PitchBook News - Mapping VC's road to net zero

Middle market smashes annual records; Europe's startups struggle post-IPO; Katie Haun departing a16z to start new crypto fund; Samsara jumps in debut
Read online | Don't want to receive these emails? Manage your subscription.
PitchBook
Log in
The Daily Pitch: VC
December 16, 2021
Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A
Ads
In today's Daily Pitch, you'll find:
  • US PE middle-market activity in 2021 has already surpassed that of the previous record year in both deal count and value.

  • Our latest Emerging Tech Research explores VC opportunities in climate tech, including energy storage, building efficiency and clean industrial processes.

  • VC-backed IPOs of European startups have smashed records in 2021—but public market performance hasn't been as stellar.
Today's Top Stories
Mapping VC's role on the road to net zero
(Andriy Onufriyenko/Getty Images)
Most greenhouse gas emissions can be reduced using existing technology, but climate tech startups could scale breakthroughs to help close the gap.

VCs and other private investors can provide over two-thirds of the estimated $125 trillion needed to reach the goal of net-zero carbon emissions by 2050, as laid out in the 2021 UN Climate Change Conference.

Our latest installment of Emerging Tech Research explores the outcomes of the summit that are particularly relevant to the climate tech industry. Our analysts also examine investment strategies from the Glasgow Financial Alliance for Net Zero—focusing on energy storage, building efficiency, clean industrial processes and more.
read it now
 
Share:   Email    LinkedIn    Twitter    Facebook
US PE middle market smashes annual records in 2021
Middle-market private equity firms have sustained a feverish pace of activity throughout 2021, as investors push to capitalize on booming economic growth and low interest rates before the macroeconomic tide turns.

Going into year's end, dealmaking had already broken annual records in both volume and value, with nearly 2,900 transactions comprising $438.6 billion, according to our Q3 US PE Middle Market Report, sponsored by Antares, Canton & Company, and LBMC. Other takeaways include:
  • US middle-market exits also continued at a remarkable pace, with a combined $184 billion in value through Q3—also an annual record.

  • Inflation remains top of mind for middle-market firms, with increased labor, raw materials and energy costs driving down earnings growth in industries such as manufacturing.

  • The fundraising environment favors large funds and established managers, prompting many firms to launch additional middle-market strategies.
read more
 
Share:   Email    LinkedIn    Twitter    Facebook
A message from Ansarada
Raising capital just got a lot easier
Savvy founders know that timely cash injections can help scale their businesses or ease short-term difficulties. But traditionally, raising capital hasn't been easy. It can be a lengthy process that requires substantial due diligence, collaboration, relationship building and getting the right information to the right investors at the right time.

Ansarada has created a winning folder template in its AI-powered Data Room, built off the learnings of 24,000-plus successful deals. Sign up for a free trial to get the fastest possible start to your raise with no risk, and select "Capital Raise" as your transaction type. Once you're in, your capital raise template will be there, ready to start working, in your Document Index.

Start now for free
Share:   Email    LinkedIn    Twitter    Facebook
Europe's stellar VC-backed IPO year hides poor performance in public markets
(d3sign/Getty Images)
Europe and Israel have seen an unprecedented flood of VC-backed listings in 2021, but poor performance in the public markets could threaten future IPO activity. 

A total of 142 European and Israeli startups have gone public through Dec. 6, raising a total of €92.7 billion (about $105 billion). In contrast to those impressive figures, two-thirds are now trading below listing price, as investors become more cautious toward highly valued startups.
read more
 
Share:   Email    LinkedIn    Twitter    Facebook
Recommended Reads
A growing list of business and finance executives are leaving blue-chip jobs to work on tackling climate change. [Financial Times]

In a bad year for biotech stocks, some investors are thriving by focusing on mergers, short selling and vaccine investments. [The Wall Street Journal]

How one European city's innovative approach to mental health is inspiring a global fight against loneliness. [The New York Times]
Ads
Since yesterday, the PitchBook Platform added:
20
VC valuations
1482
People
394
Companies
30
Funds
See what our data software can do
 
Quick Takes
  The Daily Benchmark  
  2014 Vintage Global VC Funds  
  People  
  Katie Haun departing a16z to start new crypto fund  
  VC Deals  
  Anchorage Digital picks up $3B+ valuation  
  Home rental startup books $160M Series B  
  Noname Security valued at $1B with $135M round  
  Venture accelerator Brinc nabs $130M  
  Customer service startup lands $65M  
  Cequence Security locks down $60M in Series C funding  
  Crypto payment startup Ramp banks $53M  
  Bill payment startup raises $50M  
  NEA leads $40M round for Belong Health  
  Carbon America loads up with $30M in new funding  
  Exits & IPOs  
  Samsara raises $805M in IPO, sees stock climb over 7%  
 
