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

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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.

Recommended Reads

One investor's take on why the private equity secondary market is poised for growth. [Entrepreneur]

Climate change and COVID-19 have resulted in less snow and stricter rules at ski resorts. Many skiers are adjusting in surprising ways. [The New York Times]

A look at crypto's unprecedented year of VC fundraising. [Institutional Investor]

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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.

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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.

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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.

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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.

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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.

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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