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In today's Daily Pitch, you'll find: - Our Q3 European Venture Report, tracking the record-setting year in the region's VC ecosystem.
- Around two years after its failed IPO, WeWork has gone public on the NYSE via a SPAC deal.
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| €74B in capital invested, €115B in exits: European VC's record year | | VC investment in Europe totaled €24 billion in Q3, the second-highest quarterly figure in history. What's more, the three largest quarters for European VC deal value have been the three completed quarters of 2021, as the continent's venture ecosystem rewrites its record books.
Our Q3 European Venture Report tracks the trends that are shaping an unprecedented year in VC, as the early pandemic-driven uncertainty has been replaced by investor confidence and promising growth. - Late-stage rounds dominate dealmaking, accounting for nearly 74% of the quarter's total deal value of €73.7 billion.
- Annual exit value surpassed €115 billion through Q3, already an annual record and nearly five times the amount reached in 2020.
- Fundraising is slightly below record pace but still on a path to reach €20 billion in aggregate by year's end.
| | | | | | | | | | WeDidIt! WeWork starts trading on the NYSE | | Roughly two years after its failed IPO, WeWork will make its public market debut today through a blank-check merger with BowX Acquisition Corp. The company will trade on the NYSE under the ticker WE. - The deal values WeWork at $9 billion—less than what it was worth in 2015 and a precipitous drop from the $47 billion peak it reportedly reached in 2019. The deal value implies an earnings multiple that is closer to legacy workspace operators like IWG than to real estate tech companies such as Airbnb or Sonder.
- WeWork stands to take in around $1.3 billion from the blank-check merger and accompanying PIPE. Also part of that figure: a $150 million investment from Cushman & Wakefield to backstop shareholder redemptions, the Financial Times reported.
- The listing comes after stockholders of the SPAC, BowX Acquisition, greenlighted the deal earlier this week. Shares of BowX have been trading below its $10-per-share IPO price in recent days.
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| Shorten time to term sheet | | Global venture capital activity has hit a record high, and deals are moving faster than ever. Top VCs know they need to make decisions faster, too, and have introduced strategies to build conviction faster: - Don't start from scratch. Get up to speed in hours, not days, by leveraging the work of other investors. VCs share expert calls via Tegus, so you can use their diligence to get up the learning curve.
- Stretch diligence dollars further. Tegus offers calls at cost, with no upfront fees or minimums.
- Learn alongside founders. Leading VCs use diligence as an opportunity to engage founders in the learning process. Invite founders to join your expert calls to share market insight.
Learn how you can level up your diligence | | | | | | | |
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| Sofinnova adds $549M to Europe's hope for a record VC fundraising year | |  | | (Yulia Reznikov/Getty Images) | | | This week, life sciences investor Sofinnova Partners closed one of the largest early-stage healthcare vehicles ever raised in Europe, as the region stays on pace to surpass last year's fundraising total.
European VC vehicles are on track to reach €20 billion as fund sizes continue to swell—but annual fund count is poised for its lowest level since 2013. | | | | | | | | | | NFT gaming startups win massive valuations | |  | | (Image courtesy of Animoca) | | | A niche corner of the gaming industry is proving irresistible for VC investors, who see games as the first frontier for non-fungible tokens, a class of blockchain-based digital assets. - Animoca Brands has raised $65 million at a $2.2 billion valuation, more than double its worth earlier this year, according to PitchBook data.
- The Hong Kong-based startup joins NFT game makers like Sorare, Dapper Labs and Axie Infinity, whose valuations have similarly swelled into the billions of dollars. Animoca is also an investor in both Dapper Labs and Axie Infinity, among other NFT startups.
- Sequoia China, Ubisoft, Liberty City Ventures and Dragonfly Capital were among the investors in Animoca's latest round.
| | | | | | | | | | Rapid grocery delivery startup Gorillas valued at $3B | |  | | (Courtesy of Gorillas) | | | Investor appetite for delivery startups is showing no signs of slowing, as Gorillas pulls in nearly $1 billion in its latest funding round.
