PitchBook News - Thumbtack hits $3B+ valuation

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The Daily Pitch: VC

June 16, 2021

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

Today's Top Stories

PE firms join forces with HBCUs as industry grapples with lack of diversity

Clark Atlanta University has joined fellow HBCUs Morehouse College and Spelman College to partner with private equity heavyweights. (Marcus Ingram/Getty Images)

Private equity has tried for years to shed its reputation as one of the least diverse places to work in finance. But now three industry heavyweights have taken it a step further, pledging millions to a diversity initiative aimed at bringing in more Black employees.

Apollo Global Management, Oaktree Capital and Ares Management have announced a 10-year, $90 million partnership with three Historically Black Colleges and Universities (HBCUs) to train and provide career opportunities for Black students.
The firms will each commit $3 million annually for the next decade to fund the initiative through the nonprofit Alt Finance Corporation. The initiative is expected to launch in the first half of 2022 and could eventually expand beyond the three HBCUs.

Recommended Reads

How the pursuit of the perfect playing surface changed soccer in the "Silicon Valley of turf." [The Guardian]

When things go terribly wrong during an Airbnb stay, the company's secretive safety team steps in to help guests, hosts and families—spending millions of dollars in the process. [Bloomberg]

The winners and losers of the work-from-home revolution. [The Atlantic]

Since yesterday, the PitchBook Platform added:

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Quick Takes


	A message from DocSend
	A data room that facilitates storytelling and collaboration
	The Daily Benchmark
	2009 Vintage Global Debt Funds
	VC Deals
	Thumbtack hits $3.2B valuation
	Singapore's Carro drives off with nearly $360M
	IRL becomes unicorn with $170M Series C
	Wealth management startup banks $150M Series F
	Edtech startup books $70M for learning platform
	Elisity secures $26M
	Emergency response startup Carbyne lands $20M
	Portfolio Companies
	Nuro, FedEx team on autonomous delivery

A message from DocSend

A data room that facilitates storytelling and collaboration

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In fact, 53% of VDR users think their data room doesn't improve collaboration.

When you upload documents, you're doing more than just giving outside parties access to files. You're showing the story you want to tell about your business.

Your data room needs storytelling-centric features.

Users should be able to create a customized experience with the right documents and narrative, so they can frame how external collaborators think about your firm before any diligence even begins.

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The Daily Benchmark

2009 Vintage Global Debt Funds

Median IRR

8.90%

Top Quartile IRR Hurdle Rate

12.18%

1.40x

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MatlinPatterson II Preferred Partners

Avenue Europe Special Situations Fund

Centerbridge Special Credit Partners

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VC Deals

Thumbtack hits $3.2B valuation

Home services company Thumbtack has raised $275 million at a $3.2 billion valuation, up from $1.4 billion in 2019, according to a PitchBook estimate. The round was led by Qatar Investment Authority, with Blackstone Alternative Asset Management, G Squared and others participating. Based in San Francisco, Thumbtack offers a platform to connect homeowners and other clients with local professionals like painters and cleaners.

Additional Investors:

Baillie Gifford, CapitalG, Founders Circle Capital, Sequoia, Tiger Global

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Singapore's Carro drives off with nearly $360M

Vehicle marketplace Carro has raised 477 million Singapore dollars (about $359 million) at a more than $1 billion valuation. SoftBank's Vision Fund 2 led the Series C, with participation from EV Growth and others. The company was reportedly valued at $289 million last year.

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IRL becomes unicorn with $170M Series C

IRL, a group messaging social network centered around events and shared experiences, has collected $170 million in a Series C led by SoftBank's Vision Fund 2, with support from other investors including Dragoneer Investment Group, Goodwater Capital and Founders Fund. The oversubscribed round values the two-year-old startup at $1.17 billion. IRL, which stands for In Real Life, reported 400% growth over the last 15 months.

Additional Investors:

Floodgate Fund, Owl Capital

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Wealth management startup banks $150M Series F

Addepar has raised $150 million from D1 Capital Partners in a round that gives the company a pre-money valuation of $2 billion. The Mountain View, Calif.-based company is the developer of a wealth management platform that provides data aggregation, analytics and reporting for investment portfolios. In November, Addepar raised $117 million at a valuation of more than $1 billion, according to PitchBook data.

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Edtech startup books $70M for learning platform

Formative has raised $70 million in a round led by Summit Partners. Founded in 2013, the company is the creator of an edtech platform that helps teachers conduct live assignments and track the growth of K-12 students. Formative will use the funds in part to expand internationally.

Additional Investors:

Fika Ventures, Maccabee Ventures, Rethink Capital Partners, Emerson Collective

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Elisity secures $26M

Elisity has raised a $26 million Series A co-led by Two Bear Capital and AllegisCyber Capital. Founded in 2018, the San Jose-based company is the developer of a cybersecurity platform that uses AI-based behavioral intelligence to assess risk and develop security policies for devices, people, data and applications.

Additional Investor:

Atlantic Bridge

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Emergency response startup Carbyne lands $20M

Carbyne has raised a $20 million Series B led by Global Medical Response. The New York-based company offers a cloud-based platform to help emergency personnel access information in real time while responding to incidents.

Additional Investors:

Elsted Capital Partners, Hanaco Venture Capital, Intercap

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Portfolio Companies

Nuro, FedEx team on autonomous delivery

Nuro, a developer of autonomous delivery vehicles, has unveiled a multi-year agreement with FedEx to test Nuro's vehicles. The collaboration first launched in April with a pilot program for delivering parcels in the Houston area. Based in Mountain View, Calif., Nuro was valued at $5 billion when it brought in a $500 million Series C in March, according to PitchBook data. The company has raised a total of $1.53 billion to date from investors including Greylock Partners, Fidelity Management & Research and T. Rowe Price.

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Chart of the Day

"Although fluctuations are expected during 2021, the staggering increase is noteworthy and indicates that exits relating to the most valuable VC-backed companies in Europe have grown in stature. The skewed figure can be attributed to a resurgent exit environment as high-profile multibillion-euro exits for Arrival (NASDAQ: ARVL), Deliveroo (LON: ROO), and Auto1 (FRA: AG1) took place in Q1."

Source: PitchBook's Q1 2021 European VC Valuations Report