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In today's Daily Pitch, you'll find: - An analysis of why VCs are betting big on insurance tech, including a look at emerging investment opportunities in the industry.
- A breakdown of the startup scene in Latin America, which is having a breakout year—and surpassing previous annual venture funding records in less than eight months.
- The release of our latest Global League Tables, ranking the busiest investors and more from Q2.
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| VCs pour money into insurtech as industry looks to future | | Historically, the insurance industry has been slow to adopt new technologies, but over the past five years, the pace of innovation has picked up.
Venture capitalists have followed suit by betting big on insurance tech, with more deals and more capital. Our latest installment of Emerging Tech Research explores the trend and evaluates emerging investment opportunities in insurance core systems and pet policies. Other key takeaways include: - In the second quarter of 2021, insurtech companies brought in $4.5 billion across 160 deals. That marked a roughly 110% increase over the previous quarter for deal value, setting a quarterly record.
- Valuations for insurtech companies worldwide also soared in Q2, with the median pre-money valuation for early-stage deals rising to more than $33 million, up 39% compared to all of 2020.
- Exit values surged to record levels, led by Bright Health's $924 million IPO in June that valued the company at more than $11 billion.
| | | | | | | | | | Startups in Latin America grab record sums of venture capital | |  | | (Matthias Kulka/Getty Images) | | | VCs are clamoring for Latin American digital transformation opportunities at an unprecedented pace. - Investors have already deployed $8.8 billion into the region this year, which is more than the capital invested in 2019 and 2020 combined, according to PitchBook data.
- Opportunities in Latin America are massive because whole sectors, such as proptech, are available for disruption.
- Brazil's Nuvemshop, also known by its Spanish name Tiendanube, is the latest startup to achieve unicorn status.
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| A message from BMO Sponsor Finance | | |
| Middle-market M&A: Record deal volume | | Summer sizzles in terms of M&A activity and broadly syndicated loan issuance. In the current issue of Transaction Trends, BMO examines the dynamics driving middle-market deal flow and provides a spotlight on the hot mental health sector.
To learn more, access the full issue of Transaction Trends. You can also contact Stephen R. Isaacs, Managing Director and Head of BMO Sponsor Finance, at stephen.isaacs@bmo.com. | | | | | | | |
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| Ranking Q2's most active investors | | Investors continued their blistering pace last quarter, with the busiest investors in VC and PE outstripping the high-water marks from Q1. The most active venture firm in the world closed 101 deals last quarter, and the top PE firm notched 55.
Who else led the way? Check out our latest Global League Tables, featuring data on Q2's most active investors, service providers, advisers and more. - These interactive tables span the full spectrum of the private markets, from the busiest VC-focused law firms in the software sector to the most active PE acquirers in Europe.
- Users can sort the data by sector, geography, deal type and more to get detailed insights on what matters most.
| | | | | | | | | | In the past year, Instacart has hired dozens of employees from big tech companies like Google, Amazon and Facebook. Is the grocery delivery specialist simply trying to scale its services, or is it part of a pre-IPO plan? [Protocol]
For several years, an unknown individual has been stealing books before their release. It's the mysterious story of the "spine collector." [Vulture]
Why the long-distance electric vehicle remains a pipe dream for auto makers like Tesla, Mercedes and Lucid Motors. [Fortune] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 395 Deals | 1464 People | 382 Companies | 27 Funds | | | | | | |
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| 2006 Vintage Global Buyout Funds | | | | | | |
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| Alto names Amin Dabit COO | | | Alto Solutions has named Amin Dabit as COO of the company, which allows investors access to alternative investments as part of their individual retirement accounts. Previously, Dabit was vice president of advisory service at Personal Capital. | | | | | |
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| Neobroker Bitpanda hits $4.1B valuation | | | Bitpanda has raised a $263 million Series C that values the digital investment platform at $4.1 billion. Valar Ventures led the round, which more than tripled the $1.2 billion valuation Bitpanda reached with its Series B in March. | | | | | | | | Travel app Hopper takes in $175M | | | Hopper, the provider of an app that makes personalized travel recommendations, has raised a $175 million Series G led by GPI Capital, with participation from Glade Brook Capital, WestCap, Goldman Sachs Growth and Accomplice. The Montreal-based startup is now valued at over $3.5 billion, TechCrunch reported. The latest funding comes less than five months after Hopper raised a $170 million Series F. As travel rebounds from its pandemic slump, Hopper said its revenue has already surpassed that of Q1 2020, the startup's pre-pandemic peak, by over 100%. | | | | | | | | Tiger Global leads $150M round for Moloco | | | Moloco has raised a $150 million Series C led by Tiger Global, valuing the company at $1.5 billion. Founded in 2013 and based in Redwood City, Calif., Moloco uses machine learning algorithms to provide advertising solutions to mobile app marketers and ecommerce companies. The startup raised $20 million in April. | | | | | | | | Apollo GraphQL grabs $130M | | | | | | | | | Women's health startup becomes unicorn with $110M round | | | Maven Clinic has secured $110 million for its Series D, which was co-led by Dragoneer Investment Group and Lux Capital. Bond, Oprah Winfrey and existing backers Sequoia, Oak HC/FT and Icon Ventures also supported the funding, which values the New York-based company at more than $1 billion. Maven provides a virtual clinic for family and women's health, with services including fertility, pregnancy and parenting care. The startup, which has raised some $200 million in total private funding, was valued at $265 million in May 2020, according to PitchBook data. | | | | | | | | | Data startup InfoSum has raised $65 million in a Series B round from Chrysalis Investments. The UK-headquartered startup was valued at $300 million pre-money, up from $100 million last year, The Wall Street Journal reported. InfoSum's software allows teams and companies to securely collaborate on shared data. The company has offices across North America and Europe. | | | | | | | | Monte Carlo pulls in $60M | | | | | | | | | | | | | |
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| Odyssey seals deal for Painters Supply | | | Odyssey Investment Partners has acquired Painters Supply & Equipment, a distributor of paint, coatings and related products for the automotive and industrial markets. The Michigan-based company serves more than 8,000 customers in industries including collision repair, architecture and aerospace. | | | | | | | | Insight Partners backs music distributor | | | Insight Partners has invested in DistroKid, valuing the company at $1.3 billion. Founded in 2013, DistroKid serves more than 2 million artists as a leading distributor of independent music. The company estimates that it distributes more than a third of all new music globally. | | | | | | | | CPPIB set to pay $937M for CeramTec stake | | | | | | |
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| Brex buys VC-backed Weav for $50M | | | Brex, the provider of a corporate credit card and other financial services, has purchased Israeli startup Weav for $50 million. Weav operates an API for commerce platforms that helps with services like lending and identity verification. It was valued at $12.3 million earlier this year, according to PitchBook data, and has been backed by investors like Foundation Capital and SV Angel. Brex was valued at over $7.4 billion in April after raising a Series D from Tiger Global, Ribbit Capital, Lone Pine Capital and others. | | | | | |
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