 
The Daily Benchmark
2014 Vintage Global VC Funds
Median IRR
21.73%
Top Quartile IRR 
29.35%
2.27x
Median TVPI
Select top performers
CRCM Opportunity Fund
Earlybird Digital East Fund I
4BIO Ventures I
*IRR: net of fees
65 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
People
Katie Haun departing a16z to start new crypto fund
Katie Haun, a general partner at Andreessen Horowitz, is set to leave the firm to create a new fund that will invest in startups related to cryptocurrency and Web3, as first reported by Axios. Haun, who has been with a16z since 2018 and co-leads its $2.2 billion crypto fund, will reportedly take several colleagues with her. She currently serves on the boards of Coinbase and HackerOne.
View details
 
 
VC Deals
Anchorage Digital picks up $3B+ valuation
KKR has led a $350 million Series D for Anchorage Digital, a San Francisco-based digital asset platform for institutions and investors. The new funding values Anchorage at over $3 billion. Backers including PayPal Ventures, Andreessen Horowitz, Thoma Bravo and Goldman Sachs also participated. Anchorage offers crypto-native financial solutions including custody and trading, staking, governance and financing services.
View round
 
View 42 competitors »
 
Home rental startup books $160M Series B
AvantStay, a Hollywood, Calif.-based hospitality startup, has raised a $160 million round led by Tarsadia Investments and 3L Capital, with participation from Capital One Ventures, Plus Capital, Convivialité Ventures, Bullpen Capital and others. The company designs and provides short-term home rentals in more than 100 destinations. AvantStay was valued at $80 million with a $20 million round in 2019, according to PitchBook data.
Additional Investors:
Coller Capital, GreenHawk Corporation, Saluda Grade Ventures
View round
 
View 10 competitors »
 
Noname Security valued at $1B with $135M round
API security startup Noname Security has raised a $135 million Series C at a $1 billion valuation. The financing was led by Georgian and Lightspeed, with support from existing backers such as Insight Partners, Cyberstarts, Next47, Forgepoint and The Syndicate Group. Noname provides an automated platform that detects and responds to API security vulnerabilities, misconfigurations, design flaws and attacks. Operating out of Palo Alto, London and Tel Aviv, the startup has now raised $220 million in total financing since it emerged from stealth a year ago.
View round
 
View 4 competitors »
 
Venture accelerator Brinc nabs $130M
Brinc has closed a $30 million Series B round and an additional $100 million for startup investments led by Animoca Brands. Based in Hong Kong, the firm operates 18 multidisciplinary accelerator programs across seven countries, targeting companies in sectors like connected hardware, robotics and clean energy. The new funding will be used in part to support Brinc's expansion into new locations and verticals.
View round
 
View similar company »
 
Customer service startup lands $65M
Forethought, an AI-based customer service platform, has raised a $65 million Series C led by Steadfast Capital Ventures and supported by NEA, Sound Ventures, Gwyneth Paltrow, Baron Davis, Robert Downey Jr. and others. Forethought's tech is used to predict and prioritize customer support tickets and assist agents with relevant knowledge. Launched in 2018, the startup was valued at $103 million in October 2020, according to PitchBook data.
Select Additional Investors:
K9 Ventures, Collaborative Fund, Frontline Ventures, Cleo Capital, Spearhead
View round
 
View 54 competitors »
 
Cequence Security locks down $60M in Series C funding
Cequence Security has raised a $60 million round led by new backer Menlo Ventures. Icon Ventures, Telstra Ventures and HarbourVest Partners also participated. Founded in 2015 and based in Sunnyvale, Calif., the cybersecurity startup provides an AI-based software platform that protects users' APIs and web-based applications.
Additional Investors:
Dell Technologies Capital, Shasta Ventures, T-Mobile Ventures
View round
 
View 100 competitors »
 
Crypto payment startup Ramp banks $53M
London-based Ramp has raised $53 million in a round led by Balderton Capital. The startup's non-custodial payment infrastructure makes it possible to send or receive crypto without going through an exchange. Ramp has raised $63 million in total funding.
View round
 
View 5 competitors »
 
Bill payment startup raises $50M
Papaya, the creator of a mobile bill payment app, has raised a $50 million Series B led by Bessemer Venture Partners. Sequoia, Acrew Capital, 01 Advisors, Mucker Capital, Fika Ventures, F-Prime and Sound Ventures also participated. The startup's tech lets users take photos of bills like parking tickets, utilities or medical invoices, choose a payment method, and send it through the Papaya app.
View round
 
View similar company »
 
NEA leads $40M round for Belong Health
Philadelphia-based Belong Health has raised a $40 million Series A led by NEA, with participation from seed investor Maverick Ventures. The startup partners with local and regional health plans and hospital systems to deliver Medicare Advantage and Special Needs Plan products. NEA managing general partner Mohamad Makhzoumi will join Belong Health's board of directors as part of the transaction.
View round
 
View similar company »
 
