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| US VC fundraising hits record $69B+ in 2020 after a16z closes two mega-funds | |  | | (Richard Drury/Getty Images) | | | Andreessen Horowitz has helped the US VC industry set a new annual fundraising record—$69.1 billion year-to-date—after the firm closed two funds at a combined $4.5 billion.
Mega-funds of $1 billion or more are making up a growing share of the VC landscape, highlighting a disparity between established investors and those raising capital for the first time: | | | | | | | | | | VC funds and manager style: A case study | |  | | (Westend61/Getty Images) | | | Categorizing venture capital funds and general partners' various fund-management styles can be notoriously tricky business. That's especially true in an industry known for holding a wide-ranging mix of companies in its ever-changing portfolios.
But PitchBook's newly unveiled Private Manager Style research aims to equip LPs, entrepreneurs and others in the market with a clear framework for evaluating fund performance in this context.
In a new research note, our analysts explain in a case study how to apply this framework to classifying funds in the VC universe. The study highlights the subject by zooming in on four major venture firms: Khosla Ventures, Sequoia, JLABS (the venture and innovation arm of Johnson & Johnson) and 5AM Ventures: | | | | | | | | | | Wish jumps on crowded year-end IPO bandwagon | | Ecommerce startup Wish has filed for an initial public offering on the Nasdaq, becoming the latest Bay Area-based consumer company to target an increasingly crowded year-end IPO window.
Wish's revenue grew 32% year-over-year to $1.75 billion for the nine months ended Sept. 30. Its losses narrowed from $208 million in 2018 to $129 million in 2019. But those losses grew to $176 million in the first three quarters of 2020, up from $5 million during the same period last year.
Wish's leading outside shareholders include Formation8 Partners, DST Global, GGV Capital and Founders Fund. Wish was valued at $11.2 billion in August 2019.
The mobile-first retailer attracts over 100 million monthly active users and more than 500,000 merchants to its platform.
Related read: Airbnb, Roblox lead a Bay Area IPO blitz | | | | | | | | | | Healthcare stocks climb after two GTCR-backed IPOs | | A pair of healthcare companies backed by Chicago-based private equity firm GTCR went public on Friday after raising more than $1 billion in their respective IPOs, with both companies seeing their share prices rise by roughly 10% in their first day trading.
Maravai LifeSciences, a provider of reagents and services to researchers in the biotech space, raised $1.6 billion in its IPO by selling 60 million shares for $27 apiece, at the top end of a proposed $24 to $27 range. GTCR launched Maravai in 2014 with a $300 million investment. The company's stock jumped around 10.6% Friday, closing at $29.85 per share.
Sotera Health, meanwhile, raised nearly $1.1 billion in an IPO by selling 46.6 million shares for $23 apiece. The provider of sterilization and lab testing products for the healthcare industry has been backed by GTCR and Warburg Pincus since 2011, when the firms acquired Sotera from PPM America Capital Partners and Silverfleet Capital for $675 million. The company's stock jumped more than 9% Friday, closing at $25.10 per share. | | | | | | | | | | Rivian, Nikola and Fisker are just three of the many electric vehicle startups looking to mimic Tesla's explosive growth. Which of these startups are most likely to succeed? [The Wall Street Journal]
Digital security threats are everywhere in this modern age. For some, the device they most fear being hacked is the same one that's keeping them alive. [OneZero]
In the wake of the pandemic, the big business of Hollywood may never be the same. [Recode] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 93 Deals | 338 People | 89 Companies | 2 Funds | | | | | | |
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| 2008 Vintage Global Real Assets Funds | | | | | | |
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| OneWeb appoints post-bankruptcy leader | | | OneWeb has brought on Neil Masterson, formerly the COO of Thomson Reuters, as its new CEO to lead the satellite communications startup out of bankruptcy. As part of its emergence from bankruptcy, the London-based company has received a new $1 billion equity investment from the UK government and Bharti Global. OneWeb had raised well over $3 billion in backing from investors including Qualcomm, SoftBank and Virgin before filing for Chapter 11 bankruptcy protection in March. | | | | | |
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| Autonomous trucking startup hauls in $350M | | | TuSimple has raised around $350 million in a Series E that's expected to close sometime this month, with VectoIQ leading the round, according to Forbes. The company is a San Diego-based developer of autonomous driving technology for freight trucks that raised a reported $120 million in a September 2019 venture round. Truck builders Navistar and Traton, which agreed to merger terms last month, will both reportedly invest in the new round. | | | | | | | | Chainalysis set to become blockchain unicorn | | | Chainalysis, a provider of blockchain investigation and compliance services for banks, governments and other institutions, is on the verge of closing a $100 million round that will value the New York-based software startup at $1 billion, according to Forbes. Addition will reportedly lead the round, with existing backers Accel, Benchmark and Ribbit Capital also participating. | | | | | | | | Credit Key locks in $33M+ | | | Credit Key has raised $33.85 million from investors including Greycroft, Bonfire Ventures and Loeb.NYC, according to TechCrunch. The Los Angeles-based company is the developer of a fintech platform intended to offer credit and B2B payment options to ecommerce merchants. | | | | | | | | Observable launches with $10.5M Series A | | | Observable has raised $10.5 million in a round co-led by Sequoia and Acrew Capital. The San Francisco-based company is the developer of a data visualization platform that has been used by more than 4.7 million people. | | | | | |
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| CVC, Advent agree to $2B Serie A deal | | | CVC Capital Partners, Advent International and state-backed Italian investor FSI have agreed to pay €1.7 billion (about $2 billion) for a 10% stake in a new media rights unit being launched by Serie A, Italy's premier soccer league, according to reports. Serie A's board, which comprises 20 clubs, is said to have unanimously approved the framework for the deal, which hasn't yet closed. The agreement marks the end of a drawn-out process that included rival offers from Bain Capital, Cinven and other firms. | | | | | | | | LGP to take over ECI Software from Apax, Carlyle | | | | | | | | | Arcline buys Evans Capacitor | | | Arcline Investment Management has acquired Evans Capacitor, a Rhode Island-based provider of power-dense capacitors for the aerospace, defense and industrial sectors. Arcline plans to use the acquisition as the base for a new platform focused on specialty electronic components. | | | | | | | | Vesey Street backs QualityMetric | | | Vesey Street Capital Partners has completed a recapitalization of QualityMetric, a Rhode Island-based provider of healthcare survey products and services. Based in New York, Vesey Street typically makes controlling investments in middle-market companies that serve hospitals, physicians and others in the healthcare segment. | | | | | |
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| FireEye acquires Respond Software | | | | | | |
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| | | Ampersand Capital Partners has closed the Ampersand Continuation Fund and its related investment vehicles on $670 million. The fund will acquire three portfolio companies owned by other Ampersand funds. Founded in 1988, Ampersand specializes in growth-focused investments in the healthcare sector. | | | | | | | | Sound Ventures eyes $150M fund | | | Sound Ventures, a Los Angeles-based firm specializing in tech investments, has set a target of $150 million for its third namesake fund. Co-founded by Ashton Kutcher and Guy Oseary in 2015, the firm has backed cybersecurity startup SentinelOne and Acorns, the creator of an app that allows users to invest spare change into a portfolio. | | | | | |
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"While North America has continued to garner the majority of capital raised and close on the most funds in 2020, it is interesting to note that the continent represents about the same share of global capital raised as it does fund count. This indicates that mega-funds are not just a North American phenomenon."
Source: PitchBook's Q3 2020 Private Fund Strategies Report | | | | | |
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