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Mapping fintech's top players, imitators

Web3, DeFi attract top VCs; Impossible Foods grabs $500M; Niantic hits $9B valuation; Manscaped going public via SPAC
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The Daily Pitch: VC
November 24, 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:
  • We mapped the leading fintech specialists in five categories and the most prominent companies seeking to emulate their success.

  • Our Emerging Tech Indicator report examines how newer segments like decentralized finance and gaming are hauling in VC funding.

  • Impossible Foods has raised a $500 million funding round as alternative protein makers race to grab market share.
Today's Top Stories
Web3 & DeFi deals highlight shift in VC funding trends
The Emerging Tech Indicator provides a quarterly overview of startups receiving seed- and early-stage investments from a limited subset of VC funds. In the third quarter of 2021, our analysts tracked 189 early-stage and seed deals that involved the top 15 VC firms—totaling $6 billion in capital investment.

The Q3 2021 Emerging Tech Indicator takes a look at five emerging market segments, including Web3 & DeFi, enterprise SaaS and gaming, and offers unique perspectives on the products and technologies driving innovation and growth opportunities.
read the report
 
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Mapping the fintech world's top players and their most successful imitators
(elenabs/Getty Images)
Many fintech companies have steered clear, for now, from significant international expansion—in large part due to regulatory differences between regions.

This has allowed a plethora of startups to replicate the most successful fintech models and adapt them to their local markets.

We mapped fintech's leaders in five categories and the most prominent companies seeking to emulate their success in different parts of the world.
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A message from Corporate Resolutions, Inc.
Protecting board integrity: Reputation is often a predictor of performance
The board of directors sets a company's ethical tone. Whether it is shareholder value, diversity or growth, boards are constantly striving to enhance the company's conduct. Due diligence on potential board candidates is the only way to ensure the board is comprised of directors who mirror the values of the company.

In this unique environment, where M&A is at an all-time high, Corporate Resolutions has witnessed clients pay as much attention to their boards as they do the returns on their next investments. Telling your investors you safeguard the board's composition and performance is not nearly as convincing as showing them. An independent background investigation on board candidates provides this transparency and guarantees the preservation of the board's integrity.

Connect with Corporate Resolutions at www.corporateresolutions.com
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Impossible Foods tops record-setting year for alt protein investment
(Courtesy of Impossible Foods)
Impossible Foods has raised $500 million in a funding round led by Mirae Asset Global Investments as alternative protein makers race to grab market share.
  • Companies creating bio-engineered foods—which includes plant-based, cultivated and fermented proteins—have raised $5.2 billion in global VC funding this year, a 68% increase over 2020's total.

  • Impossible Foods' round, the largest of any alternative protein maker this year, follows the launch of several new products, including meatballs, sausages and chicken nuggets. The California company had been seeking a $7 billion valuation in the round, Bloomberg reported last month, but it did not disclose a final valuation.

  • Beyond Meat, the segment's publicly traded bellwether and Impossible Foods' chief rival, has a market capitalization of about $4.7 billion following weak third-quarter results. Beyond Meat is slated to launch a partnership with McDonald's next year to counter Impossible Foods' plant-based tie-up with Burger King.
Related read: Lab-grown protein is cultivating investor interest
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Recommended Reads
Pension funds and other big investors that have made the leap into crypto are outperforming their peers—at least for now. [Institutional Investor]

Scientists have created a 3D-printable bacterial ink that's ability to grow and heal itself could make it a crucial renewable building material. [The New York Times]

Has Amazon's growing mass of customer data become so large that the company can no longer protect it? [Wired]
Since yesterday, the PitchBook Platform added:
25
VC valuations
3494
People
468
Companies
28
Funds
See what our data software can do
 
Quick Takes
  The Daily Benchmark  
  2018 Vintage Global Funds-of-Funds  
  VC Deals  
  Niantic secures $300M at $9B valuation  
  Speech recognition startup Verbit lands $250M  
  Vercel picks up $150M Series D  
  Luma Health raises $130M  
  Peek.com books $80M Series C  
  Bitrise collects $60M  
  Exits & IPOs  
  Manscaped to go public via SPAC  
  Fundraising  
  Seaya Ventures, Cathay Innovation hold first close of $125M Latin American fund  
 
