This Week in Pre-IPO Stocks - Market Update - Mar 17, 2023 - E38

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Pre-IPO Stock Market Update - Mar 17, 2023 | Tiger Global marks down pre-IPO stocks, eToro cap raise, Checkout launches debit card issuing, Tyler's Corner (Revolut, Rippling, SpaceX)

00:34 | Tiger Global marked down one of its venture fund portfolio by 33%, or $23b
- SoftBank Group marks down 30% Vision Fund 2 ($48b)
- Preferred shares play an interesting role in this valuation process
Preferred shares have a liquidation preference, meaning that the preferred shareholder is guaranteed some level of return before other shareholders lower on the cap table are paid out.

02:12 | eToro secures $250M at a $3.5B valuation
- The company was to go public via a SPAC but called off the deal in Jul 2022
- Round was via Advanced Investment Agreement (AIA)
- 2.8m total 2022 funded accounts; up 17% from 2021 and 180% from 2022
- $631m total 2022 commissions; down 49% from 2021 and up 5% from 2020
- $5.8 billion in assets under administration across 100 countries

03:06 | Checkout.com launches virtual and physical card issuing
- The company has been testing Checkout.com Issuing for a while, and millions of cards have already been created with the new service
- Checkout.com customers now have an opportunity to earn interchange revenue
- $40b valuation at it last primary financing round in Jan 2022 but issues a 409A in Dec 2022 at $11b

04:32 | Tyler's Corner by Tyler Siconolfi
- Revolut partnered with Comic Relief to make it easier for Revolut customers to donate to those living in poverty. Comic Relief is a poverty focused charity in England.
- Rippling raised $500m in Series E financing in just 12 hours from Greenoaks, a long-time investor. The money was used to help Rippling’s customers pay employees that did not receive paychecks due to SVB failure.
- SpaceX CEO Elon Musk announced that they will perform their first orbital test flight of Starship in April and is waiting on FAA approval

05:42 | Large capital raises
- Stripe | $6.5b Series I, $56.5b valuation
- Rippling | $500m Series E, $11.8b valuation
- Adept | $350m Series B, $1.0b valuation
- Prizeout | $160m Series C, $760m valuation
- Paige | $20m Series D, $650m valuation

06:27 | Pre-IPO stock market performance
- Pre-IPO stocks were down 3.54% for the week vs the S&P 500 up by 1.36%. Not a great week
- YTD pre-IPO stocks still trail the S&P by about 8.5%
- OpenSea and Kraken are both up north of 20% … Stripe, Airtable, Epic Games, and Chime are all down over 20%
- No big winners this week. Kraken led the pack up 0.43%. Brex was down 17% for the week. Deel was down 14%. Revolut down 6%.

AG Dillon & Co venture capital funds...
- AG Dillon SpaceX Pre-IPO Stock Fund = www.agdillon.com/spacex
- AG Dillon Pre-IPO Equity Fund (top 15 pre-IPO stocks) = www.agdillon.com/top15

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