PitchBook News - Ranking Q3's most active investors

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The Daily Pitch: VC

November 19, 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:

The release of our latest Global League Tables, ranking the busiest investors and more from Q3.

As the performance of natural language AI improves, so does investor interest in the sector.

An analysis of why venture debt has grown among life sciences companies, and what makes the sector so attractive to lenders.

Today's Top Stories

Ranking Q3's most active investors

2021 has seen records fall in the private markets like the proverbial house of cards. VC and PE investors have poured capital into companies of all sizes and stages as the global economy has continued to recover.

Who led the way? Check out the latest edition of our Global League Tables, which ranks Q3's most active investors, advisers, service providers and more. The interactive tables cover the full spectrum of the private markets, from the busiest acquirers of VC-backed companies to private equity's most active investors in healthcare. The data can be sorted by firm, deal type, geography, sector and more.

see the rankings

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Grammarly hits $13B valuation as natural language AI comes of age

(vladwel/Getty Images)

Grammarly, the developer of an AI-powered writing assistant, has raised over $200 million at a valuation of $13 billion, more than five times the company's previous value of $2.3 billion garnered two years ago, according to PitchBook data.

Recent improvements in the performance of natural language AI have led to other significant deals and some public listings for companies powered by natural language programming, according to Brendan Burke, a PitchBook analyst who covers artificial intelligence.

Recommended Reads

How one former Meta Platforms executive sought inspiration from China when he formed his own startup in Brazil. [The Information]

From a sustainability lecturer to a chief market strategist, 10 experts predict where ESG investing will be in five years. [The Wall Street Journal]

Today's millennials and Gen Z are a growing force in the investment world, and the market either needs to catch up—or get left behind. [Fortune]

Since yesterday, the PitchBook Platform added:

24

VC valuations

1611

People

393

Companies

31

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2014 Vintage Global PE Funds with $1B+
	Partner Perspectives
	What's the future of private fundraising?
	VC Deals
	Lacework brings in $1.3B
	Generate Biomedicines hauls in $370M Series B
	Expel secures $140M+ Series E
	Stytch nabs $90M
	8fig banks $50M
	Doorvest raises $39M in debt and equity
	Netomi picks up $30M
	Exits & IPOs
	Warren Buffett-backed Paytm sees stock fall 27% in Mumbai debut
	Sweetgreen raises $364M in IPO, sees stock climb 77% in debut

The Daily Benchmark

2014 Vintage Global PE Funds with $1B+

Median IRR

19.21%

Top Quartile IRR

25.74%

1.62x

Median TVPI

Select top performers

Northlane Capital Partners I

Spectrum Equity VII

GTCR Fund XI

*IRR: net of fees

43 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

Partner Perspectives

What's the future of private fundraising?

There has been, and continues to be, a massive influx of capital into private funds. Moreover, a clear majority of limited partners (LPs) still plan to maintain or even further increase their allocations to alternatives. What does this entail for fund managers?

In the latest Intralinks market brief, multiple PitchBook datasets are analyzed in order to answer that question and provide an overview of key trends in the current fundraising climate. Highlights include:

A breakdown of fundraising trends across asset classes.
How fund manager experience is being priced.
Metrics on private capital performance, sizes and correlation between assets under management and fund sizes across the market.

Read it now

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VC Deals

Lacework brings in $1.3B

Lacework has raised $1.3 billion at an $8.3 billion valuation in a round co-led by Altimeter Capital Management, D1 Capital Partners, Sutter Hill Ventures and Tiger Global. The San Jose, Calif.-based company is the developer of a cloud security platform. Lacework raised $525 million at a valuation of more than $1.5 billion in January, according to PitchBook data.

Select Additional Investors:

Coatue, Dragoneer Investment Group, Durable Capital Partners, General Catalyst, Liberty Global Ventures, Snowflake Ventures

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View 63 competitors »

Generate Biomedicines hauls in $370M Series B

Generate Biomedicines has raised $370 million from investors including Flagship Pioneering, Altitude Life Science Ventures and Arch Venture Partners. Based in the Boston area, the company is using machine learning to develop new protein therapeutics for a variety of diseases. It was valued at nearly $71 million with a $50 million round in September 2020, according to PitchBook data.

Additional Investors:

Alaska Permanent Fund, Fidelity Management & Research, Morningside Group, T. Rowe Price, The Abu Dhabi Investment Authority

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Expel secures $140M+ Series E

Expel has raised $140.3 million in a round co-led by CapitalG and Paladin Capital. The funding brings the company's valuation to more than $1 billion. Founded in 2016, Expel offers a cybersecurity platform to help companies such as DoorDash and Virgin Atlantic combat ransomware, phishing and other threats.

Additional Investors:

Cisco Investments, Greycroft, Index Ventures, March Capital, Scale Venture Partners

View round

View 79 competitors »

Stytch nabs $90M

Stytch has raised a $90 million Series B led by Coatue, with support from Benchmark, Thrive Capital and Index Ventures. The funding values the company at $1 billion. Stytch is a developer of passwordless authentication tools used to secure apps and websites. The company was valued at $205 million in July, according to PitchBook data.

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8fig banks $50M

8fig has raised a $50 million Series A from Battery Ventures, LocalGlobe and Matt Robinson. Founded in 2020, the Austin-based company offers capital and supply chain management tools to ecommerce sellers.

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Doorvest raises $39M in debt and equity

Doorvest has raised $14 million in Series A funding and a $25 million credit facility. The round was led by M13. Based in the Bay Area, the company provides a real estate tech platform to help individuals buy and manage income-generating rental properties. Doorvest raised a $2.5 million seed round earlier this year.

Additional Investors:

Gaingels, Mucker Capital, Socially Financed

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Netomi picks up $30M

Netomi has raised a $30 million Series B led by WndrCo, with support from Eldridge and Fin Venture Capital. The San Mateo, Calif.-based company is the developer of an AI-based customer service platform intended to resolve queries and decrease resolution time via virtual agents.

View round

View 82 competitors »

Exits & IPOs

Warren Buffett-backed Paytm sees stock fall 27% in Mumbai debut

Venture- and Warren Buffett-backed Indian digital payment company Paytm saw its stock drop 27% in its Mumbai market debut. Its shares opened below the announced price of 2,150 rupees (about $28.60) apiece, before closing at 1,564 rupees. The company has received past funding from UBS Group, T. Rowe Price, Alibaba Capital Partners and other investors.

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Sweetgreen raises $364M in IPO, sees stock climb 77% in debut

Sweetgreen, a fast-casual restaurant chain that serves salads, raised $364 million in its IPO by pricing 13 million shares at $28 apiece, up from its original plan to price 12.5 million shares at between $23 and $25 apiece. The Los Angeles-based company, which owns more than 140 stores, saw its stock climb around 77% in its first day trading on the NYSE. Sweetgreen has received prior backing from investors including T. Rowe Price, Revolution and Lone Pine Capital.

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View 24 competitors »