Global M&A rockets to nearly $5T in 2021

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The Daily Pitch: VC

January 27, 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 latest Global M&A Report breaks down the trends driving last year's records and explores the headwinds that could shape the market in 2022.

Al Gore's firm has joined a $295 million round for business tech provider o9 Solutions, as PE continues its ongoing pursuit of software companies.

Crypto exchange specialist FTX US has hit an $8 billion valuation as it ramps up its product offerings and investment efforts.

Today's Top Stories

Global M&A rockets to nearly $5T in 2021

Global M&A flourished in 2021, as the unprecedented depth, breadth and velocity of the market sent total deal value past $4.9 trillion. The growing number of public companies, which are more acquisitive than their private counterparts, reverses a nearly 20-year trend and bodes well for future M&A activity.

Our 2021 Annual Global M&A Report, sponsored by Liberty GTS, breaks down the trends driving last year's records and explores the headwinds that might shape the market in the months to come. Takeaways include:

Economic resurgence paved the way for record activity in both North America and Europe, with aggregate deal value sitting at $2.8 trillion and $1.8 trillion, respectively.

Healthcare M&A activity continued its multiyear growth trajectory, with two of the sector's largest deals underscoring the shift of healthcare IT toward cloud integration.

Despite the sustained recovery in oil prices, energy dealmaking recovered only modestly, as the industry grappled with factors such as fuel shortages and the global energy transition.

Tech ended the year at a frenetic pace, with deal value up more than 50% over 2020, yet looming regulatory scrutiny could complicate future dealmaking in the industry.

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FTX US notches $8B valuation, seeks edge on rival Coinbase

(Witthaya Prasongsin/Getty Images)

Crypto exchange provider FTX US is ramping up new product offerings and startup investing efforts in a bid to gain traction against larger competitor Coinbase, even as both companies contend with a crypto sell-off.

FTX US has raised $400 million at an $8 billion valuation from investors including Temasek, NEA, Lightspeed and SoftBank. It's the first time FTX US has raised funding since it spun out of parent company FTX, which itself was valued at $25 billion in October.

Like Coinbase, which is among the most active crypto startup investors, FTX is going big on VC deals. This week, the firm launched a $2 billion venture fund led by Amy Wu, who invested in FTX while at Lightspeed.

FTX US also recently launched an NFT marketplace and is moving into derivatives trading following its acquisition of LedgerX—two areas that Coinbase is also expanding into.

Cryptocurrencies have seen a broad sell-off in recent months, putting pressure on Coinbase's stock, which currently trades at nearly half its November peak.

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Al Gore's firm joins $295M round for business software specialist o9 Solutions

(metamorworks/Getty Images)

General Atlantic, KKR and Al Gore's Generation Investment Management are among the investors that have backed a $295 million round for o9 Solutions, a provider of AI-based business planning software.

The new funding values the company at $2.7 billion and continues private equity's ongoing hot pursuit of businesses in the software sector.

Recommended Reads

When it comes to fossil fuels, the choice between making a difference and making a profit can leave investors in a tricky position. [The Wall Street Journal]

How tech companies are vying for a spot in our screen-free moments. [The Washington Post]

The Andreessen Horowitz veteran targeting the biggest crypto fund ever raised by a solo female VC. [Fortune]

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Quick Takes


	The Daily Benchmark
	2019 Vintage Global Debt Funds
	VC Deals
	Fever raises $227M
	CaptivateIQ secures $100M Series C
	Vecna Robotics nabs $65M
	StrongArm Technologies raises $50M for industrial-focused wearables
	Menlo Ventures leads $37M round for Polly
	DigitalOwl books $20M
	Exits & IPOs
	UBS to acquire VC-backed Wealthfront
	Fundraising
	CRV targets $1.5B across two funds

The Daily Benchmark

2019 Vintage Global Debt Funds

Median IRR

14.02%

Top Quartile IRR

21.41%

1.13x

Median TVPI

Select top performers

Ares Special Opportunities Fund

OrbiMed Royalty & Credit Opportunities III

HIG Bayside Loan Opportunity Fund V

*IRR: net of fees

68 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Fever raises $227M

Fever has raised $227 million at more than $1 billion valuation in a round led by Goldman Sachs Asset Management. The company is the developer of an event discovery platform designed to help users find live events such as plays, concerts and festivals. Alignment Growth, Goodwater Capital, Smash Ventures, Eurazeo and Vitruvian Partners also participated in the funding.

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CaptivateIQ secures $100M Series C

CaptivateIQ, a developer of sales commission software, has raised $100 million in a round co-led by Iconiq Capital, Accel and Sequoia. Based in the Bay Area, the company's clients include Amplitude, ClassPass and Grammarly. CaptivateIQ raised a $46 million round last year.

Additional Investor:

Sapphire Ventures

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Vecna Robotics nabs $65M

Vecna Robotics has raised a $65 million Series C led by Tiger Global, with support from Lineage Logistics, Proficio Capital and Impluse. Based in the Boston area, the company is the developer of a material handling automation platform designed for factories and warehouses. Vecna Robotics was valued at $225 million in 2020, according to PitchBook data.

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StrongArm Technologies raises $50M for industrial-focused wearables

StrongArm Technologies has raised a $50 million Series B led by Drive Capital. The New York-based startup offers wearable devices that provide feedback related to safety, risk management and more for industrial workers at companies like Walmart and Toyota. StrongArm was valued at $178 million in June, according to PitchBook data.

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Menlo Ventures leads $37M round for Polly

Polly has raised a $37 million Series B led by Menlo Ventures, bringing the San Francisco-based fintech company's total funding to over $50 million. Polly offers a mortgage tech platform that automates workflows, provides data analytics and more. Menlo Ventures partner Tyler Sosin has joined the company's board.

Additional Investors:

8VC, Fifth Wall, First American Financial, Movement Mortgage, FinVC, Khosla Ventures

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DigitalOwl books $20M

DigitalOwl has raised a $20 million Series A led by Insight Partners, with support from Ibex and Fusion VC. The company is a developer of natural language processing tech designed to analyze and summarize medical records for the insurance and legal industries.

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PitchBook Webinar: A look at VC's record-breaking 2021

Join PitchBook and NVCA on Feb. 2 for a webinar covering the recent Q4 2021 PitchBook-NVCA Venture Monitor.

Our panel of PitchBook analysts and industry experts from Insperity and NVCA will discuss the report's findings, the VC landscape for 2022 and other timely market considerations, including:

In 2021, US VC investment topped $329 billion for the first time, nearly doubling 2020's total of $166.6 billion.

Strong VC returns in recent years continue to encourage capital inflow into the strategy.

The IPO window in 2021 allowed an unprecedented $774.1 billion exit value.

The potential for greater uncertainty on the public listing market in 2022.

Register now to secure your spot

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Exits & IPOs

UBS to acquire VC-backed Wealthfront

Wealthfront, the creator of an automated investment management platform, has agreed to be acquired by Swiss banking giant UBS at a valuation of $1.4 billion. The Palo Alto-based company has received backing from investors including Greylock Partners, Ribbit Capital and Index Ventures.

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Fundraising

CRV targets $1.5B across two funds

CRV is raising $1 billion for its 19th flagship venture fund and another $500 million for its sophomore 'Select' fund. The Palo Alto-based VC firm invests in early-stage companies operating in sectors including life sciences and consumer products.

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