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In today's Daily Pitch, you'll find: - SoftBank COO Marcelo Claure is reportedly preparing to step down from his role amid a string of high-profile resignations from VC firms.
- The latest PitchBook-NVCA Venture Monitor explores 2021's trifecta of major records for US VC.
- Blackstone now expects to hit $1 trillion in assets under management this year, well ahead of its original goal of reaching that target by 2026.
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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, now includes league tables ranking the industry's most active players. The report 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.
| | | | | | | | | | Marcelo Claure to leave SoftBank as the 'great resignation' keeps hitting VC | |  | Marcelo Claure plans to step down as COO of SoftBank.
(Andreas Rentz/Getty Images) | | | Marcelo Claure, SoftBank COO and the most important investor at the Japanese conglomerate behind CEO Masayoshi Son, is preparing to resign from his role, according to reports.
His impending departure comes amid a string of notable exits from SoftBank and other VC firms and an unprecedented level of competition for talent within the venture industry. | | | | | | | | | | Blackstone eyes $1T in AUM this year, ahead of its goal | |  | | (SOPA Images/Getty Images) | | | Blackstone tallied $1.4 billion in net income in the fourth quarter of 2021, nearly doubling its quarterly total from a year before.
The PE giant reported its assets under management swelled to nearly $881 billion in Q4, up 42% year-over-year. After originally setting a goal of reaching $1 trillion in AUM by 2026, Blackstone now believes it can hit that target this year, according to its earnings report Thursday.
The firm raked in $5.9 billion in net income for all of 2021. Its real estate business flourished in Q4, with investments climbing a total of 19.2%, while its private equity investments rose 4.8%. | | | | | | | | | | WeTransfer pulls IPO as tech stocks dip | |  | | (Courtesy of WeTransfer) | | | Dutch file transfer service WeTransfer has abandoned plans for an initial public offering in Amsterdam, citing volatile market conditions. - The company had intended to float Friday on the Euronext exchange, in an offering that could have valued WeTransfer at up to €716 million (about $798 million). Investors Highland Europe and HPE Growth also intended to sell an undisclosed number of shares.
- The STOXX Europe 600 Technology index is down nearly 14% from the start of the year. WeTransfer's decision to cancel the listing comes a week after it lowered its target proceeds by 20% to €125 million.
- Both the total value and quantity of European listings are predicted to decline in 2022, according to a PitchBook report. It's expected that investors, flush with cash from recent exits, will prioritize new investments over creating liquidity, while mature companies will seek out late-stage capital.
| | | | | | | | | | Last April, Amazon kicked tens of thousands of Chinese retailers off its site for faking customer reviews. Now those merchants have found a new home at Walmart. [Bloomberg]
The fact that pet ownership has never been more popular might be part of why PetSmart is eyeing a public debut. Did it wait too long? [Forbes]
One writer's take on why bitcoin isn't worthless, even if it's failing its original mandate. [The Information] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 565 Deals | 1509 People | 559 Companies | 38 Funds | | | | | | |
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| 2013 Vintage Global PE Funds | | | | | | |
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| Fireblocks lights up with $550M Series E | | | | | | | | | Domestika reaches unicorn valuation with $110M Series D | | | Domestika has closed a $110 million Series D led by Zeev Ventures that values the Berkeley, Calif.-based startup at $1.3 billion. Domestika provides creative courses on subjects such as graphic design, drawing and cookbook writing to more than 8 million people across 12 countries. | | | | | | | | Accel leads $100M round for CoinTracker | | | | | | | | | Biotech startup Septerna launches with $100M | | | Septerna has announced its launch and a $100 million Series A led by Third Rock Ventures. Based in the Bay Area, the company is hoping to treat a wide range of diseases through the development of small-molecule medicines that target G protein-coupled receptors. | | | | | | | | PortalOne snags $60M in Tiger Global-led round | | | | | | | | | Pet tech startup scoops up $40M | | | Pet care startup The Vets has snagged $40 million in seed funding co-led by Target Global, Pico Venture Partners and Bolt Ventures. The Vets provides at-home treatment for animals, including wellness exams, lab tests and vaccinations. The New York-based startup currently operates throughout nine cities, with plans to expand to 25 by the end of the year. | | | | | | | | | | | | |
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| Centurium-led group stakes Luckin Coffee | | | | | | | | | Broad Sky Partners lands Thomas Scientific | | | Broad Sky Partners has acquired Thomas Scientific, a New Jersey-based distributor and sourcing partner to the life sciences industry from The Carlyle Group. Founded in 1900, Thomas Scientific provides supplies, equipment and supply chain solutions to the scientific community. | | | | | | | | PSP Capital acquires Ntiva | | | PSP Capital has acquired Ntiva, a Virginia-based provider of managed IT, cloud and cybersecurity services, strategic consulting and more. | | | | | |
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| Brand Velocity SPAC cancels IPO plans | | | Brand Velocity Acquisition Corp., the blank-check company backed by PE firm Brand Velocity Partners, has canceled its plans for a public debut, Bloomberg reported. The SPAC, whose board of advisers included former NFL quarterback Eli Manning, filed last March to raise $200 million in an IPO. It planned to target branded consumer-facing businesses in North America. | | | | | |
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| KKR bid unsettled as Telecom Italia weighs network spinoff | | | Telecom Italia is exploring strategic options for its landline network that could include spinning out the asset into a new unit focused on wholesale services, Bloomberg reported. KKR's €10.8 billion (about $12 billion) bid for the whole of Telecom Italia, made late last year, is still pending. | | | | | |
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