PitchBook News - VCs rack up another record quarter

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The Daily Pitch: VC

April 14, 2021

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

Today's Top Stories

US VC continued its strong run with another record-breaking quarter

The US venture industry's 2020 growth spurt showed no signs of abating during a record-breaking first quarter. Dealmaking, exit and fundraising activity all continued at or near historical highs.

Transactions of all types continued to swell, as mega-deals, large funds and outsized IPOs dominated capital flows throughout the market.

The Q1 2021 PitchBook-NVCA Venture Monitor, sponsored by Silicon Valley Bank and Secfi, presents data and analysis to explore the significant trends that shaped the VC market over the last three months, including SPAC market growth, a boom in life sciences and a surge in valuations. Other key takeaways include:

Three-quarters of all US VC investment dollars were deployed in late-stage deals, the highest portion since 2010.

The focus on large, late-stage deals may be a harbinger of a rise in exit activity, with many portfolio companies possibly preparing to be acquired or go public.

Q1 is estimated to be the largest quarter on record for nontraditional investor deal activity. Capital from these investors has helped drive late-stage deals, leading to companies staying private longer.

Recommended Reads

A newly opened newsstand in Seattle's Capitol Hill shows why urban neighborhoods will make a post-pandemic comeback. [Bloomberg]

For better or worse, remote court proceedings are changing how justice is served. [The Atlantic]

The spring and summer lumber buying rush has commenced. But the price of lumber is up 193% year-over-year—and it's still rising. [Fortune]

Since yesterday, the PitchBook Platform added:

33

VC valuations

855

People

239

Companies

35

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2007 Vintage Global Venture Funds with more than $250M
	A message from Finistere Ventures
	What's on the horizon for agrifood tech startups post-pandemic?
	VC Deals
	Epic Games hits $28.7B valuation
	SambaNova Systems secures $676M
	SoftBank leads $220M round for home gym startup
	Clearcover drives off with $200M
	Immune therapy startup scores $189M
	Fundraising
	Lever VC raises $46M for Fund I

The Daily Benchmark

2007 Vintage Global Venture Funds with more than $250M

Median IRR

8.55%

Top Quartile IRR Hurdle Rate

16.88%

1.98x

Median TVPI

Select top performers

Arch Venture Fund VII

Third Rock Ventures I

Institutional Venture Partners XII

*IRR: net of fees

33 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from Finistere Ventures

What's on the horizon for agrifood tech startups post-pandemic?

A tremendous surge in agrifood tech investment in 2020 toppled previous records. Sign up for exclusive access to the 2020 AgriFood Tech Investment Review, a report developed by Finistere Ventures in collaboration with PitchBook, to learn more about why the global pandemic, food supply chain shifts and consumer consumption changes fueled an incredible upswing in capital, valuations and investor diversification, and find out which investment sectors are most likely to sustain that growth.

A leading global agrifood technology and life sciences venture capital investor, Finistere Ventures provides a comprehensive assessment of global financing activity and breaks down important trends by region, subsector and stage for both agtech and foodtech ecosystems. The report also includes an updated agtech and foodtech startup market map, a snapshot of the top 2020 agtech and foodtech deals, and a preliminary look at investment activity in early 2021.

Click to read our 2019 investment review in anticipation.

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VC Deals

Epic Games hits $28.7B valuation

Epic Games, the creator of popular games including "Fortnite" and "Houseparty," has raised $1 billion in funding at a $28.7 billion valuation. Last August, the gaming company raised $1.78 billion at a $17.3 billion valuation. The latest round includes a $200 million strategic investment from existing backer Sony, with other investors including Appaloosa, Baillie Gifford and Fidelity Management & Research also participating.

Select Additional Investors:

T. Rowe Price, BlackRock, Franklin Templeton Investments

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View 43 competitors »

SambaNova Systems secures $676M

AI specialist SambaNova Systems has raised a $676 million Series D at a valuation of over $5 billion. SoftBank's Vision Fund 2 led the round, with Temasek, Singapore sovereign wealth fund GIC, BlackRock, Intel Capital, GV, Walden International and WRVI Capital also participating. Palo Alto-based SambaNova makes chips and software to run AI applications; it was valued at $2.5 billion last year, according to PitchBook data.

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View 38 competitors »

SoftBank leads $220M round for home gym startup

Tempo, the provider of an in-home connected fitness system that uses 3D sensors and AI to personalize workouts, has secured $220 million in Series C financing led by SoftBank. The round also saw participation from new investor Steadfast Venture Capital, and existing backers DCM, General Catalyst, Norwest Venture Partners and Bling Capital. The San Francisco-based startup raised a $60 million round last July.

View round

View 3 competitors »

Clearcover drives off with $200M

Clearcover has raised a $200 million Series D led by Eldridge, with participation from American Family Ventures, Cox Enterprises and OMERS. The Chicago-based company offers a platform that uses AI to provide lower car insurance rates. Clearcover was valued at $280 million in January 2020, according to PitchBook data.

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View 16 competitors »

Immune therapy startup scores $189M

Flagship Pioneering-backed Repertoire Immune Medicines has raised a $189 million Series B from investors including SoftBank's Vision Fund 2. Based in the Boston area, the clinical-stage biotech company is a developer of immune therapies intended to treat cancer, immune disorders and other serious diseases. Repertoire was valued at $203 million in 2019, according to PitchBook data.

Additional Investors:

Public Sector Pension Investment Board, The Invus Group, Alaska Permanent Fund

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View similar company »

Fundraising

Lever VC raises $46M for Fund I

Lever VC has announced the fourth close of its first flagship VC fund at $46 million. The firm primarily invests in early-stage startups offering alternative protein products; its portfolio includes Mission Barns, which uses animal cells to cultivate fat, and Blackbird Foods, which offers wheat protein and plant-based pizzas. Lever plans to hold a final close for the vehicle in June.

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View 14 investments »

Chart of the Day

"As Nordic-based startups soared to new heights, larger rounds drove aggregate deal value figures. In 2020, 68.5% of overall deal value was deposited in rounds over €25 million—slightly higher than the European proportion of 61.8%, which indicates larger rounds underpin Nordic deal value for the region's biggest startups."

Source: PitchBook's 2021 Nordic Private Capital Breakdown