PitchBook News - Psychedelic IPOs sprout momentum

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The Daily Pitch: VC

June 18, 2021

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

Today's Top Stories

Psychedelic IPOs create momentum for emerging field

(Alexander_Volkov/Getty Images Plus)

Atai Life Sciences has become the third biotech company focused on psychedelic treatment for mental health disorders to list on a major US stock exchange.

The deal underscores continuing investor interest and growing acceptance of what has, until recently, been viewed as a fringe area of medicine.

Investors are hopeful that FDA approval of certain psychedelic substances could revolutionize mental health, leading to the creation of a large industry.

To grow the field, psychedelics companies must consider a variety of factors, including regulatory hurdles and coverage of patients' health plans.

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Oatly CEO Toni Petersson on why the oat milk company is prioritizing growth over profitability. [Fortune]

The pandemic triggered a surge in ecommerce deliveries and freight vehicles are taking over. How can cities take back their streets? [Bloomberg]

A new law in Colorado is aiming to narrow gender wage gaps and provide pay transparency for employees. But some big companies don't want job seekers in the state to apply for their positions. [The Wall Street Journal]

Since yesterday, the PitchBook Platform added:

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Quick Takes


	A message from Masterworks
	The art market is on fire
	The Daily Benchmark
	2012 Vintage Global Venture Funds with more than $250M
	VC Deals
	Defense tech specialist Anduril hits $4.6B valuation
	KeepTruckin drives off with $190M
	Claroty lands $140M
	Nylas banks $120M
	Splash Financial secures new funding
	Fiddler plucks $32M
	Fundraising
	Podcaster Harry Stebbings pulls in $140M for new funds

A message from Masterworks

The art market is on fire

For decades, billionaires and hedge funds have invested millions into art. Why?

Contemporary art prices outperformed S&P 500 returns by 174% from 1995 through 2020.
The $1.7 trillion art asset class is projected to grow by $900 billion by 2026.

But unless you have $50,000,000 to build an art collection yourself, you've been locked out of this under-the-radar investment. Until now. Masterworks lets you invest in multimillion-dollar artworks by artists like Banksy and Picasso. Watch CEO Scott Lynn discuss why art should be part of your portfolio today.

*See disclaimer

Share:

The Daily Benchmark

2012 Vintage Global Venture Funds with more than $250M

Median IRR

18.04%

Top Quartile IRR Hurdle Rate

29.41%

2.01x

Median TVPI

Select top performers

Emergence Capital Partners III

Flagship Ventures Fund IV

Index Ventures VI

*IRR: net of fees

14 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Defense tech specialist Anduril hits $4.6B valuation

Anduril Industries has raised a $450 million Series D at a $4.6 billion valuation, up from $1.9 billion last year, according to PitchBook data. Elad Gil led the funding, with participation from Andreessen Horowitz, 8VC, Founders Fund, General Catalyst, Lux Capital, Valor Equity Partners and D1 Capital Partners. The Orange County, Calif.-based company offers AI-powered systems for military and security applications.

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KeepTruckin drives off with $190M

KeepTruckin, which offers a platform to manage commercial vehicle fleets, has raised a $190 million Series E at a more than $2 billion valuation. The round drew investment from G2VP, Index Ventures, Greenoaks, IVP, Scale Venture Partners, BlackRock and others. KeepTruckin was valued at $1.25 billion in 2019, according to PitchBook data.

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View 47 competitors »

Claroty lands $140M

Claroty, an industrial cybersecurity specialist, has raised a $140 million Series D co-led by Bessemer Venture Partners and 40 North. The New York-based company offers a platform to help organizations secure their internet-connected devices and operational technologies.

Select Additional Investors:

I Squared Capital, LG

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View 115 competitors »

Nylas banks $120M

Nylas has raised a $120 million Series C led by Tiger Global. The San Francisco-based company develops a communications API platform for businesses; its customers include Upwork, Wix, Freshworks and Dialpad. Nylas raised $25 million at a $55 million valuation in June 2020, according to PitchBook data.

Select Additional Investors:

8VC, Blue Cloud Ventures, Owl Rock Capital, Citi Ventures, Scale Asia Ventures, Slack Fund

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View 33 competitors »

Splash Financial secures new funding

Splash Financial has raised a $44.3 million Series B from investors including DST Global, Citi Ventures, Detroit Venture Partners and Firebolt Ventures. The Cleveland-based company is the operator of a digital lending platform intended to help borrowers compare and buy financial products.

Additional Investors:

CMFG Ventures, Northwestern Mutual Future Ventures

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View 1 competitors »

Fiddler plucks $32M

Fiddler has raised a $32 million Series B led by Insight Partners, with participation from investors including Lightspeed, Lux Capital and Haystack Ventures. The Palo Alto-based business offers a platform to help companies monitor and implement AI initiatives.

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View 2 competitors »

Fundraising

Podcaster Harry Stebbings pulls in $140M for new funds

Harry Stebbings, the creator of VC podcast "The Twenty Minute VC," has raised $140 million for two funds, the Financial Times reported. The first, 20VC Early, will target pre-seed to Series A investments of up to $750,000. The second vehicle, 20VC Explorer, will be used for Series B rounds and onwards with ticket prices ranging from $1 million and $5 million. Stebbings has backed startups including audio social network Clubhouse and virtual events company Hopin.

View details

View 6 investments »

Chart of the Day

" ... [M]ega-funds have not missed a step in quite some time, garnering a greater share of fund commitments, though this is partly because more of these funds are being raised and partly because many successor funds are getting larger. The definition for mega-funds varies by strategy, but funds sized between $1 billion and $5 billion have definitely found the most success in recent years, even taking share from $5 billion-plus funds."

Source: PitchBook's Q1 2021 Private Fund Strategies Report