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PitchBook News - Taking the pulse of VC healthtech

US public listings surpass $1T in 2021; SPAC dealmaking is seeing a rebound; Workato hits $5B+ valuation; Payitoff lands $8M+ for student debt help
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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
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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.
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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.
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A message from ON Partners
Where are the executive jobs in PE?
With valuations higher than ever and competition for deals intense, bringing the right executive to the team to unlock a brand's potential has never been more critical, especially as the demand for leadership talent increases moving into 2022.

Consultants with top-20 retained executive search firm ON Partners provide observations on the executive jobs in demand and the types of leaders that can help private equity-backed companies win.

At the top of the list for PE-backed companies are product and digital leaders—those with a successful track record leading exponential growth and those who have M&A experience, with CEO and CFO jobs in high demand.

For a look at PE executive positions expected to be hot into 2022 and what the sector holds, click here.
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SPAC dealmaking is seeing a rebound
(Westend61/Getty Images)
Investor demand for SPAC IPOs and stocks of companies that went public by combining with blank-check entities may have dropped significantly since earlier in 2021, but this route to the public markets is far from dead.

Just 10 days into this month, 10 SPACs announced deals to take companies public, according to data compiled by SPAC Research. And new SPACs are continuing to be formed at an increased pace, according to PitchBook data.
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Zilch rides the buy now, pay later wave to become Europe's latest unicorn
(Courtesy of Zilch)
London's Zilch has become Europe's latest unicorn with a $110 million Series C raised amid feverish demand for buy now, pay later services.

BNPL startups have been on a tear this year, with the sector expected to reach $166 billion globally by 2023, according to GlobalData. But their momentous rise has caught the attention of regulators across Europe.
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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]
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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
Webinar: Five ways to streamline checkout and improve sales
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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
View round
 
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
View round
 
View 20 competitors »
 
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
View round
 
View 8 competitors »
 
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
View round
 
View 4 competitors »
 
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.
View round
 
View 5 competitors »
 
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.
View round
 
View similar company »
 
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.
View round
 
View similar company »
 
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
 
View similar company »
 
Chart of the Day
Source: Q3 2021 PitchBook-NVCA Venture Monitor
Who's in the newsletter today?
Investors
01 Advisors
1984 Ventures
Abu Dhabi Growth Fund
Aliya Capital Partners
Altimeter Capital
Andreessen Horowitz
Battery Ventures
Benchmark Capital
CRV
Coatue
Courtside Ventures
EQT
Eclipse Ventures
Equal Ventures
Founders Fund
GV
Geodesic Capital
Gopher Asset Management
Harpoon Ventures
Insight Partners
Kleiner Perkins
Lachy Groom
Lightspeed
Muirwoods Ventures
Redpoint Ventures
SIP Global Partners
Social Leverage
Sound Ventures
StepStone Group
Struck Capital
Tau Ventures
Tiger Global
Uncork Capital
Upfront Ventures
Walleye Capital
WndrCo
Companies
Cerebras Systems
Density
Kodiak Robotics
LSP
Payitoff
Signos
Workato
Wrapbook
 
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