VC funding hits new highs in the IoT market

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The Daily Pitch: VC

March 23, 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 Internet of Things Report dives into smart homes, connected vehicles and more as it breaks down the maturing vertical.

Former Andreessen Horowitz GP Katie Haun has raised $1.5 billion for her new crypto-focused venture firm, the largest debut on record for vehicles led by a female GP, according to PitchBook data.

Corporate card competition is heating up as startups like Jeeves vie to become the go-to bank for fast-growing companies.

Today's Top Stories

Smart homes and connected vehicles drive IoT VC funding to new highs

End-user spending for internet-of-things technology hit an estimated $423.4 billion in 2021, including high market sizes for use cases across manufacturing, supply chain and connected vehicles.

VC funding growth for IoT startups was muted in 2021, growing nearly 76% to $33.5 billion. In context, US software VC funding increased 130% in the past year.

Our 2021 Annual IoT Report breaks down the key trends behind the maturing vertical across our comprehensive taxonomy of product segments including hardware, networking and connected buildings.

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Crypto specialist Katie Haun raises $1.5B for debut funds

(Vitalij Sova/Getty Images)

Katie Haun, a former government prosecutor who recently departed from her role as a general partner at Andreessen Horowitz, has raised $1.5 billion for her newly launched, crypto-focused venture firm.

Haun Ventures' pair of funds represent the largest debut on record for vehicles led by a female GP, according to PitchBook data. That eclipses the $1.25 billion launch of Bond Ventures, the late-stage venture team led by Mary Meeker after the 2018 breakup of Kleiner Perkins.

Recommended Reads

Even amid regulatory headwinds, venture capitalists didn't lose enthusiasm for China last year. Here's why 2022 could be different. [Institutional Investor]

Some forecast models predict the US housing boom will continue into 2023, while others suggest that the market will experience a significant cooling. Either way, the industry is entering uncharted waters. [Fortune]

Many tech companies are looking to put HR executives in the C-suite. The challenge is finding them in the first place. [The Information]

Since yesterday, the PitchBook Platform added:

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VC valuations

1943

People

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Quick Takes


	The Daily Benchmark
	2019 Vintage Global PE Funds with more than $1B
	VC Deals
	Creator of Bored Ape NFTs valued at $4B
	Capitolis picks up $110M Series D
	Spot & Tango secures new funding
	Lightlytics nabs $26M Series A
	Upshot brings in $22M
	Learn In books $10M Series A

The Daily Benchmark

2019 Vintage Global PE Funds with more than $1B

Median IRR

21.65%

Top Quartile IRR

43.45%

1.23x

Median TVPI

Select top performers

Providence Strategic Growth IV

Apax X

Insight Venture Partners XI

*IRR: net of fees

91 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Creator of Bored Ape NFTs valued at $4B

Yuga Labs has raised a $450 million seed round led by Andreessen Horowitz at a $4 billion valuation. Investors including Animoca Brands, LionTree, Sound Ventures, Thrive Capital, FTX and MoonPay also participated in the round. Yuga, the creator of NFT collection Bored Ape Yacht Club, recently acquired NFT collections CryptoPunks and Meebits from Larva Labs.

View round

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Capitolis picks up $110M Series D

Capitolis has raised $110 million at a $1.6 billion valuation in a round co-led by Canapi Ventures, 9Yards Capital and SVB Capital. Based in New York, the company's capital marketplace increases access to diversified capital by connecting banks, investors and institutional clients.

View round

View 25 competitors »

Spot & Tango secures new funding

Spot & Tango has raised a $13.25 million Series A and $38.5 million in Series B financing led by Valor Equity. Founded in 2018, the New York-based company is a provider of direct-to-consumer food and wellness products for dogs.

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View 13 competitors »

Lightlytics nabs $26M Series A

Lightlytics has raised $26 million in a round led by Energy Impact Partners. Based in Tel Aviv, the company offers a SaaS platform that's designed to help companies code and deploy configurations to the cloud.

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View similar company »

Upshot brings in $22M

Upshot has raised $22 million in Series A2 financing led by Polychain Capital. Based in Boston, the company operates a blockchain-based platform for appraising the value of NFTs and other digital assets.

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Learn In books $10M Series A

Learn In has raised $10 million in a round led by Firework Ventures. The Utah-based company is the developer of an upskilling platform for employees.

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PitchBook has partnered with SXSW to celebrate Women's History Month by adding limited-time features to our female founder dashboard.

We sponsored the Funding and Investors Summit at SXSW, home to the early-stage VC competition SXSW Pitch, and data about female founders from SXSW Pitch is now incorporated into the dashboard.

Discover notable female-founded companies and investment firms who have participated in SXSW Pitch.

View the breakdown of VC investments for female founders in budding verticals like healthtech, artificial intelligence and virtual reality.

Check out the SXSW winner analysis to see the performance of female-founded startups in SXSW Pitch over time.

Explore the dashboard

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Chart of the Day

"The proportion of funding going to emerging managers in the real estate space has been declining since the run-up to the global financial crisis (GFC), when emerging managers attracted 47.1% of commitments. In 2021, only 16.2% of capital allocated to real estate funds went to emerging managers."

Source: PitchBook's H2 2021 Global Real Estate Report