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The Daily Pitch: VC

April 29, 2021

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Today's Top Stories

Beyond VC: The fundraising alternatives for Europe's startups

(LvNL/Getty Images)

European VC activity is on track for a record year, with Q1 already setting a quarterly high. But not all of the region's startups are eager to bring in venture capital. For many, raising equity funding comes at a cost they are unwilling to pay: control.

"There's so much pressure as a founder to take funding even if you don't need it," said Lemlist co-founder Guillaume Moubeche. "I wanted to send a message that fundraising should not be the definition of a startup's success and that you can succeed on your own terms."

Venture funding typically includes a board seat for investors, and with it, some say in how the company is run. That influence can be more hindrance than help, Moubeche said, as startups are often pushed to prioritize short-term growth over long-term profits.

Building a successful company usually requires at least some outside capital, but for founders who don't want to go the VC route, alternative funding options are cropping up throughout Europe to help startups scale.

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Quick Takes


	The Daily Benchmark
	2016 Vintage North American Venture Funds
	VC Deals
	MessageBird inks $600M deal for SparkPost, extends Series C to $1B
	Vena Solutions collects $300M Series C
	Merama secures $160M in debt and equity
	Boundless Bio brings in $105M
	Caresyntax snags $100M Series C
	Logixboard lands $13M for logistics platform
	Exits & IPOs
	Shapeways to go public via SPAC
	Fundraising
	Iconiq Capital looking to raise $3.75B for sixth growth vehicle
	Founders Circle Capital scores $355M for Fund III

The Daily Benchmark

2016 Vintage North American Venture Funds

Median IRR

21.50%

Top Quartile IRR Hurdle Rate

32.95%

1.47x

Median TVPI

Select top performers

Social Leverage Capital Fund II

True Ventures Select II

Sofinnova Venture Partners X

*IRR: net of fees

54 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

MessageBird inks $600M deal for SparkPost, extends Series C to $1B

Cloud communication platform provider MessageBird has agreed to buy SparkPost, a Missouri-based developer of email marketing technology, for $600 million. Amsterdam-based MessageBird also raised an $800 million extension to its Series C, bringing the round total to $1 billion. The company is backed by investors including Tiger Global, Accel, Spark Capital, BlackRock, NewView Capital and Atomico.

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Vena Solutions collects $300M Series C

Vena Solutions, a Toronto-based developer of spreadsheet management software, has raised a $300 million Series C led by private equity firm Vista Equity Partners, bringing the company's total funding to over $450 million. Vena has previously raised capital from investors including CIBC, JMI Equity and Centana Growth Partners.

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View 82 competitors »

Merama secures $160M in debt and equity

Ecommerce startup Merama has collected $60 million in seed and Series A funding and $100 million in debt financing through a round co-led by Valor Capital, Monashees Capital and Balderton Capital, TechCrunch reported. The valuation of the five-month-old startup has reportedly exceeded $200 million. Merama, which operates out of Mexico City and Sao Paulo, partners with Latin American ecommerce brands and provides them with human resources and non-dilutive working capital.

Additional Investor:

TriplePoint Capital

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Boundless Bio brings in $105M

Boundless Bio has raised a $105 million Series B co-led by RA Capital Management and Nextech Invest. The San Diego-based company is developing cancer treatment therapies; it was valued at $70.9 million in 2019, according to PitchBook data.

Select Additional Investors:

Arch Venture Partners, City Hill Ventures, Alexandria Venture Investments, Boxer Capital, GT Healthcare Capital Partners

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Caresyntax snags $100M Series C

Caresyntax has raised $100 million in a round led by PFM Health Sciences. The Boston-based company is a developer of AI-based software intended to analyze large datasets around operating rooms and help medical professionals improve surgical procedures.

Select Additional Investors:

Arno Capital, IPF Partners, Intel Capital, Lauxera Capital Partners, Optum Ventures

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Logixboard lands $13M for logistics platform

Seattle-based Logixboard has raised a $13 million Series A led by Redpoint Ventures. The company is the creator of a customer experience platform for freight forwarders that provides shippers with analytics, real-time visibility into their shipments and more.

Additional Investors:

Social Leverage, F-Prime Capital, Founders' Co-op, Techstars

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Exits & IPOs

Shapeways to go public via SPAC

Shapeways, which offers 3D printing as a service, is merging with blank-check company Galileo Acquisition. The deal gives Shapeways an enterprise value of $410 million and is expected to provide it with $195 million in cash. In 2020, the New York-based business recorded $31.8 million in revenue and a net loss of $3.2 million. It was valued at $200 million in 2018, according to PitchBook data.

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Fundraising

Iconiq Capital looking to raise $3.75B for sixth growth vehicle

Iconiq Capital, an investment firm known for serving as a wealth manager to celebrities and Silicon Valley elites, has established a target of $3.75 billion for its sixth growth equity fund, which will focus on enterprise software and financial tech companies, The Wall Street Journal reported. The firm's fifth flagship growth fund reportedly closed on $2.6 billion.

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View 105 investments »

Founders Circle Capital scores $355M for Fund III

Founders Circle Capital has closed its third flagship fund at $355 million, bringing its total assets under management to nearly $1 billion. The California-based VC firm invests in growth-stage companies; it has backed food delivery company DoorDash, cybersecurity startup Auth0 and data analytics specialist Databricks. It also maintains a leadership academy for growth-stage executives that's dubbed "The Circle."

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