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PitchBook News - How macro trends shape private markets

Warby Parker's path to a $6B+ direct listing; SoftBank leads $200M round for Andela; Vedantu books $100M; quantum computing startup snags $25M
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The Daily Pitch: VC
September 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:
  • Our Q3 Quantitative Perspectives report, packed with market insights, data and dozens of charts.

  • A visual look back on eyewear maker Warby Parker's occasionally rocky road to public markets.

  • The UK energy crisis is fueling consolidation by VC-backed companies in the green energy sector.
Today's Top Stories
Yields, jobs and capital supply: How macro trends are reshaping private markets
Eighteen months ago, a forecast of surging private valuations and skyrocketing stocks seemed absurd. These days, large swaths of the financial markets couldn't look more buoyant—and a multitude of interesting storylines have emerged from the chaos.

Our latest Quantitative Perspectives report features nearly 70 pages of data and 75 charts, offering a bird's-eye view of alternative markets and illuminating key trends across a range of investment strategies. Topics include:
  • Fund cash flows, featuring full-year 2020 data capturing the rebound in average distributions and the record distributions by venture funds.

  • The macro landscape, detailing how inflationary pressure and yield compression have pushed allocators to the private markets.

  • Impact investing and its effect on real assets fundraising, particularly energy and agriculture.

  • Debt markets and how their relationship to high-yield bonds may guide debt loads in PE buyouts.
read the report
 
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Warby Parker's decade-long path to a $6B+ direct listing
(Drew Sanders/PitchBook News)
Eyewear maker Warby Parker has made its stock market debut, marking the latest in a string of direct listings this year. PitchBook took a visual look back on the company's long and occasionally rocky road to public markets. Highlights include:
  • Warby Parker ended its first day of trading with a $6.78 billion market capitalization on a fully diluted basis—more than double its last private valuation in 2020.

  • Tiger Global led the company's $12.5 million Series A in what was then a rare deal for the firm. It kept investing and now holds a stake worth about $852 million.

  • The company's online, direct-to-consumer model was innovative and influential. But now it's betting on brick-and-mortar retail for future growth.
see the timeline
 
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Partner Perspectives
Untapped investment potential in the Australian digital health ecosystem
AusTrade
Even prior to the onset of the COVID-19 pandemic, the Australian digital health ecosystem was flourishing thanks to a variety of factors, including synergistic relationships between public and private players. However, the acceleration of the pandemic has resulted in a surge of patients and providers online—leading to a slew of opportunities in digital health, from startups to established companies alike, for expansion. In their brand-new report, the Australian Trade & Investment Commission draws on PitchBook data to explore market trends across the digital health landscape, with highlights including:
  • A summary of the key fiscal, industry and regulatory factors encouraging innovation in the ecosystem.
  • Analysis of venture financing trends.
  • Case studies of maturing Australian digital health companies.
Read it now.
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UK energy crunch triggers green power consolidation
(Courtesy of Octopus Energy)
A crisis in the UK energy sector is fueling a spate of consolidation among VC-backed green energy players, as smaller suppliers struggle to keep the lights on in the face of skyrocketing prices.

Yet some companies are seizing the chance to change the way the world thinks about energy. Among them is Octopus Energy, which more than doubled its valuation to $4.6 billion this week.
read more
 
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Fanatics Trading Cards hits $10.4B valuation after PE-led funding round
(Douglas Sacha/Getty Images)
Sports memorabilia company Fanatics' trading card division has reportedly raised $350 million in a Series A from Silver Lake, Insight Partners and entertainment group Endeavor, valuing the budding business at $10.4 billion.
  • The funding follows Fanatics Trading Cards' exclusive deal with the Major League Baseball, National Basketball Association and National Football League unions in August, elevating the new venture within the booming trading card industry.

