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PitchBook News - Why VC exits are accelerating in AI

Petershill changes the game in GP stakes; Gaingels steps up deals for LGBTQ causes; Heyday bags $555M; electric tractor specialist pulls in $61M
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The Daily Pitch: VC
November 18, 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:
  • The potential implications of Petershill Partners' public listing on the London Stock Exchange.

  • Investor group Gaingels has become a dealmaking powerhouse as it works to change the culture of VC.

  • Our analysts explore the major storylines in AI and machine learning during Q3, including deep dives on consumer AI and national defense.
Today's Top Stories
Why VC exits are beginning to outstrip investment in AI
VC activity in AI continued growing in Q3, with a record 1,395 deals worth nearly $26 billion in aggregate. Exit activity accelerated, too, with a quarterly record 127 exits also worth nearly $26 billion. While that figure marked a quarterly decline, AI's exit value continues to exceed VC investment in 2021.

Our latest Emerging Tech Research tracks the major storylines in AI and machine learning last quarter, including deep dives on consumer AI, edge AI software and national defense. Among the takeaways:
  • Through Q3, AI exits have topped $166 billion, more than triple 2020's total value for VC exits.

  • Horizontal platforms again led VC deal value, with Databricks, DataRobot, Dataiku and Dataminr all raising rounds over $300 million in Q3.

  • Use cases achieving outstanding growth in 2021 include ecommerce recommendation engines, edtech and transportation optimization.
read the preview
 
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Gaingels ratchets up dealmaking to advance LGBTQ causes
(Ivan-balvan/Getty Images)
Investor group Gaingels is taking all the help it can get to change the culture of venture capital and startups.

What started as a mission to fund LGBTQ founders has grown into an effort to increase representation from the cap table to the boardroom. Since 2018, the syndicate has rapidly increased its investing activity, participating in more than 250 deals this year.

Along the way, New York-based Gaingels has sought to enlist its growing network of co-investors and portfolio companies as allies in the cause.
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Partner Perspectives
Digging deeper into Atlanta's ecosystem
The startup ecosystem in Atlanta has grown significantly over the past decade. VC activity is already in record territory this year, despite a lack of prominent VC firms in the city. Atlanta has developed a reputation for bootstrapped startups and cost-conscious business plans. The city's biggest success story, Mailchimp, never took a dollar of venture capital and was acquired this year for $12 billion. One of its newest unicorns, Calendly, got its start in a tech-sharing space.

In an ongoing partnership with PitchBook Data, BridgeBank has released Markets to Watch: Atlanta. The city doesn't get the accolades that other ecosystems do, but the market is thriving nonetheless, attracting capital from blue-chip Silicon Valley firms and achieving impressive exits for many years.

To download the report, click here.
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Petershill's public listing is a game-changer for GP stakes—and a gamble
Petershill Partners' listing on the London Stock Exchange represents a game-changing moment for GP stakes.
(Chris J Ratcliffe/Getty Images)
When Petershill Partners announced the public listing of a portfolio of 19 minority interests, it marked a brave new world in the GP stakes space. This monetization technique promises liquidity to Petershill's LPs over time, and it hasn't been tried before.

Our latest analyst note explores the public company and the potential implications of its approach. The Petershill portfolio offers attractive growth and diversification, yet it is also opaque, raising a key question: How can investors assess its value?
read it now
 
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Recommended Reads
Some "stay-at-home" stocks that were pandemic-era darlings have collapsed in the face of economic reopening. [The New York Times]

How Rivian's blockbuster IPO may be the ultimate validation of Tesla's success. [Bloomberg]

What challenges do fund managers like Britain's Baillie Gifford face after decades of stellar returns? [The Economist]
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Quick Takes
  The Daily Benchmark  
  2018 Vintage Global Buyout Funds  
  A message from Allvue Systems  
  Five steps emerging PE and VC firms can take to accelerate growth  
  VC Deals  
  Heyday collects $555M in Series C funding  
  Coatue leads $150M Series C for CloudWalk  
  Netlify captures $2B valuation with $105M round  
  Gradiant secures $100M+ Series C  
  OpenStore raises $75M  
  Electric tractor developer picks up $61M  
  Workiz banks $40M  
  Fundraising  
  LiveOak wraps $210M fund  
 
 
The Daily Benchmark
2018 Vintage Global Buyout Funds
Median IRR
16.69%
Top Quartile IRR
32.40%
1.16x
Median TVPI
Select top performers
SSC Partners I
Oaktree Special Situations Fund II
Nexus Special Situations II
*IRR: net of fees
120 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
A message from Allvue Systems
Five steps emerging PE and VC firms can take to accelerate growth
With money pouring into private equity and venture capital at unprecedented levels, emerging managers have big opportunities ahead—but also big challenges. Managers must prove that they have the skills, experience and systems to hold their own against the big-name, established players in the market, who are often seen as safer choices—and they have to do it with limited staff and smaller budgets.

