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PitchBook News - The decentralized future of finance

A16z is embracing seed deals again; Rivian confidentially files for IPO; A-Star Partners targets $250M debut fund; Toast plans to go public
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The Daily Pitch: VC
August 30, 2021
Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A
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In today's Daily Pitch, you'll find:
  • A primer on the growing industry of decentralized finance—and its potential for true disruption.

  • Andreessen Horowitz has launched a $400 million seed fund, as the firm embraces seed-stage investing anew.
Today's Top Stories
How decentralization could disrupt—and democratize—the future of finance
(imaginima/Getty Images)
"Disrupt finance" has been the watchword of many fintech startups in the past decade. Yet even the most innovative of the bunch still rely heavily on traditional financial infrastructure, limiting their ability to be truly disruptive.

Decentralized finance, on the other hand, poses a far more systemic threat. DeFi runs on public, open-source and permissionless blockchains, eliminating the intermediaries that legacy financial services rely on. Our latest analyst note provides a rundown of the DeFi space, its principles and its possibilities. The note includes:
  • A market map of the DeFi ecosystem, covering segments such as lending, DEXs and derivatives.

  • A breakdown of DeFi blockchain platforms, products and projects.

  • Data on the record-breaking venture investment in DeFi—and why our analysts believe it has reached an inflection point.
read it now
 
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A16z embraces seed deals—again
(jesadaphorn/Getty Images)
Andreessen Horowitz has raised a new $400 million seed fund, signaling a renewed focus on the earliest stages of company creation.
  • The Silicon Valley leader was once a far more aggressive seed investor, putting early bets on the likes of Instagram and Slack.

  • But in late 2013, a16z pumped the brakes on its seed strategy. The rationale: avoiding conflicts of interest between competing startups.

  • The seed investing landscape looks far different today, with super-sized deals of $25 million or more becoming commonplace.
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A message from Elements Global Services
The past year has made the M&A space more exciting and dynamic than ever
This momentum will likely continue, and M&A is making waves globally. Organizations are focusing on stability and growth when considering strategic goals.

While M&A understandably generates excitement, it's important to be aware of the challenges that accompany global expansion in the M&A sector—specifically the difficulties of setting up and registering a brand-new entity in another country.

Find out how Elements Global Services can help with entity formation in the M&A sector by reading this new white paper, Entity Formation for Mergers & Acquisitions, which illuminates these points:
  • Benefits, risks and considerations of global M&A
  • How Elements can help ensure successful M&A ventures
This white paper offers insights into navigating the challenges of M&A, with a trusted partner, in over 135 countries.

Download white paper
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UK's Cazoo makes public debut after $7B SPAC merger
(Image courtesy of Cazoo)
Online used car retailer Cazoo has begun trading on the New York Stock Exchange following its merger with US blank-check company Ajax I.
  • The London-based company agreed to merge with Ajax I in March in a deal worth $7 billion. Cazoo will receive over $1 billion in proceeds from the listing to invest in its infrastructure and brand across the UK and Europe. Existing shareholders will receive around $80 million in cash from the deal.

  • Prior to its merger, Cazoo raised £450 million (about $619 million) in total funding from investors including General Catalyst, D1 Capital Partners and BlackRock.

  • Founded in 2018, Cazoo has sold over 35,000 cars in the UK and is actively expanding into France and Germany. The company reported revenue of £113.9 million and a gross profit of £3.7 million in Q1 2021.
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Recommended Reads
Why the University of Nebraska Foundation is scrapping hedge funds in favor of real assets and private equity. [Institutional Investor]

As the new managing partner of Salesforce Ventures, Alex Kayyal wants the investor to move away from its reputation as one of the best corporate venture capital firms. [Protocol]

Banks and hedge funds with money to spend are now looking to Reddit for investment advice. [The Wall Street Journal]
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  The Daily Benchmark  
  2016 Vintage Non-US PE Funds  
  VC Deals  
  Disqo nabs $85M  
  Zeal picks up $13M  
  Exits & IPOs  
  Rivian confidentially files for IPO  
  Toast files to go public  
  Fundraising  
  A-Star Partners targets $250M debut fund  
 
 
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VC Deals
Disqo nabs $85M
Disqo has raised an $85 million Series B led by Sageview Capital, with participation from March Capital, Valuestream Ventures, Alpha Edison and Bonfire Ventures. Founded in 2015, the Los Angeles-based company is the developer of a consumer insights platform. Disqo was valued at $160 million in March 2020, according to PitchBook Data.
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Zeal picks up $13M
Zeal has raised a $13 million Series A led by Spark Capital. The Bay Area-based company is the developer of API-based infrastructure intended to help employers build custom payroll products for W2 employees and contractors.
Select Additional Investor:
Commerce Ventures
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Exits & IPOs
Rivian confidentially files for IPO
Amazon-backed Rivian has registered confidentially for an IPO. The electric truck company is seeking a valuation of roughly $80 billion and plans to go public in late November, Bloomberg reported. The Orange County, Calif.-based business was valued at $27.6 billion earlier this year, according to a PitchBook estimate.
View details
 
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Toast files to go public
Restaurant software maker Toast has filed for an IPO on the New York Stock Exchange. The company recorded $703.7 million in revenue for the first six months of 2021, more than double the same period last year. Its leading investors include Tiger Global with 12.78% of Class B shares and Bessemer Venture Partners with 12.48%. Boston-based Toast was valued at $4.9 billion last year, according to PitchBook data.
View details
 
View 32 competitors »
 
Fundraising
A-Star Partners targets $250M debut fund
Kevin Hartz, an early investor in PayPal and Airbnb, former Coatue partner Bennett Siegel, and Gautam Gupta, a former finance executive at Opendoor and Uber, are raising a $250 million venture fund, the Information reported. The firm, called A-Star Partners, has already invested in a number of companies and plans to focus on consumer and fintech startups from seed to late stage. Limited partners in the fund include Thomas Laffont, co-founder of Coatue, as well as Peter Thiel and Max Levchin.
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Chart of the Day
"An abundance of both digital and physical infrastructures, collaborative co-working spaces, accelerators, incubators, angel networks, and events have helped market the Baltic region and lure VC operators and investors. Visa programs are an additional resource all three nations have utilized to invite individuals outside the Baltic region to start businesses or relocate."

Source: PitchBook's Q2 2021 European Venture Report
Who's in the newsletter today?
People
Bennett Siegel
Investors
A-Star Partners
Ajax I
Alpha Edison
Bessemer Venture Partners
BlackRock
Bonfire Ventures
Coatue
Commerce Ventures
D1 Capital Partners
Gautam Gupta
General Catalyst
Kevin Hartz
March Capital
Max Levchin
Peter Thiel
Sageview Capital
Spark Capital
Thomas Laffont
Tiger Global
Valuestream Ventures
Companies
Airbnb
Cazoo
Disqo
Opendoor
PayPal
Rivian
Toast
Uber
Zeal
 
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