Who were the winners of 2021's IPO jackpot?

Read online | Don't want to receive these emails? Manage your subscription.

PitchBook

Log in

The Daily Pitch: VC

December 13, 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:

Aging unicorns and a record-setting stock market combined to make 2021 an epic year for venture-backed IPOs.

A decline in huge deals has slowed overall VC activity in the retail healthtech industry.

Investors have cast a wider net to find the next big thing, leading to record levels of capital invested in Southern Europe's VC ecosystem.

Today's Top Stories

Mega-rounds slow in retail healthtech

Demand for mobile and digital healthtech skyrocketed during the pandemic. While interest is still high, it may not be rising as rapidly, as demand was pulled forward for at-home fitness equipment. Additionally, gyms are reopening and in-person doctor visits are becoming safer again.

Our latest installment of Emerging Tech Research explores key trends, VC activity and new business opportunities in the retail healthtech sector. Among the takeaways:

Deal value in the space dropped to $2.6 billion in Q3 from $3.5 billion in Q2, while disclosed median deal size declined to $11 million, largely due to a decrease in mega-deals.

VC exit value fell to $2.4 billion—following Q2's record $7.6 billion, which included the public listing of 23andMe.

Emerging opportunities in the industry include utilization-based insurance for high-cost digital health solutions and startups developing applications to help patients make use of data from continuous glucose monitors.

read the preview

Share:

Who were the winners of the 2021 IPO jackpot?

(arthobbit/Getty Images)

A perfect storm of aging unicorns and a record-setting stock market combined to make 2021 an epic year for venture-backed IPOs.

Our infographic breaks down how public markets delivered a windfall for tech investors.

Tiger Global's appetite for pre-IPO companies made it the most frequent backer of this year's most valuable listings.

At the time of its IPO, Rivian's four largest investors owned shares worth nearly $40 billion, the value of which have since risen dramatically.

SoftBank recorded more than $37 billion in exit value from just three holdings, only to see their value plummet following a reckoning on Chinese stocks.

see the data

Share:

A message from Stout

What's next after LIBOR?

For more than 35 years, LIBOR has been considered the benchmark interest rate at which major banks lend to one another in the international interbank market for short-term loans. However, as of Dec. 31, 2021, LIBOR will no longer be considered the key benchmark for determining interest rates.

In recent years, LIBOR caught the eye of global regulators as manipulation scandals and the opaque application of expert judgment led to a decline in its perceived integrity. After the announcement of LIBOR's demise, the Secured Overnight Financing Rate emerged as the replacement front-runner. Still, additional challengers to SOFR have gained support among lenders.

Read Stout's article, "Replacing LIBOR," to get the latest insight on the transition from LIBOR and how it may impact you.

Share:

Southern Europe grows VC hub reputation as deal value reaches record heights

(Marco Bottigelli/Getty Images)

Southern Europe's VC ecosystem is coming out of the shadows as investors cast a wider net to find the next big thing, leading to record levels of capital invested.

In our latest analyst note, we examine the key factors driving activity in the region, including a desirable geographic location with close ties to Latin America, a high-caliber talent pool and robust domestic investment programs. Highlights include:

In the first three quarters of 2021, deal value in the region rose by over 43% from last year to reach a record €3.7 billion.

Italy, Spain and Portugal dominate Southern Europe, accounting for a combined 94.5% of deal count and 90.8% of deal value through Q3 2021.

A shift in perception toward VC and entrepreneurship and favorable taxation rates in the region will draw more investors and founders.

read the report

Share:

E-grocer Flink goes from seed to unicorn in less than a year with Series B

(Poh Kim Yeoh/Getty Images)

Investors have gone wild for rapid grocery delivery startups this year, with huge rounds and even bigger valuations becoming a feature in the sector.

Now DoorDash, which has been seeking to expand into Europe this year, has led a $750 million Series B for Flink, garnering the German e-grocer a $2.1 billion pre-money valuation after only seven months of operation.