  • Fanatics, which raised $325 million at an $18 billion valuation in August from investors including Silver Lake and SoftBank, will retain more than 80% of the trading card division.
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Recommended Reads
New York Life Investment Management CEO Yie-Hsin Hung on which asset class may be most safe from inflation. [CNBC]

Car companies are now backing a moratorium on deep-sea mining as scientists worry we don't yet know the full impact of plumbing the oceans' depths for metals. [The Guardian]

Research finds that the stock market is rife with insider trading among US executives. But is anyone going to do anything about it? [Bloomberg]
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Since yesterday, the PitchBook Platform added:
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See what our data software can do
 
Quick Takes
  The Daily Benchmark  
  2010 Vintage Global Real Assets Funds  
  VC Deals  
  SoftBank leads $200M round for Andela  
  Totango picks up $100M Series D  
  Edtech startup Vedantu books $100M  
  Buckle closes $60M  
  MFine lands $48M  
  QC Ware secures $25M to develop quantum algorithms  
 
 
The Daily Benchmark
2010 Vintage Global Real Assets Funds
Median IRR
4.47%
Top Quartile IRR Hurdle Rate
8.93%
1.30x
Median TVPI
Select top performers
4D Global Energy Investments
GEC I/II
White Deer Energy
*IRR: net of fees
28 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals
SoftBank leads $200M round for Andela
Andela, the operator of a global network that connects companies with remote engineers based in emerging markets, has raised a $200 million Series E at a valuation of $1.5 billion in a round led by SoftBank's Vision Fund 2. Founded in Africa in 2014, Andela connects its engineers from over 80 countries with technology companies such as GitHub and Cloudflare.
Additional Investors:
Whale Rock Capital Management, Generation Investment Management, Chan Zuckerberg Initiative, Spark Capital
View round
 
View 4 competitors »
 
Totango picks up $100M Series D
Totango has raised $100 million in a round led by Great Hill Partners. The Redwood City, Calif.-based company is the developer of a customer engagement platform. Totango was valued at $73.3 million in 2019, according to PitchBook data.
Additional Investors:
BGV, Canvas Ventures, Pitango Venture Capital
View round
 
View 35 competitors »
 
Edtech startup Vedantu books $100M
Vedantu has reportedly raised $100 million at a $1 billion valuation in a round led by ABC World Asia. The Bengaluru-based company offers an online tutoring platform for K-12 students.
Additional Investors:
Coatue, GGV Capital, Tiger Global, WestBridge Capital Partners
View round
 
View 23 competitors »
 
Buckle closes $60M
Buckle has raised a $60 million Series B led by Volery Capital Partners. The company provides automotive insurance products and credit services to ridesharing and delivery drivers.
Additional Investors:
Assurant Ventures, Eldridge, HSCM Bermuda
View round
 
View similar company »
 
MFine lands $48M
MFine has raised a $48 million Series C led by Moore Strategic Ventures and Beenext Capital Management. The Bengaluru-based company is the developer of a telehealth platform that allows patients to book lab tests, access virtual consultations, schedule medicine delivery and more.
Select Additional Investors:
Alteria Capital, Heritas Capital, Prime Venture Partners, Stellaris Venture Partners
View round
 
View 20 competitors »
 
QC Ware secures $25M to develop quantum algorithms
Quantum computing software startup QC Ware has raised a $25 million Series B led by Koch Disruptive Technologies and Covestro, with the participation of Samsung Ventures, Citi, D.E. Shaw and Pegasus Tech Ventures. The Palo Alto-based company develops applications for near-term quantum hardware and aims to make quantum computing accessible to classically trained data scientists.
View round
 
View 15 competitors »
 
Chart of the Day
"Late-stage capital options through enlarged VC funds and nontraditional sources have transformed unicorn valuations in Europe. As a result, more companies in Europe are now valued at €10 billion or more—these are known as decacorns. Previously, this was only regularly witnessed in the US and Asian ecosystems."

Source: PitchBook's Q2 2021 European VC Valuations Report
Who's in the newsletter today?
Investors
ABC World Asia
Alteria Capital
Assurant Ventures
BGV
Beenext Capital Management
Canvas Ventures
Chan Zuckerberg Initiative
Citi
Coatue
Covestro
D.E. Shaw
Eldridge
Endeavor
GGV Capital
Generation Investment Management
Great Hill Partners
HSCM Bermuda
Heritas Capital
Insight Partners
Koch Disruptive Technologies
Major League Baseball
Moore Strategic Ventures
National Basketball Association
National Football League
Pegasus Tech Ventures
Pitango Venture Capital
Prime Venture Partners
Samsung Ventures
Silver Lake
SoftBank
Spark Capital
Stellaris Venture Partners
Tiger Global
Volery Capital Partners
WestBridge Capital Partners
Whale Rock Capital Management
Companies
Andela
Buckle
Cloudflare
Fanatics
GitHub
MFine
QC Ware
Totango
Vedantu
 
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