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PitchBook News - VCs fuel Latin America fintech boom

Outschool graduates to unicorn; Hedge funds lead startups race; Animation specialist picks up $50M; Level lands $27M
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The Daily Pitch: VC
April 19, 2021
Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A
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Today's Top Stories
VC interest in Latin America swells as fintech takes flight
Sao Paulo is home to a host of fintech startups including Nubank and Creditas. (Matt Mawson/Getty Images)
The rise of fintech innovation and demand for online banking tools amid the pandemic has ignited a digital transformation in Latin America.
  • Last year, startups in the region pulled in more than $1.3 billion across 110 VC deals, according to PitchBook data.

  • Neobanks with differentiated business models are likely to thrive as they continue to attract venture interest from across the globe.

  • "Challenger banks are finally creating a level of competition in the market that is really healthy for consumers," said Bill Cilluffo, a partner at QED Investors.
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How hedge funds are leading the race to stake startups
(Justin Setterfield/Getty Images)
Venture capitalists are increasingly competing for deals with a new, fierce group of investors: hedge funds. These crossover firms, which include Tiger Global, Coatue Management, Altimeter Capital and D1 Capital Partners, have been winning deals by offering terms most traditional VC firms cannot match.
  • Since the scarcest resource in Silicon Valley is access and not capital, hedge funds are happy to overpay at earlier stages for a chance to invest hundreds of millions into winning companies before they go public.

  • This group of investors is making offers at unprecedented speeds and valuations, which are hard for founders to resist, according to a veteran VC investor.

  • While not a hedge fund, Insight Partners is another investor employing a similarly aggressive strategy.
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Quick Takes
  The Daily Benchmark  
  2008 Vintage Global Secondaries Funds  
  VC Deals  
  Outschool grabs $75M, hits unicorn status  
  Vyond picks up $50M  
  Level lands $27M Series A  
 
 
The Daily Benchmark
2008 Vintage Global Secondaries Funds
Median IRR
12.33%
Top Quartile IRR Hurdle Rate
16.18%
1.51x
Median TVPI
Select top performers
Industry Ventures Secondary Fund V
Fort Washington Private Equity Opportunities Fund II
OHIM Secondary Investments 2008
*IRR: net of fees
16 Funds in Benchmark »
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VC Deals
Outschool grabs $75M, hits unicorn status
Outschool, the operator of a marketplace for virtual classes and afterschool activities for kids, has closed a $75 million Series C led by Coatue Management and Tiger Global. The round, which also saw participation from investors like Lightspeed, Union Square Ventures and Reach Capital, brings the company's valuation to $1.3 billion. San Francisco-based Outschool has raised more than $130 million in venture capital funding to date, according to PitchBook data.
View round
 
View 25 competitors »
 
Vyond picks up $50M
Animation software maker Vyond has raised $50 million in a round led by PeakSpan Capital. The Bay Area company offers tools to help businesses create videos for employee training, marketing content and internal communications.
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View 4 competitors »
 
Level lands $27M Series A
Healthcare benefits startup Level has raised $27 million in a round co-led by Khosla Ventures and Lightspeed, with Operator Collective, First Round Capital and Homebrew also participating. The New York-based company offers self-insured dental and vision benefits for employers.
View details
 
View similar company »
 
Chart of the Day
"167 VC deals at or over $100 million closed in the quarter, representing $41.7 billion in capital investment, which puts 2021 on track to easily set a new annual record for mega-deals on both a count and value basis. This also means that 13.5% of the recorded late-stage VC deals in Q1 fall under this category, demonstrating how these transactions—considered to be anomalies only a few years ago—have become commonplace."

Source: Q1 2021 PitchBook-NVCA Venture Monitor
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Who's in the newsletter today?
Investors
Coatue Management
First Round Capital
Homebrew
Khosla Ventures
Lightspeed
Operator Collective
PeakSpan Capital
Reach Capital
Tiger Global
Union Square Ventures
Companies
Level
Outschool
Vyond
 
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