| |
In today's Daily Pitch, you'll find: - We explore how startup valuations have changed amid the frenzied VC dealmaking of the last few quarters.
- Our latest Private Fund Strategies Report, packed with new data through the end of Q3.
- The potential implications of Petershill Partners' public listing on the London Stock Exchange.
| | | | | |
|
| |
| US venture capital valuation trends in seven charts | |  | | (Jorg Greuel/Getty Images) | | | The venture industry has continued to prove its resiliency in 2021—a year marked by outsized funds, numerous mega-deals and the soaring interest of multistage investors looking to back younger startups.
As a result, valuations of VC-backed companies are on the rise across most stages in the third quarter.
Here are seven charts from PitchBook's US VC Valuations report that depict how startup valuations have changed amid the frenzied dealmaking of the last few quarters. | | | | | | | | | | LPs put their money where the mega-funds are | | Through Q3, private capital fundraising totaled nearly $883 billion, putting the year on pace to eclipse 2020's total—and potentially 2019's record. Yet the number of successful fund closings continues to drop dramatically.
The ups and downs of fundraising this year are detailed in our Q3 Private Fund Strategies Report, which also includes a spotlight on fundraising by region and a breakdown of funds by size. Highlights include: - Pandemic-related declines in fundraising are ebbing, as private capital commitments are down only 1% for the year through Q3, versus 24% for the 12 months through Q2.
- VC's 2021 fundraising total reached nearly $149 billion globally, driven predominantly by the rise of ever-larger vehicles.
- Private debt fundraising is on pace to exceed the annual total of each of the past three years but with far fewer vehicles—a whopping 82.8% of private debt funds last quarter were larger than their predecessors.
| | | | | | | |
|
| A message from Elements Global Services | | |
| Enable a successful expansion strategy for your global startups | | Your portfolio investments need to scale quickly and effectively. Tap the benefits of first-mover advantage by simplifying global expansion.
Elements' direct Employer of Record solution is a powerful tool for startups and portfolio companies looking to launch in new countries and accelerate growth opportunities globally. By streamlining the process of onboarding, managing and paying employees, Elements' pioneering EOR model enables faster time to market, giving startups more time to focus on their core business strategies.
Learn more about successful expansion strategies and the value Elements' direct EOR model can provide to your portfolio in over 160 countries.
Read the Employer of Record Handbook | | | | | | | |
|
| Petershill's public listing is a game-changer for GP stakes—and a gamble | |  | Petershill Partners' listing on the London Stock Exchange represents a game-changing moment for GP stakes.
(Chris J Ratcliffe/Getty Images) | | | When Petershill Partners announced the public listing of a portfolio of 19 minority interests, it marked a brave new world in the GP stakes space. This monetization technique promises liquidity to Petershill's LPs over time, and it hasn't been tried before.
Our recent analyst note explores the public company and the potential implications of its approach. The Petershill portfolio offers attractive growth and diversification, yet it is also opaque, raising a key question: How can investors assess its value? | | | | | | | | | | While the business of funding disruptive businesses is booming, VC itself is being disrupted. [The Economist]
Management due diligence may be fundamental to establishing productive PE partnerships. [Harvard Business Review]
How the pandemic has bred suspicion in the American workforce. [The Atlantic] | | | | | |
|
| |
| | Since yesterday, the PitchBook Platform added: | | 18 Deals | 78 People | 23 Companies | 1 Funds | | | | | | |
| |
| |
| |
| |
| |
| |
| 2015 Vintage Global Secondaries Funds | | | | | | |
|
| |
| A message from BMO Harris Bank | | |
| Security, supply chain and surging prices: The triple threat | | Middle-market borrowers are increasingly seeking to fortify their operations to prevent cybersecurity attacks while managing supply chain issues and inflationary pressures. The latest issue of Transaction Trends has insights into how middle-market companies are currently navigating through these operating challenges.
