PitchBook News - US VC sets trifecta of major records

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The Daily Pitch: VC

January 28, 2022

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In today's Daily Pitch, you'll find:

SoftBank COO Marcelo Claure is reportedly preparing to step down from his role amid a string of high-profile resignations from VC firms.

The latest PitchBook-NVCA Venture Monitor explores 2021's trifecta of major records for US VC.

Blackstone now expects to hit $1 trillion in assets under management this year, well ahead of its original goal of reaching that target by 2026.

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, now includes league tables ranking the industry's most active players. The report 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.

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Marcelo Claure to leave SoftBank as the 'great resignation' keeps hitting VC

Marcelo Claure plans to step down as COO of SoftBank.
(Andreas Rentz/Getty Images)

Marcelo Claure, SoftBank COO and the most important investor at the Japanese conglomerate behind CEO Masayoshi Son, is preparing to resign from his role, according to reports.

His impending departure comes amid a string of notable exits from SoftBank and other VC firms and an unprecedented level of competition for talent within the venture industry.

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Quick Takes


	The Daily Benchmark
	2013 Vintage Global PE Funds
	VC Deals
	Fireblocks lights up with $550M Series E
	Domestika reaches unicorn valuation with $110M Series D
	Accel leads $100M round for CoinTracker
	Biotech startup Septerna launches with $100M
	PortalOne snags $60M in Tiger Global-led round
	Pet tech startup scoops up $40M
	Vesta brings in $30M

The Daily Benchmark

2013 Vintage Global PE Funds

Median IRR

15.64%

Top Quartile IRR

23.71%

1.66x

Median TVPI

Select top performers

Goode Partners Consumer Fund II

Accel-KKR Capital Partners IV

Clarion Investors II

*IRR: net of fees

113 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Fireblocks lights up with $550M Series E

Fireblocks, the creator of a secure infrastructure platform for moving, storing and issuing digital assets, has raised a $550 million Series E led by D1 Capital Partners and Spark Capital, with support from General Atlantic, Index Ventures, Mammoth, CapitalG and others. The funding brings the New York-based company's valuation to more than $8 billion.

Additional Investors:

Altimeter Capital Management, Iconiq Capital, Canapi Ventures, ParaFi Capital

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Domestika reaches unicorn valuation with $110M Series D

Domestika has closed a $110 million Series D led by Zeev Ventures that values the Berkeley, Calif.-based startup at $1.3 billion. Domestika provides creative courses on subjects such as graphic design, drawing and cookbook writing to more than 8 million people across 12 countries.

Additional Investor:

GSV Ventures

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Accel leads $100M round for CoinTracker

CoinTracker, a provider of cryptocurrency tax compliance and portfolio tracking services for consumers, has collected $100 million in Series A funding led by Accel. New and existing backers such as General Catalyst, Initialized Capital, 776 Ventures, Intuit Ventures and Kraken Ventures also participated in the round, which values CoinTracker at $1.3 billion.

Additional Investors:

Coinbase Ventures, Y Combinator

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Biotech startup Septerna launches with $100M

Septerna has announced its launch and a $100 million Series A led by Third Rock Ventures. Based in the Bay Area, the company is hoping to treat a wide range of diseases through the development of small-molecule medicines that target G protein-coupled receptors.

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PortalOne snags $60M in Tiger Global-led round

PortalOne has raised a $60 million Series A led by Tiger Global, with participation from TQ Ventures, Temasek, Avenir Growth, Connect Ventures, Nordstar, Talis Capital and others. Founded in 2018, the company's hybrid gaming platform embeds live shows into games. PortalOne operates out of the US and Norway, with plans to expand its teams in both locations.

Additional Investors:

Access Industries, Animoca Brands, Coatue, Rogue Capital Partners, SNÖ Ventures, Socii Capital, Founders Fund

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Pet tech startup scoops up $40M

Pet care startup The Vets has snagged $40 million in seed funding co-led by Target Global, Pico Venture Partners and Bolt Ventures. The Vets provides at-home treatment for animals, including wellness exams, lab tests and vaccinations. The New York-based startup currently operates throughout nine cities, with plans to expand to 25 by the end of the year.

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Vesta brings in $30M

Vesta, a provider of mortgage loan origination software, has raised a $30 million Series A led by Andreessen Horowitz, with support from Zigg Capital, Conversion Capital and Bain Capital Ventures. Based in San Francisco, the company was created in 2020.

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