PitchBook News - Breaking down European VC's bumper year

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The Daily Pitch: VC

January 20, 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:

Our 2021 Annual European Venture Report, which explores what was a remarkable year for the region's VC ecosystem.

Six charts that demonstrate 2021's record year for venture capital in the US.

Today's Top Stories

Breaking down European VC's remarkable year

Few could have predicted the heights that Europe and Israel's VC market would reach in 2021, with capital invested surpassing €100 billion for the first time. A glut of outsized rounds and an increase in late-stage capital led to record numbers, along with the continued participation of foreign and nontraditional investors.

PitchBook's 2021 Annual European Venture Report examines the key drivers that led to such a bumper year, breaking down activity across dealmaking, exits and fundraising, as well as regions. Key takeaways include:

Despite expectations at the start of 2021 that investors would be more risk-averse, first-time rounds spiked to new highs as VCs became more confident in Europe's venture ecosystem.

Exit value more than tripled the previous record from 2018, totaling €142.5 billion, as investors and founders rushed to capitalize on favorable market conditions.

Although European VC funds swelled in size in 2021, the number of vehicles created sunk to the lowest level since 2013.

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Six charts that show 2021's record year for US venture capital

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Despite the ongoing impacts of the pandemic, 2021 saw US VC activity begin with a bang and end on a high note.

The Q4 2021 PitchBook-NVCA Venture Monitor, sponsored by Insperity, explores the data in detail, painting a dramatic picture of the US venture industry and depicting how the year toppled previous records for dealmaking, public listings, fundraising and more. We've selected six charts that portray some of the key trends of the past year.

Check out our visual breakdown here

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PE-backed exits saw record value in 2021

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Insatiable investor demand has driven US PE-backed exit value to the highest it's been in nearly 20 years—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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Quick Takes


	The Daily Benchmark
	2019 Vintage Global Real Assets Funds
	VC Deals
	1Password snags $6.8B valuation in latest round
	Lyra Health lands $235M
	Revenue operations startup locks down $225M
	Lattice hits $3B valuation
	Telehealth startup Wheel brings in $150M
	Facet Wealth banks $100M Series C
	Fundraising
	TCV eyes $5.5B for newest growth fund
	Viola Ventures closes $250M fund

The Daily Benchmark

2019 Vintage Global Real Assets Funds

Median IRR

11.93%

Top Quartile IRR

30.00%

1.07x

Median TVPI

Select top performers

North Hudson Fortuna III

Scout Energy Partners V

Kimmeridge Energy Fund V

*IRR: net of fees

37 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

1Password snags $6.8B valuation in latest round

Digital security company 1Password has raised $620 million at a $6.8 billion valuation. The funding was led by Iconiq Capital, with support from Accel, Slack Fund, Tiger Global, Lightspeed, Backbone Angels and several angel investors. Founded in 2005, the Toronto-based company provides a password management and credentials security platform that's used by businesses including Shopify, Slack and Snowflake.

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Lyra Health lands $235M

Lyra Health, a provider of workforce mental health benefits, has collected $235 million in a funding round led by Dragoneer Investment Group, with participation from Salesforce Ventures and Coatue. The startup has also announced its acquisition of ICAS World, a provider of employee wellness services. Lyra was valued at $4.6 billion after raising $200 million in June 2021, according to PitchBook data.

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Revenue operations startup locks down $225M

Clari, the creator of a revenue operations and performance platform, has closed a $225 million Series F at a $2.6 billion valuation. The funding was led by Blackstone, with support from existing investor Silver Lake and new backers Light Street Capital and Maverick Capital. The California-based company will use the capital to fund future acquisitions.

Additional Investors:

B Capital Group, Bain Capital, Madrona Ventures, Northgate Capital, Sapphire Ventures, Sequoia, Tenaya Capital

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Lattice hits $3B valuation

Lattice has raised a $175 million Series F led by Thrive Capital, Dragoneer Investment Group, Elad Gil and Tiger Global. The funding values the San Francisco-based company at $3 billion. Lattice provides workforce management software to customers including Slack, Asana and Samsara.

Additional Investors:

Founders Fund, Fuel Capital, HighSage Ventures, Khosla Ventures, Shasta Ventures

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Telehealth startup Wheel brings in $150M

Wheel has raised a $150 million Series C co-led by Lightspeed and Tiger Global. The Austin-based company's telehealth platform enables companies and clinicians to provide virtual care, including scheduled video visits and remote patient monitoring.

Additional Investors:

CRV, Coatue, Salesforce Ventures, Silverton Partners, Tusk Venture Partners

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Facet Wealth banks $100M Series C

Facet Wealth has raised $100 million in a round led by Durable Capital Partners. The company offers subscription-based financial planning services.

Additional Investors:

Green Cow Venture Capital, TeleSoft Partners, Warburg Pincus

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Fundraising

TCV eyes $5.5B for newest growth fund

TCV is planning to raise $5.5 billion for its latest growth fund, The Wall Street Journal reported. The storied VC firm, which raised $4 billion for the fund's predecessor in January 2021, focuses on sectors including remote collaboration, SaaS, edtech, media and entertainment, fitness, ecommerce and digital banking.

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View 383 investments »

Viola Ventures closes $250M fund

Viola Ventures has raised $250 million for its sixth flagship fund. Founded in 2000, the Israeli VC firm backs early-stage tech startups. Its portfolio includes speech recognition specialist Verbit and Redis, the provider of an in-memory database.

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View 119 investments »