PitchBook News - Index Ventures hauls in $3B+

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The Daily Pitch: VC

July 23, 2021

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Today's Top Stories

Index Ventures pulls in $3.1B to support founders from seed stage to IPO

Index Ventures partner Mike Volpi said the firm wants to help companies from the beginning of their journey to their public listing. (Steve Jennings/Getty Images)

Index Ventures has raised a mammoth $3.1 billion across a trio of funds in a major boost to Europe's fundraising environment.

The London-based firm will commit $2 billion to growth-stage startups and $900 million to early-stage investments, in addition to a previously announced $200 million seed vehicle.
So far this year, European VC funds have collected €13.7 billion (around $16.1 billion)—a fifth of which is held by Index Ventures—across 103 funds, versus 219 vehicles that brought in €17.4 billion in 2020, according to PitchBook data.
Index has participated in several mega-rounds this year, including fintech provider Plaid's $425 million Series D and insurtech startup Alan's unicorn round worth €185 million.

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Quick Takes


	The Daily Benchmark
	2018 Vintage European PE Funds
	VC Deals
	GoPuff eyes $15B valuation
	Clearview AI raises $30M amid legal battles
	Urban Remedy scores $18M
	Restaurant tech startup collects $15M
	Menlo Ventures leads $12M round for Prodigal
	VC marketplace Allocate launches with $5M
	Exits & IPOs
	Caribou Biosciences establishes terms for public debut

The Daily Benchmark

2018 Vintage European PE Funds

Median IRR

21.48%

Top Quartile IRR Hurdle Rate

28.36%

1.10x

Median TVPI

Select top performers

Nordic Capital Fund IX

Westbridge II

Viking Life

*IRR: net of fees

30 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

GoPuff eyes $15B valuation

GoPuff, a provider of delivery services for groceries and other items, is reportedly seeking to raise some $1 billion at a $15 billion valuation. The Philadelphia-based company acquired alcohol retailer BevMo for $350 million last year, and agreed to purchase logistics and delivery startup RideOS for $115 million in June. GoPuff was valued at $8.9 billion earlier this year, according to PitchBook data.

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Clearview AI raises $30M amid legal battles

Clearview AI, the startup behind a controversial facial recognition platform used by law enforcement and others, has raised $30 million at a $130 million valuation. The company did not name the investors in the Series B, The New York Times reported. Clearview, which has reportedly received prior funding from Peter Thiel and Kirenaga Partners, is currently being investigated by the Australian and British governments.

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Urban Remedy scores $18M

Urban Remedy, a provider of organic plant-based meals and cold-pressed juices, has raised an $18 million Series D led by Manna Tree. Founded in 2009, the company was valued at $114 million in August, according to PitchBook data. Existing investors Builders Fund and Obvious Ventures also participated in the funding.

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Restaurant tech startup collects $15M

New York-based Bbot has raised a $15 million Series A led by CRV. Founded in 2017, the company is the developer of a hospitality platform that improves the ordering and payments processes for restaurants. Bbot plans to use the funding in part to launch an app store that allows developers to code their own extensions and apps for custom offerings.

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Menlo Ventures leads $12M round for Prodigal

Prodigal has raised a $12 million Series A led by Menlo Ventures, with participation from Accel, Y Combinator, MGV and several angel investors. The company is a developer of AI-driven debt management software designed to help lenders and collections agencies maximize recovery rates, optimize operations and minimize compliance risks.

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VC marketplace Allocate launches with $5M

Allocate, an LP fundraising platform that opens venture investing to limited partners like family offices, wealth advisers and qualified individual investors, has launched with $5 million in seed funding. Urban Innovation Fund, Tusk Venture Partners, Basis Set Ventures, Liquid2 Ventures, Fika Ventures, Ulu Ventures and Anthemis Group participated in the round for the Menlo Park, Calif.-based startup.

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Exits & IPOs

Caribou Biosciences establishes terms for public debut

Caribou Biosciences, a Berkeley, Calif.-based genome-editing company, intends to offer 17 million common shares on the Nasdaq for between $14 and $16 apiece. After deducting IPO expenses and underwriting discounts and commissions, Caribou expects its net proceeds to total some $233.4 million at the middle of the range. The biotechnology company has raised a total of $156 million in private funding and reached a valuation of $380 million in March, according to PitchBook data. Its investors include Maverick Ventures, F-Prime Capital and AbbVie Ventures.

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Chart of the Day

"Sycamore Partners Management ... bought the Azamara cruise line from Royal Caribbean Group for $201 million in cash, providing liquidity for Royal Caribbean to invest in fleet expansion for its other three brands. As this deal illustrates, large companies in pandemic-affected industries will continue to use carveouts to reposition themselves to compete post-pandemic, and PE firms are likely beneficiaries. Industrial manufacturing and energy companies were also active in spinning off non-core business lines to PE buyers in Q1."

Source: PitchBook's Q1 2021 US PE Middle Market Report