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PitchBook News - Synthetic biology rekindles VC interest

Credit Suisse pares ties with SoftBank; Fintech specialist eyes $2B+ valuation; Neo4J grabs $325M; MetaProp raises $100M fund
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The Daily Pitch: VC
June 21, 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
Wall Street wins signal the start of a synthetic biology revolution
(Courtesy of Ginkgo)
Venture capitalists foresee a bright future for synthetic biology companies that are notching big breakthroughs after a decade of innovation.
  • The excitement is driven in part by public debuts for two leaders in the field: Zymergen went public in April at a roughly $3 billion valuation, and Ginkgo was valued at $15 billion in a SPAC deal.

  • The cost to design and produce engineered cells has fallen rapidly, and new opportunities in everything from agriculture to cancer drugs keep sprouting up.

  • One investor's take: "I think in 10 years we will probably look back and will recognize that this is the most important technological revolution of our time."
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How VC managers have adapted over time
(OsakaWayne Studios/Getty Images)
In the high-risk, high-reward game of staking startups, venture capitalists have shown a willingness to rewrite their playbook—changing their industry focus and oscillating between more and less specialized approaches.

Our recent analyst note dives into how US VC manager styles have drifted over the last 15 years. Key takeaways include:
  • Veteran venture investors have become increasingly split between highly specialized and generalist firms, with fewer managers taking the more moderate, targeted approach.

  • New GPs tend to specialize, often leveraging the networks and industry know-how they developed in past roles.

  • In recent years, specialist firms have dominated in terms of overall fundraising, bringing in $100 billion across 678 funds. Leading biotech investors, in particular, have become more specialized.
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A message from RBC Capital Markets
What's moving the software sector?
AI, machine learning and deep learning are essential for addressing the growing amount of data we generate today. We see significant investments in machine learning, deep learning and AI in what we call edge computing.

The COVID-19 pandemic has accelerated digital transformation and cloudification. Almost every vertical now uses AI, machine learning and deep learning to improve products, services and customer experience. But how has the pandemic influenced the software sector?

Join our industry experts as they explore what's leading software development, where technology is taking us next and the areas that are driving software investment.
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Recommended Reads
A glimpse inside Female Founders Fund founder Anu Duggal's summer home that pays homage to the power of women. [The Wall Street Journal]

Could processing actually help reduce food's carbon footprint? [BBC]

Biologist Juliane Diller was the sole survivor of a plane crash in the Amazon at age 17. Fifty years later, she runs Panguana, a research station founded by her parents in Peru. [The New York Times]
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Quick Takes
  The Daily Benchmark  
  2017 Vintage US PE Funds  
  VC Deals  
  BharatPe eyes $2.5B valuation  
  Neo4J grabs $325M  
  Hydrosat picks up $5M  
  Fundraising  
  Fortino Capital amasses $124M for latest VC fund  
  MetaProp closes $100M fund  
  Investors  
  Credit Suisse pares ties with SoftBank  
 
 
The Daily Benchmark
2017 Vintage US PE Funds
Median IRR
11.85%
Top Quartile IRR Hurdle Rate
19.96%
1.17x
Median TVPI
Select top performers
Falfurrias Capital Partners Fund III
SSC Partners Cantium
Bain Capital Life Sciences Fund
*IRR: net of fees
100 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals
BharatPe eyes $2.5B valuation
Tiger Global is in talks to invest about $250 million into Indian fintech specialist BharatPe, TechCrunch reported. The Series E could value the company at $2.5 billion, up from the $900 million valuation it reportedly received earlier this year. The startup offers a platform for mobile payments and loans aimed at small businesses.
View details
 
View 19 competitors »
 
Neo4J grabs $325M
Neo4J, a graph technology startup, has raised a $325 million Series F at a valuation of more than $2 billion. The round was led by Eurazeo and joined by investors including GV, Creandum, Greenbridge Partners and DTCP. The San Mateo, Calif.-based company has raised more than $515 million in venture funding to date, according to PitchBook data.
Additional Investors:
One Peak Partners, Lightrock
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View 53 competitors »
 
Hydrosat picks up $5M
Hydrosat has raised $5 million in seed financing led by Cultivation Capital. The company uses thermal infrared imagery to provide geospatial analytics services to commercial and government customers.
Additional Investors:
Expon Capital, Freeflow Ventures, Industrious Ventures, Synova Capital, Techstars, Yield Lab
View round
 
View similar company »
 
Fundraising
Fortino Capital amasses $124M for latest VC fund
Belgium-based investor Fortino Capital Partners has closed its third fund on €105 million (about $124 million). The vehicle will be used to back early-stage B2B software and technology startups in Europe, with a focus on the Benelux region, France and Germany. Initial investment sizes will range from €1 million to €3 million. The fund's predecessor launched in 2016 with €80 million in capital.
View fund
View 42 investments »
MetaProp closes $100M fund
MetaProp, a venture capital firm that makes early-stage real estate technology investments, has raised $100 million for its third fund. The New York-based firm has previously backed brokerage startup Side, text message marketing company Attentive and VergeSense, an office analytics provider. The fund's predecessor closed on $40 million in 2018.
View fund
 
View 90 investments »
 
Investors
Credit Suisse pares ties with SoftBank
Credit Suisse is curtailing business with SoftBank, The Wall Street Journal reported. The Swiss bank and the Japanese conglomerate's founder, Masayoshi Son, have also ended a longtime personal lending relationship, according to the report. SoftBank-backed specialty finance company Greensill Capital collapsed in March. Credit Suisse, which had been financing some of Greensill's loans and packaging them up into bond-like instruments, is left recovering $10 billion in funds on behalf of investors.
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View 198 investments »
 
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Chart of the Day
Source: Q1 2021 PitchBook-NVCA Venture Monitor
Who's in the newsletter today?
Investors
Creandum
Cultivation Capital
DTCP
Eurazeo
Expon Capital
Fortino Capital Partners
Freeflow Ventures
GV
Greenbridge Partners
Industrious Ventures
Lightrock
Masayoshi Son
MetaProp
One Peak Partners
SoftBank
Synova Capital
Techstars
Tiger Global
Yield Lab
Companies
Attentive
BharatPe
Credit Suisse
Greensill Capital
Hydrosat
Neo4J
Side
VergeSense
 
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