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PitchBook News - Fintech startups bank record VC funding

SoftBank leads $65M round for Digits; Lux launches healthtech ETF; VR surgery specialist secures $66M; Brex backs Zesty.ai
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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.
read the preview
 
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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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A message from Citizens
Is your financing keeping pace with your company's evolving priorities?
Business objectives shift over time. Unfortunately, too many companies settle for their existing capital arrangement or focus on securing funding before considering the financing best suited to their needs.

By tailoring a financing solution around management's goals and shareholder expectations, you can acquire the right financing to support your company's unique vision for future success—especially when business credit availability is currently at its highest level since 2014.

Explore the range of capital options available.
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CD&R's Morrisons deal faces in-depth probe over fuel prices
(Xinhua News Agency/Getty Images)
As fuels prices soar, the UK's competitions watchdog is considering launching a full investigation into Clayton, Dubilier & Rice's purchase of Morrisons, a British supermarket chain that also owns a network of gas stations.

The Competition and Markets Authority said the deal could lead to an increase in fuel prices at gas stations across the UK. CD&R also owns gas station operator Motor Fuel Group, which it bought in 2015.
read more
 
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Recommended Reads
How Airbnb has reinvented itself as the world's crisis-housing provider. [Curbed]

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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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  
 
 
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The Daily Benchmark
2011 Vintage Global Venture Funds with more than $250M
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Top Quartile IRR
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General Catalyst Group VI
Khosla Ventures IV
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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.
View round
 
View 6 competitors »
 
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.
View round
 
View 17 competitors »
 
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.
View round
 
View 3 competitors »
 
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.
View round
 
View 8 competitors »
 
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.
View round
 
View similar company »
 
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.
View details
 
View 48 competitors »
 
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.
View details
 
View 215 investments »
 
Chart of the Day
Source: PitchBook's H2 2021 Greater China Venture Report
Who's in the newsletter today?
Companies
Brex
Digits
Flock Homes
Osso VR
Podimetrics
TemperPack
Zesty.ai
Investors
Andreessen Horowitz
D1 Capital Partners
GSR Ventures
Goldman Sachs Asset Management
Lux Capital
Oak HC/FT
Plug and Play Ventures
SoftBank
Tiger Global
 
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