PitchBook News - US VC sets trifecta of major records

Faux leather startups scale up; Coinbase lands crypto futures exchange FairX; JustWorks postpones IPO; cannabis hiring specialist bags $19M
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The Daily Pitch: VC
January 14, 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 latest PitchBook-NVCA Venture Monitor explores 2021's trifecta of major records for US VC.

  • TPG's stock rose over 15% in its long-awaited Nasdaq debut, garnering the now public PE firm a roughly $10 billion valuation.

  • Vegan leather startup MycoWorks has raised a $125 million Series C as a new generation of mushroom- and plant-based textiles emerges.
Today's Top Stories
US venture capital activity set a trifecta of major records in 2021
The VC industry has logged another remarkable year in the record books, despite the ongoing pandemic and growing adversities such as economy-wide supply chain woes and labor shortages.

The Q4 2021 PitchBook-NVCA Venture Monitor, sponsored by Insperity, depicts how dealmaking, exits and fundraising in 2021 toppled previous records, even as the pandemic's future trajectory remains unknown. Highlights include:
  • US VC-backed companies collected nearly $330 billion in 2021—roughly double the previous record of $166.6 billion raised in 2020.

  • Nontraditional investors such as corporate VC funds, hedge funds, PE firms and sovereign wealth funds participated in nearly 77% of total annual deal value.

  • Exits were a huge part of 2021's story, with more than $774 billion in annual exit value created by VC-backed companies that either went public or were acquired.

  • Early-stage VC deal activity in 2021 nearly doubled the prior record and eclipsed $80 billion for the first time ever.
read it now
 
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VC-backed faux leather startups stock up to scale up
(Courtesy of MycoWorks/Carla Tramullas)
Startups are raising cash to ramp up production of mushroom- and plant-based textiles, giving rise to a new generation of vegan leathers that are more sustainable than petroleum-based "pleather."
  • MycoWorks has raised a $125 million Series C led by Prime Movers Lab. The startup is putting the money toward its first production plant to create Reishi, a leather substitute made from mycelium.

  • Rival Bolt Threads raised $253 million at a $1.15 billion valuation in September in a previously unreported round, according to PitchBook data. Last year, its mushroom-derived leather, dubbed Mylo, was made into a bag for Stella McCartney's runway show, Adidas' classic Stan Smith sneaker and a Lululemon yoga mat. 

  • Plant-based leather company Natural Fiber Welding has received backing from BMW i Ventures and Allbirds, raising $17 million last year in addition to doubling its commercial manufacturing footprint.
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TPG hits $10B valuation after shares climb 15% in market debut
(Matteo Colombo/Getty Images)
TPG hit a valuation of around $10 billion and saw its stock climb more than 15% in its long-awaited Nasdaq debut.
  • The Fort Worth- and San Francisco-based firm raised just over $1 billion in its offering, selling 33.9 million shares at $29.50 apiece and valuing the firm at roughly $9 billion. TPG's stock opened at $33 a share in the debut and closed at $34.

  • Public PE firms have considerably outperformed the S&P 500 in recent years, providing ripe conditions for new listings. While the S&P grew about 115% over the past five years, Blackstone's stock climbed 445% during the same period. KKR's rose 409%, while Apollo Global Management and The Carlyle Group's notched 290% and 268%, respectively.

Related read: TPG's long-awaited IPO launches during fruitful time for PE firms
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Recommended Reads
Libor, long the most important number in finance, has been decommissioned after a yearslong battle with global regulators. [The New York Times]

How game studios are turning play into work. [Wired]

New tech and a wave of capital are turning healthcare into a consumer product. [The Economist]
Since yesterday, the PitchBook Platform added:
5
VC valuations
1426
People
439
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Funds
See what our data software can do
 
Quick Takes
  The Daily Benchmark  
  2020 Vintage Global Real Estate Funds  
  VC Deals  
  Highspot brings in $248M Series F  
  Edtech startup Lead books $100M Series E  
  Tiger Global leads $25M round for Accrue Savings  
  WorkStep lands $25M Series B  
  Vangst secures $19M to help cannabis industry hire workers  
  Exits & IPOs  
  Coinbase to pick up VC-backed crypto futures exchange FairX  
  JustWorks postpones IPO  
 
