$21 billion hedge fund D1 Capital has been on a private investing spree. Here are 24 companies it's backed in 2021 from unicorns like Squarespace to corporate card startup Ramp.

Hedge fund D1 Capital Partners, run by billionaire Dan Sundheim, is continuing to ramp up its private market bets — having invested in at least 24 private companies in 2021 so far. 

The $21 billion hedge fund has been making private investments in startups since its launch in 2018. Popular among fellow Tiger Cub firms Tiger Global and Coatue Management, private investing continues to take the hedge fund world by storm this year. 

As companies choose to stay private for longer periods of time and the number of public companies in the market has declined, hedge funds are turning to startups as a source of differentiated returns. They have won deals against traditional venture firms by offering startups lucrative 50% to 100% premiums, according to private markets data provider Pitchbook. 

D1, like many other hedge funds, made headlines in January for its losses in the public markets when popular short bets like Gamestop and AMC were pummeled by a mob of day traders. However, D1 was relatively insulated from this downside because, as Insider reported in October 2020, almost one-third of its capital is invested in private market bets, some of which have produced substantial profits.

One of its initial investments, a $160 million bet on cold-storage firm Lineage Logistics, appreciated over 150% during the pandemic. The fund has also invested in widely recognized names such as popular trading app Robinhood, Elon Musk's rocket company SpaceX, and salad unicorn Sweetgreen.

D1 powered full speed ahead in 2021 and we outlined each of the hedge fund's publically-announced investments below by sector with data provided by Pitchbook. Its investments this year so far have coalesced around logistics, enterprise software, e-commerce, consumer tech, healthcare, and fintech.

A spokesperson for D1 declined to comment on the firm's strategy or sectors of interest.

Logistics

Lalamove

Lalamove, a Hong Kong-based on-demand and same-day delivery trucking company, raised a $1.5 billion Series F on January 20 led by existing shareholders such as Sequoia Capital China and Hillhouse Capital. The Series F, raised less than a month after its $515 million Series E, valued the firm at $10 billion. D1 was a new investor in the Series F round, joined by Boyu Capital, Tiger Fund, and others. 

Lineage Logistics 

Michigan-based cold-storage REIT Lineage Logistics raised $1.9 billion in new equity on March 11 from new and existing investors including D1, Oxford Properties, and Morgan Stanley Investment Management's Tactical Value Investing unit. The capital raise follows the company's January acquisition of Cryo-Trans, an owner of refrigerated railcars. 

Enterprise software

Lacework

Lacework, a security and compliance SaaS platform based in San Jose, CA, closed a $525 million Series D growth round on January 7. The round, led by Sutter Hill and Altimeter, featured participation from D1, Coatue, Dragoneer, Tiger Global and others, valuing the company as a unicorn at $1 billion.

Latch

Latch, an enterprise software-as-a-service (SaaS) provider for buildings that is known for manufacturing smart locks, raised a $190 million PIPE on January 26 in conjunction with its announcement that it would merge with TS Innovation Acquisitions Corp., a Tishman Speyer-sponsored SPAC. D1 invested in the PIPE alongside BlackRock, Durable Capital, and SPAC enthusiast Chamath Palihapitiya.

Drivenets 

D1 led the Israeli Infrastructure-as-a-Service vendor's $208 million Series B on January 27. Drivenets, which provides network software, was valued at over $1 billion with the new round. New investors D1 and Atreides Management joined existing investors Bessemer Venture Partners and Pitango in the round.

CCC Information Services

CCC Information Services, a SaaS provider for property & casualty (P&C) insurance, raised a $150 million PIPE on February 3 for its SPAC merger with Dragoneer Growth Opportunities Corp. D1 participated in the PIPE alongside Altimeter Capital Management, Coatue, Franklin Templeton, and others. 

Shippo

Shippo, a shipping software company for e-commerce companies, announced on February 3 that it had raised a $45 million Series D at a $495 million valuation in Q4 2020, buoyed by the e-commerce boom. D1, who also led the company's $30 million Series C in Q1 2020, led the new round, joined by all of Shippo's existing investors.

Squarespace

Squarespace, a website-building and e-commerce platform, raised a $300 million growth round at a $10 billion valuation on March 16. D1 came in as a new investor alongside Dragoneer, Fidelity, and others. The unicorn is set to pursue a direct listing later this year, according to reports. 

Attentive 

Attentive, an NYC-based personalized text messaging platform for businesses to connect with customers, raised a $470 million Series E on March 24 with participation from existing investors—Coatue, D1, Tiger Global, and IVP—along with a new investor, Base10 Partners. The round brought the total Attentive has raised to $866 million.

Ramp

Ramp, a provider of corporate cards and spend management software, raised a $115 million Series B on Apr 8. The funding comprised two tranches, a $65 million investment led by D1 that valued the startup at $1.1 billion and a $50 million investment led by online payments company Stripe which pushed its valuation to $1.6 billion.

