PitchBook News - US VC tops $329B in 2021

Miro chalks up $17B+ valuation; Remilk brings in $120M; Alto banks $40M for alternative asset platform; Livepeer lands $20M
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The Daily Pitch: VC
January 6, 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:
  • VC deal value in the US topped $300 billion for the first time last year, according to an early look at the data from our upcoming Venture Monitor.

  • Five charts break down trends in the US PE middle market through the third quarter of 2021.

  • Business collaboration platform Miro has landed a $17.5 billion valuation with its latest funding round.
Today's Top Stories
US VC tops $329B in 2021, nearly doubling previous record
US venture capital activity skyrocketed in 2021, rewriting the record books in nearly every category. The final figures are in, with $329.8 billion in capital invested and more than $177 billion in exits.

For the first time, we're releasing an early look at the eye-popping data from our upcoming PitchBook-NVCA Venture Monitor, including high-level numbers on last year's dealmaking, exits, fundraising, valuations and more.

The full report, sponsored by Insperity, will be released next week.
get the data
 
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Business collaboration company Miro chalks up $17.5B valuation
(Westend61/Getty Images)
With a hybrid or fully remote work environment likely here to stay for the foreseeable future, investor interest in companies that develop digital collaboration tools is growing stronger than ever.

A number of business collaboration startups achieved multibillion-dollar valuations during 2021. Notable examples include Benchling, a platform helping scientists collaborate on biotech R&D that raised a $100 million round at a valuation of $6.1 billion in November. Another is Notion, a note-taking and project management tool whose valuation jumped to $10 billion in October, according to PitchBook data.

But investors seem especially bullish on Miro, the developer of an online whiteboard and visual collaboration platform, which just fetched a $400 million Series C at a valuation of $17.5 billion.

The round catapulted Miro to the 10th most valuable VC-backed company in the US, right behind neobank Chime, according to PitchBook data.

Headquartered in San Francisco and Amsterdam, Miro said that its user base grew by 500% from 5 million to 30 million since it closed a $50 million Series B led by Iconiq Capital in 2020. Backers of the latest round include institutional and angel investors such as Iconiq Capital, Accel, Salesforce Ventures and Snowflake CEO Frank Slootman.
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US PE middle-market trends in five charts
(twomeows/Getty Images)
In the third quarter of 2021, middle-market US private equity firms continued their feverish pace set through the first half of the year.

Driven by firms hoping to capitalize on booming economic growth and low interest rates before the so-called macroeconomic tide turns, the first three quarters of the year totaled more than that of the previous record year in both deal count and value.

Here are five key charts looking back on middle-market PE activity in Q3 2021.
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Recommended Reads
Following Elizabeth Holmes' conviction, many VCs are attempting to distance themselves from Theranos. But some maintain that the verdict will have little effect on funding for other startups. [The Wall Street Journal]

Inside Bill Ackman's banner year. [Institutional Investor]

Self-driving tractors have the potential to help farmers save money by automating work. They're also spurring a debate about the role of human workers and data collection. [Wired]
Since yesterday, the PitchBook Platform added:
12
VC valuations
1510
People
484
Companies
17
Funds
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Quick Takes
  The Daily Benchmark  
  2016 Vintage Global Buyout Funds  
  VC Deals  
  Foodtech startup Remilk brings in $120M Series B  
  Korro Bio secures $116M Series B  
  Alto banks $40M Series B  
  Cybersecurity startup Xage lands $30M  
  Livepeer locks down $20M for Series B1  
 
 
The Daily Benchmark
2016 Vintage Global Buyout Funds
Median IRR
18.26%
Top Quartile IRR
26.10%
1.49x
Median TVPI
Select top performers
Bertram Growth Capital III
Francisco Agility Fund
Renovus Capital Partners II
*IRR: net of fees
121 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals
Foodtech startup Remilk brings in $120M Series B
Remilk has raised $120 million at a $325 million valuation in a round led by Hanaco Ventures, according to reports. The Israeli company is a developer of fermentation technology that's designed to create alternate dairy products.
Select Additional Investors:
CPT Capital, OurCrowd, Rage Capital
View round
 
View 8 competitors »
 
Korro Bio secures $116M Series B
Korro Bio has raised $116 million in a round led by Eventide Asset Management. Based in the Boston area, the company is a developer of RNA therapeutics for patients with rare genetic diseases.
Select Additional Investors:
Alexandria Venture Investments, Atlas Venture, Cormorant Asset Management, Point72 Ventures, Qiming Venture Partners, Sixty Degree Capital, The Invus Group
View round
 
View 4 competitors »
 
Alto banks $40M Series B
Alto has raised $40 million in a round led by Advance Venture Partners, with support from Unusual Ventures, Acrew Capital, Alpha Edison, Foundation Capital, Gaingels and Coinbase Ventures. The Nashville-based company operates an alternative asset investment platform for retirement funds.
View round
 
View 3 competitors »
 
Cybersecurity startup Xage lands $30M
Xage has raised a $30 million Series B led by Piva. The Palo Alto-based company is the creator of a zero-trust security platform that's used across a variety of sectors including energy, transportation, manufacturing and utilities. Xage has now raised more than $50 million in total private funding.
Additional Investors:
City Light Capital, March Capital, Momenta Partners, OurCrowd, Saints Capital, Saudi Aramco Energy Ventures, Valor Equity Partners
View round
 
View 63 competitors »
 
Livepeer locks down $20M for Series B1
New York-based Livepeer has raised $20 million from investors including Tiger Global and billionaire hedge fund manager Alan Howard. Existing backers also supported the round. The company is the developer of a decentralized video streaming network that's built on the ethereum blockchain. Founded in 2017, Livepeer raised $20 million at a $100 million valuation in July, according to PitchBook data.
View round
 
View 4 competitors »
 
Chart of the Day
Source: PitchBook's Q3 2021 Global Real Assets Report
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