PitchBook News - VCs give HR tech a big boost

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The Daily Pitch: VC

October 22, 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:

As opportunities in the sector flourish, global VC investment in HR tech startups during 2021 has also soared.

The British Venture Capital Association and other interest groups are seeking new rules on a wide range of financial policies.

The new PitchBook-NVCA Venture Monitor, which breaks down the data behind VC's astonishing year.

Today's Top Stories

VC investment in HR tech skyrockets as opportunities abound

(Eoneren/Getty Images)

HR tech startups have collected more than $9.2 billion in VC funding globally during 2021, a 130% jump from 2020's total, according to PitchBook data.

The massive capital deployment is helping a new generation of data-driven startups scale operations and emerge as market leaders in the sector.

Recommended Reads

How the pandemic has spurred a real-time revolution in macroeconomics. [The Economist]

Tesla's Shanghai factory is driving the company's record third-quarter earnings with vehicles destined for domestic buyers. [Fortune]

Demand for vinyl records has skyrocketed during the pandemic. But getting them manufactured is increasingly a challenge. [The New York Times]

Since yesterday, the PitchBook Platform added:

14

VC valuations

1793

People

416

Companies

16

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2020 Vintage Global Secondaries Funds
	A message from Litera
	Transform your M&A transactions by leveraging technology
	VC Deals
	Candy Digital hits $1.5B valuation
	ReCode Therapeutics picks up $80M
	Climate tech startup Jupiter raises $54M
	UpEquity brings home $50M for mortgage tech
	Zerigo Health scores $43M
	Via Separations draws in $38M
	Exits & IPOs
	VC-backed Houzz hires Goldman Sachs for IPO

The Daily Benchmark

2020 Vintage Global Secondaries Funds

Median IRR

91.23%

Top Quartile IRR Hurdle Rate

132.13%

1.38x

Median TVPI

Select top performers

RCP Secondary Opportunity Fund III Overage Fund

Greenspring Secondaries Fund IV

Blackstone Strategic Partners Infrastructure III

*IRR: net of fees

11 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from Litera

Transform your M&A transactions by leveraging technology

M&A transactions are surging—but for many transactional lawyers, that translates to stress, frustration and costly write-offs. Between a barrage of emails, lengthy status calls and frantic last-minute searches for missing signatures, the traditional deal process can be a nightmare.

There's a better way.

A recent white paper from Litera, Top 5 Ways Technology Can Transform M&A Transactions, explains how lawyers can:

Streamline due-diligence review with a secure, access-controlled virtual data room.
Provide up-to-the-moment transparency on a deal's status with an online central checklist.
Automate signature packet creation and signature tracking.

The result? Satisfied clients, faster deal turnarounds and higher profits.

Download your complimentary copy to learn more.

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VC Deals

Candy Digital hits $1.5B valuation

Candy Digital, the developer of an NFT marketplace, has raised a $100 million Series A co-led by SoftBank's Vision Fund 2 and Insight Partners. The funding values the New York-based company at $1.5 billion. NEA, Will Ventures and Gaingels also participated in the round, among others.

ReCode Therapeutics picks up $80M

ReCode Therapeutics has raised $80 million in a Series B co-led by Pfizer Ventures and EcoR1 Capital, with support from Superstring Capital, NS Investment, MPM Capital and others. Operating out of California and Texas, the company is creating disease-modifying therapeutics for genetic respiratory disorders. ReCode was valued at $160 million in March 2020, according to PitchBook data.

Additional Investors:

Colt Ventures, Hunt Technology Ventures, OrbiMed, Osage University Partners, Sanofi Ventures, Tekla Capital Management, Vida Ventures

View round

View 27 competitors »

Climate tech startup Jupiter raises $54M

Jupiter has raised a $54 million Series C co-led by Clearvision Ventures and MPower Partners, with support from Caisse de dépôt et placement du Québec, Systemiq, MS&AD Ventures and others. The San Mateo, Calif.-based company offers a climate risk analytics platform for insurance, banking, real estate, manufacturing and other industries. Jupiter was valued at $78 million in July 2020, according to PitchBook data.

Additional Investors:

DCVC, Dara Holdings, Energize Ventures, Ignition Partners, Liberty Mutual Strategic Ventures, QBE Ventures

View round

View 3 competitors »

UpEquity brings home $50M for mortgage tech

Austin-based UpEquity has raised a $50 million Series B consisting of $20 million in equity and $30 million in debt. The funding was led by S3 Ventures. UpEquity is the creator of a digital mortgage platform that helps homebuyers make cash offers and homeowners refinance their properties. Charlie Plauche, partner at S3 Ventures, will join the company's board.

Additional Investors:

Alumni Ventures Group, BP Capital Management, Early Light Ventures, Gaingels, Launchpad Capital, Next Coast Ventures

View round

View 4 competitors »

Zerigo Health scores $43M

Zerigo Health has raised a $43 million Series B led by 7wire Ventures. The company offers phototherapy medical devices for treating chronic skin conditions. It was valued at $27 million in 2019, according to PitchBook data.

Additional Investors:

Bluestem Capital Company, Cigna Ventures, Dragoneer Investment Group, General Catalyst, HIG Capital, Leaps by Bayer, Leverage Health, SV Health Investors

View round

View similar company »

Via Separations draws in $38M

Via Separations has raised a $38 million Series B led by NGP Energy Technology Partners. Based in the Boston area, the company is the developer of a filtration system for industrial decarbonization and separation processes.

View round

View similar company »

Exits & IPOs

VC-backed Houzz hires Goldman Sachs for IPO

Online home remodeling company Houzz has hired Goldman Sachs to prepare for an IPO, Reuters reported. The Bay Area-based company has received past funding from Times Bridge, Iconiq Capital, Sequoia and other firms.

View details

View 1 competitors »