6Sense

D1 led a $125 million Series D round for 6Sense, an AI-powered B2B sales and marketing platform, with participation from Sapphire Ventures and Tiger Global, on March 30. 6Sense, which aims to help companies improve revenue results through account engagement strategies, was valued at $2.1 billion after the round.

OneStream Software

Michigan-based OneStream Software raised a $200 million Series B on April 6 at a $6 billion valuation. D1 led the all-primary funding round for OneStream, which provides B2B corporate performance management (CPM) solutions, with Tiger Global and Investment Group of Santa Barbara.

E-Commerce and Consumer Tech

Rivian 

Rivian, an electric-truck startup backed by Amazon and Ford, raised a $2.6 billion Series F on January 19. T. Rowe Price led the round, joined by D1, Fidelity, and Amazon's Climate Pledge Fund. Amazon previously led Rivian's $700 million funding round in February 2019. 

Instacart

Grocery delivery platform Instacart raised $265 million in a Series I round on March 2 from current investors including D1, Andreessen Horowitz, and Sequoia Capital. The Series I round valued Instacart at $39 billion. D1 also co-led the company's previous financing in October 2020 along with Valiant Peregrine Fund. 

goPuff

goPuff, a delivery platform for everyday items, doubled its valuation in five months, raising a $1.15 billion round on March 23 that valued the company at $8.9 billion. D1 founder Sundheim said in the press release that the "company's vision and differentiated model drive industry-leading economics and sustainable growth." D1, a new investor, led the round with existing investor Accel.

Loft

In one of Brazil's largest venture rounds, digital real estate platform Loft raised a $425 million Series D led by D1 on March 23. The company was valued at $2.2 billion after the round, its first after its January 2020 Series C that brought it just shy of unicorn territory in terms of valuation.

Dream11

Dreamsports, parent company of Indian fantasy sports platform Dream11, raised $400 million on March 24, doubling its valuation to $5 billion. The secondary investment round was led by new investors including D1, TCV, and Falcon Edge, with participation from existing investors like Tiger Global, ChrysCapital, and TPG Growth. Dream11's new valuation brought it to the league of India's most valued unicorns like OYO ($9 billion) and Zomato ($5 billion).

Cazoo

British used-car dealer Cazoo raised an $800 million PIPE on March 29 to support its $7 billion announced merger with SPAC AJAX I. The PIPE was led by the AJAX sponsors and D1 and joined by new and existing investors including Altimeter, BlackRock, Morgan Stanley Investment Management's Counterpoint Global unit, and Fidelity Management.

Kavak

Kavak, a SoftBank-backed used car platform that became Mexico's first tech unicorn in October 2020, raised $485 million in Series D funding on April 7 at a $4 billion valuation. The round, led by US firms D1, Founders Fund, Ribbit, and BOND, more than tripled its last valuation of $1.15 billion and cemented Kavak's status as one of the top five highest-valued startups in Latin America. 

Misfits Market

D1 co-led the D2C "ugly" produce delivery service's Series C with Accel. Misfits Market, based in Philadelphia, raised $200 million in the round at a valuation over $1 billion, making it a newly minted unicorn. Existing investors including Valor Equity Partners and Greenoaks Capital also participated in the round, which was announced on April 21. 

Healthcare and Biotech

Inflammatix

Inflammatix, a molecular diagnostics company focused on acute infections and sepsis, raised a $102 million Series D on March 15 led by D1. Existing investors, including Northpond Ventures, Khosla Ventures, Think. Health, and OSF Healthcare Ventures, also participated. 

Rapid Micro Biosystems

D1 led an $81 million Series D1 round for Rapid Micro Biosystems, which provides technology for microbial detection in biopharmaceutical manufacturing, on March 16. Rapid Micro Biosystems had raised $340 million total including the Series D1 round, in which D1 was a new investor alongside BlackRock and T. Rowe Price.

AbSci

AbSci, a synthetic biology and drug discovery company, raised $125 million in crossover financing on March 23. The round was led by existing investors Casdin Capital and Redmile Group and included participation from new investors including D1 and Fidelity.

Inscripta

Inscripta, a digital genome engineering company, raised a $150 million Series E on April 5. D1, a new investor in the round, participated alongside new investor Durable Capital and existing investors Fidelity and T. Rowe Price. Inscripta announced the round in conjunction with its first commercial sale of its genome-editing and analysis platform, Onyx. 

Fintech

HighRadius

HighRadius, an AI-powered fintech enterprise SaaS platform, raised a $300 million Series C on March 30. The company, which automates treasury management processes, was valued at $3.1 billion after the round led by D1 and Tiger Global. 

DLocal

Uruguayan payments platform DLocal raised a $150 million funding round on April 2 at a valuation of $5 billion. The platform connects global enterprise merchants to consumers in emerging markets. Alkeon Capital led the round alongside BOND, D1, and Tiger Global. 

Join the conversation about this story »

NOW WATCH: We tested a machine that brews beer at the push of a button