PitchBook News - US VCs raise nearly $13B in a week

CloudKitchens secures $850M; Avataar brings in $45M for AR; KV raises first opportunity fund; Smash closes $500M fund; Tracking the pace of PE exits
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The Daily Pitch: VC
January 10, 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:
  • The feverish pace of PE-backed IPOs smashed records last year—but the trend isn't likely to hold.

  • Which four key segments continue to dominate healthcare provider buyout activity?

  • Barely a week into 2022, US VC firms have already raised nearly $13 billion in funding.
Today's Top Stories
US VC firms raise nearly $13B in the first week of 2022
(KrizzDaPaul/Getty Images)
The new year is barely a week old, and US VC firms have already raised about $12.8 billion across 15 funds, according to PitchBook data.

The bulk of this capital comes from Andreessen Horowitz, which closed $9 billion across three vehicles. Other firms that raised significant funds are Ribbit Capital, Khosla Ventures and Smash Ventures.
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PE-backed exits saw record value in 2021
(Doug Armand/Getty Images)
Insatiable investor demand has driven US PE-backed exit value to nearly 20-year highs—but it is unlikely this trend will hold up in 2022.
  • PE-backed IPOs broke annual records for both total count and value through just three quarters of 2021, a phenomenon driven by advantageous market conditions and a surge in tech sector activity.

  • There were 42 PE-backed US public listings in Q3 2021, contributing to the fifth consecutive quarter with increased listing totals. Total PE-backed IPOs, which amassed $90.9 billion, accounted for more than 42% of PE exit value in the quarter.
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4 key segments continue to dominate healthcare provider buyout activity
(elenabs/Getty Images)
Since 2016, behavioral health, dentistry, dermatology and vision together have accounted for around half of all healthcare provider buyout activity. Positive reimbursement and demand dynamics have made behavioral health the hottest PE provider segment. Meanwhile, dermatology has seen declining deal activity, a result of strategic missteps and a lack of strategy diversification by some large platforms.

These are just a handful of the insights from PitchBook analysts on established PE healthcare provider plays. Our recent analyst note details trends and strategies in behavioral health, dentistry, dermatology and vision.
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One investor's take on why the private equity secondary market is poised for growth. [Entrepreneur]

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Quick Takes
  The Daily Benchmark  
  2013 Vintage Global VC Funds  
  VC Deals  
  CloudKitchens secures $850M  
  RoadRunner Recycling hauls off $70M  
  Avataar brings in $45M Series B  
  Fundraising  
  KV raises first opportunity vehicle  
  Smash Ventures closes $500M fund  
 
 
The Daily Benchmark
2013 Vintage Global VC Funds
Median IRR
18.80%
Top Quartile IRR
26.77%
2.00x
Median TVPI
Select top performers
YLV II
OrbiMed Private Investments V
G Squared I
*IRR: net of fees
45 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals
CloudKitchens secures $850M
CloudKitchens has raised about $850 million at a $15 billion valuation, Insider reported. Founded in 2016, the ghost kitchen startup was valued at $5.3 billion in 2019, according to a PitchBook estimate.
View round
 
View similar company »
 
RoadRunner Recycling hauls off $70M
RoadRunner Recycling has raised a $70 million Series D led by BeyondNetZero. The Pittsburgh-based company offers waste management services for businesses. It was valued at $235 million in 2020, according to PitchBook data.
View round
 
View 7 competitors »
 
Avataar brings in $45M Series B
Avataar has raised $45 million in a round co-led by Tiger Global and Sequoia. With offices in San Francisco and Bengaluru, Avataar provides tech that helps brands and ecommerce marketplaces integrate augmented reality into their websites and apps so customers can interact with and evaluate products in 3D.
View round
View 33 competitors »
Fundraising
KV raises first opportunity vehicle
Khosla Ventures has raised $557 million for the firm's first opportunity fund, Axios reported. The majority of the capital will go toward follow-on investments in KV's existing portfolio.
View fund
 
View 578 investments »
 
Smash Ventures closes $500M fund
Smash Ventures has raised $500 million for its latest fund, according to an SEC filing. Founded in 2018, the firm typically invests in consumer technology startups; its portfolio includes Byju's and Epic Games.
View fund
 
View 6 investments »
 
Chart of the Day
"As additional data is recorded, we expect Q2 and Q3 2021 middle-market performance to cool slightly from Q1's levels, but remain impressive by historical standards. US consumer confidence dipped since Q1 due to the spread of the Delta and other COVID-19 variants as well as concerns about inflation, although business confidence and advance retail sales figures for October 2021 show a positive trend."

Source: PitchBook's Q3 2021 US PE Middle Market Report
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