To learn more, download the full issue of Transaction Trends. You can also contact Stephen R. Isaacs, managing director and head of BMO Sponsor Finance, at Stephen.Isaacs@bmo.com. | | | | | | | |
|
| |
| India's Dream Sports valued at $8B | | | Sports tech company Dream Sports has raised $840 million at an $8 billion valuation in a round co-led by Falcon Edge, DST Global, D1 Capital, RedBird Capital and Tiger Global. The Mumbai-based company owns a portfolio of brands that includes digital payments provider DreamPay and cricket streaming platform FanCode. Dream Sports was reportedly valued at $5 billion in a secondary round earlier this year. | | | | | | | | | Simpro has raised $350 million in a round led by K1 Investment Management, with support from existing investor Level Equity. The Australian startup is a developer of management software designed for field service professionals like plumbers and electricians. | | | | | | | | | Spinny has raised $280 million at a more than $1.75 billion valuation in a round co-led by Tiger Global and the Abu Dhabi Growth Fund, TechCrunch reported. The Gurugram, India-based company is the developer of a pre-owned car trading platform. | | | | | | | | | | | | | | | African fintech Asilimia lands $2M | | | Asilimia has raised $2 million from investors including Norrsken Impact Accelerator. Based in Kenya, the company is the developer of a digital payments platform for small and medium-sized businesses. | | | | | |
|
| |
| |
| STG Partners eyes FIS unit at $2B value | | | STG Partners is in talks to acquire Fidelity National Information Services' capital markets business at around a $2 billion valuation, Bloomberg reported. The deal would include Fidelity's treasury management, alternative-trading and algorithm-based trading platforms. | | | | | | | | CVC Capital to exit Etraveli in $1.8B+ deal | | | Online travel agency Booking Holdings has agreed to acquire Etraveli Group from CVC Capital Partners for about $1.8 billion. Etraveli will continue to be based in Sweden and operate independently following the deal. CVC Capital has backed the global flight booking provider since 2017. | | | | | | | | TA Associates backs food label company | | | TA Associates has invested in Nactarome, a European group of companies specializing in the development and manufacturing of natural flavors, colors, functional ingredients and clean labels for the food and beverage industry. Nactarome is headquartered in Milan and runs 10 production facilities with more than 450 employees. | | | | | | | | Marlin Equity invests in ImagineSoftware | | | | | | |
|
| |
| | PitchBook for Dealmakers is built for those investing in, acquiring or advising on private market transactions.
Today's markets are in a constant state of flux, and dealmakers need insights spanning the public and private markets to be effective in their work. To that end, it's vital for dealmakers to have access to both best-in-class data on private companies and broad fundamental public data. Dig into our guide to learn more about PitchBook's utility for dealmakers—from our unmatched capital market coverage to our in-depth reports, collaboration tools and more.
Get the PitchBook for Dealmakers guide | | | | | | | |
|
| |
| 3D printing startup Essentium eyes SPAC merger | | | | | | |
|
| |
| Providence Equity targets $6B for new fund | | | Providence Equity Partners is seeking $6 billion for its latest flagship fund, The Wall Street Journal reported. The firm is expecting to hold a first close on the fund in the spring of 2022. Providence closed its eighth flagship fund at $6 billion in 2019. | | | | | | | | Bain Capital eyes $1.5B for tech fund | | | Bain Capital is targeting $1.5 billion for its second technology-focused opportunities fund, The Wall Street Journal reported. Bain Capital closed the fund's predecessor at $1.25 billion | | | | | | | | Blume raises $105M for fourth fund | | | Blume Ventures has raised $105 million in the first close of its fourth fund, according to reports. The Mumbai-based early-stage VC firm closed its third flagship vehicle on $102 million in February 2020. Learning platform Unacademy and Dunzo, a hyperlocal delivery service, are among Blume's portfolio startups. | | | | | |
|
| |
| |
|
No comments:
Post a Comment