PitchBook News - Real estate funds take a notable dip

Rivian runs on R&D; India's Byju's hits $18B valuation; GitLab seeks up to $624 million in IPO; Sky Mavis lands $150M
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The Daily Pitch: VC
October 5, 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 Global Real Estate Report explores the state of private investment funds in the first half of 2021.

  • Rivian's R&D spending, revealed in its recent IPO filing, outstrips that of its competitors in the EV space. But by how much?

  • The latest episode of "In Visible Capital," about the VC ecosystem in the UK.
Today's Top Stories
Real estate funds dip after decade of growth
Global property investment is still reeling from pandemic-era changes to how people use real estate and government-led efforts to support the market.

Our latest Global Real Estate Report assesses the state of private investment funds in the first half of 2021. Key takeaways include:
  • The pool of private capital targeting real estate deals shrank for the first time since 2011, led by declines in debt, distressed and opportunistic funds.

  • The market looks dramatically different depending on where you stand: Industrial real estate and self-storage, for instance, have flourished amid the disruption, while retail and residential have been more volatile.

  • Fears of inflation have not sent private investors flocking to real estate, which is often seen as an inflation hedge, but that could change if prices continue to rise.
read the report
 
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Rivian's motor runs on R&D
If Rivian's IPO filing revealed one thing, it's that designing and building electric trucks is an expensive business.

In the first half of 2021, Rivian spent $683 million on research and development—more than double what it deployed in the same period last year.

We looked at how that blistering pace compared to the company's tech rivals. (Hint: It's not even close.)
see the data
 
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A message from RBC Capital Markets
Biotech halftime report: Despite a bumpy start to 2021, investors see opportunity
The biotech sector had a major boost of optimism from the success of the COVID-19 vaccines, which made investors keenly aware of biopharma research and development engine potential. But from early this year, clinical trial, regulatory and access setbacks have reminded investors of the sector's inherent risks. Biopharma M&A has been muted, but with available cash, looming patent cliffs and some depressed valuations, more deal activity is expected. Innovation, which is continuing at a rapid pace around new drug targets, design, manufacturing, cell and gene therapies, and expansion into new diseases, will likely spur further activity and optimism.

Find out why investors think the sector is undervalued
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Byju's valuation hits $18B propelled by favorable trends
(Sally Anscombe/Getty Images)
India-based Byju's has raised $300 million, financing that reportedly values the company at $18 billion. While bankers urge the most valuable VC-backed edtech company in the world to list on public markets, Byju's will likely have no shortage of additional private funding amid China's ban on for-profit tutoring.
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On the podcast: Looking toward the next generation of UK unicorns
On this week's episode of "In Visible Capital," we explore the VC ecosystem in the UK with Ian Connatty, managing director for funds at British Patient Capital. Topics include:
  • Why UK companies could be seeing larger funding rounds.

  • How the pandemic has affected startups that focus on innovation and technology.

  • What changes could create a more favorable environment for companies to go public.
listen now
 
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UK digital bank Monzo abandons US banking license hopes
(Courtesy of Monzo)
Monzo has decided to withdraw its application for a US banking license after two years of negotiations with regulators.

A disappointment for the challenger bank, the move also illustrates the regulatory hurdles facing European fintech companies entering the US.
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Recommended Reads
A public health professor's thoughts on why companies need to forgo the foosball table and focus on clean air. [The Atlantic]

Here's how to make sense of the chaos in the commodity markets. [The Economist]

After years of talk, many of the world's biggest established carmakers are finally staking their future on electric vehicles. [Financial Times]
Since yesterday, the PitchBook Platform added:
39
VC valuations
1667
People
378
Companies
19
Funds
See what our data software can do
 
Quick Takes
  The Daily Benchmark  
  2019 Vintage Global Venture Funds with $250M+  
  A message from Masterworks  
  The power law: 80% of returns come from 20% of deals  
  VC Deals  
  Sky Mavis lands $150M Series B  
  Ladder picks up $100M Series D  
  Ula secures $87M  
  Sunday cleans up with $50M Series C  
  Elevate banks $12M Series A  
  Fullcast raises $4M  
  Exits & IPOs  
  Geely-backed Volvo seeks $2.9B in Stockholm debut  
  GitLab's IPO to raise up to $624 million  
 
 
The Daily Benchmark
2019 Vintage Global Venture Funds with $250M+
Median IRR
24.24%
Top Quartile IRR Hurdle Rate
44.83%
1.06x
Median TVPI
Select top performers
Northzone IX
Oak HC/FT Partners III
DEFY Partners II
*IRR: net of fees
27 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
A message from Masterworks
The power law: 80% of returns come from 20% of deals
Many phenomena illustrate the 80/20 rule, including the frequency of earthquakes, the size of solar flares and the number of deals made available to everyday investors. When it comes to venture investment, while comprising only 0.2% of GDP, it delivers an outsized 21% of US GDP in business revenues. One extreme case of the power law is the art industry. Fewer than 1,000 people have access to this $6 trillion treasure trove, such as Jeff Bezos, Bill Gates and Marc Andreessen.

