PitchBook News - 2021's IPO market breaks the mold

Agtech startups reap record funding; Gopuff eyes $40B valuation; Reddit files to go public; Rokt lands $325M; Byju's in talks for $4B SPAC deal
Read online | Don't want to receive these emails? Manage your subscription.
PitchBook
Log in
The Daily Pitch: VC
December 17, 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:
  • PitchBook analysts predict a big year in 2022 for US private equity.

  • Six charts explain how the 2021 IPO market's flood of massive listings broke the mold.

  • VC funding for agtech startups soared to a record $3.2 billion in Q3, boosting annual deal value to nearly $8 billion.
Today's Top Stories
Six charts that put the IPO market into perspective
(Mara Potter/PitchBook News)
For years, private investors' portfolios have swelled with unicorns and decacorns. In 2021, the dams broke as many of the world's most promising companies made the leap to US public markets.

This flood of IPOs was an abrupt change from the comparatively tame performance of the past decade. From crypto to cars, frontier tech led the charge. SPACs stepped up. Public investors paid a premium.

But are the IPO market's best days behind it?
read more
 
Share:   Email    LinkedIn    Twitter    Facebook
Analysts forecast a huge 2022 for US PE
(Nora Carol Photography/Getty Images)
The AUM of the big five public alternatives managers will eclipse $3 trillion next year. Funds over $5 billion will collectively raise $250 billion in 2022, including the three largest-ever buyout funds. And PE firms will close at least 400 middle-market software deals.

These are just a few of the predictions from PitchBook analysts on PE's 2022 outlook. Our latest analyst note details seven projections in the US private equity space for next year, including a big IPO year for private capital managers and new exit opportunities for PE-backed healthcare provider platforms.
read it now
 
Share:   Email    LinkedIn    Twitter    Facebook
A message from SS&C Intralinks
Private capital markets are red-hot. Will they combust?
Private capital is heating up with massive allocations and competition. But friction is building between fund managers and investors.

If VC overheats, fund sizes may be forced to grow to compete for opportunities, thus raising the pressure for better performance and liquidity. But investors are seeking less risk and are sticking with tried-and-true midsize funds as the volume of first-time funds dwindles. How will these opposing trends resolve?

Download Intralinks' new report, Alternative Allocations: The Future of Fundraising, produced from new market data provided by PitchBook, to understand emerging market pressures, including:
  • Investors' ESG concerns and implications of going green
  • First-time private capital fundraising activity
  • Regional fundraising trends
  • Forecast: Key drivers and indicators
Download this hot new report, and manage fundraising with a cool head.
Share:   Email    LinkedIn    Twitter    Facebook
Agtech startups reap record VC funding
Venture funding for agtech startups hit a quarterly record of $3.2 billion in Q3 2021—boosting annual deal values to $7.8 billion, which already eclipses 2020's total by more than 20%.

Our latest installment of Emerging Tech Research digs into major trends that shaped this space globally in Q3, including increased concern for food security amid supply chain disruptions, data-enabled crop productivity gains and environmentally friendly agricultural techniques. Among the takeaways:
  • More VC-backed companies are sprouting up to offer ag biologicals, environmentally friendly alternatives to synthetic fertilizers.

  • Emerging techniques are providing more complete measurements of soil health, offering insights from in-field sensors and hyperspectral imaging using drones, planes or satellites.

  • Carbon farming, or capturing atmospheric carbon in soil and crop roots, can help combat climate change while encouraging sustainable farming.
read the preview
 
Share:   Email    LinkedIn    Twitter    Facebook
Recommended Reads
Crypto, NFTs and meme stocks brought together pop culture and modern finance in an emotionally charged year. But is "identity investing" here to stay? [Bloomberg]

Researchers and drillers are racing to find new sources of helium to secure the future of our most indispensable technologies. [Wired]

The drama-free rise of Jonathan Gray to Blackstone president. [Institutional Investor]
Ads
Since yesterday, the PitchBook Platform added:
15
VC valuations
1650
People
417
Companies
36
Funds
See what our data software can do
 
