PitchBook News - SoftBank maps out Latin America

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The Daily Pitch: VC

January 13, 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:

How SoftBank takes a unique approach to investing in Latin America.

A look at why the overheated venture market could be poised for a cooling off period.

Payments specialist Checkout.com has hauled in a $1 billion Series D, becoming Europe's second most valuable VC-backed company.

Today's Top Stories

SoftBank's Latin America Funds map out a new frontier

(KTSDESIGN/Getty Images)

SoftBank's investments span the globe, but only in Latin America does the investor have region-specific funds, with $8 billion dedicated to backing tech companies in the area.

Like the Vision Funds, SoftBank's two standalone Latin America Funds have an outsized amount of capital relative to similarly focused vehicles—but, as our latest analyst note details, the investor has a distinct strategy in Latin America that's unlike its approach anywhere else.

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Why some VCs are hopeful of a pullback in sky-high valuations

(Yuichiro Chino/Getty Images)

Shares of many closely followed tech stocks have given up more than 50% since their peaks in 2021.

Still, startup founders are continuing to pitch venture capitalists and successfully close funding rounds at soaring valuations.

While VCs have been saying for years that startup prices are overheating, valuations jumped more dramatically in 2021 than in any other year since at least the middle of the previous decade.

If tech stocks remain depressed for some time, this could eventually affect private market valuations, investors say.

Recommended Reads

How a two-woman startup has become a powerful source for holding major companies accountable. [Protocol]

From shifting labor dynamics to geopolitical tensions to inflation, a visual breakdown of how experts expect 2022 to pan out. [Visual Capitalist]

Meet the startup using computer vision to remedy the UK's £850 million litter problem. [Fast Company]

Since yesterday, the PitchBook Platform added:

19

VC valuations

1417

People

417

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33

Funds

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Quick Takes


	The Daily Benchmark
	2011 Vintage Global Funds-of-Funds
	VC Deals
	Maze Therapeutics brings in $190M
	BigPanda secures $190M Series D
	Tiger Global leads $115M round for SeekOut
	Location analytics startup Placer.ai picks up $100M
	Identity verification startup Merit nabs $50M
	Boosted.ai raises $35M
	Fundraising
	Listen Ventures raises $92M for pair of funds

The Daily Benchmark

2011 Vintage Global Funds-of-Funds

Median IRR

16.05%

Top Quartile IRR

18.89%

2.00x

Median TVPI

Select top performers

Franklin Park Venture Fund Series 2011

Venture Investment Associates VII

SVB Strategic Investors Fund V

*IRR: net of fees

58 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Maze Therapeutics brings in $190M

Maze Therapeutics has raised $190 million in a round led by Matrix Capital Management. Based in the Bay Area, the company is a developer of precision medicines for patients with genetically defined diseases.

Select Additional Investors:

Andreessen Horowitz, Casdin Capital, City Hill Ventures, Driehaus Capital Management, Foresite Capital, General Catalyst, Moore Strategic Ventures

View round

View 34 competitors »

BigPanda secures $190M Series D

BigPanda has raised $190 million at a $1.2 billion valuation in a round led by Advent International and Insight Partners. The company's platform is intended to help IT teams prevent outages as well as improve and automate incident management. BigPanda was valued at $350 million in 2019, according to PitchBook data.

View round

View 26 competitors »

Tiger Global leads $115M round for SeekOut

SeekOut, the developer of a recruitment management platform designed to help organizations search for and hire talent, has raised a $115 million Series C round led by Tiger Global. The funding values the company at more than $1.2 billion.

View round

View 78 competitors »

Location analytics startup Placer.ai picks up $100M

Placer.ai has reportedly raised $100 million at a $1 billion valuation in a round led by Josh Buckley. The California-based company's location analytics platform uses foot traffic data to help retail businesses access engagement insights.

Select Additional Investors:

Array Ventures, Fifth Wall, MMC Technology Ventures, Majestic Realty, WndrCo

View round

View 5 competitors »

Identity verification startup Merit nabs $50M

Merit has raised a $50 million Series B led by Rose Park Advisors. The company is the developer of an identity verification platform designed to help organizations manage personnel information for use in sectors including emergency services, licensing and education.

Select Additional Investors:

Andreessen Horowitz, Bow Capital, Experian Ventures

View round

View 16 competitors »

Boosted.ai raises $35M

Boosted.ai has raised a $35 million Series B co-led by Ten Coves Capital and Spark Capital. The company is a developer of machine learning software designed to help investment professionals analyze market data and make decisions.

Additional Investors:

HarbourVest Partners, Portage Ventures, Royal Bank of Canada

View round

View 34 competitors »

Fundraising

Listen Ventures raises $92M for pair of funds

Chicago-based Listen Ventures has raised $92 million across two funds, according to reports. The venture firm has secured $62 million for its core fund, Listen Ventures III, and $30 million for a fund dedicated to larger, late-stage investments in its current portfolio.

View fund

View 33 investments »

Chart of the Day

"Other well-known private capital firms are also making their presence felt in the growth equity space by launching new offerings. Growth equity is a natural strategy expansion opportunity for many buyout firms. The capital is often more flexible than control-only buyout funds, and the funds allow for healthy AUM growth while the GPs can stick to their established strategies."

Source: PitchBook's 2021 Annual US PE Breakdown