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In today's Daily Pitch, you'll find: - An analysis of how startups are leveraging healthtech to better serve the LGBTQ community.
- UK-based biotech startups usually prefer to list in the US, but coronavirus test maker Oxford Nanopore is planning a London IPO.
- PE firms have ramped up their participation in venture deals. What's driving the surge?
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| How startups are improving healthcare options for the LGBTQ community | |  | | (sasirin pamai/Getty Images) | | | When it comes to receiving care for their physical and mental health needs, the LGBTQ community represents a largely underserved segment of the US population.
Our latest installment of Emerging Tech Research highlights key opportunities in the growing LGBTQ-focused healthtech sector, as well as emerging startups that exclusively provide gender-affirming treatments, mental healthcare and family-building services for the LGBTQ market. Key takeaways include: - Eleven startups in the space have raised a total of $48.7 million in VC funding over the past three years.
- Our analysts expect incumbent health insurers will be slow to incorporate LGBTQ-focused benefits, but a growing near-term opportunity exists to help employers provide LGBTQ-tailored workplace benefits and help individuals find unbiased care.
| | | | | | | | | | Coronavirus test maker Oxford Nanopore eyes $5.2B valuation in IPO | |  | | (OsakaWayne Studios/Getty Images) | | | Biotech startup Oxford Nanopore could hit a valuation of up to £3.8 billion (about $5.2 billion) when it goes public via a rare London IPO in October, according to reports. - The startup is planning to set a range of 375 pence to 450 pence per share, according to terms seen by Bloomberg, with a free float of at least 25%.
- Oxford Nanopore is currently valued at around £2.5 billion and is backed by investors including IP Group and Tencent.
- The IPO is a big win for London, as UK-based biotech and pharma startups traditionally favor the US as a listing destination.
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| A message from InCloudCounsel | | |
| Guide: The top 10 terms in side letters | | In this guide, InCloudCounsel has outlined key side letter terms, highlighted some of the challenges in complying with those terms and assessed the potential operational impact for GPs.
While these are just a handful of the most important provisions commonly found in side letters, GPs often deal with thousands of individual obligations to multiple LPs across multiple funds all at the same time.
How are you staying on top of it all?
Download the guide today | | | | | | | |
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| What's driving private equity's march on VC? | |  | | (Overearth/Getty Images) | | | Private equity firms now participate in more than half of all venture deals by value, a share that has risen sharply in recent years.
In five charts, we break down how nontraditional investors like PE firms became such a force in VC. - The risk-reward spectrum of late-stage VC is now squarely in the wheelhouse of PE investors and traditional asset managers.
- Pre-IPO rounds can be hugely lucrative. They're also a preferred method of securing an allocation in the subsequent IPO.
- Growth equity funds have boomed alongside VC fundraising, a trend that shows no signs of slowing.
| | | | | | | | | | Private equity firms may need to permanently adapt to the fast-paced dealmaking that has developed in the boom following last year's hiatus. [Bloomberg]
Even in the busiest year yet for US IPOs, bankers are still working with phone calls and pen and paper. Here's how one fintech company is hoping to bring IPOs into the 21st century. [The Wall Street Journal]
Why insects are the newest ingredient in pet food products hitting the market. [The Washington Post] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 361 Deals | 1396 People | 392 Companies | 21 Funds | | | | | | |
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| 2005 Vintage Global PE Funds with more than $1B | | | | | | |
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| A message from McDermott Will & Emery | | |
| Are you ready for the future of healthcare investing? | | The healthcare industry is seeing the most extraordinary pace of private equity transactions in recent history, with no slowdown in sight. As a result of the unprecedented deal volume, investors face new issues, including limited bandwidth among fund professionals and the need to modify transaction approaches for both buyers and sellers in order to succeed.