 
The Daily Benchmark
2020 Vintage Global Real Estate Funds
Median IRR
3.61%
Top Quartile IRR 
14.54%
1.03x
Median TVPI
Select top performers
Oak Street Real Estate Capital Fund V
TA Realty Associates Fund XII
DRA Growth & Income Fund X
*IRR: net of fees
30 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals
Highspot brings in $248M Series F
Highspot has raised $248 million at a $3.5 billion valuation in a round co-led by B Capital Group and D1 Capital Partners. The company is the developer of a sales enablement platform. In February, Highspot raised $200 million at a $2.3 billion valuation.
Additional Investors:
Tiger Global, Iconiq Capital, Madrona Venture Group, Salesforce Ventures, Sapphire Ventures
View round
 
View 81 competitors »
 
Edtech startup Lead books $100M Series E
Lead has raised $100 million at a $1.1 billion valuation in a round co-led by GSV Ventures and WestBridge Capital. Founded in 2012, the Mumbai-based edtech company provides curriculum and technology solutions to K-12 schools.
View round
 
View 2 competitors »
 
Tiger Global leads $25M round for Accrue Savings
Accrue Savings has raised a $25 million Series A led by Tiger Global. Launched in November, the company's payment option is designed to reward retail customers for saving for purchases by enabling brands to make FDIC-insured cash contributions to customer accounts.
Select Additional Investors:
Aglaé Ventures, BoxGroup, GoodFriends, Ground Up Ventures, Maple VC, Red Sea Ventures
View round
 
View similar company »
 
WorkStep lands $25M Series B
WorkStep has raised $25 million in a round led by NewRoad Capital Partners. The San Francisco-based company is the developer of a recruitment platform designed to hire and retain supply chain workers.
Select Additional Investors:
Latitude, Prologis Ventures, Quiet Capital
View round
 
View 11 competitors »
 
Vangst secures $19M to help cannabis industry hire workers
Vangst has raised a $19 million Series B led by Level One Fund, with support from investors including Lerer Hippeau, Colle Capital and Casa Verde Capital. Based in Denver, the company offers a recruitment platform intended to help cannabis companies hire full-time employees and on-demand gig workers.
Additional Investors:
Delta Emerald Ventures, Phyto Partners, L2 Ventures, Althea, Achari VC
View round
 
View similar company »
 
PitchBook Webinar: 2022 European Private Capital Outlook
Don't miss our upcoming 2022 European Private Capital Outlook webinar. Join us Jan. 20 for a conversation about the industry in 2022.

During the discussion, PitchBook analysts Nalin Patel and Dominick Mondesir will highlight their forecasts on the trends most likely to shape European PE and VC this year, including predictions that:
  • At least 15 merged SPACS will be taken private by sponsors.

  • Global carveout deal value will hit a new high of €200 billion.

  • European VC deal value will hit a record €175 billion.

  • VC-backed public listings will decline in value and count from 2021's highs.
Register here to secure your spot
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Exits & IPOs
Coinbase to pick up VC-backed crypto futures exchange FairX
Coinbase has agreed to acquire FairX, a Chicago-based crypto futures exchange for retail investors. FairX has received previous backing from Battery Ventures, Hyde Park Venture Partners and XTX Ventures. Coinbase, which provides an online platform for buying, selling, transferring and storing cryptocurrency, went public last April.
View details
 
View similar company »
 
JustWorks postpones IPO
HR software company JustWorks, which has received backing from Spark Capital, FirstMark Capital, Union Square Ventures and other firms, has postponed its IPO, citing market volatility, according to reports. JustWorks had intended to sell 7 million shares priced between $29 and $32 apiece in its offering. At the midpoint of the range the company would have raised $213.5 million.
View details
 
View 68 competitors »
 
Chart of the Day
Source: PitchBook's Q3 2021 Private Fund Strategies Report
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