PitchBook News - a16z launches crypto arms race

Firebolt locks in $127M; Blockchain specialist hits $4B+ valuation; Tiger Global leads round for RoadSync; Lessen brings in $35M
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The Daily Pitch: VC
June 25, 2021
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Today's Top Stories
Andreessen Horowitz launches crypto arms race as check sizes swell
General partner Chris Dixon has long overseen a16z's crypto bets. (Steve Jennings/Getty Images)
Longtime crypto booster Andreessen Horowitz is sending a message with a new $2.2 billion fund that it will keep swinging for the fences on its blockchain bets.
  • The haul is huge even by a16z standards, but the firm will need the cash if it wants to remain an industry leader. The average round size for crypto VC deals has nearly tripled since 2019, according to PitchBook data.

  • Andreessen Horowitz cemented its reputation as a kind of crypto Midas after Coinbase's IPO earlier this year, but it has yet to show that kind of success can be repeated.

  • The firm is also bracing for impending regulatory changes in the industry, stacking its ranks with former US government personnel.
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Big Tech's approach to AI: Build rather than buy
(Jorg Greuel/Getty Images)
When it comes to growing their artificial intelligence capabilities, leading tech companies have largely preferred to invest internally rather than snap up startups.

Our latest analyst note explores M&A trends for VC-backed AI and machine learning companies. Key highlights include:
  • Acquisition deal counts and deal values barely grew in 2020, and just $1 billion worth of acquisitions were recorded in the first quarter of 2021. Natural language processing and consumer AI applications have proved to be regular targets for acquisition.

  • The R&D budgets of the leading five tech companies are so massive that their combined AI and ML investments could reasonably exceed the $29.3 billion that VCs invested in North America in 2020.

  • But Microsoft's $16 billion deal to acquire conversational AI company Nuance in April shows that big tech is willing to spend big for the right opportunity.
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A message from RBC Capital Markets
Unlocking ESG strategies for growth with Gilead Sciences
In this episode of our "Pathfinders" podcast, RBC Capital Markets explores what is material in ESG for biopharma companies with the ESG leads at Gilead Sciences. Gilead has long focused on sustainability, but based on a materiality assessment, their ESG strategy today focuses first on drug access and pricing while also addressing diversity & inclusion and climate change. Find out why Gilead's board is "acutely aware" of the contribution that ESG makes to the firm's overall success.

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Visa to fill Plaid-shaped hole with $2B+ Tink takeover
(Justin Sullivan/Getty Images)
Visa has agreed to buy Swedish open banking platform Tink just months after abandoning a $5.3 billion takeover of its US peer Plaid.
  • Visa will pay €1.8 billion (about $2.15 billion) for Tink, whose software lets banks and other financial services companies access consumer banking data from different institutions.

  • Tink was valued at an estimated €680 million last December, following an €85 million Series D led by Eurazeo and Dawn Capital in December. Since its launch, the startup has secured over €200 million in VC funding.

  • Visa agreed last year to acquire Plaid, but opted to cancel the deal in January after the Justice Department filed an antitrust lawsuit arguing the merger would give the payments giant a monopoly over the online debit space. Plaid has since gone on to raise $425 million from VCs at a $13.4 billion valuation.
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Recommended Reads
How a herd of elephants won China's internet. [The New York Times]

The pandemic left hundreds of retail spaces vacant across Manhattan. But with an increase in e-commerce sales in the US, designers are pivoting to temporary pop-up shops. [Bloomberg]

How the esoteric asset class of litigation finance toppled the fortunes of a "Real Housewives" star. [Institutional Investor]
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Quick Takes
  The Daily Benchmark  
  2016 Vintage US PE Funds  
  A message from InCloudCounsel  
  Guide: The top 10 terms in private equity NDAs  
  VC Deals  
  Firebolt locks in $127M Series B  
  Blockchain specialist Chainalysis hits $4.2B valuation  
  Deserve secures $50M Series D  
  Lessen brings home $35M  
  Tiger Global leads $30M round for RoadSync  
 
 
The Daily Benchmark
2016 Vintage US PE Funds
Median IRR
13.45%
Top Quartile IRR Hurdle Rate
23.90%
1.29x
Median TVPI
Select top performers
Renovus Capital Partners II
Francisco Agility Fund
Providence Strategic Growth II
*IRR: net of fees
98 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
A message from InCloudCounsel
Guide: The top 10 terms in private equity NDAs
Are you managing NDAs with the speed and precision the market demands?

Whether you're an associate, legal counsel or managing director, everyone in the asset management industry should be familiar with the key terms in a non-disclosure agreement.

Each NDA contains a handful of critical terms that can have a meaningful impact on the speed at which an agreement is reached, and on the buyer's and seller's operations.

Truly improving the NDA process requires a network of experienced attorneys working in an ecosystem that turns contracts into data in a continuous effort to optimize and improve outcomes. We've outlined some of the most important elements of terms in a private equity NDA, which draw nuance from changing business conditions.

Download the guide today.
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VC Deals
Firebolt locks in $127M Series B
Firebolt, a developer of cloud data warehouse software, has raised $127 million from investors including Dawn Capital, K5 Global, Zeev Ventures and TLV Partners. The Tel Aviv-based company raised a $37 million Series A in December.
Additional Investors:
Angular Ventures, Bessemer Venture Partners
View round
 
View similar company »
 
Blockchain specialist Chainalysis hits $4.2B valuation
Chainalysis, which offers a blockchain data and analysis platform, has raised a $100 million Series E at a $4.2 billion valuation. Coatue led the round, with participation from investors including Benchmark, Accel, Addition and Altimeter. The funding comes three months after the company's $100 million Series D.
View round
 
View 34 competitors »
 
Deserve secures $50M Series D
Deserve, a provider of digital credit card solutions, has raised a $50 million round co-led by Mission Holdings, Mastercard and Ally Ventures. Other investors, including Goldman Sachs Asset Management and Sallie Mae, participated in the funding.
View round
 
View 23 competitors »
 
Lessen brings home $35M
Lessen has raised a $35 million Series A led by Fifth Wall, with participation from General Catalyst, Khosla Ventures and Navitas Capital. The Scottsdale, Ariz.-based company is the developer of a property marketplace platform that helps property owners connect with service professionals and manage projects. Fifth Wall partner Dan Wenhold will join the company's board.
View round
 
View similar company »
 
Tiger Global leads $30M round for RoadSync
RoadSync has raised a $30 million Series B led by Tiger Global. The Atlanta-based company is the developer of a digital payments platform for the logistics industry. Base10 Partners, Hyde Park Venture Partners and Gaingels also participated in the round.
View round
 
View similar company »
 
Chart of the Day
Source: PitchBook's Q1 2021 Global M&A Report
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