Mobility startups cruise to new funding highs

Sequoia is serious about crypto this time; Silver Lake to back New Zealand rugby; Thrive Capital raises $3B across two funds; Synthego lands $200M
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The Daily Pitch: VC, PE and M&A
February 18, 2022
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In today's Daily Pitch, you'll find:
  • Our latest Mobility Tech Report explores trends that shaped this space in Q4 2021, including a market map and details on key VC deals.

  • Sequoia is going all-in on crypto with up to $600 million dedicated to liquid tokens, digital assets and more under its new evergreen structure.

  • Six charts from our latest European VC Valuations Report showcasing some of the key trends that influenced valuations in 2021.
Today's Top Stories
Autonomous driving, EV companies steer mobility tech funding to record highs
Venture investors are pouring billions of dollars into mobility tech startups that have benefited from increased demand for low-cost, environmentally friendly transportation solutions. Electric vehicle and other mobility tech startups raised $23.4 billion in VC funding in Q4 2021, up 81.9% year-over-year.

Our latest Mobility Tech Report examines the major trends that shaped this space in Q4. The report includes a market map and explores key deals.
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Sequoia is serious about crypto—for good this time
(ADLC/Getty Images)
Like much of the venture capital community, Sequoia's relationship with cryptocurrency startups has waxed and waned with the fortunes of the industry.

Now the venerable investor is going all-in with up to $600 million in dedicated funds for crypto projects, including tokens and other digital assets. The vehicle is one of three new funds launched under Sequoia's evergreen structure.

So where is Sequoia placing its crypto bets? Take a look.
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Partner Perspectives
An all-time high for life sciences' venture investment at $47 billion
Orrick
Multiple records set in 2020 across venture investment activity all fell last year as dealmaking soared to a frenzy. No less than $47 billion was invested across just over 2,000 completed transactions. The latest edition of Orrick's life sciences publication series is now available, summarizing key trends in dealmaking and providing insights into recent industry developments, with highlights including:
  • A roundtable discussing longevity, featuring executives from HCW Biologics, Inc., Oisin Biotechnologies, BioAtla, Boehringer Ingelheim and others.
  • Financing metrics on deal sizes and valuations.
  • Analysis of record-breaking exit activity and future liquidity potential.
Read it now
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Six charts showcasing Europe's bumper year for VC valuations
(twomeows/Getty Images)
Valuations for European and Israeli startups hit record highs in 2021, the result of a convergence of factors including competition for deals, growing round sizes and increased participation from nontraditional investors.

Here's a look at six charts from our latest European VC Valuations report showcasing some of the key trends that shaped valuations last year.
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Silver Lake to back New Zealand rugby
(Brendan Moran/Getty images)
Silver Lake has added another high-profile sports investment to its portfolio by agreeing to buy a share in the company behind New Zealand's All Blacks rugby team.

Under the terms of the agreement, Silver Lake will pay NZ$200 million (around $134 million) for a stake of up to 8.58% in a new entity—NZR CommercialCo—which will hold all the revenue-generating activities of New Zealand Rugby, which includes the All Blacks brand.

The deal, which values the new company at NZ$3.5 billion, has approval from the New Zealand Rugby Players Association. In addition to Silver Lake's stake, a co-investment of up to NZ$100 million will be offered to New Zealand-based institutional investors later this year.

Silver Lake has invested in Manchester City Football Club owner City Football Group and backs the Ultimate Fighting Championship, but this is the firm's first foray into rugby. CVC Capital Partners, another prolific sports investor, was also reportedly eyeing a stake in the asset. CVC backed Six Nations Rugby last year.
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Recommended Reads
Why activist investor and Third Point CEO Daniel Loeb thinks the market is failing to recognize Amazon's full potential. [The Wall Street Journal]

Millions of employees leaving their jobs has inspired a new wave of organizing among the workers that remain—and a brutal pushback. [The New York Times]

