Lightspeed eyes piece of VC fundraising record

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The Daily Pitch: VC

October 29, 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:

Lightspeed is looking to raise over $5.5 billion across three new vehicles as VC fundraising in the US continues an unprecedented upward trajectory.

Our breakdown of Udemy's financials as the edtech startup heads into its first day of trading.

An analysis of the key trends driving Europe's PE ecosystem to record highs.

Today's Top Stories

Lightspeed hits the fundraising trail as US VC firms break $100B barrier

(Wenjin Chen/Getty Images)

The formation of mega-funds by the likes of Tiger Global and Andreessen Horowitz in recent days has already propelled US VC fundraising past an unprecedented $100 billion mark for the year.

Now one of Silicon Valley's stalwart VC firms, Lightspeed, is seeking to add mightily to that haul as it targets over $5.5 billion across three new vehicles, The Information reported.

Recommended Reads

A major builder near Austin is creating a community of 3D printed houses that could potentially offer a response to the chronic home shortage in the US. [The Wall Street Journal]

Why Swiss banking giant UBS won't touch crypto. [Fortune]

Seattle researchers have trained an algorithm to answer questions about human values and give AI a sense of ethics—sometimes. [Wired]

Since yesterday, the PitchBook Platform added:

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VC valuations

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People

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Companies

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Funds

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Quick Takes


	The Daily Benchmark
	2013 Vintage Global PE Funds between $250M-$500M
	People
	Threshold Ventures appoints Megan Kelly as principal
	VC Deals
	Hinge Health hits $6.2B valuation
	Alchemy valued at $3.5B with $250M Series C
	Dragos hauls in $200M Series D
	Yugabyte lands $188M
	Rad Power Bikes wheels in $154M
	Foodtech startup N!CK'S gobbles up $100M Series C
	Awardco takes home $65M Series A
	UnitedMasters banks $50M

The Daily Benchmark

2013 Vintage Global PE Funds between $250M-$500M

Median IRR

14.70%

Top Quartile IRR

19.40%

1.59x

Median TVPI

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Thoma Bravo Special Opportunities Fund I

Blue Wolf Capital Fund III

Insignia Capital Partners

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27 Funds in Benchmark »

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People

Threshold Ventures appoints Megan Kelly as principal

Megan Kelly has joined early-stage VC firm Threshold Ventures as a principal. She was most recently an investor at First Round Capital and before that, she worked at Thrive Global. In her new role, Kelly will focus on expanding the firm's presence in New York.

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VC Deals

Hinge Health hits $6.2B valuation

Hinge Health has raised a $400 million Series E co-led by Coatue and Tiger Global, with Alkeon and Whale Rock acquiring a stake in the company via a $200 million secondary investment. The new funds propel the company's valuation to $6.2 billion. San Francisco-based Hinge Health provides treatments for musculoskeletal pain via wearable sensors and computer vision tech. The company was valued at $3 billion after a $300 million round in January, according to PitchBook data.

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Alchemy valued at $3.5B with $250M Series C

Alchemy, which operates a blockchain developer platform, has raised $250 million in a round led by Andreessen Horowitz. The funding values the San Francisco-based company at $3.5 billion. In April, Alchemy raised $80 million at a $520 million valuation, according to PitchBook data.

Additional Investors:

Addition, Coatue, DFJ Growth, Lightspeed, Pantera Capital, Redpoint Ventures

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Dragos hauls in $200M Series D

Dragos has raised $200 million at a $1.7 billion valuation in a round co-led by Koch Disruptive Technologies and BlackRock. The company operates a cybersecurity platform intended to protect industrial infrastructure operations across sectors including power, water, and oil and gas. Dragos was valued at $400 million in July 2020, according to PitchBook data.

Select Additional Investors:

AllegisCyber, Canaan Partners, DataTribe, Emerson Ventures

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Yugabyte lands $188M

Sapphire Ventures has led a $188 million Series C for Yugabyte, a developer of an open-source distributed SQL database. The Sunnyvale, Calif.-based company is now valued at more than $1.3 billion. Founded in 2016, Yugabyte counts Wells Fargo, Kroger and Hudson River Trading among its customers.

Additional Investors:

8VC, Alkeon Capital, Dell Technologies Capital, Lightspeed, Meritech Capital, Wells Fargo Strategic Capital, Wipro Ventures

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Rad Power Bikes wheels in $154M

Rad Power Bikes has raised $154 million in a round led by Fidelity Management & Research. Based in Seattle, the electric bike startup plans to use the funding in part to triple its physical locations by the end of 2022. In February, Rad Power Bikes raised $150 million at a $730 million valuation, according to PitchBook data.

Additional Investors:

Counterpoint Global, Durable Capital Partners, The Rise Fund, Vulcan Capital, T. Rowe Price

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Foodtech startup N!CK'S gobbles up $100M Series C

Sweden-based N!CK'S has raised $100 million led by Kinnevik, Ambrosia Investments and Temasek, with participation from backers including Gullspång Invest. The startup makes low-calorie ice cream and snack bars with no added sugar.

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Awardco takes home $65M Series A

Awardco has raised $65 million in a round co-led by General Catalyst and Qualtrics co-founder Ryan Smith. Founded in 2012, the Utah-based company is the developer of a workplace recognition and engagement platform that helps employers manage incentives and reward programs.

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UnitedMasters banks $50M

UnitedMasters has raised a $50 million Series C led by Andreessen Horowitz. The funding values the New York-based startup at $550 million. UnitedMasters offers content distribution and marketing services to facilitate partnerships between musicians and brands.

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