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PitchBook News - Ranking Q3's most active investors

Venture debt rises in life sciences; Grammarly hits $13B valuation; Warren Buffett-backed Paytm stumbles; Sweetgreen surges in debut
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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
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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.
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Low revenue, no problem: Venture debt rises in life sciences
(Dina Belenko Photography/Getty Images)
Venture debt has grown significantly over the past year, with much of its success, and therefore much of the attention, focused on tech. But the life sciences space has also seen its venture loan book value grow, notching $4.5 billion in aggregate value last year—despite zero- to low-revenue companies making up a large portion of the privately held portfolios.

Our recent analyst note takes a deep dive into the rise and risk of venture debt among life sciences companies, exploring the reasons behind the growth and what makes the sector so attractive to lenders.
read it now
 
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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]
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Since yesterday, the PitchBook Platform added:
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VC valuations
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People
393
Companies
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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?
Intralinks
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
View round
 
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
View round
View similar company »
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.
View round
 
View similar company »
 
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.
View round
 
View similar company »
 
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
View round
 
View similar company »
 
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.
View details
 
View 29 competitors »
 
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.
View details
 
View 24 competitors »
 
Chart of the Day
Source: PitchBook's Q2 2021 US PE Middle Market Report
Who's in the newsletter today?
Investors
Alaska Permanent Fund
Alibaba Capital Partners
Altimeter Capital Management
Altitude Life Science Ventures
Arch Venture Partners
Battery Ventures
Benchmark
CapitalG
Cisco Investments
Coatue
D1 Capital Partners
Dragoneer Investment Group
Durable Capital Partners
Eldridge
Fidelity Management & Research
Fin Venture Capital
Flagship Pioneering
Gaingels
General Catalyst
Greycroft
Index Ventures
Liberty Global Ventures
LocalGlobe
Lone Pine Capital
M13
March Capital
Matt Robinson
Morningside Group
Mucker Capital
Paladin Capital
Revolution
Scale Venture Partners
Snowflake Ventures
Socially Financed
Sutter Hill Ventures
Sweetgreen
T. Rowe Price
The Abu Dhabi Investment Authority
Thrive Capital
Tiger Global
UBS Group
Warren Buffett
WndrCo
Companies
8fig
DoorDash
Doorvest
Expel
Generate Biomedicines
Lacework
Netomi
Paytm
Stytch
Virgin Atlantic
 
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