets to Watch series, the key top-level trends that defined VC dealmaking in Austin last year are situated within the developments in fundraising activity and financing events that took shape over the past decade. Additionally, the report contains analysis of Austin's banner year for exit value creation.

Read the report
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Recommended Reads
According to one newly published paper, the investment strategies of pensions and other large investors are encouraging some corporations' bad behavior. [Institutional Investor]

How is Tiger Global beating Silicon Valley VC firms at their own game? A look inside the hedge fund's deal machine. [The Information]

Americans were notorious for not using their vacation days. Then, the pandemic happened. [The Atlantic]
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Quick Takes
  The Daily Benchmark  
  2014 Vintage Global Funds-of-Funds  
  VC Deals  
  OneTrust hits $5.3B valuation  
  India's ShareChat valued at $2.1B in Lightspeed-backed round  
  Ramp raises $115M Series B  
  Tiger Global backs chatbot provider Gupshup  
  Ventus Therapeutics collects $100M  
  Sales commission platform operator secures $46M  
  LL Cool J's Rock the Bells lands $8M  
  Fundraising  
  Index Ventures unveils $200M seed fund  
 
 
The Daily Benchmark
2014 Vintage Global Funds-of-Funds
Median IRR
12.45%
Top Quartile IRR Hurdle Rate
17.53%
1.42x
Median TVPI
Select top performers
Bowside Capital Fund III
Greenspring Global Partners VI
SVB Strategic Investors Fund VII
*IRR: net of fees
57 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals
OneTrust hits $5.3B valuation
Privacy tech startup OneTrust has raised a $210 million extension of its Series C in a deal led by SoftBank's Vision Fund 2, with additional investment from Franklin Templeton. The company, which provides a privacy, security, data governance and compliance platform, is now valued at $5.3 billion. The extension brings OneTrust's Series C total to $510 million; it has now raised $920 million in total private funding since its founding in 2016. Based out of Atlanta and London, OneTrust counts Insight Partners, Coatue and TCV among its existing investors.
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India's ShareChat valued at $2.1B in Lightspeed-backed round
Indian social media startup ShareChat has raised $502 million at a $2.1 billion valuation from investors including Tiger Global, Lightspeed, Twitter and Snap. The company's platform, which is designed to find trending content, draws 160 million monthly active users across 15 Indian languages. ShareChat is also the creator of a short-video app called Moj that has grown rapidly to 120 million monthly users in the wake of India's TikTok ban last year.
View details
 
View 28 competitors »
 
Ramp raises $115M Series B
Spend management platform provider Ramp has taken in $115 million at a $1.6 billion valuation. D1 Capital Partners and Stripe co-led the Series B round. New York-based Ramp sells corporate credit cards and accounting software, and is nearing $1 billion in annualized transaction volume.
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Tiger Global backs chatbot provider Gupshup
Tiger Global has led a $100 million financing for Gupshup, a San Francisco-based company that helps users increase customer engagement through conversationalist messaging such as chatbots. The investment values the company at $1.4 billion and is its first financing since 2011, when it was valued at $177.1 million with a $10 million round, according to PitchBook data. Gupshup has reportedly received prior backing from Tenaya Capital, Cambrian Ventures and New Horizons.
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Ventus Therapeutics collects $100M
Biotech startup Ventus Therapeutics has landed a $100 million Series B to advance its pipeline of medicines that target the innate immune system to treat diseases. RA Capital Management led the funding, with other investors such as GV and Casdin Capital participating. Last year, Ventus launched with a $60 million Series A led by founding investor Versant Ventures.
Select Additional Investors:
BVF Partners, Cormorant Asset Management
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Sales commission platform operator secures $46M
CaptivateIQ, the developer of a platform that helps companies automate sales commission tracking, has raised a $46 million Series B from Accel and existing investors Sequoia, Y Combinator, Amity and S28. Last year, CaptivateIQ was valued at $48 million, according to PitchBook data.
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LL Cool J's Rock the Bells lands $8M
Rock the Bells, a direct-to-consumer content and commerce company dedicated to hip-hop, has raised an $8 million Series A led by Raine Ventures. Hip-hop artist LL Cool J is the founder and CEO of the company. Additional investors in the round included M13, Willoughby Capital Holdings and Workday co-CEO Aneel Bhusri.
Select Additional Investors:
Redpoint Ventures, Harris Barton Asset Management
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View similar company »
 
Fundraising
Index Ventures unveils $200M seed fund
Index Ventures has launched a dedicated seed fund, Index Origin, with $200 million. In the past 18 months, Index has made almost 40 seed investments in startups like Fast and Remote. With the new vehicle, the VC firm has now raised $2.2 billion across three funds in the last 12 months. Operating out of London, San Francisco and Geneva, Index invests at a variety of stages. It has backed companies including Robinhood, Slack and Squarespace.
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View 576 investments »
 
Chart of the Day
Source: PitchBook's 2020 Annual US VC Valuations Report
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Who's in the newsletter today?
People
Aneel Bhusri
Investors
Accel
Amity
BVF Partners
Cambrian Ventures
Casdin Capital
Cormorant Asset Management
D1 Capital Partners
Franklin Templeton
GV
Harris Barton Asset Management
Index Ventures
Insight Partners
LL Cool J
Lightspeed
M13
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Raine Ventures
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Snap
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Willoughby Capital Holdings
Y Combinator
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Coatue
Fast
Gupshup
OneTrust
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