Taking place virtually on October 15, the HPE New York 2021 conference will bring together an elite faculty of PE leaders to discuss: - The Need for Speed: Critical Issues Facing Buyers
- Supercharging Sellers' Strategies for Today's Market
- Prepare for Tomorrow: How Government Actions Will Impact the Market
Register today | | | | | | | |
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| Venrock's Pakman jumps to CoinFund | | | David Pakman, a veteran venture capitalist active in cryptocurrency investing, has left Venrock to join CoinFund as managing partner for the firm's growth-stage strategy. Brooklyn-based CoinFund and Venrock have been strategic partners since 2018 to back startups in the crypto ecosystem. | | | | | | | | Apollo names Matt Michelini head of Asia-Pacific | | | Apollo Global Management has named senior partner Matt Michelini as head of its Asia-Pacific division. Michelini will initially be based in Hong Kong and oversee the expansion of Apollo's offices across Hong Kong, Singapore, Sydney, Tokyo and in coordination with Mumbai. He will continue in his role as global co-head of Apollo Hybrid Value and support the growth of the firm's PE business in Asia. | | | | | | | | TPG appoints Todd Sisitsky as president as IPO looms | | | TPG has appointed Todd Sisitsky as president ahead of the private equity firm's planned IPO. Sisitsky, who first joined TPG in 2003, will continue as co-managing partner and co-head of healthcare investing efforts. News circulated last month of TPG's path toward an IPO, which reportedly could value the firm at around $10 billion. | | | | | |
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| | | Gorillas, a Berlin-based grocery and home care products delivery startup, has finalized a $950 million Series C at a valuation of $3 billion, The Information reported. The round was led by Delivery Hero, a German delivery company, with participation from Tencent, Coatue, DST and A-Star Partners. The funding will be used for expanding in major European markets. | | | | | | | | Ocrolus nabs $80M Series C | | | Ocrolus has raised $80 million at a more than $500 million valuation in a round led by Fin VC. The New York-based company offers an automation platform to help customers such as Brex, Plaid and SoFi analyze financial documents. | | | | | | | | Iron Ox grabs $53M for automating farming | | | | | | | | | Panorays lands $42M for third-party security tech | | | Panorays has raised a $42 million Series B led by Greenfield Partners. The company provides security risk management software that helps enterprise and mid-market customers in North America, the UK and Europe manage security risks with their third-party vendors. Based out of New York and Israel, the startup was valued at $78 million in 2018, according to PitchBook data. | | | | | | | | Meru Health picks up $38M in debt and equity | | | Meru Health has raised a $38 million Series B led by Industry Ventures. Founded in 2018, the Bay Area-based company offers a platform to help patients connect with mental health professionals. | | | | | |
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| 777 Partners acquires Italy's oldest soccer club | | | Miami-based 777 Partners has purchased Genoa, Italy's oldest soccer club, from owner Enrico Preziosi. The franchise was formed 1893 as Genoa Cricket and Football Club. | | | | | | | | Montlake, Cascadia stake SWS Equipment | | | | | | | | | WCAS acquires claims recovery services provider | | | Welsh, Carson, Anderson & Stowe has acquired Argos Health, a provider of complex claims revenue cycle services. The Dallas-based company works with hospitals, health systems and physician groups on reimbursement and claims recovery efforts. WCAS primarily targets investments in the tech and healthcare sectors. | | | | | |
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| PitchBook Webinar: Q2 2021 EMEA Private Market Update | | Don't miss our upcoming webinar. It will take place on Sept. 28 at 7 a.m. PDT/3 p.m. BST and will cover how European venture capital and private equity performed in Q2.
Our analysts will explore the records set throughout the first half of the year, despite lingering uncertainty around COVID-19 and macroeconomic volatility. Key statistics include: - VCs completed €47.1 billion worth of transactions in H1 2021, signaling that the VC dealmaking environment has never been stronger.
- European PE posted its second-highest quarterly dealmaking total on record, thanks—in part—to growing vaccination rates and strong debt markets for leveraged buyouts.
Register here to secure your spot. | | | | | | | |
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| Veritas, Elliott considering $20B sale, IPO for Athenahealth | | | Veritas Capital and Elliott Management are considering a sale or IPO of healthcare company Athenahealth, which could be valued at up to $20 billion, Reuters reported. Either deal could net a large payout for Veritas and Elliott, which took Athenahealth private in 2018 for $5.7 billion. | | | | | | | | SoftBank-backed Oyo expected to file for IPO | | | SoftBank-backed Oyo is reportedly planning to file for an IPO next week that would raise around $1 billion for the Indian provider of a home and hotel room booking platform. Oyo was reportedly valued at some $9.6 billion in August after raising funding from Microsoft. SoftBank, which has backed Oyo since 2015, is said to own about 46% of the company. | | | | | | | | Advent-backed restaurant sets terms for Nasdaq debut | | | First Watch Restaurant Group, the Advent International-backed operator of a breakfast and lunch chain, has established plans to sell nearly 9.5 million shares for between $17 and $20 apiece on the Nasdaq. The Florida-based restaurant chain would raise around $175 million at the midpoint of that range. First Watch has over 420 restaurants across 28 states. Advent acquired a majority stake in the company in 2017. | | | | | |
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| Ara Partners lands $1.1B for decarbonization | | | Houston-based Ara Partners has raised $1.1 billion for its second fund devoted to businesses that help industries reduce carbon emissions. Ara Partners closed its first such fund in 2020 at around $400 million. | | | | | | | | Clearhaven Partners closes debut fund at $312M+ | | | Boston-based Clearhaven Partners has raised over $312 million for its debut fund. Founded in 2019, the firm focuses exclusively on lower-middle-market investments in software and technology companies with at least $20 million in recurring revenue. The PE firm is led by Michelle Noon, who previously worked at Thoma Bravo and Riverside Partners. | | | | | |
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