What happens when the same billionaire-exclusive deals are made available to everyone? Masterworks calls it complete market disruption.

Revolutionary tech startup Masterworks has finally democratized the last unsecuritized major asset.

For priority access, click here*

*See important disclosures
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VC Deals
Sky Mavis lands $150M Series B
Sky Mavis has raised around $150 million at nearly $3 billion valuation in a round led by Andreessen Horowitz, The Information reported. The Singapore-based company is the developer of crypto-based online game Axie Infinity.
View round
 
View similar company »
 
Ladder picks up $100M Series D
Ladder has raised $100 million in a round co-led by Thomvest Ventures and OMERS Growth Equity. The round reportedly values the company at $900 million. The Bay Area company is the provider of a flexible life insurance platform. Ladder was valued at $237.5 million in February 2020, according to PitchBook data.
View round
 
View 19 competitors »
 
Ula secures $87M
Ula has raised an $87 million Series B co-led by B Capital, Prosus Ventures and Tencent. The Jakarta-based startup operates an ecommerce marketplace for more than 70,000 stores.
Additional Investors:
AC Ventures, Alter Global, Bezos Expeditions, Citius, Lightspeed India Partners, Northstar, Sequoia India
View round
 
View similar company »
 
Sunday cleans up with $50M Series C
Sunday has raised $50 million in a round led by BOND, with support from Sequoia, Forerunner Ventures and Tusk Ventures. The Colorado-based company is the developer of gardening products intended to reduce the use of pesticides and harsh chemicals.
View round
 
View similar company »
 
Elevate banks $12M Series A
Elevate has raised $12 million in a round co-led by Greycroft and Norwest Venture Partners, with participation from Bowery Capital. The Denver-based company is the developer of a benefits platform intended to help employees manage pre-tax benefits from a single dashboard.
View details
 
View 413 investments »
 
Fullcast raises $4M
Fullcast, a developer of revenue operations software, has raised a $4 million Series A led by Companyon Ventures. Epic Ventures, WestWave Capital and CreativeCo Capital also participated in the funding.
View round
 
View 67 competitors »
 
PitchBook Webinar: Private equity strategies in healthcare services
Our webinar on Oct. 7 will dive into a key issue across healthcare specialties: employee engagement and staffing, from providers to direct care staff. Industry experts will be on the panel to discuss their perspectives on the following:
  • How the structure of healthcare transactions can thoughtfully preserve a positive, physician-led clinical culture and incentivize practitioners.

  • How the operational value-adds that PE firms bring to the table can attract and retain high-caliber talent and allow them to be more productive—driving returns.

  • What innovative methods for recruiting and developing direct care staff can produce superior patient outcomes while minimizing churn costs.
Register here to secure your spot
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Exits & IPOs
Geely-backed Volvo seeks $2.9B in Stockholm debut
Volvo Cars has announced its plans for an initial public offering on Nasdaq Stockholm, seeking to raise about 25 billion Swedish kronor (about $2.9 billion). The IPO could value the Gothenburg-based automaker as high as $25 billion, The Wall Street Journal reported. China's Geely Holding has been the majority owner of Volvo since 2010 and reportedly plans to retain a significant stake in the company after the IPO.
View details
 
View 40 competitors »
 
GitLab's IPO to raise up to $624 million
GitLab has set the terms for its initial public offering, planning to offer 8.42 million shares at between $55 and $60 apiece, raising up to $505.2 million for the company. GitLab co-founder and CEO Sytse Sijbrandij will sell an additional 1.98 million shares. At the top of the range, the IPO would value GitLab at around $8.6 billion. The company's investors include August Capital, GV, Iconiq Capital and Khosla Ventures.
View details
 
View 29 competitors »
 
Chart of the Day
Source: PitchBook's Q2 2021 European PE Breakdown
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