Mobility startups blaze past funding records

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The Daily Pitch: VC

November 4, 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:

Our latest Emerging Tech Research report highlights VC activity and opportunities in the global mobility space.

A look at the managers and holdings behind the top university endowments in the US.

A campaign to transform the global economy to meet decarbonization goals has amassed more than $130 trillion in private capital commitments.

Today's Top Stories

Mobility startups shatter venture funding records through Q3

Demand for low-cost, convenient and environmentally oriented tech solutions has continued to drive robust investment into the mobility industry. In the first three quarters of 2021, venture investors have poured a staggering $74.5 billion into global mobility tech startups—more than the total amount raised in any prior year.

Our latest Emerging Tech Research report highlights recent VC activity, exits and investing opportunities in the space, including advanced air mobility startups, sustainable EV supply chains and the electric future of taxis.

read the preview

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Meet the managers and holdings behind top university endowments

(Maddie Meyer/Getty Images)

Venture capital and private equity have driven blockbuster returns at university endowments in the 2021 fiscal year. But buried in that news are a few surprises.

The top performers weren't the storied names that typically make headlines. Instead, Washington University in St. Louis and Bowdoin College topped the list.

A glimpse into the holdings of these often secretive LPs reveals that the flood of tech IPOs has left endowments with large, liquid holdings in newly public companies.

David Swensen, the late Yale investment chief, was a mentor to two of the managers of the top five funds.

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Partner Perspectives

Denver's historic year of venture activity

Across 193 completed financings, a record sum of $2 billion has been invested within the Denver startup ecosystem already this year. Bridge Bank's latest venture ecosystem review summarizes key investment trends in the Denver metro area, with highlights and analysis including:

How the gradual evolution of the Denver ecosystem over the past three decades has culminated in record growth.
The growing role of outside investors.
A promising upswing of fundraising in the past few years.

Read the report

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$130T in assets pledged to net-zero targets

Mark Carney (left) with UK finance minister Rishi Sunak.
(Christopher Furlong/Getty Images)

A campaign to rally the world's financial system around net-zero carbon targets now has more than $130 trillion in private capital committed to the cause, leaders at the Glasgow global climate conference said Wednesday.

That figure—representing assets managed by over 450 fund managers, banks, pensions and other asset owners—more than covers the capital needed to transform the global economy to meet ambitious decarbonization goals by 2050, according to Mark Carney, the former central banker who leads the coalition.

But even as the Glasgow group trumpeted its ambitions, some critics who track climate-focused initiatives have derided its approach and called on the group to mandate an unwinding of fossil-fuel investment.

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European states launch alliance to spur unicorn growth

(Image courtesy of Web Summit)

A political initiative that aims to double the number of European unicorns by 2030 launched at Web Summit yesterday. The Europe Startup Nations Alliance aims to support national governments in improving the structural conditions for domestic startups, to ensure that startups can grow at any stage of their lifecycle.

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Remote working intensifies Europe's battle for startup talent

(Courtesy of Web Summit)

The rise of remote working has made it harder for European startups to grow headcount, as overseas companies find it easier to poach top talent from the region, say investors at Web Summit 2021.

With compensation low compared with peers, the key to attracting and retaining workers could lie in Europe's widely varying stock options.

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Recommended Reads

A fertilizer crisis is putting staple crops like corn, rice and wheat in jeopardy. [Bloomberg]

How one venture-backed company plans to cut through the red tape every health startup hates. [Forbes]

Despite crackdowns, VC activity in China remains surprisingly resilient. [The Wall Street Journal]

Since yesterday, the PitchBook Platform added:

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Quick Takes


	The Daily Benchmark
	2018 Vintage Global Real Assets Funds
	VC Deals
	HoneyBook secures $250M Series E
	Cloudbeds raises $150M
	Notable picks up $100M
	Yellowbrick Data brings in $75M
	Brazilian alternative protein startup gobbles up $58M
	Fingerprinting services provider snags $32M Series B
	BrainCheck lands $10M
	Exits & IPOs
	Allbirds sees stock climb over 90% in debut

