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In today's Daily Pitch, you'll find: - The new PitchBook-NVCA Venture Monitor, which breaks down the data behind VC's astonishing year.
- Vuori's new $400 million investment from SoftBank marks the latest in a series of big valuations and exits for athleisure brands.
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| Exits top $582B as US VC continues its extraordinary year | | In nine months, the US VC industry turned 2021 into a year for the record books, leaving 2020's eye-popping numbers far behind.
The Q3 2021 PitchBook-NVCA Venture Monitor, sponsored by SVB and Affinity, depicts how the frenetic pace of dealmaking, exits and fundraising has easily toppled last year's records, as VC's strength continues to support the country's economic recovery. Highlights from Q3 include: - Exit value reached $187 billion, pushing the total for 2021 past $582 billion—more than twice 2020's record figure.
- An explosion of mega-rounds ($100 million-plus) drove over $49 billion in deal value, as the annual total surpassed $238 billion.
- 161 funds closed, as high exit values and growing deal sizes keep VC fundraising on pace to break the once-unfathomable $100 billion mark.
- The rise of nontraditional investors remains an ongoing storyline; through Sept. 30, this group took part in rounds accounting for 33.5% of the year's deal count but 77% of its value.
| | | | | | | | | | Investors are sweating athleisure brands | |  | | (akindo/Getty Images) | | | Fitness apparel is far from a core category for growth investors, but that hasn't stopped leading brands from commanding huge valuations and exits. Of note: - Vuori unveiled $400 million in SoftBank funding that values the California company at $4 billion. The deal will fund international expansion plans.
- UK-based Gymshark is planning an IPO just over a year after reaching unicorn status, Sky News reported. General Atlantic led a roughly $300 million round for the much-hyped company in August 2020.
- L Catterton-backed Sweaty Betty sold to Wolverine Worldwide in a $410 million all-cash deal in August.
The deals, along with the recent direct listing of Warby Parker and Allbirds' upcoming IPO, are evidence that the direct-to-consumer ecommerce revolution lives on. | | | | | | | |
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| A message from Tree Line Capital Partners | | |
| Private credit's growth, durability and the rise of the lower middle market | | Tree Line is a private credit firm focused on direct lending to the lower middle market. The firm manages $2 billion in AUM across eight direct lending funds. Its funds maintain an advantage relative to those operating in the upper- and middle-market direct lending segments, delivering investors premium yields and credit metrics.
Tree Line continues to perform well as the senior secured strategy is carrying historically conservative credit metrics. The current portfolio of $1.2 billion comprises 50 borrowers that maintain a weighted average net leverage, fixed charge coverage and loan-to-value of 3.1x, 2.6x and 43%, respectively.
Tree Line's 2021 Annual Report demonstrates the strength and consistency of the firm's performance in the current environment.
Download full report | | | | | | | |
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| How the UK's new regulations may reshape the European SPAC landscape | |  | | (TangMan Photography/Getty Images) | | | The UK has made long-awaited changes to its listing rules for SPACs, loosening regulations to more closely mimic major global markets in hopes of luring blank-check companies to London.
But will it work? The bulk of European SPAC vehicles this year have opted for Amsterdam, and the UK faces an uphill battle to pitch itself as an attractive target in a post-Brexit world. Our recent analyst note breaks down the regulatory changes, covering what's new and what may be next for London's SPAC listings. | | | | | | | | | | Where Greylock has been placing its seed-stage bets | |  | | (rodkosmos/Getty Images) | | | | Last month, Greylock Partners announced that it had raised $500 million for seed startups. The firm said that backing seed-stage companies has become an increasingly important strategy. We've put together a visual representation of Greylock's recent seed deals. | | | | | | | | | | How SPACs have become an alternative to short-term bonds. [The Wall Street Journal]
William Shatner earned the oldest-in-space record for free, but other space superlatives will go to the highest bidder. [The Atlantic]
Despite touting sustainability, private equity has been scooping up fossil fuel assets at bargain prices. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 430 Deals | 1800 People | 433 Companies | 23 Funds | | | | | | |
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| 2018 Vintage European Real Estate Funds | | | | | | |
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| Ransomware: Identify risks and mitigate damage | | Ransomware is a growing threat across the corporate landscape. High-profile attacks are now a weekly or even daily news event that showcase steadily climbing ransom values and increasingly sophisticated attacks.
However, there are ways to prepare yourself.
