| | | | | Tiger Global pounces on India's tech darlings | |  | | (Angelina Bambina/Getty Images) | | | Tiger Global has long shown an appetite for Indian startups, but the firm has become increasingly voracious in 2021. - Tiger Global has backed Infra.Market for the third time in less than 12 months. The $125 million Series D valued the construction materials marketplace at a reported $2.5 billion, up from a valuation of 11.5 billion rupees (about $155 million) last December, according to PitchBook data.
- Such double-dipping is clearly part of a strategy: At least seven other Indian companies have taken Tiger Global's money more than once in the past year, according to PitchBook data. These include edtech giant Unacademy, payment startup Cred and fantasy sports platform Dream11.
- The value of all Indian VC deals with Tiger Global's involvement has skyrocketed this year to $7.78 billion, up from $2.83 billion last year, according to PitchBook data. Since the beginning of 2010, about a quarter of the firm's VC deals have been in India.
| | | | | | | | | | VCs propel mobility industry toward a record-setting year | | Venture-backed mobility tech startups are on pace for a record-setting year after investors poured $23.1 billion into the sector during Q2 2021.
Our emerging tech report looks under the hood of the mobility industry. Key takeaways include: - Electric vehicle and mobility SPACs outperformed the S&P 500 for 12 months through the end of Q2, despite a decline in the first half of the year amid federal investigations into EV makers Nikola, Lordstown Motors and Canoo.
- Late-stage deals show signs of a collective euphoria as valuations boom. But seed- and early-stage valuations have remained consistent, signaling a potential opportunity for investors.
- As autonomous vehicles ditch drivers, a new opportunity is opening for teleoperation startups, whose tech can control vehicles remotely in special situations such as severe weather and construction zones.
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Get a quote today | | | | | | | | | | KKR brings in record fundraising haul as PE portfolio surges | |  | | (Ralf Hiemisch/Getty Images) | | | KKR has announced it raised $59 billion in new capital during the second quarter of 2021, continuing a buoyant year for private equity fundraising and marking the most money the firm has ever collected in a single quarter. - KKR brought in a combined $41 billion for its latest flagship private equity fund, a long-dated PE fund strategy and the firm's latest infrastructure vehicle, according to an earnings report released Tuesday.
- The firm's private equity portfolio grew 13% during the quarter, outpacing the S&P 500's roughly 8% gain and nearly matching the 13.8% gain from rival Blackstone's PE portfolio.
- KKR saw its total assets under management rise to $429 billion, a 93% climb year-over-year, and reported after-tax distributable earnings of $926 million in the quarter, up 153% YoY. The firm also posted $1.28 billion in net income, compared with $698.7 million in the same period a year earlier.
- KKR's earnings report follows a banner Q2 earnings season for private equity. Last week, The Carlyle Group reported $925 million in net income for the second quarter, a 534% increase from its Q2 2020 net income. In late July, Blackstone reported its total AUM surged to $684 billion during the second quarter, a 21% climb YoY.
| | | | | | | | | | Venture capital rewrites the record books | | If the second half of 2021 is anything like the first, there will be few notable records left in venture capital that weren't broken by this year's hypersonic pace of investing, fundraising and public listings.
The Q2 2021 PitchBook-NVCA Venture Monitor, sponsored by Silicon Valley Bank, now includes league tables ranking the industry's most active players. The report details how a virtuous cycle of investments and returns has turbocharged this rapidly changing asset class. - Venture-backed companies have attracted $150 billion in 2021, more than 90% of last year's record total. Mega-deals of $100 million or more have already hit a new high-water mark.
- Firm-level fundraising is also taking off, with investors closing vehicles worth a total of $74.1 billion, about 91.5% of 2020's record-breaking amount.
- IPOs and SPACs helped drive the exit value of venture-backed companies to $372.2 billion in the first half of 2021. That was 30% higher than 2020's all-time record.
- Nontraditional investors, in particular private equity firms and hedge funds, are making their presence felt more than ever. With them comes deal competition, capital galore and high expectations for growth.
