PitchBook News - a16z launches crypto arms race

Read online | Don't want to receive these emails? Manage your subscription.

PitchBook

Log in

The Daily Pitch: VC

June 25, 2021

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

Surveying sustainable investing practices

PitchBook is taking the pulse of investors and other private market participants on their incorporation of impact strategies and ESG risk factors. Please share your firm's approach to sustainable investing and what drives it. The survey will take about 10 minutes.

All who complete the survey will be entered in a prize drawing, and for each completed response, PitchBook will make a donation to World Central Kitchen.

Take the survey now

Share:

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.

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]

Since yesterday, the PitchBook Platform added:

14

VC valuations

1547

People

408

Companies

13

Funds

See what our data software can do

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.

Share:

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 »