Quick Takes
  The Daily Benchmark  
  2017 Vintage Global Secondaries Funds  
  Partner Perspectives  
  At the intersection of blockchain & gaming  
  VC Deals  
  Gopuff eyes valuation of up to $40B  
  Rokt raises $325M, preps for public debut  
  Cockroach Labs hits $5B valuation with Series F  
  Infarm tops $1B valuation with Series D  
  Dialpad raises $170M in Iconiq-led round  
  Cloud startup CData collects $140M  
  Gtmhub grabs $120M in Index-led round  
  Tasso secures $100M Series B  
  Verge Genomics bags $98M  
  Accel leads $75M round in Singapore's Nansen  
  Exits & IPOs  
  Byju's in talks for $4B SPAC deal  
  Reddit files to go public  
  Fundraising  
  Blue Cloud collects $350M for fourth fund  
  Madrona raises $120M for Fund VII extension  
 
 
The Daily Benchmark
2017 Vintage Global Secondaries Funds
Median IRR
15.50%
Top Quartile IRR 
25.59%
1.28x
Median TVPI
Select top performers
Auldbrass Partners Secondary Opportunity Fund II
AB Value Bridge VI
NB Secondary Opportunities Fund IV
*IRR: net of fees
18 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
Partner Perspectives
At the intersection of blockchain & gaming
Forte
The blockchain gaming industry is seeing significant growth in capital from institutional investors. Multiple blockchain-based games have now crossed all-time transaction values of $1 billion and attracted millions of players.

Following its inaugural blockchain market report published last week, Forte uses PitchBook datasets to dive deeply into the intersection between blockchain and gaming. Highlights include:
  • A handful of the largest blockchain companies have attracted the bulk of VC raised in 2021.
  • The bulk of media attention has been focused on NFTs, but infrastructure and value-added services have seen a lot of activity.
  • The ever-changing regulatory environment means established gaming companies will likely explore partners dedicated to compliance.
Read it now
Share:   Email    LinkedIn    Twitter    Facebook
VC Deals
Gopuff eyes valuation of up to $40B
Gopuff has raised $1.5 billion in a round that could value the instant delivery company at up to $40 billion, according to a report from Axios. The new funding is said to be structured as a convertible debt note led by Guggenheim Partners. The company was last valued at $15 billion with a $1 billion fundraise in July and is reportedly preparing for a 2022 IPO
View round
 
View 8 competitors »
 
Rokt raises $325M, preps for public debut
Ecommerce marketing software provider Rokt has raised $325 million in a round led by Tiger Global. Investors including Wellington Management, Whale Rock Capital Management, Pavilion Capital and Square Peg also took part in the Series E, which values the company at $1.95 billion. Rokt is targeting an IPO in the US in 2023, The Wall Street Journal reported.
View round
 
View 48 competitors »
 
Cockroach Labs hits $5B valuation with Series F
Cockroach Labs has raised $278 million in a Series F led by Greenoaks. The round more than doubles the company's valuation to $5 billion. Investors including Altimeter, Coatue, GV and Tiger Global also joined the round for Cockroach, which provides the cloud-native SQL database CockroachDB.
Additional Investors:
Benchmark, Bond Capital, FirstMark Capital, Index Ventures, JP Morgan, Lone Pine Capital, Redpoint Ventures
View round
 
View 33 competitors »
 
Infarm tops $1B valuation with Series D
Berlin-based urban farming company Infarm has raised $200 million in a Series D from investors including the Qatar Investment Authority, Partners in Equity, Hanaco, Atomico, Lightrock and Bonnier. Infarm will use the funding, which values the company at more than $1 billion, to expand its global network of climate-resilient vertical farms.
View round
 
View 5 competitors »
 
Dialpad raises $170M in Iconiq-led round
AI-powered cloud communications company Dialpad has reached a $2.2 billion valuation with its latest fundraise, a $170 million round led by Iconiq Capital. Amasia, GV, OMERS Growth Equity, Work-Bench, Section 32 and T-Mobile Ventures also participated in the funding.
View round
 
View 49 competitors »
 
Cloud startup CData collects $140M
CData Software has raised $140 million in Series B funding led by growth equity investor Updata Partners. North Carolina-based CData provides a cloud-native data connectivity platform.
View round
 
View 4 competitors »
 
Gtmhub grabs $120M in Index-led round
Gtmhub has closed a $120 million Series C led by Index Ventures, with participation from Visionaries Club, Insight Partners, Singular and CRV. The startup, which has offices in the US and Europe, provides enterprise productivity software for tracking objectives.
View round
 
View 57 competitors »
 
Tasso secures $100M Series B
Seattle-based Tasso has closed $100 million in an oversubscribed round led by RA Capital Management. Investors including Senvest, InCube, SVB Innovation Fund, Hambrecht Ducera Growth Ventures and Merck GHIF also participated in the Series B. Tasso is a developer of clinical-grade blood collection technology for remote testing services.
View round
 