Recommended Reads

The pandemic has propelled millions of people around the world to rethink how they work and live. But pressure has been building in developed countries for ages. [Bloomberg]

In what represents a break from precedent, PE firms are more frequently facing charges over the conduct of the companies they back. [The Wall Street Journal]

The NFTs that ate Miami. [The Information]

Since yesterday, the PitchBook Platform added:

2

VC valuations

136

People

24

Companies

See what our data software can do

Quick Takes


	The Daily Benchmark
	2015 Vintage Global Real Assets Funds
	A message from Allvue Systems
	6 private equity trends to watch in 2022
	VC Deals
	New Delhi's Shiprocket grabs $185M
	PetDX fetches $62M
	Totus Medicines bags $40M
	Edge Impulse snags $34M Series B
	Tiger Global leads $20.5M round for Nuvocargo
	Fundraising
	Pelion raises $365M VC fund
	Black Ops Ventures launches VC fund

The Daily Benchmark

2015 Vintage Global Real Assets Funds

Median IRR

6.30%

Top Quartile IRR

8.21%

1.18x

Median TVPI

Select top performers

Carnelian Energy Capital

Equis Asia Fund II

GEC Partners III

*IRR: net of fees

38 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from Allvue Systems

6 private equity trends to watch in 2022

Private equity has quickly rebounded from its slight pandemic-related dip, but COVID-19 has still left its mark on the asset class.

In the new infographic, 6 Private Equity Trends to Watch in 2022, Allvue Systems takes a closer look at the private equity trajectory for 2022, identifying key areas of focus including: how ESG is increasingly becoming an integral part of strategies, why more and more contracts are including MACs, and other trends for the asset class. Read it here.

Share:

VC Deals

New Delhi's Shiprocket grabs $185M

Shiprocket, a New Delhi-based ecommerce shipping platform, has reportedly raised a $185 million Series E co-led by Zomato, Temasek and Lightrock India. The deal is the startup's third funding round this year, bringing Shiprocket's total capital raised to $280 million, according to reports. The company serves the Indian market and has recently launched services in Saudi Arabia.

View round

View 62 competitors »

PetDX fetches $62M

Pet-focused biotech company PetDX has raised $62 million in a Series B led by Longview Asset Management with support from Declaration Partners, Torch Capital and others. The San Diego-based company makes a blood test for early cancer detection in dogs. The company raised nearly $10 million last year at a $23 million valuation, according to PitchBook data.

Additional Investors:

Aperture Venture Partners, Friedman Bioventures, K4 Investments, Labcorp Ventures, Valor Equity Partners

View round

View 10 competitors »

Totus Medicines bags $40M

Totus Medicines has raised a $40 million Series A led by DCVC Bio and Northpond Ventures. The less than two-year-old Massachusetts-based drug discovery company also unveiled a program that targets PI3Kα, the most commonly mutated cancer gene.

View round

View similar company »

Edge Impulse snags $34M Series B

Edge Impulse has raised $34 million in a Series B led by Coatue with support from Canaan Partners, Acrew Capital and others. The round tripled the company's valuation to $234 million, VentureBeat reported. The startup offers a development platform for machine learning on edge devices. Coatue partner David Cahn will join Edge Impulse's board.

Additional Investors:

Fika Ventures, Knollwood Investment Advisory, Momenta Ventures

View round

View 43 competitors »

Tiger Global leads $20.5M round for Nuvocargo

Nuvocargo, a digital platform for cross-border freight trade, has raised a $20.5 million round led by Tiger Global with participation from other investors including QED Investors and NFX. The deal valued the New York-based company at $180 million, nearly tripling the value Nuvocargo garnered during its $12 million Series A round in April.

View round

View 23 competitors »

Fundraising

Pelion raises $365M VC fund

Utah-based Pelion Venture Partners has closed its seventh venture fund at $365 million. The VC firm invests in software companies and has backed robot delivery startup Coco and healthcare staffing platform Nursa. Pelion's last flagship fund closed in 2015 at $239 million, according to PitchBook data.

View fund

View 152 investments »

Black Ops Ventures launches VC fund

VC firm Black Ops Ventures completed a $13 million first close of a fund to support its mission of investing in Black founders, TechCrunch reported. The fund received backing from Northwestern Mutual, Bank of America and angel investors including Andreessen Horowitz co-founder Ben Horowitz. Black Ops' portfolio includes landlord review platform WYL and Mayvenn, which makes retail software for salons and stylists.

View fund

View investment »

Chart of the Day

"Since the #MeToo movement, the female angel scene has come close to doubling, with just under 900 active angels in the market today. We expect that number to continue to increase. Under the surface, however, a more important trend is taking shape: Female angels are financing more female founders. Once again, the #MeToo movement appears to be an important pivot point."

Source: PitchBook's All In: Female Founders in the US VC Ecosystem Report