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| Hey Insiders, Today's newsletter covers: - Advanced MedTech's upcoming listing in Singapore
- Klaviyo's $8.4B valuation target at IPO
- Vertex Ventures' $541M fifth fund
We interviewed Tim Guleri, the managing partner of Sierra Ventures, which closed a $265M fund today. Watch out this space on Friday for excerpts from the full interview. If you find this newsletter useful, please share it with your friends and colleagues. Thank you. Karan
p/karan-chafekar | |
| 1 | | Medical device maker Advanced MedTech Holdings has opted to pursue an IPO in Singapore rather than the U.S., sources informed Bloomberg. The firm has roped in Goldman Sachs, Morgan Stanley, and Oversea-Chinese Banking Corp. to assist with the listing. Advanced MedTech expects to raise between $200M and $300M from the listing. More: - The firm is planning to list by the end of this year and is targeting a valuation of about $1B, per sources close to the matter.
- Advanced MedTech was considering a listing in the U.S. after talks of a potential sale initiated by Singapore's state-owned investment firm Temasek stalled.
Zoom out: - Singapore's IPO market has seen listings worth only $18.6M so far this year, putting it on track to have the worst showing since 2011.
- The IPOs this year have been a fraction of the $348M worth of transactions seen at the same time last year.
Q: What are the primary advantages for companies that list their stocks in foreign nations? Join the conversation here. |     | |
| 2 | | Marketing firm Klaviyo is eyeing a $8.4B valuation at its upcoming IPO listing in the U.S. What the numbers say: The firm is offering 19.2 million shares, priced between $25 and $27 apiece. At the upper end of the spectrum, the email marketing automation platform maker could stand to make $518.4M through the listing transaction. The company is on track to list on the NYSE, bearing the ticker name "KYVO." Relevance: BlackRock and affiliates of AllianceBernstein have shown interest in buying shares worth up to $100M. Canadian e-commerce giant Shopify, Accomplice, and Summit Partners have previously invested in the firm. Co-founder and CEO Andrew Bialecki holds a 38% stake in the firm. 
Where to see the impact: Klaviyo's proposed valuation is less than its $9.15B pre-money valuation from its last funding round in 2021. The firm raked in $164.6M in revenue in three months ending June 30, demonstrating a 51% growth. Sacra estimates that the firm hit $580M in annual recurring revenue in 2022, up 55% from 2021's values of $375M. | | | |
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| 3 | | Vertex Ventures Southeast Asia and India secured $541M in capital commitments towards its fifth fund, making it the largest fund in the firm's history. $50M capital from the fund is earmarked for investing in women-led startups. More: - The fund was backed by new investors Japan Investment Corp. and International Finance Corp. and joined by existing backer Cathay Life Insurance Co.
- Vertex Holdings, the wholly owned entity of Singapore's state investment firm Temasek, is the anchor investor in the fund.
- The fifth fund will invest in consumer internet, enterprise, and financial technology startups.
- Individual checks will range from $2M to $8M.
Zoom out: - Vertex Ventures Southeast Asia and India has nearly $1.5B worth of assets under management.
- Notable portfolio startups include Grab Holdings, Nium Pte, and Patsnap.
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| 4 | | Sierra Ventures secured capital commitments worth $265M for its 13th fund, surpassing the initial target of $250M. The firm will back startups across enterprise tech, AI, cybersecurity, and healthcare sectors. More: - The firm typically invests in North American B2B companies at seed and Series A stages.
- Sierra Ventures' operating partner Jim Doehrman told Venture Capital Journal that "70% of the LPs from prior funds invested in Fund 13, and we added 15 new institutional investors."
- The United Microelectronics Corporation of Taiwan, Fondo de Fondos, Renaissance Venture Capital, and the New Mexico State Investment Council back the new fund.
- Notable startups in its portfolio include clinical trial software maker Reify Health and talent management platform Phenom.
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| 5 | | Xuan Jiang, the former CTO and director of Run The World (RTW), filed a counter lawsuit in late August against the event management software startup, founder Xiaoyin Qu, and investor Andreessen Horowitz, alleging discrimination. She claims that she was "coerced" to resign due to medical issues affecting her ability to work. More: - Additionally, Jiang included EventMob in the lawsuit.
- EventMob had acquired RTW's assets shortly after Jiang's departure.
- RTW had previously sued Jiang two months after she left, accusing her of computer fraud, breach of contract, and breach of fiduciary duty, asserting that she attempted to "sabotage" the company and caused internal domain issues resulting in service outages.
Zoom out: - RTW had raised $12M from investors and had reached a peak valuation of $60M.
- Notable VCs that backed the firm include A16z, Founders Fund, Caffeinated Capital, Dreamers VC, GGV Capital, Green Bay Ventures, and Pear VC.
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| 6 | | Today's Funding: AI - AI data center chip maker Enfabrica secured $125M in Series B funding led by Atreides Management, with additional support from IAG Capital Partners, Liberty Global Ventures, Valor Equity Partners, Infinitum Partners, and Alumni Ventures.
Biotech - Rome Therapeutics, a biotech startup making novel therapies for autoimmune diseases, cancer, and neurodegeneration, extended its Series B funding round with an additional $72M financing. Other participants in the funding round include Andreessen Horowitz, GV, Sanofi Ventures, Mirae Asset Capital, Bristol Myers Squibb, and Johnson & Johnson Innovation.
Energy storage - Prime Movers Lab led a $200M Series B funding round into lithium-sulfur EV battery and composites maker Lyten. Stellantis, FedEx Corporation, Honeywell, and Walbridge Aldinger Company participated in the funding round.
- Advanced precision medicine maker Actio Biosciences closed its Series A funding round at $55M. Canaan and DROIA Ventures led the fundraiser with participation from Deerfield Management, EcoR1, and Euclidean Capital.
Logistics - Vertical SaaS logistics platform Kale Logistics Solutions raised $30M in Series B funding. Creaegis Advisors led the round.
Retail - Reliance Retail, the Indian retail chain led by Indian billionaire Mukesh Ambani, bagged $250M in fresh funding from KKR at a $100B valuation. Last month, the firm raised $1B from Qatar Investment Authority.
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- Abu Dhabi's sovereign wealth fund Mubadala Investment Co. inked a strategic partnership to invest $1B in private credit firm Blue Own Capital's credit platform.
- Early-stage VC firm Unicorn Factory Ventures is planning to raise a $50M fund to back Web3 infrastructure, tools, applications, and protocol startups.
- Janet Bannister's VC firm, Staircase Ventures, raised a $34M fund, exceeding the initial target of $30M. The fund was backed by Northleaf Capital, Vancouver City Savings Credit Union, Intact Financial Corp., Royal Bank of Canada, and others.
- SoftBank-backed biopharmaceutical firm Neumora Therapeutics is looking to raise $264.8M at a valuation of up to $2.74B from its IPO listing in the U.S. The firm has priced its shares between $16 to $18 apiece.
- Indian finance minister Nirmala Sitharaman said that the nation is exploring options to allow local firms to list on foreign exchanges.
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INSIDE VENTURE CAPITAL LEADERBOARD (7 DAYS) |
 | Analyst | | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot. | | This newsletter was edited by Aaron Crutchfield | |
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 | Amplitude customers saw 217% ROI in The Total Economic Impact™ of Amplitude. | |
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