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In today's Daily Pitch, you'll find: - Our Q3 Quantitative Perspectives report, packed with market insights, data and dozens of charts.
- A visual look back on eyewear maker Warby Parker's occasionally rocky road to public markets.
- The UK energy crisis is fueling consolidation by VC-backed companies in the green energy sector.
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| Yields, jobs and capital supply: How macro trends are reshaping private markets | | Eighteen months ago, a forecast of surging private valuations and skyrocketing stocks seemed absurd. These days, large swaths of the financial markets couldn't look more buoyant—and a multitude of interesting storylines have emerged from the chaos.
Our latest Quantitative Perspectives report features nearly 70 pages of data and 75 charts, offering a bird's-eye view of alternative markets and illuminating key trends across a range of investment strategies. Topics include: - Fund cash flows, featuring full-year 2020 data capturing the rebound in average distributions and the record distributions by venture funds.
- The macro landscape, detailing how inflationary pressure and yield compression have pushed allocators to the private markets.
- Impact investing and its effect on real assets fundraising, particularly energy and agriculture.
- Debt markets and how their relationship to high-yield bonds may guide debt loads in PE buyouts.
| | | | | | | | | | Warby Parker's decade-long path to a $6B+ direct listing | |  | | (Drew Sanders/PitchBook News) | | | Eyewear maker Warby Parker has made its stock market debut, marking the latest in a string of direct listings this year. PitchBook took a visual look back on the company's long and occasionally rocky road to public markets. Highlights include: - Warby Parker ended its first day of trading with a $6.78 billion market capitalization on a fully diluted basis—more than double its last private valuation in 2020.
- Tiger Global led the company's $12.5 million Series A in what was then a rare deal for the firm. It kept investing and now holds a stake worth about $852 million.
- The company's online, direct-to-consumer model was innovative and influential. But now it's betting on brick-and-mortar retail for future growth.
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| Untapped investment potential in the Australian digital health ecosystem | | Even prior to the onset of the COVID-19 pandemic, the Australian digital health ecosystem was flourishing thanks to a variety of factors, including synergistic relationships between public and private players. However, the acceleration of the pandemic has resulted in a surge of patients and providers online—leading to a slew of opportunities in digital health, from startups to established companies alike, for expansion. In their brand-new report, the Australian Trade & Investment Commission draws on PitchBook data to explore market trends across the digital health landscape, with highlights including: - A summary of the key fiscal, industry and regulatory factors encouraging innovation in the ecosystem.
- Analysis of venture financing trends.
- Case studies of maturing Australian digital health companies.
Read it now. | | | | | | | |
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| UK energy crunch triggers green power consolidation | |  | | (Courtesy of Octopus Energy) | | | A crisis in the UK energy sector is fueling a spate of consolidation among VC-backed green energy players, as smaller suppliers struggle to keep the lights on in the face of skyrocketing prices.
Yet some companies are seizing the chance to change the way the world thinks about energy. Among them is Octopus Energy, which more than doubled its valuation to $4.6 billion this week. | | | | | | | | | | Fanatics Trading Cards hits $10.4B valuation after PE-led funding round | |  | | (Douglas Sacha/Getty Images) | | | | Sports memorabilia company Fanatics' trading card division has reportedly raised $350 million in a Series A from Silver Lake, Insight Partners and entertainment group Endeavor, valuing the budding business at $10.4 billion. | | | | | | | | | | New York Life Investment Management CEO Yie-Hsin Hung on which asset class may be most safe from inflation. [CNBC]
Car companies are now backing a moratorium on deep-sea mining as scientists worry we don't yet know the full impact of plumbing the oceans' depths for metals. [The Guardian]
Research finds that the stock market is rife with insider trading among US executives. But is anyone going to do anything about it? [Bloomberg] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 418 Deals | 1659 People | 427 Companies | 22 Funds | | | | | | |
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| 2010 Vintage Global Real Assets Funds | | | | | | |
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| SoftBank leads $200M round for Andela | | | Andela, the operator of a global network that connects companies with remote engineers based in emerging markets, has raised a $200 million Series E at a valuation of $1.5 billion in a round led by SoftBank's Vision Fund 2. Founded in Africa in 2014, Andela connects its engineers from over 80 countries with technology companies such as GitHub and Cloudflare. | | | | | | | | Totango picks up $100M Series D | | | Totango has raised $100 million in a round led by Great Hill Partners. The Redwood City, Calif.-based company is the developer of a customer engagement platform. Totango was valued at $73.3 million in 2019, according to PitchBook data. | | | | | | | | Edtech startup Vedantu books $100M | | | Vedantu has reportedly raised $100 million at a $1 billion valuation in a round led by ABC World Asia. The Bengaluru-based company offers an online tutoring platform for K-12 students. | | | | | | | | | Buckle has raised a $60 million Series B led by Volery Capital Partners. The company provides automotive insurance products and credit services to ridesharing and delivery drivers. | | | | | | | | | MFine has raised a $48 million Series C led by Moore Strategic Ventures and Beenext Capital Management. The Bengaluru-based company is the developer of a telehealth platform that allows patients to book lab tests, access virtual consultations, schedule medicine delivery and more. | | | | | | | | QC Ware secures $25M to develop quantum algorithms | | | | | | |
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| TPG reaches $1B deal for Smartgroup | | | A consortium that includes TPG has struck a deal for Australian employee benefits outsourcing company Smartgroup in a buyout that could value the company at more than A$1.38 billion (about $1 billion), Bloomberg reported. The group has offered A$10.35 per share, representing a 32% premium to Smartgroup's Sept. 28 market close. The consortium also includes Potential Capital. | | | | | | | | Peak Rock Capital acquires SAM Company | | | Peak Rock Capital has acquired SAM Company, an Austin-based provider of geospatial services, like aerial mapping, to the utility, transportation and broader infrastructure industries. Founded in 1994, SAM employs over 1,000 people in 38 offices across the US. | | | | | | | | CPPIB buys marine terminal operator Ports America | | | | | | |
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| Life Time Group eyeing $900M+ in IPO | | | TPG- and Leonard Green & Partners-backed gym chain Life Time Group is planning to sell 46.2 million shares priced between $18 and $21 a share in its IPO. The Minnesota-based company would raise over $900 million at the midpoint of the range. | | | | | | | | Vista-backed Allvue Systems postpones IPO | | | Allvue Systems, an investment management software provider, has postponed its IPO, citing "adverse market conditions." The Vista Equity-backed company had planned to sell 15.3 million shares priced between $17 and $19 apiece. | | | | | |
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"Late-stage capital options through enlarged VC funds and nontraditional sources have transformed unicorn valuations in Europe. As a result, more companies in Europe are now valued at €10 billion or more—these are known as decacorns. Previously, this was only regularly witnessed in the US and Asian ecosystems."
Source: PitchBook's Q2 2021 European VC Valuations Report | | | | | |
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