PitchBook News - Why fintech is shattering records

Forge to go public via SPAC; SpotOn snags $300M; Papaya hits $3.7B valuation; Walking Fish Therapeutics reels in $50M
Read online | Don't want to receive these emails? Manage your subscription.
PitchBook
Log in
The Daily Pitch: VC
September 14, 2021
Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A
Ads
In today's Daily Pitch, you'll find:
  • From exit value to fundraising, our latest Emerging Tech Research covers a record-breaking Q2 for the global fintech industry.

  • As startups stay private longer, the market for private shares and the companies that facilitate their trading are heating up, prompting online marketplaces like Forge to seek a public listing.
Today's Top Stories
Exits, funding soar to new heights in fintech's fantastic Q2
The fintech sector shattered records for VC activity last quarter, building on a year of pandemic-fueled growth to reach once-unimagined levels in both funding and exit value.

Our Q2 Emerging Tech Research on fintech breaks down the key trends behind Q2's growth and spotlights specific markets to watch as digitization continues to accelerate. Among the highlights:
  • Global fintech startups raised $31 billion in venture funding to surpass Q2 2018's record, which was driven largely by a single mega-round.

  • VC exits exploded, with over $134 billion in total value—more than the industry has recorded over the previous seven years combined.

  • The trend toward fully autonomous finance is ushering in new applications as fintech startups focus on three core corporate treasury functions.
read the preview
 
Share:   Email    LinkedIn    Twitter    Facebook
Startup secondaries market heats up, prompting Forge to seek own listing
(wenmei Zhou/Getty Images)
Activity in secondary markets for VC-backed companies' shares has been growing as startups stay private for longer. This creates strong tailwinds for companies that facilitate trades between buyers and sellers of private shares.
  • Forge, an online marketplace for such deals, announced its plans to go public via a SPAC at a valuation of $2 billion.

  • Other significant players in this market are EquityZen, Carta and Nasdaq Private Market, which may also try to list via a SPAC in the future, according to one investor.

  • Since many startups are starting to offer liquidity options to their employees earlier in their life cycle, secondary markets for VC-backed company shares are likely to continue to grow.
read more
 
Share:   Email    LinkedIn    Twitter    Facebook
A message from Velocity Global
The booming tech M&A cycle shows no signs of stopping
Velocity Global
Midway through 2021, well over $360 billion in deal value and nearly 2,800 transactions have occurred in tech. Cross-border M&A volume has also been on the upswing, at nearly 1,000 deals closed for an aggregate of nearly $140 billion. In Velocity Global's latest report, the key trends defining general and cross-border dealmaking in tech are analyzed in-depth, producing findings such as:
  • Mature unicorns and PE funds are increasingly integral players.
  • Transaction multiples in cross-border dealmaking are edging up, indicating willingness to pay up.
  • Buyers are targeting companies earlier in their lifecycle, heading into the realm of venture-backed portfolios at a faster clip.
Read the full report
Share:   Email    LinkedIn    Twitter    Facebook
On the podcast: Why a hedge fund joined VC's cybersecurity arms race
Hedge funds have increasingly crossed over into private market investments in recent years, including early-stage VC. Maverick Ventures managing director Matt Kinsella joins the show to share his perspectives after moving from the firm's public equity business in 2014 to help start Maverick Ventures. Topics include:
  • The mindset shift required to successfully vet and invest in early-stage companies.

  • How the influx of capital from hedge funds and other entrants into the venture space will impact entrepreneurs and the VC ecosystem.

  • Why he's bullish on cybersecurity, as the never-ending digital arms race continues to escalate.
listen now
 
Share:   Email    LinkedIn    Twitter    Facebook
Recommended Reads
With $15 million in private funding, one company is on a mission to bring back the Woolly Mammoth. [The New York Times]

Shares in uranium mining companies are jumping as retail investors on Reddit rally around hope for a nuclear power future. [The Wall Street Journal]

A lecturer at Tufts University breaks down why even investors who are serious about ESG assets may not necessarily have a social or environmental impact. [Institutional Investor]
Ads
Since yesterday, the PitchBook Platform added:
29
VC valuations
1730
People
462
Companies
33
Funds
See what our data software can do
 
