PitchBook News - LatAm VC's standout 2021

What's in store for emerging tech? OpenSea charts $13B valuation; Google picks up VC-backed security company; Liquid Death reaps $75M
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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.
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What's in store for emerging tech in 2022?
(imaginima/Getty Images)
2021 was a year to remember for emerging technologies, as VCs set records for capital invested and startups pioneered solutions across a range of industries. The sheer volume of records broken raises the question: What's next?

Our 2022 Emerging Technology Outlook details PitchBook analysts' predictions across 11 sectors within emerging tech, including agtech, AI & machine learning, climate tech and information security. Among the predictions for this year:
  • Personalized medicine will set a record for VC funding, as a confluence of technologies helps advance the sector's capabilities.

  • The IoT/OT security category will see a billion-dollar public listing, as pure-play internet of things and operational technology security companies capitalize on the surge in industrial ransomware attacks.

  • M&A activity will rise in information security, insurtech and agtech, which will see record acquisitions in the precision ag sector.

  • Carbon-negative technologies, especially direct air capture, will garner significant VC investment as the world confronts the climate crisis.
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TPG eyes $9.5B valuation in IPO
(SOPA Images/Getty Images)
TPG has kicked off its IPO roadshow, with the private equity firm planning to sell 28.3 million shares of stock priced between $28 and $31 apiece. At the high end of the range, TPG would raise more than $877 million. The firm is seeking a valuation of up to $9.5 billion.
  • TPG is expected to begin trading on the Nasdaq next week, the latest in a trend of private equity public offerings. However, European firms have made up the majority of this current wave, including Paris-based Antin Infrastructure Partners and London-based Bridgepoint Advisers in 2021.

  • In addition to being the first big IPO of 2022, TPG's offering is poised to be the largest in the current wave of PE firms going public.

  • For TPG and other US firms, it's an appealing time to make such a move, based on the market performance of their peers, which have outperformed the S&P 500 considerably.
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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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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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View 1 competitors »
 
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.
View round
 
View 28 competitors »
 
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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View 14 competitors »
 
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
View round
 
View 4 competitors »
 
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
View round
 
View similar company »
 
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.
View round
 
View 30 competitors »
 
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.
View details
 
View 89 competitors »
 
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.
View fund
 
View 12 investments »
 
Chart of the Day
Source: PitchBook's Q3 2021 Private Fund Strategies Report
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