"Zero-click" hacks, which exploit operating system flaws rather than malicious links or attachments, are growing in popularity, and not just among hackers. [Bloomberg]
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Quick Takes
  The Daily Benchmark  
  2019 Vintage Global Funds-of-Funds  
  VC Deals  
  J&T Express picks up $2B  
  Synthego lands $200M  
  Voltron Data launches with $110M  
  Instrumental brings in $50M Series C  
  Classiq secures $33M  
  PE Deals  
  CDPQ, Georgian to buy stake in ESentire  
  SFW backs RDI Technologies  
  Core Industrial's CGI scores Haven  
  Fundraising  
  Thrive Capital raises $3B across two funds  
  Vestigo Ventures closes $117M+ fund  
 
 
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The Daily Benchmark
2019 Vintage Global Funds-of-Funds
Median IRR
37.36%
Top Quartile IRR
48.14%
1.33x
Median TVPI
Select top performers
Adams Street 2019 Global Fund
BMO First Canadian Capital Partners
HarbourVest Partners XI-Venture
*IRR: net of fees
30 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
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VC Deals
J&T Express picks up $2B
J&T Express has raised $2 billion from investors including Temasek, Hillhouse Capital, Boyu Capital and Sequoia China, Bloomberg reported. Founded in 2015 and based in Jakarta, the company offers logistics and shipping services across Southeast Asia.
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Synthego lands $200M
Synthego has raised $200 million in a round led by Perceptive Advisors. The company is the developer of a genome engineering platform to help discover new therapies. Synthego was valued at $450 million in 2020, according to PitchBook data.
Select Additional Investors:
GigaFund, Laurion Capital Management, Logos Capital, Moore Strategic Ventures, RA Capital Management, SoftBank, Chimera Capital
View round
 
View 30 competitors »
 
Voltron Data launches with $110M
Voltron Data has raised a $88 million Series A led by Walden Catalyst in addition to $22 million in seed financing. Based in the Bay Area, the company is a provider of open-source data analytics software. Investors including BlackRock, Anthos Capital, GV and Lightspeed also participated in the funding.
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Instrumental brings in $50M Series C
Instrumental has raised $50 million in a round led by BAM Elevate, with support from Canaan, Root Ventures and Eclipse Ventures. Based in Palo Alto, the company is a developer manufacturing optimization software. Instrumental was valued at $95 million in 2020, according to PitchBook data.
View round
 
View 49 competitors »
 
Classiq secures $33M
Classiq has raised a $33 million Series B from investors including Hewlett Packard Pathfinder, Spike Ventures and Samsung NEXT. The Tel Aviv-based company offers quantum algorithm design software.
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PE Deals
CDPQ, Georgian to buy stake in ESentire
Canadian venture capital firm Georgian and Caisse de dépôt et placement du Québec have agreed to buy a 50% stake in cybersecurity company ESentire, Bloomberg reported. The deal values Warburg Pincus-backed ESentire at $1.2 billion.
View deal
 
View 50 competitors »
 
SFW backs RDI Technologies
SFW Capital Partners has invested in RDI Technologies, a provider of computer vision-based analytical solutions. The company serves a variety of industries including the aerospace and defense, power generation and industrial manufacturing sectors.
View deal
 
View similar company »
 
Core Industrial's CGI scores Haven
CGI Automated Manufacturing, a sheet metal specialist backed by Core Industrial Partners, has acquired Haven Manufacturing. Founded in 1966, Haven manufactures specialized parts for medical equipment.
View details
 
View similar company »
 
Fundraising
Thrive Capital raises $3B across two funds
New York-based Thrive Capital has raised $2.5 billion to back late-stage companies, in addition to a $500 million early-stage vehicle, The Wall Street Journal reported. The tech-focused firm's portfolio includes fintech companies Plaid and Carta.
View fund
 
View 166 investments »
 
Vestigo Ventures closes $117M+ fund
Vestigo Ventures has raised $117.3 million for its sophomore fund. Based in the Boston area, the VC firm plans to invest the new capital in fintech companies.
View fund
 
View 25 investments »
 
Chart of the Day
Source: PitchBook's 2021 Annual European VC Valuations Report
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