Quick Takes
  The Daily Benchmark  
  2019 Vintage Global Real Estate Funds  
  VC Deals  
  SpotOn snags $300M Series E  
  Papaya hits $3.7B valuation with Insight-led round  
  Moody's invests $250M in BitSight  
  JumpCloud secures $159M Series F  
  Walking Fish Therapeutics reels in $50M  
  LevaData books $47M Series C  
 
 
The Daily Benchmark
2019 Vintage Global Real Estate Funds
Median IRR
3.94%
Top Quartile IRR Hurdle Rate
10.47%
1.03x
Median TVPI
Select top performers
Blackstone Real Estate Partners IX
Longpoint Realty Fund I
TPG Real Estate Partners III
*IRR: net of fees
46 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals
SpotOn snags $300M Series E
SpotOn, a provider of software and payments solutions for restaurants and retailers, has raised a $300 million round led by Andreessen Horowitz, with participation from new and existing backers including DST Global, Dragoneer Investment Group and Coatue. The startup is valued at $3.15 billion with the new funding, which will be used to purchase Appetize, an enterprise software provider for sports and entertainment venues, theme parks, college campuses and more. SpotOn's services include marketing, website development and online ordering.
Additional Investors:
01 Advisors, Doug Merritt, Franklin Templeton, Mubadala, Wellington Management
View round
 
View 41 competitors »
 
Papaya hits $3.7B valuation with Insight-led round
Papaya Global has raised a $250 million Series D led by Insight Partners, with support from Tiger Global, Greenoaks Capital, IVP, Scale Venture Partners and other backers. The startup is now valued at $3.7 billion, up from a valuation of more than $1 billion in March. Papaya's workforce management platform provides payroll, employee onboarding and other related services to users in over 140 countries.
Additional Investors:
Access Industries, Alkeon Capital Management, Bessemer Venture Partners, Group 11, Workday Ventures
View round
 
View 40 competitors »
 
Moody's invests $250M in BitSight
Boston-based BitSight has secured a $250 million investment from Moody's. Also backed by investors including Comcast Ventures and Flybridge Capital, the company helps more than 2,300 customers assess cyber-risk via security ratings and analytics tools.
View round
 
View 67 competitors »
 
JumpCloud secures $159M Series F
JumpCloud has raised $159 million at a $2.56 billion valuation in a round led by Sapphire Ventures. The Colorado-based business offers a platform to help companies such as Grab and ClassPass manage employee access and devices. JumpCloud raised a $100 million Series E this past January.
Select Additional Investors:
BlackRock, Endeavor Catalyst, General Atlantic, HIG Growth Partners, Owl Rock Capital, Sands Capital, Whale Rock Capital
View round
 
View 53 competitors »
 
Walking Fish Therapeutics reels in $50M
Walking Fish Therapeutics has raised a $50 million Series A from investors including Emerson Collective, Illumina Ventures and Quan Capital. The Bay Area-based company is developing therapeutics to treat autoimmune disorders and other diseases.
View round
 
View similar company »
 
LevaData books $47M Series C
LevaData has raised $47 million in a round led by Banneker Partners, with support from Tola Capital. The San Jose-based company is a developer of supply management software designed to help small and medium-sized businesses source materials and access market activity in real time.
View round
 
View 66 competitors »
 
Chart of the Day
"The early stage is still likely to record a deal count below the 4,000 deals that we recorded each year between 2016 and 2018, but the current trajectory is still encouraging."

Source: H1 2021 Greater China Venture Report
About PitchBook | Terms of use | Advertise with us | Contact

Follow us:   in   twtr   fb

This email was sent to you via the PitchBook Platform.

Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here.

© 2021 PitchBook Data. All rights reserved.
Venture capital, private equity and M&A financial information technology provider.

Key phrases

Older messages

Ups and downs in the IoT market

Monday, September 13, 2021

VCs bet on quantum computing; Spark Capital eyes $2B across two funds; Harvard to ditch fossil fuel funds; Whatnot seeks $1.5B valuation Read online | Don't want to receive these emails? Manage

Theranos trial puts investors in the spotlight

Sunday, September 12, 2021

Plus: Earned wage startups draw VC attention, our proprietary index of SoftBank's public portfolio companies, a femtech funding frenzy & more Read online | Don't want to receive these

Does style impact performance?

