Tiger Global is raising a new $3.75 billion venture fund, one year after closing its last

According to a recent letter sent to its investors, Tiger Global Management, the New York-based investing powerhouse, is raising a new $ 3.75 billion venture fund called Tiger Private Investment Partners XIV that it expects to close in March.

The fund is Tiger Global’s 13th venture fund, despite its title — the partners might be superstitious — and it comes hot on the heels of the firm’s 12th venture fund, closed exactly a year ago, also with $ 3.75 billion in capital commitments.

A spokesperson for the firm declined to comment on the letter or Tiger Global’s broader fundraising strategy when reached this morning.

It’s a lot of capital to target, even amid a sea of enormous new venture vehicles. New Enterprise Associates closed its newest fund with $ 3.6 billion last year. Lightspeed Venture Partners soon after announced $ 4 billion across three funds. Andreessen Horowitz, the youngest of the three firms, announced in November it had closed a pair of funds totaling $ 4.5 billion.

At the same time, Tiger Global has seemingly has a strong case to potential limited partners. Last year alone, numerous of its portfolio companies either went public or was acquired.

Yatsen Holding, the nearly five-year-old parent company of China-based cosmetics giant Perfect Diary, went public in November and is now valued at $ 14 billion. (Tiger Global’s ownership stake didn’t merit a mention on the company’s regulatory filing.)

Tiger Global also quietly invested in the cloud-based data warehousing outfit Snowflake and, while again, it didn’t have a big enough stake to be included in the company’s S-1, even a tiny ownership percentage would be valuable, given that Snowflake is now valued at $ 85 billion.

And Tiger Global backed Root insurance, a nearly six-year-old, Columbus, Oh.-based insurance company that went public in November and currently boasts a market cap of $ 5.3 billion. Tiger owned 10.3% sailing into the offering.

As for M&A, Tiger Global saw at least three of its companies swallowed by bigger tech companies during 2020, including Postmates’s all-stock sale to Uber for $ 2.65 billion; Credit Karma’s $ 7 billion sale in cash and stock to Intuit; and the sale of Kustomer, which focused on customer service platforms and chatbots, for $ 1 billion to Facebook.

Tiger Global, whose roots are in hedge fund management, launched its private equity business in 2003, spearheaded by Chase Coleman, who’d previously worked for hedge-fund pioneer Julian Robertson at Tiger Management; Scott Shleifer, who joined the firm in 2002 after spending three years with the Blackstone Group; and, soon after, Lee Fixel, who joined the firm in 2006.

Shleifer focused on China; Fixel focused on India, and the rest of the firm’s support team (it now has 22 investing professionals on staff) helped find deals in Brazil and Russia  before beginning to focus more aggressively on opportunities in the U.S.

Every investing decision was eventually made by each of the three. Fixel left in 2019 to launch his own investment firm, Addition. Now Shleifer and Coleman are the firm’s sole decision-makers.

Whether the firm replaces Fixel is an open question. Tiger Global is known for grooming investors within its operations rather than hiring outsiders, so a new top lieutenant would almost surely come from its current team.

In the meantime, the firm’s private equity arm — which has written everything from Series A checks (Warby Parker) to checks in the multiple hundreds of millions of dollars — is currently managing assets of $ 30 million, compared with the $ 49 billion that Tiger Global is managing more broadly.

A year ago, Tiger Global, which employs 100 people altogether, was reportedly managing $ 36.2 billion in assets.

According to the outfit’s investor letter, the firm’s gross internal rate of return across its 12 previous funds is 32%, while its net IRR is 24%.

Tiger Global’s investors include a mix of sovereign wealth funds, foundations, endowments, pensions, and its own employees, who are collectively believed to be the firm’s biggest investors at this point.

Some of Tiger Global’s biggest wins to date have include a $ 200 million bet on the e-commerce giant JD.com that produced a $ 5 billion for the firm. According to the WSJ, it also cleared more than $ 1 billion on the Chinese online-services platform Meituan Dianping, which went public in 2018.

Tiger Global also reportedly reaped $ 3 billion from majority sale of India’s Flipkart to Walmart in 2018,  though the Indian government has more recently been trying to recover $ 1.9 billion from the firm, claiming it has outstanding tax dues on the sale of its share in the company.

Not last, Tiger Global owned nearly 20% of the connected fitness company Peloton at the time of its 2019 IPO (a deal that Fixel reportedly brought to the table, along with Flipkart).

Peloton, valued by private investors at $ 4 billion before doubling immediately in value as a publicly traded company, now boasts a market cap of $ 48.6 billion.

Tiger Global has invested its current fund in roughly 50 companies over the last 12 months. Among its newest bets is Blend, an eight-year-old, San Francisco-based digital lending platform that yesterday announced $ 300 million in Series G funding, including from Coatue, at a post-money valuation of $ 3.3 billion.

It also led the newly announced $ 450 million Series C round for Checkout.com, an eight-year-old, London-based online payments platform that is now valued at $ 15 billion. And it wrote a follow-on check to Cockroach Labs, the nearly six-year-old, New York-based distributed SQL database that just raised $ 160 million in Series E funding at a $ 2 billion valuation, just eight months after raising an $ 86.6 million Series D round.

Another of its newest, biggest bets centers on the online education platform Zuowebang, in China. Back in June, Tiger Global co-led a $ 750 million Series E round in the company.

Last month, it was back again, co-leading a $ 1.6 billion round in the distance-learning company.

