Real estate tech is bouncing back

Pony.ai eyes public listing; Outdoorsy brings home $120M; VRChat nabs $80M; Tapcart secures $50M backed by Shopify
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The Daily Pitch: VC
June 28, 2021
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Real estate tech is bouncing back from its pandemic slump
(erhui1979/Getty Images)
As pandemic-related shutdowns are phasing out, real estate tech is seeing renewed interest from venture capitalists.
  • Less than six months into the year, deal activity in residential real estate tech has already reached an annual record of $6.2 billion.

  • A severe housing shortage in the US and a large population reaching peak home-buying age are creating momentum for startups that help consumers buy and sell their homes.

  • While the post-pandemic landscape of commercial real estate is full of unknowns, the explosion in online shopping has been a boon for technology related to logistics and warehousing.
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Microbiome health research opens market opportunities
(Anna Galkovskaya/Getty Images)
Microbiome research is at a nascent stage, but startups are already applying the insights discovered by academic institutions, government organizations and pharmaceutical companies to conduct proprietary research and develop direct-to-consumer wellness solutions.

PitchBook's latest analyst note examines how gut health research has opened emerging opportunities for VC-backed startups, and why some investors are wary despite the rise in government funding for microbiome research. Key takeaways include:
  • Positive research could dramatically increase the size of the market, but there is no clear timeline for when or if such findings may occur. In the meantime, the industry may struggle to gain mainstream traction.

  • At-home gut-health test providers inform consumers which bacteria inhabit their gut. But gut microbiomes can vary 100% person-to-person, creating research barriers for companies looking to delve into the space.

  • Probiotic supplement providers stand to benefit from increased awareness and research related to the microbiome's impact. But if research shows they aren't helpful, the market could dissipate.
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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. Start listening now.
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Quick Takes
  The Daily Benchmark  
  2011 Vintage Global Real Estate Funds  
  A message from Masterworks  
  The art market is on fire  
  VC Deals  
  Outdoorsy inks $120M growth round  
  VRChat nabs $80M Series D  
  Tapcart secures $50M backed by Shopify  
  Edge Delta picks up $15M  
  Exits & IPOs  
  Pony.ai eyes public listing  
 
 
The Daily Benchmark
2011 Vintage Global Real Estate Funds
Median IRR
14.08%
Top Quartile IRR Hurdle Rate
19.55%
1.56x
Median TVPI
Select top performers
C-III Recovery Fund I
Exeter Industrial Value Fund II
SH Group I
*IRR: net of fees
48 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
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
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VC Deals
Outdoorsy inks $120M growth round
Outdoorsy, a marketplace for recreational vehicle rentals, has raised $120 million in equity and debt. Moore Strategic Ventures led the deal along with investors including ADAR1 Partners, Monashees, SiriusPoint Ltd. and Pernod Ricard's corporate venture arm, Convivialité Ventures.
View round
 
View 2 competitors »
 
VRChat nabs $80M Series D
VRChat, the developer of a virtual reality social platform, has raised $80 million in a round led by Anthos Capital. Founded in 2014, the San Francisco-based company plans to use the funding in part to help users earn by creating virtual experiences.
Additional Investors:
GFR Fund, Makers Fund
View round
 
View 11 competitors »
 
Tapcart secures $50M backed by Shopify
Tapcart, which provides Shopify-afflilated vendors with mobile-app development tools, has raised a $50 million Series B led by Left Lane Capital. Shopify invested in the deal along with SignalFire, Greycroft, Act One Ventures and Amplify LA. The company previously disclosed $39 million of this funding in a regulatory filing earlier in June; that deal gave Tapcart a post-money valuation of $184 million, according to PitchBook data.
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View similar company »
 
Edge Delta picks up $15M
Edge Delta has raised a $15 million Series A co-led by Menlo Ventures and former Splunk CTO Tim Tully. The Seattle-based company offers an analytics platform to manage operational and security incidents. Existing investors MaC Venture Capital and Amity Ventures also participated in the funding.
View round
 
View similar company »
 
Exits & IPOs
Pony.ai eyes public listing
Self-driving car startup Pony.ai is considering going public in the US, Reuters reported. The company, which has operations in China and California, was valued at about $5.3 billion in November. Its backers include Toyota, Ontario Teachers' Pension Plan and ClearVue Partners.
View details
 
View 24 competitors »
 
Chart of the Day
"Although public markets and strategics provided ample buying power for exits at the top end of the market, exit activity was mixed for PE-backed companies valued under $500 million. Q3 and especially Q4 2020 saw a flurry of exit activity as GPs that had delayed exits during the pandemic downturn began to make up for lost time."

Source: PitchBook's Q1 2021 US PE Breakdown
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