PitchBook News - Altimeter grabs dealmaking spotlight

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The Daily Pitch: VC

April 15, 2021

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Today's Top Stories

After Snowflake windfall, Altimeter Capital grabs dealmaking spotlight

(butenkow/Getty Images)

Altimeter Capital is quickly becoming a household name following a streak of mega-deals for leading tech unicorns.

The Boston-based firm was responsible for the record-smashing SPAC deal to take ridehailing and delivery company Grab public this week. It has also led major funding rounds for fintech provider Plaid and gaming company Roblox.

Led by founder and CEO Brad Gerstner, Altimeter mostly kept a low profile until its investment in Snowflake resulted in a stake worth around $8.3 billion following the cloud data company's IPO last year.

The firm's rapid pace in recent months puts it in league with other nontraditional investors that are leaving their mark on late-stage venture capital.

Recommended Reads

San Francisco is ramping up its efforts to address homelessness. Will that finally change things? [The Guardian]

How one payment processor achieved a valuation of $95 billion and became Silicon Valley's hottest startup. [The Wall Street Journal]

SPACs have recently gotten a lot of attention from investors. Now they're drawing the scrutiny of regulators, too. [Institutional Investor]

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Quick Takes


	The Daily Benchmark
	2012 Vintage Global Real Estate Funds
	A message from Unigestion
	In discussion with GPs: How can secondary deals unlock value?
	VC Deals
	Scale AI secures $325M Series E
	Groq gathers $300M
	Benchling lands $200M Series E
	Slice gobbles up $40M Series D
	Fundraising
	Maverick Ventures wraps $600M evergreen vehicle

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In discussion with GPs: How can secondary deals unlock value?

Join our webinar to hear GPs discuss the exceptional opportunity in GP-led secondary deals at the small end of the market.

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VC Deals

Scale AI secures $325M Series E

Scale AI, a startup that labels datasets for AI training, has raised a $325 million Series E co-led by Dragoneer Investment Group, Greenoaks Capital and Tiger Global at a reported valuation of $7.3 billion. New investors including Wellington Management and Durable Capital, as well as existing backers like Coatue Management, Founders Fund, Index Ventures and Y Combinator also took part in the funding. In December, Scale AI raised $155 million at a valuation of $3.5 billion, according to a PitchBook estimate.

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Groq gathers $300M

Groq, a next-generation semiconductor startup, has raised $300 million in a round led by Tiger Global and D1 Capital, with participation from The Spruce House Partnership and Addition. Led by former employees of Google, Groq provides a chip for AI applications. Groq has previously raised more than $60 million in venture funding, according to PitchBook data.

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Benchling lands $200M Series E

Benchling has raised $200 million in a round led by Sequoia Capital Global Equities, with participation from Altimeter Capital, Byers Capital and Menlo Ventures. The San Francisco-based company is the developer of an R&D cloud platform for the life sciences industry. Benchling was valued at $900 million in May 2020, according to PitchBook data.

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Benchmark, Iconiq Capital, Lux Capital Management, Spark Capital, Thrive Capital

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Slice gobbles up $40M Series D

Slice has raised $40 million in a round led by Cross Creek, with participation from GGV Capital, KKR and Primary Ventures. Former Twitter CEO Dick Costolo and former Twitter COO Adam Bain also supported the round. The company provides a mobile app and website designed to help local pizzerias access customer data insights, run marketing campaigns and build an online presence.

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Fundraising

Maverick Ventures wraps $600M evergreen vehicle

Maverick Ventures, the VC arm of hedge fund Maverick Capital, has raised $600 million for its third evergreen fund, according to reports. The San Francisco-based firm's previous evergreen fund brought in $382 million in 2019. Maverick Ventures' notable investments include One Medical, a membership-based primary care provider, and Coupang, a South Korean ecommerce company.

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