Saturday, September 11, 2021

Also: SoftBank Vision Funds' public portfolios outperform the markets; New manager outperformance remains minimal in aggregate and sporadic in timing. Read online | Don't want to receive these

Private funds battle back

Friday, September 10, 2021

Energy Vault to go public via SPAC; French VC eyes record year; Snyk hits $8.5B valuation; Orchard picks up $100M Read online | Don't want to receive these emails? Manage your subscription.

Flo adds to femtech frenzy

Thursday, September 9, 2021

Mixed results for emerging fund managers; Japanese biotech Spiber lands $312M; Aviatrix raises $200M; Egyptian payments startup banks $120M Read online | Don't want to receive these emails? Manage

Creative adtech is on the cusp of a revolution, and VCs should take note

Friday, September 17, 2021

Extra Crunch Newsletter Extra Crunch logo Extra Crunch Roundup logo Friday, September 17, 2021 • By Walter Thompson and Annie Saunders Welcome to Extra Crunch Friday Image Credits: Orla / Getty Images

Chicken and Potatoes With Brown Butter Sauce

Tuesday, September 14, 2021

Chicken and Potatoes With Brown Butter Sauce Get the Magazine Real Simple Daily Recipe Chicken and Potatoes With Brown Butter Sauce Read More 23 Rotisserie Chicken Dinner Ideas That Are Quick and Easy

The Teenager Economy

Saturday, October 16, 2021

"I hate you! You don't understand me!" ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Weekender: Heinz dresses up ketchup as 'Tomato Blood' for Halloween effort hawking costume kits

Saturday, October 16, 2021

Signup | Forward Marketing Dive Weekender Oct.​ 16,​ 2021 | A roundup of this week's most read stories imre BROUGHT TO YOU BY — imre The Seismic Shift Back to Authenticity Why influencer content

Weekender: 7 experiential store concepts that opened this year

Saturday, October 16, 2021

Signup | Forward Retail Dive Weekender Oct.​ 16,​ 2021 | A roundup of this week's most read stories Cheetah Digital BROUGHT TO YOU BY — Cheetah Digital RFP Questions to Ask Your Martech Vendor

"Is Blogging Dead?" + 25 Niche Sites for Sale

Saturday, October 16, 2021

​ Is blogging still a thing? Or is it dead? That's the question we're answering in this new post just published on the blog. Because you're all probably very familiar with what I do - run

Watch Me Build a Marketing Strategy in 10 Minutes For a Completely Random Business

Saturday, October 16, 2021

Tactics are great, but without the right strategy, you won't get the results you're looking for. So, to show you how to build a strategy, I decided to build one in under 10 minutes for a

The Latest From SaaStr: 5 Tips To Minimize “Churn and Burn” Behavior in Your Sales Team

Saturday, October 16, 2021

To view this email as a web page, click here 5 Tips To Minimize “Churn and Burn” Behavior in Your Sales Team By Jason Lemkin · Saturday, October 16, 2021 As you scale your salesteam, unless you are

How much bigger can VC get?

Saturday, October 16, 2021

Also: PE gets bigger, faster, stronger as annual records fall en masse; Our analysts discuss the results from our 2021 sustainable investing survey... Read online | Don't want to receive these

Special Report: Is Best Buy undermining its storybook turnaround?

Friday, October 15, 2021

Some Best Buy workers say cuts and changes have hurt customer service Retail Dive View online | Sign up | Forward Oct.​ 15,​ 2021 Special Report By Ben Unglesbee Some Best Buy workers say cuts and

Oct. 15 - DTC brand Entireworld to shut down | Retail growth expected to slow

Friday, October 15, 2021

Entireworld to shut down; Retail growth to cool after 2021's burst of demand: Moody's; September retail sales rise nearly 12% year over year, 27% since 2019; Under Armour names first chief

VCs add to female founders' record year

Friday, October 15, 2021

Walgreens lands $5B+ deal for VillageMD; Flutterwave eyes new funding at $3B value; Graham & Walker launches female founders fund; Dutchie nabs $350M Read online | Don't want to receive these