Review actionable steps you can take to minimize damage in the event of a ransomware attack—all without the need for costly system upgrades or deep technological know-how. | | | | | | | |
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| TripActions raises $275M Series F | | | TripActions has raised $275 million at a $7.25 billion valuation in a round led by Greenoaks. The Palo Alto-based company offers software for managing corporate travel and expenses; it raised a $155 million Series E this past January. | | | | | | | | HR tech startup Hibob secures $150M | | | General Atlantic has led a $150 million Series C for Hibob, which offers an HR tech platform to develop and retain talent. Founded in 2015, the company counts Cazoo and Monzo among its customers. | | | | | | | | Dexterity collects $140M in debt and equity | | | Dexterity has raised a $140 million Series B co-led by Kleiner Perkins and Lightspeed. The Bay Area-based company is the developer of intelligent robotic systems designed for warehouses and customers in the supply chain and logistics industry. The funding values the company at $1.4 billion. | | | | | | | | Tiger Global leads $110M round for Karat | | | Seattle-based Karat has raised a $110 million Series C led by Tiger Global. The funding values the recruitment platform developer at $1.1 billion. Karat helps customers including Roblox, Wayfair and Compass hire software engineers and other tech-focused talent. | | | | | | | | Lively lands $80M Series C | | | Lively has raised $80 million led by B Capital Group. Based in the Bay Area, the company is the creator of a platform designed to help employers and individuals manage health savings accounts. Lively was valued at $112 million in 2019, according to PitchBook data. | | | | | | | | Goldman Sachs leads $60M round for Aware | | | Aware has raised a $60 million Series C led by Goldman Sachs Asset Management. The Ohio-based company offers a platform to help customers such as a Rivian and Wipro manage governance and compliance processes and analyze behavioral data. | | | | | | | | Mulberry picks up $22M Series B | | | | | | |
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| PE-backed Howden buys broker Aston Lark | | | | | | | | | KKR-led group nears $1B+ music deal | | | A consortium led by KKR is in advanced talks to acquire a song catalog including hits by Lorde and The Weeknd for $1.1 billion, the Financial Times reported. Indie music company Kobalt would sell the catalog to the KKR-led group, which would take a majority stake, as well as the family office of former Goldman Sachs partner Stephen Hendel. | | | | | | | | CGI in talks to take over Trump's DC hotel | | | CGI Merchant Group is in advanced negotiations to acquire the lease on the Trump International Hotel in Washington, DC, in a deal worth more than $370 million, The Wall Street Journal reported. The property is owned by the US government, but the lease runs nearly 100 years, including extensions. CGI is also in talks with hotel operators including Waldorf Astoria about renaming the hotel. | | | | | | | | Advent co-leads $300M investment in Global Processing Services | | | | | | | | | Francisco Partners backs legal software provider Paradigm | | | Francisco Partners has completed an investment in Paradigm, the provider of a suite of legal practice management and payments platforms including Bill4Time and PracticePanther. Paradigm's platforms currently serve 11,000 law firms. | | | | | | | | Kinderhook Industries recaps Coleman Powersports | | | | | | |
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| Lulu's Fashion Lounge files for IPO | | | Women's apparel retailer Lulu's Fashion Lounge, which is backed by the Canada Pension Plan Investment Board, has filed for an IPO. The California-based company plans to list on the Nasdaq under the ticker symbol LVLU. It reported estimated revenue between $104.5 million and $106.3 million for the three months ended Oct. 3. | | | | | | | | Real Good Foods plans public debut | | | Strand Equity-backed food producer The Real Good Food Company has filed for an IPO. The New Jersey-based company specializes in low-carb, high-protein packaged foods. It reported a $10.3 million net loss on $35.5 million in revenue for the six months ended June 30. | | | | | | | | Riverside offloads software specialist to GTCR | | | The Riverside Company has agreed to sell Lexipol, a provider of policy management, training and wellness software, to GTCR. Lexipol's technology supports law enforcement agencies, correctional facilities and fire departments. Riverside acquired the company in 2014. | | | | | | | | One Equity Partners exits PS Logistics | | | One Equity Partners has exited its investment in PS Logistics, a flatbed transportation and full-service logistics provider. Founded in 2004, PS Logistics manages a fleet of over 3,500 tractors. | | | | | | | | Mindbody to acquire fitness startup ClassPass | | | Mindbody, the developer of a tech platform for the fitness, beauty and wellness services industries, has agreed to acquire fitness startup ClassPass for an undisclosed amount. ClassPass was valued at more than $1 billion in January 2020, according to PitchBook data. | | | | | |
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| Arctos raises $3B+ for stakes in sports franchises | | | Private equity firm Arctos Sports Partners has raised over $3 billion to buy minority stakes in professional sports franchises and teams, Axios reported. The new capital includes $2.1 billion for a fund and $1 billion in co-investment and separately managed account commitments. Arctos has already committed some of the funding to minority stakes in the Sacramento Kings, Boston Red Sox and Golden State Warriors franchises, the report said. | | | | | | | | HubSpot Ventures unveils $100M fund | | | HubSpot Ventures has launched a $100 million fund to invest in early- and growth-stage tech companies. Founded in 2018, the firm has invested in startups including Clari, Goldcast and Descript. | | | | | |
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"Acquisition valuations have been slightly more tepid than the public listing front, with flat to down trends for all quartiles. The H1 2021 median and top quartile measured in at $57.7 million and $260.0 million, both of which represent a decline from full-year 2020's values. Despite those relatively small declines on the aggregate yearly basis, Q2 itself was much stronger than Q1 2021, feeding further into the recovery narrative."
Source: PitchBook's Q2 2021 US VC Valuations Report | | | | | |
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