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The Daily Pitch: VC

November 11, 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 VC activity and opportunities in the enterprise healthtech market.

Rivian conducted 2021's second-largest US IPO by exit value in what's been a supersized year for public debuts.

SPAC dealmaking is showing signs of a rebound after dropping significantly earlier this year.

Today's Top Stories

Q3 VC numbers for enterprise healthtech startups signify industry maturity

The healthcare industry is facing mounting pressure to reduce costs while also improving patient outcomes. Key factors driving investment activity in the enterprise healthtech landscape include growth in clinical trial research organizations, proliferation of mobile devices, and expanded ability to track and gain access to patient data.

Our latest installment of Emerging Tech Research features spotlights on private companies including BrightInsight, Mendel.ai and NowRx. The report also tracks VC deal activity through the third quarter of 2021 and covers developments in areas such as the rise of decentralized clinical trials and increased employer focus on virtual care.

read the preview

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US public listings surpass $1T in 2021

(Michael M. Santiago/Getty Images)

US stock exchanges have welcomed a combined $1 trillion in exit value this year, offering a stark summation of how high valuations and an open IPO window have given investors and other stakeholders a rare opportunity to cash in.

Rivian's IPO pushed the market across the symbolic threshold, adding $56 billion in exit value. The company's stock price rose 29% to close at $100.73 on Wednesday.

Recommended Reads

It may have a long way to go to rival Silicon Valley, but New York City is still getting its venture capital moment. [Forbes]

Airlines are rushing to roll out sustainable fuel initiatives. But the alternatives are expensive, and not completely clean. [Bloomberg]

For some companies, the chip shortage has turned into a silver lining. [Recode]

Since yesterday, the PitchBook Platform added:

26

VC valuations

1597

People

406

Companies

19

Funds

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Quick Takes


	A message from Stripe
	Webinar: Five ways to streamline checkout and improve sales
	The Daily Benchmark
	2017 Vintage European Real Estate Funds
	VC Deals
	Workato hits $5.7B valuation
	Cerebras Systems nabs $250M
	Kodiak Robotics hauls in $125M
	Kleiner Perkins leads $125M round for Density
	Wrapbook picks up $100M Series B
	Signos launches with $17M
	Payitoff secures $8.5M for student debt management
	Investors
	EQT inks $516M+ LSP deal

A message from Stripe

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As online commerce grows, consumers and businesses alike are increasingly prioritizing an easy checkout experience, and it's never been more important to get it right. Stripe's 2021 research shows that companies are making little mistakes that add up to big delays for customers. Learn five easy fixes that can streamline checkout and grow sales quickly, from optimizing form design to reducing friction with autocomplete.

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The Daily Benchmark

2017 Vintage European Real Estate Funds

Median IRR

7.44%

Top Quartile IRR

9.62%

1.18x

Median TVPI

Select top performers

CapMan Nordic Real Estate II

Bridges Property Alternatives Fund IV

Casa Partners VII

*IRR: net of fees

9 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Workato hits $5.7B valuation

Workato, which offers an enterprise automation platform, has raised $200 million in a round led by Battery Ventures. The funding values the company at $5.7 billion. Insight Partners, Altimeter Capital and Tiger Global also participated in the round. Workato plans to use the funding to expand operations in the EMEA region.

Additional Investors:

Geodesic Capital, Redpoint Ventures

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View 37 competitors »

Cerebras Systems nabs $250M

Cerebras Systems has raised a $250 million Series F led by Alpha Wave Ventures. The funding values the company at more than $4 billion. Backed by investors including Altimeter Capital, Benchmark Capital, Coatue and Eclipse Ventures, the Bay Area-based company develops computing chips intended to accelerate AI.

Select Additional Investor:

Abu Dhabi Growth Fund

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Kodiak Robotics hauls in $125M

Kodiak Robotics has raised a $125 million Series B from investors including SIP Global Partners, Lightspeed, Battery Ventures and CRV. The Mountain View, Calif.-based company is a developer of self-driving tech for long-haul trucks. Founded in 2018, Kodiak Robotics was valued at nearly $500 million in June, according to PitchBook data.

Additional Investors:

Muirwoods Ventures, StepStone Group, Harpoon Ventures, Gopher Asset Management, Walleye Capital, Aliya Capital Partners

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Kleiner Perkins leads $125M round for Density

Density has raised a $125 million Series D led by Kleiner Perkins, with support from investors including Altimeter Capital, 01 Advisors and Upfront Ventures. The San Francisco-based company provides a space analytics platform that helps clients manage their commercial real estate portfolios by measuring building and workplace performance. Density is now valued at $1.05 billion.

Additional Investors:

Lachy Groom, Founders Fund

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Wrapbook picks up $100M Series B

Wrapbook has raised $100 million at a $1 billion valuation in a round led by Tiger Global, with participation from Andreessen Horowitz, WndrCo, Uncork Capital and Equal Ventures. Operating out of New York, Los Angeles and Toronto, the company is the developer of an onboarding, payroll processing and production management platform for the entertainment industry. Wrapbook was valued at $147 million in March, according to PitchBook data.

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Signos launches with $17M

Signos has raised a $13 million Series A led by GV and $4 million in seed financing from investors including Courtside Ventures, 1984 Ventures and Tau Ventures. Founded in 2018, the company's health monitoring system uses real-time glucose monitoring to offer food and exercise recommendations.

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Payitoff secures $8.5M for student debt management

Payitoff has raised $8.5 million in seed financing led by Lightspeed, with support from Sound Ventures, Struck Capital and Social Leverage. The New York-based company provides a student loan repayment platform.

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Investors

EQT inks $516M+ LSP deal

EQT has agreed to acquire Dutch venture capital firm LSP (Life Sciences Partners) in a deal worth as much as €475 million (around $545 million). The Swedish investor will pay €450 million in cash and stock upfront, with an additional payment of €25 million contingent on fundraising targets. Last week, LSP closed its seventh flagship life sciences fund on €850 million.

View details

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