PitchBook News - Tiger Global pounces on Indian startups

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The Daily Pitch: VC

August 4, 2021

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Today's Top Stories

Tiger Global pounces on India's tech darlings

(Angelina Bambina/Getty Images)

Tiger Global has long shown an appetite for Indian startups, but the firm has become increasingly voracious in 2021.

Tiger Global has backed Infra.Market for the third time in less than 12 months. The $125 million Series D valued the construction materials marketplace at a reported $2.5 billion, up from a valuation of 11.5 billion rupees (about $155 million) last December, according to PitchBook data.

Such double-dipping is clearly part of a strategy: At least seven other Indian companies have taken Tiger Global's money more than once in the past year, according to PitchBook data. These include edtech giant Unacademy, payment startup Cred and fantasy sports platform Dream11.

The value of all Indian VC deals with Tiger Global's involvement has skyrocketed this year to $7.78 billion, up from $2.83 billion last year, according to PitchBook data. Since the beginning of 2010, about a quarter of the firm's VC deals have been in India.

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VCs propel mobility industry toward a record-setting year

Venture-backed mobility tech startups are on pace for a record-setting year after investors poured $23.1 billion into the sector during Q2 2021.

Our emerging tech report looks under the hood of the mobility industry. Key takeaways include:

Electric vehicle and mobility SPACs outperformed the S&P 500 for 12 months through the end of Q2, despite a decline in the first half of the year amid federal investigations into EV makers Nikola, Lordstown Motors and Canoo.

Late-stage deals show signs of a collective euphoria as valuations boom. But seed- and early-stage valuations have remained consistent, signaling a potential opportunity for investors.

As autonomous vehicles ditch drivers, a new opportunity is opening for teleoperation startups, whose tech can control vehicles remotely in special situations such as severe weather and construction zones.

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Venture capital rewrites the record books

If the second half of 2021 is anything like the first, there will be few notable records left in venture capital that weren't broken by this year's hypersonic pace of investing, fundraising and public listings.

The Q2 2021 PitchBook-NVCA Venture Monitor, sponsored by Silicon Valley Bank, now includes league tables ranking the industry's most active players. The report details how a virtuous cycle of investments and returns has turbocharged this rapidly changing asset class.

Venture-backed companies have attracted $150 billion in 2021, more than 90% of last year's record total. Mega-deals of $100 million or more have already hit a new high-water mark.

Firm-level fundraising is also taking off, with investors closing vehicles worth a total of $74.1 billion, about 91.5% of 2020's record-breaking amount.

IPOs and SPACs helped drive the exit value of venture-backed companies to $372.2 billion in the first half of 2021. That was 30% higher than 2020's all-time record.

Nontraditional investors, in particular private equity firms and hedge funds, are making their presence felt more than ever. With them comes deal competition, capital galore and high expectations for growth.

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Recommended Reads

Why Andreessen Horowitz's Marc Andreessen thinks society is in the middle of a technological transformation. [Bloomberg]

One night in spring 2020, someone set fire to a St. Paul, Minn. Goodwill. How that act led to an international search for the culprits and revealed a growing system of global surveillance. [The New York Times]

An interview with Andy Bird, CEO of London-based textbook publisher Pearson, on his evolving business, the future of school and why online learning is here to stay. [The Wall Street Journal]

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Quick Takes


	The Daily Benchmark
	2014 Vintage North American Venture Funds
	A message from SS&C Intralinks
	Alternatives are increasingly mainstream
	People
	NewView Capital hires Ben Fu as partner
	Bessemer elevates pair to VP role
	VC Deals
	Fintech startup Rapyd raises $300M
	Chinese autonomous trucking startup secures $270M
	Iterative Scopes brings in $30M
	SeQure Dx lands $17.5M
	Exits & IPOs
	Marvell Technology to purchase Innovium for $1B+
	Blockchain-based fintech startup Figure to be acquired by Homebridge
	Fundraising
	Moderne Ventures closes $200M sophomore fund
	Former Airbnb employees launch $20M fund

The Daily Benchmark

2014 Vintage North American Venture Funds

Median IRR

20.85%

Top Quartile IRR Hurdle Rate

26.42%

2.10x

Median TVPI

Select top performers

Column Group II

DCM VII

True Ventures IV

*IRR: net of fees

40 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from SS&C Intralinks

Alternatives are increasingly mainstream

Private capital fundraising has rarely been stronger. Worldwide, capital overhang stands at well over $2.5 trillion as of the end of 2020. Flows of commitments are diversifying into the ever-widening span of strategies, as competition rises, especially into the scaling secondaries space. In the latest SS&C Intralinks report, both the broader alternatives space and the intriguing trends emerging in the secondaries space are examined in context. Key findings and datasets include:

Fundraising trends across size, strategy and region
With record capital overhang, how secondaries firms are adapting to a costly market
A look forward to the future of alternatives as competition continues to mount and strategies grow more diverse

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People

NewView Capital hires Ben Fu as partner

Burlingame, Calif.-based NewView Capital has brought on Ben Fu as a partner. Prior to joining the firm, Fu was a general partner at NextWorld Capital, and before that he was a principal at Scale Venture Partners. Fu has also served on the boards or advised management teams of companies including Honeycomb, DataStax, Box, Hubspot and Applause. NewView typically backs growth-stage tech companies.