Pictured: Scott Shleifer, managing director of Tiger Global Management LLC, right, speaks with an attendee during the UJA-Federation of New York Wall Street Dinner in New York, on Wednesday, Dec. 14, 2011. 

Startups – TechCrunch

E-commerce fulfillment platform Shippit raises $22.2 million led by Tiger Global

Shippit, a Sydney, Australia-based e-commerce logistics platform, will expand in Southeast Asia after closing a $ 30 million AUD (about $ 22.2 million USD) Series B led by Tiger Global, with participation from Jason Lenga. Founded in 2014, Shippit’s technology automates tasks related to order fulfillment, including finding the best carrier for an order, tracking packages and handling returns.

The company’s Series B, which brings its total raised since 2017 to $ 41 million AUD, will be used to expand in Southeast Asia and double its total team by hiring 100 new people, including 50 software developers.

Shippit says it currently handles five million deliveries a month in Australia from thousands of retailers, including Sephora, Target, Big W and Temple & Webster. The company launched in Singapore in May, followed by Malaysia in August.

“Southeast Asia is predicted to be the world’s largest e-commerce market in the next five years, and the addressable market for us in Southeast Asia alone is already five times the size of Australia and twice the size of the U.S.,” co-founder and co-chief executive officer William On told TechCrunch.

Shippit is considering expansion into the Philippines and Indonesia, too, and expects its Southeast Asian business to grow 100% year-over-year for the next three years at minimum.

Shippit’s Australian operations have also seen a threefold incraese in delivery volumes over the past twelve months, On added.

The increase in online sales combined with instability in the supply and logistics chain during COVID-19 has highlighted the importance of software like Shippit. E-commerce in the Asia-Pacific was already growing quickly before the pandemic hit, with Forrester forecasting online retail sales in the region to grow from $ 1.5 trillion in 2019 to $ 2.5 trillion in 2024, at a compound annual growth rate of 11.3%.

Other startups in the same space include ShipStation, EasyShip and Shippo. Shippit’s competitive strategy is to make online fulfillment as simple as possible for merchants, On said, with features like allowing the integration of online shopping carts with its allocation engine, which automatically picks the best carrier option for an order.

Startups – TechCrunch

Tiger Global invests in India’s Unacademy at $2 billion valuation

Unacademy, an online learning platform in India, has added two more marquee investors to its cap table. The Bangalore-based startup, which focuses on K-12 online education, said on Wednesday it has raised new funds from Tiger Global Management and Dragoneer Investment Group.

The funding round, which is between $ 75 million to $ 100 million in size (according to a person familiar with the matter; Unacademy has not disclosed the figure), valued the four-and-a-half-year-old startup at $ 2 billion, up from about $ 500 million in February this year when Facebook joined its list of backers, and $ 1.45 billion in September, when SoftBank led the round.

“Our mission from Day One has been to democratise education and make it more affordable and accessible. We have consistently built the most iconic products that deliver high quality education to everyone. Today, I’m delighted to welcome Tiger Global and Dragoneer as our partners in the journey. They are both marquee global investors with a history of partnering with innovative companies that are making an impact on people’s lives,” said Gaurav Munjal, co-founder and chief executive of Unacademy, in a statement.

Unacademy helps students prepare for competitive exams to get into college, as well as those who are pursuing graduate-level courses. On its app, students watch live classes from educators and later engage in sessions to review topics in more detail. In recent months, the startup has held several online interviews of high-profile individuals, such as Indian politician Shashi Tharoor, on a range of topics, which has expanded its appeal beyond its student base.

The platform has amassed over 47,000 educators, who teach students in 5,000 cities in India in more than 14 languages. Over 150,000 live classes are conducted on the platform each month and the collective watch time across platforms is more than 2 billion minutes per month, the startup said.

“The opportunity to improve lives through online education is enormous because of its sheer accessibility. The Unacademy team has innovated rapidly to build a leading platform that is taking education to the farthest corners of India. We are very excited to partner with Unacademy and look forward to seeing it scale further,” said Scott Shleifer, partner at Tiger Global, in a statement.

Spend on education in India is among the highest globally (Source: A report from analysts at Goldman Sachs to clients earlier this year)

Scores of education startups in India have reported skyrocketing growth in recent months as schools remain shut across the country amid the coronavirus pandemic. Even as most Indians tend not to pay for online services — just ask Google and Facebook, both of which count India as their biggest market by users but make little in the country — the education category is an outlier. Indian families continue to spend heavily on their children’s education in hopes of paving the way for a better future.

Startups – TechCrunch

Unacademy valuation soars to $2 billion as the edtech startup raises more funds from Tiger Global and Dragonee – Business Insider India

Unacademy valuation soars to $ 2 billion as the edtech startup raises more funds from Tiger Global and Dragonee  Business Insider India
“startups when:1d” – Google News

‘Got a tiger by the tail:’ How Elevate Growth Partners plans to transform commercial real estate – Austin Business Journal

‘Got a tiger by the tail:’ How Elevate Growth Partners plans to transform commercial real estate  Austin Business Journal
“startups when:1d” – Google News

Hedge Fund and Insider Trading News: Tiger Global Management, Brevan Howard Asset Management, Sequoia Capital, Starboard Value, Chewy Inc (CHWY), Western Areas Ltd (WNARF), and More – Insider Monkey

Hedge Fund and Insider Trading News: Tiger Global Management, Brevan Howard Asset Management, Sequoia Capital, Starboard Value, Chewy Inc (CHWY), Western Areas Ltd (WNARF), and More  Insider Monkey
“sweden startups when:7d” – Google News