PitchBook News - LatAm VC's standout 2021

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The Daily Pitch: VC

January 5, 2022

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:

TPG is seeking a valuation of up to $9.5 billion in its IPO, the latest in a trend of private equity firms going public.

VCs invested nearly $15 billion in Latin American companies in 2021—more than the prior six years combined. What's driving the surge?

From agtech M&A to supply chain tech going electric, what to expect in 11 sectors of emerging technology this year.

Today's Top Stories

Why 2021 was a breakout year for Latin America's VC ecosystem

(blackdovfx/Getty Images)

Venture-backed companies in Latin America raised nearly $15 billion in 2021—more than the previous six years combined. What happened?

The most obvious catalyst was mass digitization under the pandemic, which helped push tens of millions of people into online banking and draw more investors to fintech startups in the region.

The region's growth is likely to accelerate interest among international investors, who hope that the region could mimic Southeast Asia's startup success.

Valuations are rising fast, but "it's still early innings," said a leading growth investor.

Recommended Reads

How the strong performance of tech giants in 2021 compounded a steady departure of hedge fund clients. [Financial Times]

How designers are working to retrofit the city skylines that are death traps for birds. [Bloomberg]

In hopes of a greener, faster alternative, crypto developers are still working to fully overcome the trade-offs inherent in the technology. [The Economist]

Since yesterday, the PitchBook Platform added:

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Funds

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Quick Takes


	The Daily Benchmark
	2017 Vintage Global Real Assets Funds
	VC Deals
	OpenSea eyes new funding round at $13B valuation
	DNA Script closes $200M Series C
	Atmosphere raises $100M in debt and equity
	Liquid Death collects $75M for Series C
	Waymark picks up $45M Series A
	Steadview leads $40M round for Exotel
	Exits & IPOs
	Google picks up VC-backed security company
	Fundraising
	Ohio-based Refinery Ventures closes sophomore fund

The Daily Benchmark

2017 Vintage Global Real Assets Funds

Median IRR

6.62%

Top Quartile IRR

14.90%

1.09x

Median TVPI

Select top performers

EIV Capital Fund III

Quantum Energy Partners VII

Scout Energy Partners IV

*IRR: net of fees

49 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

OpenSea eyes new funding round at $13B valuation

OpenSea, a marketplace for NFT trading, is in discussions to raise a new funding round led by Coatue at a valuation of $13 billion, Newcomer reported. The crypto fund led by former Andreessen Horowitz general partner Katie Haun is reportedly also expected to participate in the deal. OpenSea raised a $100 million round at a valuation of $1.5 billion in July, according to PitchBook data.

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DNA Script closes $200M Series C

Paris-based biotech startup DNA Script has raised an additional $35 million for its Series C, bringing the round's total to $200 million. T. Rowe Price, Baillie Gifford, Healthcor Management, EureKare and Irving Investors participated in the new funding. DNA Script's platform provides in-house DNA printing for labs.

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Atmosphere raises $100M in debt and equity

Atmosphere has raised an $80 million Series C led by Sageview Capital, with participation from Valor Equity Partners and S3 Ventures. It has also collected $20 million in debt financing from Bridge Bank. The Austin-based company offers a TV streaming platform.

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Liquid Death collects $75M for Series C

Liquid Death, a producer of canned mountain water, has raised $75 million at a $525 million valuation in a round led by startup studio Science, TechCrunch reported. Based in Los Angeles, the company was valued at $165 million in May, according to PitchBook data.

Additional Investors:

Access Capital, Live Nation Entertainment, Nomad Ventures, PowerPlant Partners

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Waymark picks up $45M Series A

Waymark has raised $45 million in a round co-led by Andreessen Horowitz and NEA. Founded in 2021, the San Francisco-based company aims to improve healthcare access among Medicaid beneficiaries.

Additional Investor:

Lux Capital

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Steadview leads $40M round for Exotel

Exotel, the developer of a customer engagement platform, has raised a $40 million Series D led by Steadview Capital. The Bengaluru-based company plans to use the new funds in part to expand its operations in the Middle East and Southeast Asia.

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Exits & IPOs

Google picks up VC-backed security company

Google has acquired Siemplify, a provider of cloud-native security orchestration, automation and response services. Reports indicate a purchase price of around $500 million. The New York-based startup will partner with Google Cloud's security team to help companies improve their threat responses. Founded in 2015, Siemplify has received prior backing from investors including 83North, G20 Ventures and Jump Capital.

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Fundraising

Ohio-based Refinery Ventures closes sophomore fund

Refinery Ventures has raised $37 million for its second flagship fund. Founded in 2017, the Cincinnati-based firm invests in early-stage companies; its portfolio includes edtech and employee mentoring startup Torch, as well as Tealbook, the developer of a supplier data intelligence platform.

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