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Bessemer elevates pair to VP role

Bessemer Venture Partners has promoted Naama Schlamm and Hansae Catlett to vice president. Schlamm, who joined Bessemer in 2019, focuses on the firm's investment practice in Israel. Catlett, who has also been with the firm since 2019, is a former management consultant at The Bridgespan Group. He focuses on investments in sectors including SaaS, data infrastructure, machine learning and consumer technologies.

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VC Deals

Fintech startup Rapyd raises $300M

London-based Rapyd has raised $300 million in a round led by Target Global. The startup's technology lets companies accept and send payments without having to build their own infrastructure. The capital will be used to fund acquisitions in new markets and verticals. The deal comes a month after the company bought Icelandic payments provider Valitor for $100 million and launched its venture arm, Rapyd Ventures. Rapyd also secured a $300 million Series D in January.

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Chinese autonomous trucking startup secures $270M

Inceptio Technology has raised a $270 million Series B co-led by JD Logistics, Meituan and PAG, with support from Hidden Hill Capital, IDG Capital, CMB International, Eight Roads, SDIC and others. Founded in 2018, the Shanghai-based company partners with original equipment manufacturers to mass-produce heavy-duty autonomous trucks. Inceptio, which raised $120 million in a round led by Contemporary Amperex Technology in November, will use the new funds in part to support electrification deployment.

Additional Investors:

Broad Vision Funds, CATL, Deppon, Eastern Bell Venture Capital, GLP, Mirae Asset Global Investments, NIO Capital

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Iterative Scopes brings in $30M

Iterative Scopes has raised a $30 million Series A led by Obvious Ventures. Based in the Boston area, the company is a developer of AI-based tools that help healthcare providers analyze endoscopy videos and images in order to detect and monitor colorectal cancers and inflammatory bowel disease. Iterative Scopes was spun out of MIT in 2017.

Additional Investors:

Breyer Capital, Eli Lilly, Johnson & Johnson Innovation, Seae Ventures

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SeQure Dx lands $17.5M

SeQure Dx has raised a $17.5 million Series A co-led by RiverVest Venture Partners and Mass General Brigham Ventures. Based in the Boston area, the company is a developer of gene-editing diagnostic technologies intended for use in drug development, clinical trials and patient evaluations prior to therapy.

Select Additional Investors:

Digitalis Ventures, Casdin Capital, Bold Capital Partners

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Exits & IPOs

Marvell Technology to purchase Innovium for $1B+

Semiconductor company Marvell Technology has agreed to buy Innovium for $1.1 billion in an all-stock deal. San Jose-based Innovium, which makes data center switches, was valued at more than $1.3 billion in a deal that included Premji Invest last year, according to PitchBook data. Innovium has also been backed by investors including Greylock Partners, Capricorn Investment Group and Redline Capital Management.

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Blockchain-based fintech startup Figure to be acquired by Homebridge

Figure Technologies, a blockchain-based financial services company founded by Mike Cagney, has agreed to be acquired by Homebridge Financial Services, a mortgage-lending specialist, for an undisclosed sum. The company had previously raised a total of $1.55 billion from investors including Ribbit Capital, DCM Ventures and DST Global, according to PitchBook data, including a recent Series D that valued the company at $3.2 billion.

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Fundraising

Moderne Ventures closes $200M sophomore fund

Early-stage venture capital firm Moderne Ventures has raised $200 million in commitments for its second fund. The Chicago-based firm plans to invest in technology in sectors including real estate, finance and insurance. Founded in 2015, the firm's portfolio includes insurtech startup LeaseLock and Kaiyo, which operates an online furniture marketplace.

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Former Airbnb employees launch $20M fund

AirAngels, a venture firm whose investment team includes former Airbnb employees Lenny Rachitsky, Daniel Rumennik and Michelle Kwon, has collected $20 million for a new fund, The Wall Street Journal reported. The early-stage vehicle is reportedly backed by Airbnb co-founders Joe Gebbia and Nathan Blecharczyk, as well as Pershing Square's Bill Ackman. AirAngels' investments include carbon capture monitoring startup Pachama and mental health company Cerebral.

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