PitchBook News - Order, chaos and supply chain tech

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The Daily Pitch: VC

December 2, 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:

Supply chain tech saw another strong quarter of VC investment in Q3, as startups seek to bring order to the highly fragmented space.

As investors weigh how to navigate China's new regulatory regime, one strategy is taking shape: cleantech.

The UK government has rejected a proposed change in capital gains rates that would have taken a bigger bite out of private equity profits.

Today's Top Stories

Supply chain tech seeks order in the chaos

An abrupt shift in buying patterns stemming from the pandemic has caused havoc up and down the supply chain, and startups are pouncing on the opportunity.

Our latest installment of Emerging Tech Research explores how venture capital is chasing solutions that bring order to the highly fragmented ecosystem of supply chain tech. Key insights include:

VC investment into the space posted another strong quarter, with $7.8 billion added in Q3.

VC investment in maritime tech startups is on the rise as the industry races to fill its technology gap.

We see an opportunity in freight and delivery aggregators that provide booking platforms for shippers and carriers.

Other startups are helping global corporations assess and improve the sustainability of their supply chains.

read the preview

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China's VC giants take aim at climate tech

(zhihao/Getty Images)

The Chinese arms of venture capital powerhouses Lightspeed and Sequoia are prioritizing climate-friendly startups as investors seek safety from Beijing's regulatory wrath.

The firms have raised large funds that seek to power the transition to the green economy—adding fuel to an ongoing rebound in deals for Chinese cleantech startups.

Recommended Reads

When shipping containers are abandoned, the cargo sometimes becomes a mystery prize. [Bloomberg]

After years of less than ideal working conditions and unreliable pay, burned out ridesharing drivers fled during the pandemic. How companies like Uber and Lyft could use transparency to get them back. [The Information]

A look inside Austin's Texas-sized luxury housing boom. [The Wall Street Journal]

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Quick Takes


	The Daily Benchmark
	2019 Vintage Global Venture Funds with more than $250M
	A message from Allvue Systems
	Four big quarter-end reporting mistakes and how to avoid them
	VC Deals
	Better lands $750M from SPAC, SoftBank
	CyCognito brings in $100M Series C
	Australian AI healthcare specialist banks $92M
	CertiK nears unicorn valuation with latest funding
	Curie Therapeutics collects $75M to develop radiopharmaceuticals
	Jazz Venture Partners leads $30M round for Sounding Board
	Goalsetter snaps up $15M to improve access to financial education
	Steven Cohen's Point72 Ventures backs trading platform
	Fundraising
	Costanoa Ventures announces $340M worth of new fund commitments

The Daily Benchmark

2019 Vintage Global Venture Funds with more than $250M

Median IRR

36.40%

Top Quartile IRR

66.60%

1.32x

Median TVPI

Select top performers

Northzone IX

Oak HC/FT Partners III

TCV X

*IRR: net of fees

33 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from Allvue Systems

Four big quarter-end reporting mistakes and how to avoid them

Quarter's end can be notoriously painful for emerging venture capital and private equity firms, which are taking on the impossible task of trying to keep up with increasing investor demands on a limited budget and headcount. Add to that meeting a rush of deadlines—especially during a holiday season, when staff may be reduced and out-of-office replies increase—and it is easy to see why many emerging managers are seeking ways to improve their processes.

In the new and timely infographic, 4 Big Quarter-End Reporting Mistakes and How to Avoid Them, Allvue Systems addresses some of the most common mistakes and offers solutions for ways to streamline and better manage this quarterly process. Read it here

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VC Deals

Better lands $750M from SPAC, SoftBank

Digital mortgage lender Better will receive $750 million from SoftBank and a SPAC, Aurora Acquisition Corp., TechCrunch reported. The backers are delivering half of the $1.5 billion they committed to the company this past May, when it was announced Better would merge with Aurora and go public at a $7.7 billion valuation.

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CyCognito brings in $100M Series C

Cybersecurity startup CyCognito has raised a $100 million round led by The Westly Group, with support from Thomvest Ventures, The Heritage Group and several existing backers. The Palo Alto-based startup is the creator of an external attack surface management platform that helps users prioritize, investigate and respond to potential cyber-risks. CyCognito raised a $30 million Series B in July 2020.

Additional Investors:

Accel, Lightspeed, Sorenson Ventures, UpWest

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View 68 competitors »

Australian AI healthcare specialist banks $92M

Harrison.ai, a provider of AI healthcare solutions, has collected A$129 million (about $92 million) in Series B funding led by Horizons Ventures. Sonic Healthcare, I-MED Radiology Network, Blackbird Ventures and Skip Capital also participated. Based in Sydney, the startup works with clinical partners to provide AI for services including IVF and chest X-rays to some 50,000 patients throughout Australia, Europe and other countries.

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CertiK nears unicorn valuation with latest funding

Sequoia has led an $80 million Series B2 round for CertiK, a New York-based blockchain security startup. Tiger Global, Coatue and GL Ventures also supported the financing. CertiK uses AI to monitor blockchain protocols and smart contracts, allowing applications to be built correctly and securely. The startup, which was founded in 2018 by Yale University and Columbia University computer science professors, is now valued at nearly $1 billion.

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Curie Therapeutics collects $75M to develop radiopharmaceuticals

Biotech startup Curie Therapeutics has emerged from stealth and raised a $75 million Series A. The company is developing radiopharmaceuticals designed to target solid tumors. Curie Therapeutics was incubated by Atlas Ventures, Access Biotechnology and RA Capital Management.

View details

View 15 investments »

Jazz Venture Partners leads $30M round for Sounding Board

Sounding Board has raised a $30 million Series B led by Jazz Venture Partners, with support from Canaan, Bloomberg Beta, Gaingels, Engage.vc and others. The California-based startup offers a customizable leadership coaching platform with coaches in over 60 countries.

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Goalsetter snaps up $15M to improve access to financial education

Fintech startup Goalsetter has raised a $15 million Series A led by Seae Ventures, with participation from Fiserv, Mass Mutual and Sterling National Bank, as well as angel investors such as Kevin Durant and Carmelo Anthony. Founded in 2016, Goalsetter is a provider of banking, savings, investing and financial education tools for families and K-12 youth.

Additional Investors:

Citizens Financial Group, Cuna Mutual Financial Group, Astia Fund, Fearless Fund

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Steven Cohen's Point72 Ventures backs trading platform

24 Exchange, the developer of a multi-asset trading platform, has raised a $14.25 million round led by Point72 Ventures. The funding will help the startup's continued expansion as it seeks to encompass other asset classes like equities and cryptocurrencies. Point72 Ventures is the VC arm of global asset manager Point72, which is headed by New York Mets owner Steven Cohen.

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Fundraising

Costanoa Ventures announces $340M worth of new fund commitments

Costanoa Ventures has closed its fourth flagship early-stage fund on $225 million and its second opportunity fund on $115 million. The new capital brings the firm's total commitments to date to more than $900 million. Based in California, Costanoa typically targets seed and Series A investments in enterprise software companies that focus on applied AI, SaaS, fintech, security, DevOps and data infrastructure.

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View 85 investments »

Chart of the Day

"Despite the pandemic, a few other investment themes became apparent in 2021. Bolt-on volume momentum accelerated due to sponsors prioritizing M&A as a viable path to growth. 375 bolt-ons closed in H1, more than in all previous years' first halves. In addition, the deal type is poised to hit a new annual record by a staggering 46% from 2020's peak."

Source: PitchBook's 2021 France & Benelux Private Capital Breakdown