 
The Daily Benchmark
2018 Vintage Global Funds-of-Funds
Median IRR
23.97%
Top Quartile IRR
32.77%
1.30x
Median TVPI
Select top performers
Industry Ventures Partnership Holdings V
Top Tier Venture Velocity Fund 2
Fort Washington Private Equity Investors X
*IRR: net of fees
37 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals
Niantic secures $300M at $9B valuation
Pokémon Go creator Niantic has raised $300 million from Coatue at a $9 billion valuation. The company is the developer of an augmented reality platform. The funding will be used in part to expand the San Francisco-based company's new AR developer kit.
View round
 
View 25 competitors »
 
Speech recognition startup Verbit lands $250M
Verbit has raised a $250 million Series E led by Third Point Ventures. Founded in 2017, the company provides AI-powered speech recognition technology for use in transcription and captioning. The funding values Verbit at $2 billion, double the valuation it garnered after a $157 million Series D in May.
Additional Investors:
40 North Ventures, Disruptive AI, More Capital, Samsung Next, Sapphire Ventures, TCP, Vertex Growth
View round
 
View 13 competitors »
 
Vercel picks up $150M Series D
Vercel has raised $150 million at a $2.5 billion valuation in a round led by GGV Capital. The company is the creator of a front-end web development platform. In May, Vercel raised $102 million at a $1.1 billion valuation, according to PitchBook data.
Select Additional Investors:
Accel, Bedrock Capital, Flex Capital, GV, Salesforce Ventures, Tiger Global
View round
 
View 4 competitors »
 
Luma Health raises $130M
Luma Health has raised a $130 million Series C led by FTV Capital. Based in the San Francisco area, the company is the developer of a patient engagement platform for healthcare providers.
View round
 
View 30 competitors »
 
Peek.com books $80M Series C
Peek.com has raised $80 million in a round led by WesCap, with support from Goldman Sachs Asset Management and Laurence Tosi. The company offers a travel booking platform to help hotels and restaurants manage reservations.
View round
 
View 22 competitors »
 
Bitrise collects $60M
Bitrise has raised a $60 million Series C led by Insight Partners, with support from Partech, Open Ocean, Zobito, Fiedler Capital, Y Combinator and H14. Based in Budapest, Hungary, the company is the developer of a DevOps platform intended to help companies such as Tonal and Compass manage mobile engineering stacks.
View round
 
View 20 competitors »
 
Exits & IPOs
Manscaped to go public via SPAC
Venture-backed men's grooming company Manscaped plans to complete a reverse merger to go public through a SPAC, Bright Lights Acquisition Corp. San Diego-based Manscaped is expected to receive about $305 million in proceeds from the deal and achieve a valuation of around $1 billion. The company has received past funding from investors including Social Leverage, Rx3 Growth Partners, Kaktus Capital.
View details
 
View 2 competitors »
 
Fundraising
Seaya Ventures, Cathay Innovation hold first close of $125M Latin American fund
Venture firms Seaya Ventures and Cathay Innovation have completed the first close of a $125 million multi-sector fund for startups across Latin America. Based out of Mexico City, the Seaya Cathay Latam Fund will help startups in fintech, proptech, healthtech and other industries achieve sustainable growth through Series A and B investments.
View details
 
View investment »
 
Chart of the Day
Source: PitchBook's Q3 2021 Global M&A Report
Who's in the newsletter today?
Investors
40 North Ventures
Accel
Bedrock Capital
Cathay Innovation
Coatue
Disruptive AI
FTV Capital
Fiedler Capital
Flex Capital
GGV Capital
GV
Goldman Sachs Asset Management
H14
Insight Partners
Kaktus Capital
Laurence Tosi
Mirae Asset Global Investments
More Capital
Open Ocean
Partech
Rx3 Growth Partners
Salesforce Ventures
Samsung Next
Sapphire Ventures
Seaya Cathay Latam Fund
Seaya Ventures
Social Leverage
TCP
Third Point Ventures
Tiger Global
Vertex Growth
WesCap
Y Combinator
Zobito
Companies
Beyond Meat
Bitrise
Burger King
Compass
Impossible Foods
Luma Health
Manscaped
McDonald's
Niantic
Peek.com
Tonal
Verbit
Vercel
 
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