PitchBook News - Bonuses point to VC firms' bounty

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The Daily Pitch: VC

June 30, 2021

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

Today's Top Stories

Bonus payouts: Another sign of VC, PE firms' bounty in 2020

(Nuthawut Somsuk/Getty Images)

The venture capital industry delivered robust results in 2020, contrary to dark expectations during the pandemic's chaotic early phase.

Many VC firms paid out bonuses in addition to keeping pay packages steady and increasing salaries in an otherwise tumultuous year—an indication of the stiff competition for retaining talent.

According to the J.Thelander-PitchBook survey, there was little to no change in the median bonus figures paid to associates and analysts at venture capital and private equity firms last year.

Jody Thelander, founder and CEO of the namesake consulting firm, said that venture firm positions continue to be in high demand and recruiting is as competitive as ever.

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Bolt, Vinted and beyond: Baltic unicorns set stage for long-term VC success

Estonia's capital, Tallinn (Maremagnum/Getty Images)

Although the Baltic nations may not yet possess the financial clout of other VC powerhouse countries, record deal-value figures in the last two years may be a sign that VC is growing as a strategy in Estonia, Latvia and Lithuania.

Our latest analyst note offers a high-level perspective on recent factors influencing startup opportunities in the Baltic region, including low cost of living and ease of access to the European Union for international investors and founders. Key takeaways include:

Through the first five months of 2021, deal value in the region surpassed the annual record from 2020 and sits at €431.9 million.

We expect capital inflow to the nations to increase in the near term as the region continues to develop unicorns such as Bolt and Vinted.

An abundance of digital and physical infrastructure, collaborative co-working spaces, accelerators, incubators and angel networks have helped market the region and lure VC operators and investors.

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A message from RBC Capital Markets

What's driving growth in fintech and payments?

Valuations across the entirety of the tech sector are up, and the B2B industry has been the most resilient to change. Although transacting between enterprises is surprisingly archaic, as problems are solved, new opportunities will be uncovered that will create further and faster innovation.

Financial services are now digitally consumed and digitally delivered products. As a result, there is a strong basis for growth to accelerate while payments continue to be an area ripe for consolidation and extensive M&A activity.

Get the latest insights on what drives growth in fintech and whether we can expect the pace of change to slow as the influence of the COVID-19 pandemic lifts.

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SentinelOne raises $1.2B+ in record-breaking IPO

SentinelOne was valued at more than $10 billion on a fully diluted basis after raising more than $1.2 billion in its initial public offering, which priced above the expected range at $35 per share.

The IPO was the largest by exit value for any US VC-backed cybersecurity company, surpassing rival CrowdStrike's $6 billion IPO value in 2019, according to PitchBook data. SentinelOne was valued at more than $3 billion in a private funding round late last year.

Insight Partners holds a stake worth $1.2 billion, amounting to 13.59% of shares outstanding. Other leading private investors include Tiger Global (11%), Daniel Loeb's Third Point Ventures (9.72%) and Redpoint Ventures (6.89%).

SentinelOne's year-over-year revenue roughly doubled to $93 million in the fiscal year ended Jan. 31, with a net loss of about $118 million for the period. The company's platform automates the early response to a security breach.

Related read: Cybersecurity startups near record funding as hacks take spotlight

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Recommended Reads

How evergreen funds are changing the way allocators invest. [Institutional Investor]

Going to medical school in the Caribbean is expensive, despite lax admissions standards. And graduates of these institutions often have trouble landing residencies or jobs. [The New York Times]

Foursquare's business had always depended on people going places, but then the pandemic hit. In a recent interview, CEO Gary Little explains how the virus made the company's tech even more essential. [Protocol]

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Quick Takes


	The Daily Benchmark
	2017 Vintage Global Funds-of-Funds
	A message from Janover Inc.
	Why fintechs are raising capital to simplify real estate and small business loans
	VC Deals
	Gympass secures $220M
	ShipBob bags $200M
	Cortica banks $60M Series C
	Zencity picks up $30M for community feedback tool
	Augtera emerges from stealth with $13M Series A
	Exits & IPOs
	Didi Global raises $4.4 billion in IPO
	Fundraising
	Accel raises $3B+ across three funds

The Daily Benchmark

2017 Vintage Global Funds-of-Funds

Median IRR

11.70%

Top Quartile IRR Hurdle Rate

18.78%

1.22x

Median TVPI

Select top performers

Schroder Adveq Technology IX

StepStone Tactical Growth Fund II

Top Tier Venture Capital VIII

*IRR: net of fees

30 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from Janover Inc.

Why fintechs are raising capital to simplify real estate and small business loans

Historically, multifamily, commercial real estate and small business financing has been a black box. With the advent of new technology and the help of investor capital, this multitrillion-dollar ecosystem is finally being disintermediated.

One fintech startup has built an "intelligent loan portal" to help make the connection between borrowers and lenders frictionless. It's now a simple process for a borrower to get the right loan package in front of the right lender without hundreds of conversations, which drives decision-making with data instead of preexisting relationships. The result is a transaction that's easy for lenders and borrowers—a real win-win. Learn more about the future of commercial property and business financing and how you can become a stakeholder in a fintech that's disrupting this industry.

Click here to learn more

*See disclaimer

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VC Deals

Gympass secures $220M

Gympass, which partners with corporate clients to provide passes to fitness classes for employees, has raised $220 million from investors including SoftBank, General Atlantic and Moore Strategic Ventures. The funding values the New York-based company at $2.2 billion.

Additional Investors:

Kaszek, Valor Capital Group

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ShipBob bags $200M

ShipBob, a cloud-based logistics fulfillment startup, has raised a $200 million Series E at a valuation of above $1 billion. Bain Capital Ventures led the round and was joined by investors including SoftBank, Menlo Ventures and Hyde Park Venture Partners. The latest financing brings the Chicago-based company's total capital raised to $330.5 million.

Additional Investors:

Hyde Park Angels, Silicon Valley Bank

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Cortica banks $60M Series C

Cortica has raised a $60 million Series C led by Longitude Capital. Based in the San Diego area, the company is a provider of neurological therapies for children with autism and other neurodevelopmental conditions.

Additional Investors:

.406 Ventures, Adam Boehler, Aperture Venture Partners, Questa Capital

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Zencity picks up $30M for community feedback tool

Zencity has raised $30 million from existing investors including TLV Partners, Vertex Ventures Israel, Salesforce Ventures, M12 and Canaan Partners Israel. Launched in 2015, the Tel Aviv-based company is the provider of an AI-based data analytics tool that helps local governments understand trends and access feedback from their communities.

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Augtera emerges from stealth with $13M Series A

Augtera Networks, the creator of an AI-based network performance and management platform, has emerged from stealth and announced a $13 million Series A led by Intel Capital. Other investors in the round included Bain Capital Ventures, Dell Technologies Capital and Acrew Capital. Augtera has now raised $18 million in total private funding.

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Exits & IPOs

Didi Global raises $4.4 billion in IPO

Chinese ride-hailing leader Didi Global raised around $4.4 billion in its public offering for an initial market cap of at least $67 billion, The Wall Street Journal reported. Softbank owned a 20.2% post-IPO stake and Uber owned 12%. Didi was reportedly valued at $62 billion last year.

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Fundraising

Accel raises $3B+ across three funds

Accel has closed three funds totaling more than $3 billion. The vehicles include the VC firm's 15th early-stage US fund at $650 million, seventh early-stage Europe- and Israel-focused fund at $650 million and sixth global growth-stage fund at $1.75 billion. Accel expects to invest in about 20 to 30 companies per fund, TechCrunch reported.

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View 1,004 investments »