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The Daily Pitch: VC

October 4, 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:

An analysis of how electric vehicle battery recycling is expected to expand, and how it could give the environment a boost.

A look at where Greylock Partners has been investing its seed-stage funds.

Today's Top Stories

How battery recycling could boost electric vehicles, environment

(Fritz Jorgensen/Getty Images)

Battery recycling will play a crucial role in helping the automotive industry shift from internal combustion to electric vehicles. In addition to the environmental benefits of reducing waste, EV battery recycling also has the potential to decrease exposure to unreliable supply chains.

Investors are already recognizing the opportunity, and the market for EV battery recycling is expected to grow from $2 billion in 2021 to $27.3 billion in 2030, representing a CAGR of 33.8%.

Our latest analyst note includes a deep dive into battery recycling methods, notable VC deals and how the industry is likely to become more profitable over time.

read it now

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Where Greylock has been placing its seed-stage bets

(rodkosmos/Getty Images)

Last month, Greylock Partners announced that it had raised $500 million for seed startups. The firm said that backing seed-stage companies has become an increasingly important strategy. We've put together a visual representation of Greylock's recent seed deals.

see the data

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A message from Twin Brook Capital Partners

The value of an all-weather partner

(Photo by Matthew Gilson/Middle Market Growth)

Twin Brook's Pete Notter, Betsy Booth and Chris Martin discuss the value of experience and a long-term view in the latest issue of Middle Market Growth's Middle Market DealMaker magazine.

Recommended Reads

Here's how Facebook co-founder Dustin Moskovitz built a second fortune. [Bloomberg]

Many developers are bargaining on a decentralized future for the internet, but which blockchain will be running the show? [Financial Times]

Why researchers and investors are calling for an end to private equity's opaque practices. [Institutional Investor]

Since yesterday, the PitchBook Platform added:

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People

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Quick Takes


	The Daily Benchmark
	2011 Vintage Global VC Funds-of-Funds
	A message from InCloudCounsel
	Guide: The top 10 terms in side letters
	VC Deals
	AlphaSense picks up $180M
	Built Technologies nabs $125M
	All Day Kitchens cooks up $65M
	Materialize secures $60M Series C
	Vareto banks $24M

The Daily Benchmark

2011 Vintage Global VC Funds-of-Funds

Median IRR

21.10%

Top Quartile IRR Hurdle Rate

27.21%

2.51x

Median TVPI

Select top performers

Franklin Park Venture Fund Series 2011

Venture Investment Associates VII

Weathergage Capital Investments A

*IRR: net of fees

13 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from InCloudCounsel

Guide: The top 10 terms in side letters

In this guide, InCloudCounsel has outlined key side letter terms, highlighted some of the challenges in complying with those terms and assessed the potential operational impact for GPs.

While these are just a handful of the most important provisions commonly found in side letters, GPs often deal with thousands of individual obligations to multiple LPs across multiple funds all at the same time.

How are you staying on top of it all?

Download the guide today

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VC Deals

AlphaSense picks up $180M

AlphaSense has raised a $180 million Series C co-led by Viking Global and Goldman Sachs. The New York-based company is the developer of a market intelligence and financial search engine platform.

Select Additional Investors:

AllianceBernstein, Bank of America, Barclays, Citigroup, Morgan Stanley

View round

View 30 competitors »

Built Technologies nabs $125M

Nashville-based Built Technologies has raised a $125 million Series D led by TCV. The funding values the company at $1.5 billion. Built is the developer of a lending platform designed to help lenders, property developers and builders manage construction loans.

Additional Investors:

9Yards Capital, Brookfield Technology Partners, HighSage Ventures, XYZ Venture Capital

View round

View 3 competitors »

All Day Kitchens cooks up $65M

Lightspeed has led a $65 million Series C round for All Day Kitchens. Based in the Bay Area, the company operates a network of satellite kitchens that allows restaurants to more easily offer their food in new neighborhoods. All Day was valued at $104.9 million in September 2020, according to PitchBook data.

Select Additional Investors:

Andreessen Horowitz, Base10 Partners, Founders Fund

View round

View 4 competitors »

Materialize secures $60M Series C

Materialize has raised $60 million in a round led by Redpoint Ventures. Founded in 2019, the New York-based company operates a database designed to help SQL developers build applications with real-time data.

Additional Investors:

Kleiner Perkins, Lightspeed

View round

View 23 competitors »

Vareto banks $24M

Vareto has raised $24 million across its seed and Series A rounds led by Menlo Ventures and GV, respectively. Founded in 2020, the California-based company operates a financial planning and analysis platform.

View round

View similar company »