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In today's Daily Pitch, you'll find: - VC deal value in the US topped $300 billion for the first time last year, according to an early look at the data from our upcoming Venture Monitor.
- Five charts break down trends in the US PE middle market through the third quarter of 2021.
- Business collaboration platform Miro has landed a $17.5 billion valuation with its latest funding round.
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| US VC tops $329B in 2021, nearly doubling previous record | | US venture capital activity skyrocketed in 2021, rewriting the record books in nearly every category. The final figures are in, with $329.8 billion in capital invested and more than $177 billion in exits.
For the first time, we're releasing an early look at the eye-popping data from our upcoming PitchBook-NVCA Venture Monitor, including high-level numbers on last year's dealmaking, exits, fundraising, valuations and more.
The full report, sponsored by Insperity, will be released next week. | | | | | | | | | | US PE middle-market trends in five charts | |  | | (twomeows/Getty Images) | | | In the third quarter of 2021, middle-market US private equity firms continued their feverish pace set through the first half of the year.
Driven by firms hoping to capitalize on booming economic growth and low interest rates before the so-called macroeconomic tide turns, the first three quarters of the year totaled more than that of the previous record year in both deal count and value.
Here are five key charts looking back on middle-market PE activity in Q3 2021. | | | | | | | | | | Business collaboration company Miro chalks up $17.5B valuation | |  | | (Westend61/Getty Images) | | | With a hybrid or fully remote work environment likely here to stay for the foreseeable future, investor interest in companies that develop digital collaboration tools is growing stronger than ever.
A number of business collaboration startups achieved multibillion-dollar valuations during 2021. Notable examples include Benchling, a platform helping scientists collaborate on biotech R&D that raised a $100 million round at a valuation of $6.1 billion in November. Another is Notion, a note-taking and project management tool whose valuation jumped to $10 billion in October, according to PitchBook data.
But investors seem especially bullish on Miro, the developer of an online whiteboard and visual collaboration platform, which just fetched a $400 million Series C at a valuation of $17.5 billion.
The round catapulted Miro to the 10th most valuable VC-backed company in the US, right behind neobank Chime, according to PitchBook data.
Headquartered in San Francisco and Amsterdam, Miro said that its user base grew by 500% from 5 million to 30 million since it closed a $50 million Series B led by Iconiq Capital in 2020. Backers of the latest round include institutional and angel investors such as Iconiq Capital, Accel, Salesforce Ventures and Snowflake CEO Frank Slootman. | | | | | | | | | | Following Elizabeth Holmes' conviction, many VCs are attempting to distance themselves from Theranos. But some maintain that the verdict will have little effect on funding for other startups. [The Wall Street Journal]
Inside Bill Ackman's banner year. [Institutional Investor]
Self-driving tractors have the potential to help farmers save money by automating work. They're also spurring a debate about the role of human workers and data collection. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 470 Deals | 1510 People | 484 Companies | 17 Funds | | | | | | |
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| 2016 Vintage Global Buyout Funds | | | | | | |
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| Foodtech startup Remilk brings in $120M Series B | | | Remilk has raised $120 million at a $325 million valuation in a round led by Hanaco Ventures, according to reports. The Israeli company is a developer of fermentation technology that's designed to create alternate dairy products. | | | | | | | | Korro Bio secures $116M Series B | | | Korro Bio has raised $116 million in a round led by Eventide Asset Management. Based in the Boston area, the company is a developer of RNA therapeutics for patients with rare genetic diseases. | | | | | | | | | | | | | | | Cybersecurity startup Xage lands $30M | | | Xage has raised a $30 million Series B led by Piva. The Palo Alto-based company is the creator of a zero-trust security platform that's used across a variety of sectors including energy, transportation, manufacturing and utilities. Xage has now raised more than $50 million in total private funding. | | | | | | | | Livepeer locks down $20M for Series B1 | | | New York-based Livepeer has raised $20 million from investors including Tiger Global and billionaire hedge fund manager Alan Howard. Existing backers also supported the round. The company is the developer of a decentralized video streaming network that's built on the ethereum blockchain. Founded in 2017, Livepeer raised $20 million at a $100 million valuation in July, according to PitchBook data. | | | | | |
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| TPG funnels $360M into Fractal | | | Fractal, a provider of AI, analytics, engineering and design services to Fortune 500 companies, has received a $360 million investment from TPG Capital Asia, the Asia-focused PE platform of TPG. The deal, which reportedly gives the company a unicorn valuation, includes a primary investment and a secondary share purchase from funds advised by Apax Partners, which will remain a shareholder. Based in New York, Fractal employs more than 3,500 people across locations such as the UK, India, Singapore and Australia. | | | | | | | | PE-backed ChargePoint Technology acquires Terracon | | | Arcline Investment Management-backed ChargePoint Technology has acquired Terracon, a manufacturer of single-use products and accessories used in the biopharma and life sciences markets to mix, transfer and store fluids. Founded in 1976, Terracon provides products to thousands of facilities globally. Arcline has backed ChargePoint since March 2021. | | | | | | | | Trilantic, Investcorp support Clark Pavement Markings add-on | | | | | | | | | Vista Equity backs BlueConic | | | | | | | | | | | | | |
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| Aethon eyes $6B sale of Louisiana assets | | | Aethon Energy Management is exploring a sale of its Haynesville shale assets in Louisiana that could value the acreage at around $6 billion including debt, Reuters reported. The oil- and gas-focused firm also owns a portion of the Haynesville shale formation in East Texas that will not be part of the deal. | | | | | | | | | | | | |
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| IBM to take another shot at Watson Health sale | | | IBM has resurrected the sale process of its Watson Health business, with a target price of at least $1 billion, Axios reported. IBM first explored a sale in early 2021. Several private equity firms are said to be among the potential buyers, with IBM hoping to select a winning bid by the end of January. | | | | | |
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