PitchBook News - Fintech startups bank record VC funding

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The Daily Pitch: VC

March 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:

Our 2021 Annual Fintech Report explores emerging opportunities in market segments ranging from consumer finance to digital assets and alternative lending.

GHK Capital Partners and Knox Lane have both closed debut funds well above their original targets, belying challenges for first-time fundraisers.

Today's Top Stories

VCs pump cash into fintech startups at record pace

The fintech industry continued its unrelenting pace of growth in 2021, raising $121.6 billion, which represents a 153% year-over-year increase in terms of global VC deal value.

On the exit front, fintech companies generated nearly $332 billion, driven primarily by public listings of companies including Coinbase, Nubank, Robinhood, Wise and Affirm.

Our 2021 Annual Fintech Report digs into major trends that shaped the industry globally, comprehensively assessing emerging opportunities across market segments such as alternative lending, consumer finance, capital markets and digital assets.

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New GPs tame challenges with above-target funds

(John M Lund Photography Inc/Getty Images)

First-time fundraising has resumed growth since the start of 2021, but the market remains challenging for some new-to-the-scene private equity managers.

On Tuesday, two mid-market PE firms closed inaugural funds well above original targets.

GHK Capital Partners, founded by former Goldman Sachs dealmaker Gilbert Klemann, raised $410 million, while Knox Lane closed on $610 million.

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As the investment world increases its focus on ESG factors, the SEC is proposing that public corporations calculate the environmental soundness of the companies they do business with. [Forbes]

As Russian founders and developers scramble for an exit, the country's tech scene is taking a major hit. [Wired]

Since yesterday, the PitchBook Platform added:

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VC valuations

1833

People

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Funds

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Quick Takes


	The Daily Benchmark
	2011 Vintage Global Venture Funds with more than $250M
	VC Deals
	TemperPack picks up $140M
	Osso VR collects $66M for surgical training tech
	SoftBank leads $65M round for Digits
	Podimetrics raises $45M to fight diabetes-related amputations
	Flock Homes nabs $26M in a16z-led round
	Portfolio Companies
	Brex provides $10M in venture debt to Zesty.ai
	Investors
	Lux launches healthtech ETF

The Daily Benchmark

2011 Vintage Global Venture Funds with more than $250M

Median IRR

17.65%

Top Quartile IRR

23.42%

1.82x

Median TVPI

Select top performers

General Catalyst Group VI

Khosla Ventures IV

Sofinnova Ventures VIII

*IRR: net of fees

10 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

TemperPack picks up $140M

TemperPack, which offers sustainable thermal packaging, has raised $140 million in a round led by Goldman Sachs Asset Management. The funding values the Virginia-based company at $600 million, according to PitchBook data.

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Osso VR collects $66M for surgical training tech

Osso VR has raised a $66 million Series C led by Oak HC/FT, with support from investors including Tiger Global and GSR Ventures. Based in the Bay Area, the company offers a virtual reality surgical training and assessment platform for medical device companies and practicing surgeons.

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SoftBank leads $65M round for Digits

Digits has raised a $65 million Series C led by SoftBank, bringing the fintech startup's valuation to $565 million. The Bay Area-based company is the developer of an accounting platform for small and medium-sized businesses.

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Podimetrics raises $45M to fight diabetes-related amputations

Podimetrics has raised a $45 million Series C led by D1 Capital Partners. Based in the Boston area, the company is a provider of clinical care services that help save the limbs and lives of diabetes patients.

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Flock Homes nabs $26M in a16z-led round

Flock Homes has raised $26 million in financing led by Andreessen Horowitz. The Denver-based startup operates a platform that lets landlords exchange their ownership in rental properties for shares in a portfolio of professionally managed homes.

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Portfolio Companies

Brex provides $10M in venture debt to Zesty.ai

Zesty.ai, a provider of predictive climate risk analytics, has collected $10 million in growth capital from Brex. The funding comes from the fintech company's venture debt unit, which launched in August. Zesty.ai is a portfolio company of Plug and Play Ventures.

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Investors

Lux launches healthtech ETF

Venture firm Lux Capital has launched an exchange-traded fund that will invest in publicly traded companies focused on innovation in medical and surgical devices, clinical diagnostics and digital health.

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View 215 investments »