View 7 competitors »
 
Verge Genomics bags $98M
AI-enabled drug discovery company Verge Genomics has raised $98 million in an oversubscribed Series B led by BlackRock. New investors including Eli Lilly, Merck GHIF, Section 32 and Vulcan Capital participated in the funding, alongside existing backers.
Additional Investors:
ALS Investment Fund, Lifeforce Capital, Tao Capital Partners, Threshold Ventures
View round
 
View 43 competitors »
 
Accel leads $75M round in Singapore's Nansen
Blockchain analytics provider Nansen has raised a $75 million Series B led by Accel, with participation from investors including GIC, Andreessen Horowitz, Tiger Global and SCB 10X. The company, founded in 2020, raised a $12 million Series A in June.
View round
 
View similar company »
 
Exits & IPOs
Byju's in talks for $4B SPAC deal
Byju's is in advanced talks to go public via a merger with one of Churchill Capital's blank-check companies, Bloomberg reported. The edtech provider, which is India's most valuable startup, could raise about $4 billion and seek a valuation of up to $48 billion, according to the report. Byju's backers include General Atlantic, Tiger Global and Owl Ventures.
View details
 
View 47 competitors »
 
Reddit files to go public
Reddit has confidentially filed for an IPO. The news sharing and social media platform hired its first CFO earlier this year, and Reuters reported in September that Reddit was hoping to reach a $15 billion valuation with a public offering early in 2022. The company was valued at over $10 billion in August with a round led by Fidelity Management & Research.
View details
 
View 12 competitors »
 
Fundraising
Blue Cloud collects $350M for fourth fund
Blue Cloud Ventures has held a final close on $350 million for its latest vehicle, which will target fast-growing cloud software companies with up to $100 million in annual recurring revenue. Blue Cloud has already made seven investments out of BCV IV.
View fund
 
View 38 investments »
 
Madrona raises $120M for Fund VII extension
Madrona Venture Group has raised $120 million from existing LPs for an extension of its seventh flagship fund. The vehicle closed on $300 million in 2018.
View fund
 
View 238 investments »
 
Chart of the Day
Source: Q3 2021 Private Fund Strategies 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.

Older messages

Mapping VC's road to net zero

Thursday, December 16, 2021

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

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.

You Might Also Like

It's Time to Unlock the Vault

Friday, March 29, 2024

The ability to shortcut your way to profits is finally here View in browser ClickBank Hand holding a microphone You need to know this, There is an opportunity to shortcut your way to profits as an

🔍 Ryan Trahan & Joyride's Launch Playbook

Friday, March 29, 2024

What they did. How they did it. And what to learn from it. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Help Micronesian Seminar

Friday, March 29, 2024

Weekender #43 ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

🎙️ New Episode of The Dime Todd Harrison: Chewing Through Noise in The Cannabis Industry with a Focus on Catalysts

Thursday, March 28, 2024

​ Listen here 🎙️ Todd Harrison: Chewing Through Noise in The Cannabis Industry with a Focus on Catalysts​ Imagine this: warm, sunny Florida. Rescheduling has just been announced, and you're eager

Wealthy people don't cover their windows

Thursday, March 28, 2024

Plus the real cost of self funded searches, the math behind renting vs buying & more. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

🤯 [$50 an hour] Remote Flutter Jobs, Zapier Freelancer, Junior Dev Jobs and more!

Thursday, March 28, 2024

March 28, 2024 | Read Online 🤯 [$50 an hour] Remote Flutter Jobs, Zapier Freelancer, Junior Dev Jobs and more! fb tw in email Welcome to another CrackedDevs Daily, this time with some hot new jobs! 🚀 1

Discovery Phase for Coinbase SEC Lawsuit

Thursday, March 28, 2024

Plus UK's FCA Targets Memecoin Influencers ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

🧠 Indie Hacker Earning 30K Per Month

Thursday, March 28, 2024

How this founder is solving a niche problem in a fast growing and highly-profitable industry ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

You’re wasting your time on SEO

Thursday, March 28, 2024

94.29% of the web pages indexed in Google generated no organic visitors in the last 30 days. If your traffic curve has flatlined, it's not because SEO isn't working... it's because you'

The YouTube Growth Strategy Mr. Beast, Cocomelon, & Like Nastya Use to Dominate the Internet

Thursday, March 28, 2024

Discover how three YouTubers use inclusive marketing to achieve growth and dominate the internet. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