PitchBook News - Edtech pays off in IPO boom

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The Daily Pitch: VC

November 1, 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:

A series of edtech startups are going public as the pandemic-fueled need for online learning pays off.

A year ago, SPAC dealmakers created a whirlwind of excitement for electric vehicle makers. Now venture capitalists are leading a new kind of EV charge.

Our analysts explore private equity healthcare deals and key considerations for avoiding regulatory and bottom-line risk.

Today's Top Stories

Edtech backers rewarded as IPO pipeline heats up

(vladwel/Getty Images)

Edtech company IPOs used to be practically nonexistent—until this year. Coursera, Duolingo and Udemy all debuted on public markets, each with a multibillion-dollar market capitalization.

These are significant outcomes for any newcomers to Wall Street, but especially for a sector that sometimes struggled to gain wide acceptance among venture capitalists before the pandemic.

Edtech continues to boom now that most schools and universities are again meeting in person. During the first 10 months of 2021, VCs have funneled more capital into the sector than in 2020, signaling that more edtech names could soon enter the IPO pipeline.

Recommended Reads

Writer Ethan Zuckerman discusses the history of the metaverse and why he's not so impressed with Mark Zuckerberg's newest iteration. [The Atlantic]

The pandemic may have made big tech giants even bigger, but smaller companies are putting up a fight. [The Economist]

Peter Thiel has long attracted devoted fans and followers. Is it his mystique, philosophy, or simply his billions of venture capital dollars? [The New Yorker]

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Quick Takes


	The Daily Benchmark
	2015 Vintage Global VC Funds-of-Funds
	A message from Allvue Systems
	How to complete a capital call in 10 minutes or less
	VC Deals
	Impossible Foods eyes $7B valuation
	ProLogium Technology drives off with $326M
	ClickHouse hauls in $250M Series B
	Magnus Medical lands $25M Series A
	Exits & IPOs
	Korean grocery startup Market Kurly plans to go public

The Daily Benchmark

2015 Vintage Global VC Funds-of-Funds

Median IRR

25.25%

Top Quartile IRR

31.33%

2.04x

Median TVPI

Select top performers

HarbourVest Partners X-Venture

Hamilton Lane Venture Capital Fund (Series 2015)

Commonfund Capital Venture Partners XI

*IRR: net of fees

7 Funds in Benchmark »

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A message from Allvue Systems

How to complete a capital call in 10 minutes or less

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You can drastically simplify and streamline the process into just five easy steps, with data that seamlessly flows throughout the stages of the investment lifecycle by leveraging straight-through processing. In fact, you can go from determining allocations to blasting out notices in mere minutes.

In a new infographic from Allvue Systems, you'll learn how to reduce the capital call process from an average of 10 hours to 10 minutes—all without sacrificing quality or control.

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VC Deals

Impossible Foods eyes $7B valuation

Plant-based meat creator Impossible Foods is planning to raise about $500 million at a $7 billion valuation, Bloomberg reported. The California-based company raised a $200 million Series G led by Coatue in August.

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ProLogium Technology drives off with $326M

ProLogium Technology has raised $326 million from investors including Primavera Capital and SBCVC. The Taiwanese company is a developer of solid-state lithium ceramic batteries intended for use in vehicle, consumer and industry applications.

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ClickHouse hauls in $250M Series B

ClickHouse has raised $250 million at a $2 billion valuation in a round co-led by Altimeter Capital Management and Coatue. The company offers a database management system designed to generate real-time analytics using SQL queries.

Select Additional Investors:

Almaz Capital, Benchmark, FirstMark Capital, Index Ventures, Lead Edge Capital, Lightspeed, Redpoint Ventures

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Magnus Medical lands $25M Series A

Magnus Medical has raised $25 million in a round co-led by JAZZ Venture Partners and Red Tree Venture Capital. The California-based company is developing non-invasive neurostimulation technology designed to help people with treatment-resistant depression.

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Exits & IPOs

Korean grocery startup Market Kurly plans to go public

Market Kurly, which operates a fresh food delivery platform across South Korea, is planning to go public in the domestic market in 2022, according to reports. The company is backed by investors including DST Global, Sequoia and Fuse Venture Partners.

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