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The Daily Pitch: VC

October 26, 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 taxi startups are leveraging emerging technologies that could shake up the ridehailing industry.

Europe has garnered a world-leading 37% of global micromobility VC deals this year.

Tusk Ventures CEO and co-founder Bradley Tusk joins the podcast to discuss SPACs, regulatory hurdles and more.

Today's Top Stories

The future of taxis is electric

(bubaone/Getty Images)

The ridehailing industry is facing growing regulatory pressure to decarbonize, presenting a disruptive threat to incumbents such as Uber and Lyft that do not own and operate electric vehicles.

This has led to a new class of electric taxi startups that leverage e-mobility hubs and emerging technologies such as fleet management software, charging stations and battery storage to maximize vehicle use and improve unit economics.

Our latest analyst note details how e-mobility services utilizing EV fleets and full-time drivers could take over the current outsourced car and driver model.

read it now

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Europe leads the pack for micromobility VC deals in 2021

(Image courtesy of Tier)

Investments in European micromobility startups are going through the roof, with the region accounting for more than a third of the world's VC deals in the sector this year.

Across the Atlantic, their US counterparts are struggling to boost momentum, as funding falls to its lowest levels in nearly a decade.

Recommended Reads

Thousands of pages of internal documents detail how Facebook employees say leadership has not adequately met their concerns about the platform. [The Atlantic]

SoftBank's $100 million Opportunity Fund focuses on companies with Black, Latinx and Indigenous founders. Is it making an impact? [Protocol]

Chewy CEO Sumit Singh discusses the pandemic pet boom and balancing growth with a customer-centric culture. [Fortune]

Since yesterday, the PitchBook Platform added:

23

VC valuations

1784

People

515

Companies

30

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2014 Vintage Global Buyout Funds
	A message from World Business Chicago & BLCK VC
	Engage, empower and advance Black investors
	VC Deals
	ABL Space hits $2.4B valuation
	GrubMarket boxes up $145M Series E
	Teachmint books $78M for edtech platform
	Cedilla Therapeutics adds to Series B
	Tiger Global leads $25M Series A for Selfbook
	Exits & IPOs
	Allbirds sets IPO terms
	Fundraising
	Social Impact Capital closes $42M fund
	Investors
	Cameo acquires celebrity merchandising startup Represent

The Daily Benchmark

2014 Vintage Global Buyout Funds

Median IRR

17.10%

Top Quartile IRR Hurdle Rate

25.94%

1.63x

Median TVPI

Select top performers

Consonance Private Equity

Ufenau IV German Asset Light

CapVest Equity Partners III

*IRR: net of fees

85 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from World Business Chicago & BLCK VC

Engage, empower and advance Black investors

2021 has been a pivotal year for venture capital in the US startup ecosystem. According to the NVCA, $240 billion of VC funding has been invested into nearly 13,000 deals to date. Although 2021 was a historic year for VC, Black entrepreneurs have only raised $1.8 billion during H1 2021. This underscores the need to mobilize more capital from within our community.

BLCK VC is transforming VC to mirror the diverse demographics of the US. VC is a crucial component of achieving economic equality: It is a vehicle to build wealth, develop future leaders and strengthen communities. For the first time ever, the Chicago Venture Summit partnered with BLCK VC, making it the largest Chicago Venture Summit ever.

Learn more about BLCK VC here.

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VC Deals

ABL Space hits $2.4B valuation

ABL Space Systems, a developer of launch vehicles for the satellite industry, has raised $200 million at a $2.4 billion valuation. The El Segundo, Calif.-based company is backed by investors including Bells Ventures, T. Rowe Price and New Science Ventures. ABL was valued at over $1.3 billion in March, according to PitchBook data.

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View 4 competitors »

GrubMarket boxes up $145M Series E

Foodtech startup GrubMarket has raised $145 million from investors including BlackRock and Pegasus Tech Ventures. Founded in 2014 and based in the Bay Area, the company is the creator of a food delivery platform that's used by grocery stores, restaurants, farms, individual consumers and others in the US and Canada. The round values GrubMarket at more than $1 billion.

Select Additional Investors:

Japan Post Capital, Liberty Street Funds, Reimagined Ventures, Gaingels, Walleye Capital, Celtic House Asia Partners, INP Capital

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View 15 competitors »

Teachmint books $78M for edtech platform

Teachmint has raised a $78 million Series B co-led by Vulcan Capital and Rocketship.vc. The funding reportedly values the startup at $500 million. Bengaluru-based Teachmint provides a teaching infrastructure platform that helps educational institutions digitize content and conduct live classes. The startup raised $20 million in July.

Additional Investors:

Better Capital, CM Ventures, Epiq Capital, Goodwater Capital, Learn Capital, Lightspeed India Partners

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Cedilla Therapeutics adds to Series B

Cedilla Therapeutics has added $25 million to its Series B, bringing the round's total to $82.6 million. RA Capital Management, Janus Henderson Investors and Woodline Partners participated in the financing, among others. Based in the Boston area, the precision oncology company is creating small-molecule therapeutics to treat solid tumors and other types of cancer.

Additional Investors:

Logos Capital, Third Rock Ventures

View round

View 55 competitors »

Tiger Global leads $25M Series A for Selfbook

Selfbook has raised $25 million in a round led by Tiger Global. The new funding propels the company's valuation to $125 million. Founded in 2018 and based in New York, the business offers a booking platform to help hotels manage payments and boost customer engagement.

Select Additional Investor:

Valia Ventures

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Exits & IPOs

Allbirds sets IPO terms

Sneaker maker Allbirds has set its IPO terms and plans to sell shares at between $12 and $14 apiece. At the top of that range, the company would have a valuation of over $2 billion and would receive proceeds of about $269 million. Allbirds has raised over $200 million in private funding and was last valued at $1.7 billion in September 2020, according to PitchBook data.

View details

View 27 competitors »

Fundraising

Social Impact Capital closes $42M fund

New York-based Social Impact Capital has raised $42 million for its Fund I. The early-stage firm has backed companies including blockchain operator Topl and Andela, an operator of a global network platform for remote engineers.

View details

View 37 investments »

Investors

Cameo acquires celebrity merchandising startup Represent

Cameo has agreed to acquire Represent, a developer of a platform for official celebrity merchandise. Backed by investors including GV and Kleiner Perkins, Cameo allows users to purchase personalized videos from celebrities and was valued at $1 billion in March, according to PitchBook data.

View details

View 1 investments »