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The Daily Pitch: VC

November 8, 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:

We map out Rivian's road to its mega-IPO, exploring who owns how much of the electric truck maker and some key financial measures.

Helion lands new funding for the growing nuclear fusion market.

Our recent reports breaking down emerging opportunities in the climate tech ecosystem.

Today's Top Stories

Rivian's mega-IPO was built with truckload of private capital

(Joey Schaffer/PitchBook News)

Truck maker Rivian's hotly anticipated IPO this week is yet another gauntlet thrown at the feet of legacy automakers in the race to electrification.

We broke down the company's private funding history and public financials. Among the highlights:

Rivian is expected to raise more than $9.8 billion and could be valued at $70.6 billion based on a midpoint price of $73 per share.

Amazon's 22.4% stake would be worth $11.7 billion at that price. The online retail giant was one of the automaker's earliest large backers.

Rivian's revenue is minimal, and it lost around $1 billion in the first half of 2021. In the long term, Rivian hopes to make a substantial amount of recurring revenue from services such as software and memberships.

Recommended Reads

Many traders, hedge fund managers and institutional investors are still struggling to size up crypto's systemic risks. [Institutional Investor]

A new scientific grant program, co-founded by Stripe CEO Patrick Collison, is highlighting big problems—and bigger opportunities—in American science. [The Atlantic]

Zillow relied on an algorithm to find houses to purchase, fix up and sell for a profit. What to take away from the company's real estate stumbles. [Fortune]

Since yesterday, the PitchBook Platform added:

1

VC valuations

54

People

16

Companies

4

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2019 Vintage European PE Funds
	VC Deals
	Lime locks down $523M in debt
	Momenta raises additional $500M
	Bit.bio secures $103M

The Daily Benchmark

2019 Vintage European PE Funds

Median IRR

14.34%

Top Quartile IRR

23.81%

1.02x

Median TVPI

Select top performers

Apax X

Gyrus 1

Inveready Gaea Inversion

*IRR: net of fees

30 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Lime locks down $523M in debt

Scooter startup Lime has reportedly raised $523 million in convertible debt and term loan financing. Abu Dhabi's growth fund, Fidelity Management & Research, Uber and Highbridge Capital committed $418 million in convertible debt funding. UBS O'Connor provided a $105 million senior secured term loan facility.

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View 27 competitors »

Momenta raises additional $500M

Autonomous driving startup Momenta has added $500 million to its Series C round, according to reports. Temasek, Bosch and SAIC Motor participated in the funding for the Beijing-based company, among others.

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View 20 competitors »

Bit.bio secures $103M

Bit.bio has raised a $103 million Series B from investors including Arch Ventures, Foresite Capital and Charles River Laboratories. Based in San Francisco and the UK, the company is a developer of cell coding technology intended to discover new cell therapies.

View round

View 58 competitors »

Chart of the Day

"Middle-market firms continue to execute on the tried-and-true roll-up across sectors, spurred by the current environment in which platform multiples are high and many small business owners are looking to sell. For instance, insurance brokerages, wealth management firms, and registered investment advisors (RIAs) all saw record M&A activity in the first half of 2021, largely driven by PE-backed platforms."

Source: PitchBook's Q2 2021 US PE Middle Market Report