| | | | | | | | | | Why Andreessen Horowitz's Marc Andreessen thinks society is in the middle of a technological transformation. [Bloomberg]
One night in spring 2020, someone set fire to a St. Paul, Minn. Goodwill. How that act led to an international search for the culprits and revealed a growing system of global surveillance. [The New York Times]
An interview with Andy Bird, CEO of London-based textbook publisher Pearson, on his evolving business, the future of school and why online learning is here to stay. [The Wall Street Journal] | | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 509 Deals | 1428 People | 369 Companies | 34 Funds | | | | | | | | | | | | | | | | | | | | 2014 Vintage North American Venture Funds | | | | | | | | | | | A message from SS&C Intralinks | | | | Alternatives are increasingly mainstream | | Private capital fundraising has rarely been stronger. Worldwide, capital overhang stands at well over $2.5 trillion as of the end of 2020. Flows of commitments are diversifying into the ever-widening span of strategies, as competition rises, especially into the scaling secondaries space. In the latest SS&C Intralinks report, both the broader alternatives space and the intriguing trends emerging in the secondaries space are examined in context. Key findings and datasets include: - Fundraising trends across size, strategy and region
- With record capital overhang, how secondaries firms are adapting to a costly market
- A look forward to the future of alternatives as competition continues to mount and strategies grow more diverse
Read it now | | | | | | | | | | | | NewView Capital hires Ben Fu as partner | | | | | | | | | Bessemer elevates pair to VP role | | | Bessemer Venture Partners has promoted Naama Schlamm and Hansae Catlett to vice president. Schlamm, who joined Bessemer in 2019, focuses on the firm's investment practice in Israel. Catlett, who has also been with the firm since 2019, is a former management consultant at The Bridgespan Group. He focuses on investments in sectors including SaaS, data infrastructure, machine learning and consumer technologies. | | | | | | | | Vista promotes David Breach to president | | | Vista Equity Partners has named David Breach as the tech investor's new president, replacing Brian Sheth, who stepped down late last year. As part of the move, Breach, who joined Vista in 2014, will continue to serve as the Austin-based firm's COO and on the executive committee, private equity management committee and the investment committees of the firm's private equity funds. | | | | | | | | | | | | Fintech startup Rapyd raises $300M | | | London-based Rapyd has raised $300 million in a round led by Target Global. The startup's technology lets companies accept and send payments without having to build their own infrastructure. The capital will be used to fund acquisitions in new markets and verticals. The deal comes a month after the company bought Icelandic payments provider Valitor for $100 million and launched its venture arm, Rapyd Ventures. Rapyd also secured a $300 million Series D in January. | | | | | | | | Chinese autonomous trucking startup secures $270M | | | | | | | | | Iterative Scopes brings in $30M | | | Iterative Scopes has raised a $30 million Series A led by Obvious Ventures. Based in the Boston area, the company is a developer of AI-based tools that help healthcare providers analyze endoscopy videos and images in order to detect and monitor colorectal cancers and inflammatory bowel disease. Iterative Scopes was spun out of MIT in 2017. | | | | | | | | | | | | | | | | | Apollo links up with Lumen for $7.5B | | | Affiliates of Apollo Global Management have agreed to acquire the incumbent local exchange carrier business of Lumen Technologies in 20 states for $7.5 billion, including roughly $1.4 billion in debt assumptions. As part of the deal, Apollo will acquire Lumen assets including local fiber and copper networks, and broadband and voice for consumer, enterprise and wholesale customers. | | | | | | | | PAI strikes $3.3B deal for PepsiCo juice brands | | | French private equity firm PAI Partners has agreed to acquire Tropicana, Naked Juice and other juice brands from PepsiCo for $3.3 billion, with The Wall Street Journal reporting the deal is valued at roughly $4.5 billion. As part of the transaction, PepsiCo will retain a 39% stake in the new company and US distribution rights. | | | | | | | | Carlyle to back Abrigo at $1B+ valuation | | | The Carlyle Group has agreed to invest in Abrigo, a provider of regulatory compliance software for the financial services industry, with Bloomberg reporting the deal values the company at more than $1 billion. Accel-KKR has backed Abrigo since 2015 and will retain a significant stake in the Austin-based business. Wayne Roberts will continue as CEO alongside the existing management team. | | | | | | | | New Mountain partners with Bounteous | | | New Mountain Capital has made a growth investment in Bounteous, a Chicago-based digital experience consultancy that works with brands. Bounteous CEO Keith Schwartz and co-founder Phil Hollyer will serve on the company's board of directors and the management team will remain in place. The new capital will be used in part to support new service offerings and acquire new talent. | | | | | | | | | | Marvell Technology to purchase Innovium for $1B+ | | | | | | | | | L Catterton to sell Sweaty Betty | | | L Catterton has agreed to sell Sweaty Betty, a provider of athletic and leisure apparel, to clothing and shoe brand Wolverine Worldwide for a reported $410 million. L Catterton has owned UK-based Sweaty Betty since 2015. | | | | | | | | Blockchain-based fintech startup Figure to be acquired by Homebridge | | | | | | | | | | | Moderne Ventures closes $200M sophomore fund | | | Early-stage venture capital firm Moderne Ventures has raised $200 million in commitments for its second fund. The Chicago-based firm plans to invest in technology in sectors including real estate, finance and insurance. Founded in 2015, the firm's portfolio includes insurtech startup LeaseLock and Kaiyo, which operates an online furniture marketplace. | | | | | | | | Former Airbnb employees launch $20M fund | | | | | | | | | | | | | | | | | | | Who's in the newsletter today? | | People | | | | Investors | | | | Companies | | | | Service Providers | | | | | | | | | |
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