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In today's Daily Pitch, you'll find: - The latest PitchBook-NVCA Venture Monitor explores 2021's trifecta of major records for US VC.
- TPG's stock rose over 15% in its long-awaited Nasdaq debut, garnering the now public PE firm a roughly $10 billion valuation.
- Vegan leather startup MycoWorks has raised a $125 million Series C as a new generation of mushroom- and plant-based textiles emerges.
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| US venture capital activity set a trifecta of major records in 2021 | | The VC industry has logged another remarkable year in the record books, despite the ongoing pandemic and growing adversities such as economy-wide supply chain woes and labor shortages.
The Q4 2021 PitchBook-NVCA Venture Monitor, sponsored by Insperity, depicts how dealmaking, exits and fundraising in 2021 toppled previous records, even as the pandemic's future trajectory remains unknown. Highlights include: - US VC-backed companies collected nearly $330 billion in 2021—roughly double the previous record of $166.6 billion raised in 2020.
- Nontraditional investors such as corporate VC funds, hedge funds, PE firms and sovereign wealth funds participated in nearly 77% of total annual deal value.
- Exits were a huge part of 2021's story, with more than $774 billion in annual exit value created by VC-backed companies that either went public or were acquired.
- Early-stage VC deal activity in 2021 nearly doubled the prior record and eclipsed $80 billion for the first time ever.
| | | | | | | | | | TPG hits $10B valuation after shares climb 15% in market debut | |  | | (Matteo Colombo/Getty Images) | | | | | | | | | | | | VC-backed faux leather startups stock up to scale up | |  | | (Courtesy of MycoWorks/Carla Tramullas) | | | Startups are raising cash to ramp up production of mushroom- and plant-based textiles, giving rise to a new generation of vegan leathers that are more sustainable than petroleum-based "pleather." - MycoWorks has raised a $125 million Series C led by Prime Movers Lab. The startup is putting the money toward its first production plant to create Reishi, a leather substitute made from mycelium.
- Rival Bolt Threads raised $253 million at a $1.15 billion valuation in September in a previously unreported round, according to PitchBook data. Last year, its mushroom-derived leather, dubbed Mylo, was made into a bag for Stella McCartney's runway show, Adidas' classic Stan Smith sneaker and a Lululemon yoga mat.
- Plant-based leather company Natural Fiber Welding has received backing from BMW i Ventures and Allbirds, raising $17 million last year in addition to doubling its commercial manufacturing footprint.
| | | | | | | | | | Libor, long the most important number in finance, has been decommissioned after a yearslong battle with global regulators. [The New York Times]
How game studios are turning play into work. [Wired]
New tech and a wave of capital are turning healthcare into a consumer product. [The Economist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 594 Deals | 1426 People | 439 Companies | 30 Funds | | | | | | |
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| 2020 Vintage Global Real Estate Funds | | | | | | |
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| Highspot brings in $248M Series F | | | Highspot has raised $248 million at a $3.5 billion valuation in a round co-led by B Capital Group and D1 Capital Partners. The company is the developer of a sales enablement platform. In February, Highspot raised $200 million at a $2.3 billion valuation. | | | | | | | | Edtech startup Lead books $100M Series E | | | Lead has raised $100 million at a $1.1 billion valuation in a round co-led by GSV Ventures and WestBridge Capital. Founded in 2012, the Mumbai-based edtech company provides curriculum and technology solutions to K-12 schools. | | | | | | | | Tiger Global leads $25M round for Accrue Savings | | | Accrue Savings has raised a $25 million Series A led by Tiger Global. Launched in November, the company's payment option is designed to reward retail customers for saving for purchases by enabling brands to make FDIC-insured cash contributions to customer accounts. | | | | | | | | WorkStep lands $25M Series B | | | WorkStep has raised $25 million in a round led by NewRoad Capital Partners. The San Francisco-based company is the developer of a recruitment platform designed to hire and retain supply chain workers. | | | | | | | | Vangst secures $19M to help cannabis industry hire workers | | | | | | |
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| GTCR, Warburg to swap health records specialist | | | GTCR is nearing a $1.3 billion deal to acquire Experity, the provider of an electronic health records platform for the urgent care market, from Warburg Pincus, Axios reported. Warburg Pincus created the company in 2019 when it merged DocuTap and Practice Velocity. Experity's technology serves over 5,700 clinics. | | | | | | | | Sun Capital Partners completes Total Transportation Services purchase | | | An affiliate of Sun Capital Partners has acquired Total Transportation Services, a Rancho Dominguez, Calif.-based provider of drayage transportation services for marine terminals and rail yards across the US. Founded in 1989, the company has a presence in Los Angeles, Seattle, New York, Chicago and other areas. | | | | | | | | Godspeed Capital lands Exceptional Software Strategies | | | Godspeed Capital has acquired Exceptional Software Strategies, a provider of IT solutions to the intelligence community and Department of Defense agencies. ESS provides core capabilities in cyber, software and systems engineering, and geographic information systems. | | | | | | | | True Wind Capital backs W Energy Software | | | True Wind Capital has invested in W Energy Software, a Tulsa, Okla.-based provider of cloud-based accounting and enterprise resource planning software to enterprise and mid-market oil and gas customers. | | | | | |
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| PitchBook Webinar: 2022 European Private Capital Outlook | | Don't miss our upcoming 2022 European Private Capital Outlook webinar. Join us Jan. 20 for a conversation about the industry in 2022.
During the discussion, PitchBook analysts Nalin Patel and Dominick Mondesir will highlight their forecasts on the trends most likely to shape European PE and VC this year, including predictions that: - At least 15 merged SPACS will be taken private by sponsors.
- Global carveout deal value will hit a new high of €200 billion.
- European VC deal value will hit a record €175 billion.
- VC-backed public listings will decline in value and count from 2021's highs.
Register here to secure your spot | | | | | | | |
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| Advent weighs $1.5B sale, IPO of BioDuro-Sundia | | | Advent International is weighing the sale of healthcare company BioDuro-Sundia at a value of at least $1.5 billion, Bloomberg reported. Advent is also said to be considering an initial public offering for the San Diego-based company in the Chinese markets. | | | | | | | | Coinbase to pick up VC-backed crypto futures exchange FairX | | | | | | | | | | HR software company JustWorks, which has received backing from Spark Capital, FirstMark Capital, Union Square Ventures and other firms, has postponed its IPO, citing market volatility, according to reports. JustWorks had intended to sell 7 million shares priced between $29 and $32 apiece in its offering. At the midpoint of the range the company would have raised $213.5 million. | | | | | |
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| WCAS seeks $5B for new buyout fund | | | Welsh, Carson, Anderson & Stowe is targeting at least $5 billion for its new buyout fund, which will be devoted to investing in healthcare and technology companies, The Wall Street Journal reported. The fund will be the private equity firm's 14th buyout vehicle. | | | | | | | | Recognize Partners closes first growth fund at $1.3B | | | | | | | | | Incline secures $940M for pair of middle-market funds | | | Incline Equity Partners has raised $940 million across a pair of new funds, including $630 million for the firm's Incline Elevate Fund II and $310 million for its Incline Ascent Fund. Based in Pittsburgh, Incline targets middle-market companies in the manufacturing, distribution and business services sectors with enterprise values of up to $750 million. | | | | | |
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