PitchBook News - Charting female founders' standout year

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The Daily Pitch: VC

August 26, 2021

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

In today's Daily Pitch, you'll find:

A breakdown of Q2 VC investment in supply chain tech startups and an analysis of other trends in the sector.

A visual analysis shows that female-founded companies are raising more venture capital than ever, but is it enough?

Today's Top Stories

Supply chain tech's perpetual disruption

(Abstract Aerial Art/Getty Images)

The long-running effects of the pandemic continue to rattle global supply chains. Labor shortages, rising raw materials costs and other headaches have created a sense of urgency when it comes to investing in the supply chain sector's venture-backed tech businesses.

Our latest installment of Emerging Tech Research assesses the state of VC investment in the supply chain tech space. Among the key takeaways:

Supply chain tech startups raised $7.9 billion in VC investment during Q2, up 31.7% year-over-year.

On-demand delivery has become a must-have in ecommerce—ultrafast B2B delivery is next. Startups such as Pickup and Airspace are creating solutions to speed the delivery of large or time-sensitive items for businesses.

Port logistics have been slow to adopt new technologies, but that's changing. Startups are using software, data analytics and AI to automate niche operations, including the movement of goods within ports.

read the preview

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Visualizing a standout year for female founders

(Drew Sanders/PitchBook News)

In the first half of 2021, female-founded startups in the US raised more venture capital financing than in any year over the past decade, to the tune of $25.12 billion.

But is it all good news? A visual analysis turns up some surprising findings.

Female founders now attract a far greater share of funding from late-stage rounds than in prior years. And they've made steady inroads as entrepreneurs in healthcare.

Venture firms with female decision-makers have also raised successively larger funds, with 2021 on pace to see a new annual high.

But there are also signs of stagnation and even backsliding. Female founders' share of overall VC dollars has remained unchanged in recent years.

see the data

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A message from West Monroe

Why private equity leaders need to level up on data science

Today, a successful deal is dependent on external data sources married with company data, requiring private equity to shift to more advanced analysis to stay competitive. Until recently, analyst experience, personal relationships and Excel prowess were relied on to guide decision-making and review target companies. But new methods have emerged.

Data science identifies how operating executives should focus their resources. Using billions of data points, scarce company resources can be directed to initiatives that generate the highest return on investment. For example, West Monroe recently worked with a private equity-backed software company to evaluate several value-driving questions, including: Who are the customers we can upgrade? How can we quantify our churn risk?

Discover how data science helps the private equity industry deliver increased returns.

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Last call to participate in Investment Firm Compensation Survey

We've teamed up with J.Thelander Consulting to conduct the Thelander-PitchBook 2021 Investment Firm Compensation Survey.

This week is your last chance to participate in the survey, which offers market data on base salary, bonuses, total cash, carried interest, carry dollars at work and more for every position—from managing general partner to entry-level analyst.

All participants will receive free access to a subset of the results through a Silver Subscription to the Thelander platform when the results are published in September, in addition to discounted pricing for full access.

Click here to take the survey.

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Recommended Reads

The share of investment going to female entrepreneurs has recently taken a step backward. The figures are particularly dismal when it comes to Black female founders. [Forbes]

A look at Nordhavn, a former industrial shipyard in Copenhagen that may just represent the future in urban planning. [Bloomberg]

How India's demonetization policy turned Coinbase's product chief into a bitcoin believer. [Protocol]

Since yesterday, the PitchBook Platform added:

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VC valuations

1365

People

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Funds

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Quick Takes


	The Daily Benchmark
	2011 Vintage Global Real Estate Funds
	People
	Yale names Matthew Mendelsohn as CIO
	VC Deals
	Discord seeks $15B valuation
	Cribl banks $200M Series C
	Jane Technologies raises $100M for cannabis marketplace
	Trove collects $77.5M
	LevelTen Energy lands $35M
	Fundraising
	Brex raises $150M venture debt fund

The Daily Benchmark

2011 Vintage Global Real Estate Funds

Median IRR

14.15%

Top Quartile IRR Hurdle Rate

19.92%

1.57x

Median TVPI

Select top performers

C-III Recovery Fund I

Exeter Industrial Value Fund II

SH Group I

*IRR: net of fees

51 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

Yale names Matthew Mendelsohn as CIO

Matthew Mendelsohn has been named the successor to longtime Yale endowment chief David Swensen, who died of cancer in May. Mendelsohn currently leads the endowment's venture capital assets, which comprise a quarter of the portfolio. Swensen pioneered an approach to portfolio management that has been dubbed the "Yale model," and investors that trained under him have gone on to lead other large university endowments.

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VC Deals

Discord seeks $15B valuation

Discord is expected to raise at least $500 million at a valuation of around $15 billion, Bloomberg reported. The round will reportedly be led by Dragoneer Investment Group, with participation from several existing investors. The San Francisco-based company, which was valued at $7 billion in December, is the developer of a platform that offers instant video, voice and text messaging for friends and the gaming community.

View round

View 13 competitors »

Cribl banks $200M Series C

Cribl has raised a $200 million Series C led by Greylock Partners and Redpoint Ventures. The round was also joined by IVP, Sequoia and CRV as well as strategic investors Citi Ventures and CrowdStrike. The San Francisco-based company is developing what it is calling an "open ecosystem of data" for enterprises. Cribl expands the collection of observability data and utilizes customer-chosen analytics tools and storage destinations.

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Jane Technologies raises $100M for cannabis marketplace

Cannabis ecommerce startup Jane Technologies has raised $100 million in a Series C led by Honor Ventures. The round values the company at $585 million, up from $126 million in 2019, according to PitchBook data. Operating across more than 2,100 dispensaries and brands, Santa Cruz, Calif.-based Jane says its platform powers about a fifth of all legal US cannabis transactions.

Additional Investors:

Third Point Ventures, Gotham Green Partners, L2 Ventures, Delta Emerald Ventures, Artemis Growth Partners

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Trove collects $77.5M

Trove has raised a $77.5 million Series D led by G2 Venture Partners, with participation from Bank of Montreal, Capital One Ventures, Commerce Ventures and Wellington Management. The Bay Area-based company offers a platform for brands such as Lululemon and Patagonia to buy back and resell used items. Trove was valued at $72.4 million in 2019, according to PitchBook data.

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LevelTen Energy lands $35M

LevelTen Energy has raised a $35 million Series C led by NGP Energy Technology Partners. The Seattle-based company is the developer of a platform designed to connect renewable energy buyers to project developers, financiers and more. Founded in 2016, LevelTen Energy was valued at $125.5 million in 2019, according to PitchBook data.

Select Additional Investors:

Avista Development, Constellation Technology Ventures, Equinor Ventures, MCJ Collective, Prelude Ventures

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Fundraising

Brex raises $150M venture debt fund

Fintech company Brex, known for its corporate credit cards, has raised a $150 million fund to lend money to venture-backed companies, The Information reported. The fund will make loans of up to $10 million to recurring revenue software and fintech companies. San Francisco-based Brex is said to be the largest investor in the fund.

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