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The Daily Pitch: VC

March 3, 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 new Global Markets Snapshot breaks down a month of private markets activity and trends in equity, debt and commodities.

Supply chain tech saw another strong quarter of VC investment in Q4, as startups seek to bring consistency to the disrupted space.

Mega-funds continued to dominate the private funding space for PE firms in 2021, and all signs are pointing toward the trend progressing this year.

Today's Top Stories

Returns, commodities, unicorns and more: Introducing our Global Markets Snapshot

This year got off to a wild start in the markets, with the S&P 500 falling 8% through February and energy markets surging, along with rocky post-IPO performance for venture-backed companies. The rapidly evolving conflict in Ukraine has increased market volatility around the world, putting stress on corporate-bond spreads, while commodity prices have continued to rise.

PitchBook's new Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets, tracking returns across a range of indexes and sectors. It also includes private markets activity, including major deals, PE- and VC-backed listings and unicorn creation by region.

read it now

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Supply chain startups hauled in record VC funding in Q4

VC-backed companies were already working to smooth out the bumps in the supply chain ecosystem before demand for ecommerce exploded amid the pandemic.

Our latest Emerging Tech Research report focuses on startups working to automate logistics and bring more consistency to this space. Among the takeaways:

Supply chain startups landed a record $10.9 billion in VC investments in Q4, despite deal count continuing to fall.

Valuations for early- and late-stage startups in the space increased in all four quarters of 2021—with median early-stage pre-money valuations reaching $30 million and late-stage valuations hitting $120 million.

Areas such as warehousing, inventory management and last-mile delivery remain growth opportunities in the industry.

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Investor confidence, deeper pockets spur strong outlook for PE mega-funds

(imaginima/Getty Images)

Mega-funds continued to dominate the private funding space for PE firms in 2021, and all signs are pointing toward the trend progressing this year.

Mega-funds—those with over $5 billion—made up 44% of fundraising totals among PE firms and accounted for $143.4 billion last year, boosting dry power to record levels as a result, according to our latest Private Fund Strategies Report. Analysts expect a positive outlook for PE mega-funds going forward.

Funds of all sizes have recorded strong performance, driven by the economic recovery since pandemic-induced lows, abundantly available capital and elevated investor confidence.

Recommended Reads

Hackers are beginning to eye companies with private equity and venture capital ties as lucrative targets. [The Wall Street Journal]

After more than a decade of operation, Twitter is reversing course and pursuing the sort of decentralization some of its original developers envisioned. [The New York Times]

VCs and investors are giving billions to crypto founders, sometimes without any idea of who they actually are. [Fortune]

Since yesterday, the PitchBook Platform added:

21

VC valuations

1757

People

508

Companies

29

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2020 Vintage Global Funds-of-Funds
	VC Deals
	Connecteam picks up $120M
	99minutos secures $82M Series C
	CesiumAstro lands $60M
	Tenderly raises $40M
	Faros AI nabs $16M seed financing
	Fundraising
	Electric Capital raises $1B for crypto

The Daily Benchmark

2020 Vintage Global Funds-of-Funds

Median IRR

41.07%

Top Quartile IRR

90.63%

1.22x

Median TVPI

Select top performers

Adams Street 2020 Global Fund

Blockchain Coinvestors Fund II

Banner Ridge DSCO Fund I

*IRR: net of fees

18 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Connecteam picks up $120M

Connecteam has raised a $120 million Series C co-led by Stripes and Insight Partners. The company is a developer of workforce software used to manage, train and communication with remote employees.

Additional Investors:

OG Tech, Qumra Capital, Tiger Global

View round

View 2 competitors »

99minutos secures $82M Series C

99minutos has raised $82 million in a round led by Oak HC/FT. Based in Mexico City, the company is a provider of shipping and logistics services for online retailers across Latin America.

Additional Investors:

Kaszek, Prosus Ventures

View round

View 5 competitors »

CesiumAstro lands $60M

CesiumAstro has raised a $60 million Series B co-led by Airbus Ventures and Forever Ventures. Founded in 2017 and based in Austin, the startup offers aerospace communication systems for commercial and defense applications. It has raised nearly $90 million in capital to date.

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Tenderly raises $40M

Tenderly, the provider of a blockchain-development platform for Web3 products, has raised a $40 million Series B led by Spark Capital. Founded in 2018, the company's developer platform processes more than 25 million transactions daily.

Select Additional Investors:

Abstract Ventures, Accel, Coinbase Ventures, Point Nine Capital

View round

View 12 competitors »

Faros AI nabs $16M seed financing

Faros AI has raised $16 million in a round co-led by SignalFire, Salesforce Ventures and Global Founders Capital. The Sunnyvale, Calif.-based company is the developer of an operational-data platform intended to automate tasks.

View round

View similar company »

Fundraising

Electric Capital raises $1B for crypto

Electric Capital has raised $1 billion for a pair of crypto funds: a $400 venture fund and a $600 million vehicle to be invested directly into crypto tokens, according to reports. Based in Palo Alto, the VC firm's portfolio includes crypto exchange operator Coinflex and Hyy.pe, the developer of an NFT-based social network.

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View 60 investments »

Chart of the Day

"We also saw 2021 post-money exit valuations via public listings across all quartiles notch numbers well above 2020 figures, with the median reaching €75.1 million. Public listings resurged in 2021, with 186 conducted that generated €113.7 billion in exit value."

Source: PitchBook's 2021 Annual European VC Valuations Report