The Daily Benchmark

2018 Vintage Global Real Assets Funds

Median IRR

5.93%

Top Quartile IRR

12.76%

1.07x

Median TVPI

Select top performers

Rockland Power Partners III

Kayne Private Energy Income Fund II

Merit Energy Partners K

*IRR: net of fees

55 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

HoneyBook secures $250M Series E

HoneyBook has raised $250 million in a round led by Tiger Global. The San Francisco-based company offers software for small businesses to manage contracts, invoices, projects and more. In May, HoneyBook raised $155 million at a $1.2 billion valuation, according to PitchBook data.

Additional Investors:

Citi Ventures, Durable Capital Partners, Norwest Venture Partners, OurCrowd

View round

View 20 competitors »

Cloudbeds raises $150M

Cloudbeds has raised a $150 million Series D led by SoftBank's Vision Fund 2. Founded in 2012, the San Diego-based company is a developer of hospitality management software intended to help hotels and vacation rentals manage reservations and automate operations. Cloudbeds was valued at $185 million in March 2020, according to PitchBook data.

Additional Investors:

Counterpart Ventures, Echo Street Capital Management, PeakSpan Capital, Viking Global Investors, Walleye Capital

View round

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Notable picks up $100M

Notable has raised a $100 million Series B led by Iconiq Capital. The San Mateo, Calif.-based company's healthtech platform automates healthcare workflows by using AI to perform administrative tasks on behalf of clinicians and staff. Notable was valued at $120 million in April, according to PitchBook data.

Additional Investors:

F-Prime Capital, Greylock Partners, Oak HC/FT

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View 25 competitors »

Yellowbrick Data brings in $75M

Yellowbrick Data has raised a $75 million Series C1 from investors including Citadel Securities and GV. The Bay Area-based business offers a data warehousing platform. In 2019, the company raised $81 million at a $540 million valuation, according to PitchBook data.

Select Investors:

IVP, Menlo Ventures, Next47, Third Point Ventures, Threshold Ventures

View round

View 61 competitors »

Brazilian alternative protein startup gobbles up $58M

Future Farm has raised a $58 million Series C co-led by Rage Capital and BTG, valuing the Brazilian creator of plant-based meat products at some $400 million, according to reports. The startup currently offers plant-based burger patties, ground beef, sausages and meatballs, but reportedly plans to add plant-based dairy to its list of products. Future Farm has expanded to 23 countries since 2019, launching in the US earlier this year.

Additional Investors:

Enfini Ventures, Go4it Capital, Monashees, Turim, XP Inc

View round

View 20 competitors »

Fingerprinting services provider snags $32M Series B

FingerprintJS, a provider of open-source browser fingerprinting services, has raised a $32 million round led by Craft Ventures, with participation from Nexus Venture Partners and Uncorrelated Ventures. The Chicago-based startup's tech is used by developers to detect fraud, spam and account takeovers. The company was valued at $40 million in February after an $8 million Series A, according to PitchBook data.

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View similar company »

BrainCheck lands $10M

Texas-based BrainCheck has raised a $10 million Series B co-led by Next Coast Ventures and S3 Ventures, with support from UPMC Enterprises, SelectQuote and other investors. Founded in 2015 by two neuroscientists, the startup offers cognitive assessment and decision support tech that helps physicians in over 400 clinical practices provide personalized care to patients.

Additional Investors:

Nueterra Capital, Tensility Venture Partners, True Wealth Ventures

View round

View 13 competitors »

Exits & IPOs

Allbirds sees stock climb over 90% in debut

VC-backed shoemaker Allbirds has raised $303 million in its IPO, selling shares at $15 apiece and hitting a roughly $2.15 billion market cap. The stock rocketed over 90% in its market debut on the Nasdaq under the ticker BIRD. Backers of Allbirds include Maveron, Tiger Global and Lerer Hippeau Ventures.

View details

View 29 competitors »