What can emerging managers do to take growth to the next level? Find out in Allvue Systems' new white paper, 5 Steps Emerging Private Equity & Venture Capital Firms Can Take to Accelerate Growth. Read it here.
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VC Deals
Heyday collects $555M in Series C funding
Heyday has raised $555 million in a round co-led by Premji Invest and The Raine Group. The startup incubates and acquires third-party sellers on digital marketplaces such as Amazon, helping them build brand exposure to new markets and develop new products. Heyday raised a $70 million Series B in May.
Additional Investors:
General Catalyst, Khosla Ventures, Victory Park Capital
View round
View similar company »
Coatue leads $150M Series C for CloudWalk
CloudWalk has raised $150 million at a $2.15 billion valuation in a round led by Coatue. The São Paulo, Brazil-based company is the developer of a payments processing platform for small and medium-sized businesses. CloudWalk operates across 4,300 cities and towns in Brazil.
Select Additional Investors:
A-Star Partners, DST Global, Plug and Play Ventures, The Hive, Valor Capital Group
View round
 
View 32 competitors »
 
Netlify captures $2B valuation with $105M round
San Francisco-based Netlify has raised a $105 million round that values it at $2 billion. Bessemer Venture Partners led the Series D, with support from existing backers Andreessen Horowitz, Bond, EQT Ventures, Kleiner Perkins, Mango Capital and Menlo Ventures. Netlify offers a platform for software developers to build, deploy and scale web applications. The company was valued at $593 million in March 2020, according to PitchBook data.
View round
 
View 39 competitors »
 
Gradiant secures $100M+ Series C
Gradiant has raised more than $100 million in a round co-led by Warburg Pincus and Schlumberger New Energy. The Boston-based company is a developer of cleantech water projects intended for advanced water and wastewater treatment.
View round
 
View similar company »
 
OpenStore raises $75M
OpenStore has raised a $75M Series B led by General Catalyst, with support from existing investors Atomic, Founders Fund and Khosla Ventures. The Miami-based startup acquires Shopify businesses to provide liquidity to ecommerce entrepreneurs.
View round
 
View similar company »
 
Electric tractor developer picks up $61M
Monarch Tractor has raised a $61 million Series B led by Astanor Ventures, with support from CNH Industrial, At One Ventures and Trimble Ventures. The company is a developer of electric, driver-optional tractors designed for sustainable farming. Monarch Tractor was valued at $70 million with a $20 million round in March, according to PitchBook data.
View round
 
View 1 competitors »
 
Workiz banks $40M
Workiz has raised a $40 million Series C led by Lead Edge Capital. The San Diego-based company is the developer of a business management platform designed to help home service professionals customize and automate processes. Workiz was valued at $40.7 million in February, according to PitchBook data.
Additional Investors:
G Squared, La Maison Partners, Magenta Venture Partners, Maor Investments, New Era Capital Partners
View round
 
View 43 competitors »
 
PitchBook Webinar: Private fund strategies—Spotlight on VC
Join PitchBook on Dec. 1 for a discussion on the current state of private fund performance in the latest installment of our recurring webinar series, Private Fund Strategies.

Get the latest insights into market performance across asset classes and strategies, including a spotlight on VC and massive VC-backed exit value, record-breaking fundraising, and the continued proliferation of mega-deals.

Key topics include:
  • A quarterly update on private market fund performance and fundraising.

  • A spotlight on performance across VC strategies, including a detailed comparison of established and emerging fund managers.

  • A deep dive on sector specialist fund manager performance.

  • Deal-level returns as seen through our original research.
Sign up today
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Fundraising
LiveOak wraps $210M fund
Austin-based LiveOak Venture Partners has closed its third flagship fund on $210 million. Founded in 2012, the VC firm backs early-stage tech startups across Texas. LiveOak Venture Partners closed its sophomore fund on $105 million in 2019.
View fund
 
View 60 investments »
 
Chart of the Day
Source: PitchBook's 2021 France & Benelux Private Capital Breakdown
Who's in the newsletter today?
Investors
A-Star Partners
Andreessen Horowitz
Astanor Ventures
At One Ventures
Atomic
Bessemer Venture Partners
Bond
CNH Industrial
Coatue
DST Global
EQT Ventures
Founders Fund
G Squared
General Catalyst
Khosla Ventures
Kleiner Perkins
La Maison Partners
Lead Edge Capital
LiveOak Venture Partners
Magenta Venture Partners
Mango Capital
Maor Investments
Menlo Ventures
New Era Capital Partners
Plug and Play Ventures
Premji Invest
Schlumberger New Energy
The Hive
The Raine Group
Trimble Ventures
Valor Capital Group
Victory Park Capital
Warburg Pincus
Companies
Amazon
CloudWalk
Gradiant
Heyday
Monarch Tractor
Netlify
OpenStore
Shopify
Workiz
 
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