Carbon America loads up with $30M in new funding
Carbon America has raised a $30 million Series A from the Canada Pension Plan Investment Board, ArcTern Ventures, Energy Impact Partners, the Grantham Environmental Trust and Golden Properties. The company's shareholders will have an option to invest another $15 million by April. Based in Colorado, Carbon America is a vertically integrated developer of carbon capture and sequestration projects.
View round
 
View similar company »
 
Exits & IPOs
Samsara raises $805M in IPO, sees stock climb over 7%
Samsara, the developer of a cloud-based fleet and industrial operations management platform, sold 35 million shares priced at $23 apiece in its IPO, raising $805 million in its offering. The San Francisco-based company, which has received backing from Andreessen Horowitz and General Catalyst, saw its stock climb over 7% in its debut.
View details
 
View 25 competitors »
 
Chart of the Day
"Despite uncertainty, a healthy pipeline of public listings carrying robust valuations has been established in 2021. Post-money exit valuations via IPO paced well above 2020 figures through Q3 2021, with the median reaching €61.8 million. Through Q3 2021, 135 public listings have produced a record €99.5 billion, triple the previous record set in 2018."

Source: PitchBook's Q3 2021 European VC Valuations Report
About PitchBook | Terms of use | Advertise with us | Contact

Follow us:   in   twtr   fb

This email was sent to you via the PitchBook Platform.

Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here.

© 2021 PitchBook Data. All rights reserved.
Venture capital, private equity and M&A financial information technology provider.

Key phrases

Older messages

Fintech pumps up the exits

Wednesday, December 15, 2021

Charting the VC dealmaking environment; bitcoin specialist NYDIG hits $7B+ valuation; nuclear reactor maker inks SPAC deal; Ophelia snags $50M Read online | Don't want to receive these emails?

PitchBook's guide to your pitch

Tuesday, December 14, 2021

PE's recovery—and beyond; Norwest raises biggest fund yet; Airtable hits $11B valuation; Mightier snags $17M to teach kids coping skills Read online | Don't want to receive these emails? Manage

Who were the winners of 2021's IPO jackpot?

Monday, December 13, 2021

Mega-rounds slow in retail healthtech; India's Shiprocket lands $185M; Black Ops Ventures launches VC fund; PetDX fetches $62M Read online | Don't want to receive these emails? Manage your

Toasts, roasts and a fond farewell to 2021

Sunday, December 12, 2021

Plus: Who will join Europe's unicorn club next?; the adoption of biochemicals; soaring PE growth deals & more Read online | Don't want to receive these emails? Manage your subscription.

What could go wrong from here?

Saturday, December 11, 2021

Also: Is medtech innovation dead?; Agtech startups raising record sums of VC funding; Don't miss the new, live version of our VC Dealmaking Indicator! Read online | Don't want to receive these

Kingdom of Tonga disaster updates, donations

Thursday, January 20, 2022

Weekender #17 ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

☕ Marketing Roundup - Weekly Marketing Strategies - Issue 11

Thursday, January 20, 2022

My fellow marketers, We're onto Week 11 of the weekly marketing roundup email. A series where I share posts from our Marketers Utopia directly to your inbox so you can execute on the value inside.

Jan. 20 - Amazon plans first apparel store | André Leon Talley's legacy

Thursday, January 20, 2022

Amazon to open first physical clothing store; The story of Toys R Us' bankruptcy is still unfolding, and it still matters; 6 DTC trends to watch in 2022; Bonobos CEO exits after 5 years at the

💎 5 Tweet Tuesday 💎 - Shaan's top tweets of the week!

Thursday, January 20, 2022

The great rethink to bet on yourself ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Jan. 20 - M&M's new look spotlights inclusivity | Pepsi gathers Super Bowl Halftime Show all-stars

Thursday, January 20, 2022

Pepsi gathers Super Bowl Halftime Show all-stars in cinematic trailer; Coca-Cola refreshes can designs to highlight flavor portfolio; As events again go virtual, marketing takeaways from a timely

🎮 Microsoft moves, fractional ownership of domains, what you can't measure, crypto report, & the next big thing...

Thursday, January 20, 2022

​ ​ ​ ​ Together With: ​ ​ Hi there, 👋 A journalist reports that a dairy farmer in Turkey has begun putting virtual reality headsets on his cows to see if the animals produce more milk when they

Improve your email deliverability, personalization strategies, and more

Thursday, January 20, 2022

The latest email resources from the Litmus blog and a few of our favorite things from around the web last week. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Breaking down European VC's bumper year

Thursday, January 20, 2022

Mapping US VC's wild ride in 2021; 1Password hits $6.8B valuation; TCV targets $5B+ growth fund; Lyra Health lands $235M Read online | Don't want to receive these emails? Manage your

5 resources to maximize your impact with social media

Thursday, January 20, 2022

Social data, social insights & more in this week's content round-up ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Opt In Weekly - 🧠Inside my brain

Thursday, January 20, 2022

Growth tips | Understanding unsubscribes | Permissionless Co-Marketing | Publishing's future | Should pricing come first? View on the Web Archives Prologue “What is it like inside your brain?” Kate