The Berlin-based startup is Europe's second-largest player by valuation and has raised around $1.3 billion in funding since its launch in 2020. | | | | | | | | | | A surge in real estate occupancy by tech companies shows how Manhattan is being remade in the aftermath of the pandemic. [Forbes]
Andreessen Horowitz has grown its investment staff by 170% in the last four years. What does that mean for the Silicon Valley firm's returns? [The Information]
A Lebanon storage facility contains tens of thousands of saved and cataloged seeds. It may also hold a precious resource for a changing climate. [The New Yorker] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 449 Deals | 1846 People | 523 Companies | 35 Funds | | | | | | |
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| 2016 Vintage European Funds-of-Funds | | | | | | |
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| Commsor eyes $450M valuation in funding round | | | Commsor, an audience engagement analytics platform developer, is raising $50 million in a funding round being led by Atomico, The Information reported. New York-based Commsor is seeking a valuation of $450 million post-money, almost three times what it was valued at in a Series A deal earlier this year, according to PitchBook data. | | | | | | | | Flock Freight secures $215M Series D | | | Flock Freight has raised $215 million at a more than $1 billion valuation in a round led by SoftBank's Vision Fund 2. The company offers a shared truckload service intended to eliminate the need for freight hubs and cut carbon emissions. Flock Freight was valued at $463.5 million in November, according to PitchBook data. | | | | | | | | ShouTi lands $100M Series B | | | ShouTi has raised a $100 million Series B led by BVF Partners. The company, which has headquarters in San Francisco and Shanghai, is developing small molecule therapeutics to treat chronic diseases, including cardiovascular, metabolic and pulmonary conditions. | | | | | | | | | SkyHive has raised a $40 million Series B led by Eldridge. Founded in 2017, the company offers a workforce intelligence platform intended to help enterprise customers and government organizations monitor performance and reskill employees. | | | | | | | | Modern Age collects $27M Series A | | | Modern Age has raised $27 million in a round led by Oak HC/FT, with support from GV and Juxtapose. The company provides digital tools and in-person treatments to help individuals understand and manage all aspects of aging, including bone mass, metabolism, nutrition and mental health. | | | | | | | | Hex Technologies raises $16M | | | Hex Technologies has raised a $16 million Series A led by Redpoint Ventures. Based in the Bay Area, the company offers a collaborative workspace intended to help team members analyze data and share their insights as visualizations and interactive applications. | | | | | |
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| Blackstone set to acquire majority stake in Spanx at $1.2B valuation | | | Blackstone has agreed to purchase a majority stake in women's shapewear company Spanx at a $1.2 billion valuation. The backing is a first for Spanx, which has never before taken outside investment. Founded in 2000 and headquartered in Atlanta, Spanx produces shapewear as well as outerwear, activewear and more. | | | | | | | | KKR buys $500M+ stake in 30 Hudson Yards observation deck | | | KKR has acquired a majority stake in the observation deck at 30 Hudson Yards in Manhattan for over $500 million, Bloomberg reported. The observation deck is the highest outdoor viewing platform in the Western Hemisphere. 30 Hudson Yards was opened to the public in 2019. | | | | | | | | Trilantic invests in digital marketing agency WebFX | | | Trilantic North America has invested in WebFX, a digital marketing services provider for small and medium-sized businesses. Founded in 1995, WebFX generated over $2.4 billion in revenue for its clients over the past five years through services including SEO, PPC management, Amazon marketing and social media. | | | | | | | | The Cranemere Group lands Outpatient Imaging Affiliates | | | | | | |
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| Trump media network to go public via SPAC | | | Former President Donald Trump is launching a new media network that will go public through a merger with the Nasdaq-listed blank check company Digital World Acquisition Corp. The deal values Trump Media and Technology Group, which includes a social media platform called Truth Social, at up to $1.7 billion, including an earnout of $825 million. | | | | | | | | | | Robotics company AutoStore debuts on Oslo Stock Exchange | | | Norwegian warehouse robotics company AutoStore has reportedly priced its shares on Euronext's Oslo Stock Exchange at 31 Norwegian kroner apiece, the top of its targeted range. The listing is said to value the company at 103.5 billion Norwegian kroner (about $12.4 billion). AutoStore had received prior backing from EQT, Thomas H. Lee Partners and SoftBank. | | | | | |
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| Blackstone could raise $30B for latest flagship vehicle | | | Blackstone may target up to $30 billion for its next flagship effort in what would be the largest PE vehicle ever, Bloomberg reported. Reports emerged earlier this month that the firm is also mulling a target of $10 billion for its second growth equity fund. | | | | | |
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