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The Daily Pitch: VC

February 25, 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:

From Web3 and DeFi to foodtech to gaming, our latest Emerging Tech Indicator explores the sectors that attracted VCs' attention in Q4 2021.

In the wake of Russia's invasion, startups in Ukraine are determined to keep the lights on.

Our 2021 Annual Insurtech Report explores the industry's investment activity, notable trends, and why startups could face challenges in 2022.

Today's Top Stories

Emerging tech investment surges in Q4 as VCs look to crypto

Our Q4 2021 Emerging Tech Indicator tracks early- and seed-stage deals from 15 top VC firms, following the flow of capital across 30 market segments to spotlight the tech driving early growth opportunities.

The report details the dramatic numbers from Q4, which recorded $10.2 billion invested in emerging tech, up more than $3 billion over Q3. Highlights include:

Web3 and DeFi topped deal value for the second consecutive quarter, doubling its Q3 value to reach $2.4 billion in Q4.

Large rounds surged, with 26 rounds of $100 million or more—nearly double Q3's record of 14 and well above the historical quarterly average of four.

Several major deals centered on the integration of blockchain economics with gaming environments, including Q4's largest round: a $725 million Series B for Forte.

read the preview

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Ukraine startups remain resolute amid Russian invasion

A Ukrainian military vehicle passes Independence Square in central Kyiv on Thursday. (Daniel Leal/Getty Images)

Russia's invasion of Ukraine sent shock waves through Europe's VC ecosystem on Thursday, but the country's startups are determined to keep the lights on.

More than 125 VC-backed companies that have raised capital since the beginning of last year have primary or secondary offices in the country, mining Ukraine's deep pool of tech talent.

"Some of our startups moved out to parts of western Ukraine, but I know a lot of people who stayed in Kyiv," said Andriy Dovzhenko, a managing partner at Ukrainian fund SMRK.

Recommended Reads

No nation is forced to repeat its past. But something familiar is taking place in Ukraine. [The Atlantic]

Italy's government provided generous incentives to support energy-efficient renovations and create greener cities in the country. Then came the scammers. [Bloomberg]

The SEC is investigating whether recent stock sales by Tesla CEO Elon Musk and his brother violated insider-trading rules. [The Wall Street Journal]

Since yesterday, the PitchBook Platform added:

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Quick Takes


	The Daily Benchmark
	2011 Vintage Global VC Funds
	A message from PitchBook
	Unabated: Reflecting on 15 years of private capital markets growth
	VC Deals
	Altimeter leads $222M round for Dbt Labs
	Fabric secures $140M in SoftBank-led round
	Project Canary collects $111M
	Niyo banks $100M Series C
	RightHand Robotics grabs $66M
	AnyRoad drives off with $47M
	Fundraising
	Camber Creek wraps up $325M real estate tech fund

The Daily Benchmark

2011 Vintage Global VC Funds

Median IRR

17.80%

Top Quartile IRR

25.45%

1.99x

Median TVPI

Select top performers

Glilot Capital Partners

Union Square Ventures 2012 Fund

Storm Ventures Fund IV

*IRR: net of fees

42 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from PitchBook

Unabated: Reflecting on 15 years of private capital markets growth

Over the past 15 years, there have been several key inflection points that have contributed to the growth, maturation and deepening of the global private capital markets. From the global financial crisis and the first unicorn to recent US elections and the pandemic, these factors paved the way for today's record-breaking investment landscape—and will undoubtedly have a lasting impact on the future.

What past financial events do you think contributed to today's dealmaking environment? What future implications do these events present for the next 15 years? PitchBook wants to hear your thoughts!

Submit your ideas to pr@pitchbook.com and you may be quoted in an upcoming feature.

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VC Deals

Altimeter leads $222M round for Dbt Labs

Dbt Labs has raised $222 million at a $4.2 billion valuation in a round led by Altimeter. The Philadelphia-based company is a developer of analytics engineering tools for data professionals.

Select Additional Investors:

Amplify Partners, Andreessen Horowitz, Coatue, Databricks, GV, Iconiq Capital, Sequoia

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View 15 competitors »

Fabric secures $140M in SoftBank-led round

Fabric has raised $140 million in a Series C round led by SoftBank. The Seattle-based company is the developer of a headless commerce platform for brands.

Additional Investors:

Forerunner Ventures, Glynn Capital, Norwest Venture Partners, Redpoint Ventures, Stripes

View round

View 8 competitors »

Project Canary collects $111M

Insight Partners has led a $111 million investment in Project Canary, a climate tech and environmental assessment company based in Colorado. Brookfield Growth and the Canada Pension Plan Investment Board were among other investors in the Series B.

Additional Investors:

Carica Sustainable Investments, Quantum Energy Partners, Energy Impact Partners, Frontier Venture Capital

View round

View similar company »

Niyo banks $100M Series C

Niyo has raised $100 million in a round co-led by Accel and Lightrock. Founded in 2015, the Bengaluru-based company provides digital savings accounts and other banking services to roughly 4 million customers.

View round

View 38 competitors »

RightHand Robotics grabs $66M

RightHand Robotics has raised a $66 million Series C co-led by Safar Partners, SoftBank's Vision Fund 2 and Thomas H. Lee Partners. Based in the Boston area, the company is the creator of an autonomous robotics platform that helps warehouses manage order fulfillment and other supply chain processes.

Additional Investors:

F-Prime Capital, Future Shape, GV, Global Brain, Matrix Partners, Menlo Ventures, Seiko Epson, Zebra Technologies

View round

View 19 competitors »

AnyRoad drives off with $47M

AnyRoad has raised a $47 million Series B led by BlackRock, with participation from Andreessen Horowitz and Day One Ventures. The San Francisco-based company offers an experience relationship management platform for Budweiser, Honda and other global brands.

Additional Investors:

Commonfund, Corner Ventures, Kaiser Permanente Ventures, Precursor Ventures, Rally Ventures, Runa Capital

View round

View 76 competitors »

Fundraising

Camber Creek wraps up $325M real estate tech fund

Real estate tech investor Camber Creek has closed its fourth fund with $325 million in capital commitments. The firm's portfolio includes property management company HappyCo and Flex, the developer of a rent payment app.

View fund

View 36 investments »

Chart of the Day

"2021 saw the best PE deal environment ever. Strong leveraged lending markets that stayed around the 3% mark all year, driven by institutional investors' aggressive search for yield and low interest rates, kept deals moving."

Source: PitchBook's 2021 Annual European PE Breakdown