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In today's Daily Pitch, you'll find: - The pandemic has helped spur huge deals in the retail healthtech industry, despite a dip in overall activity.
- Pushback from players and fans has left PE investors weighing the benefits and risks of owning pro sports teams and leagues.
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| Retail healthtech VC activity slows while deal size doubles | | The pandemic has affected the healthtech industry in many ways. Virtual health providers benefited from higher reimbursements for telemedicine appointments, likely boosting the market for remote patient monitoring and at-home test kits. And gym closures have likewise led to the growing popularity of exercise apps and home-based fitness devices.
Our latest quarterly Emerging Tech Research examines significant trends, VC deal activity, exit data, and new business opportunities in the healthtech industry. Key takeaways include: - While Q2's retail healthtech deal value dropped slightly from Q1, median deal size doubled to $52.2 million, largely as a result of fitness- or nutrition-related mega-deals.
- VC exit deal value more than doubled, reaching $1.7 billion, driven by the public listing of 23andMe and the acquisition of the telehealth startup PlushCare.
- Emerging opportunities in the industry include behavior modification tools, startups applying recent academic research to direct-to-consumer gut health solutions and technologies aiming to improve sleep.
| | | | | | | | | | PE rethinks sports investing strategy after fans, teams cry foul | |  | | CVC Capital Partners has agreed in principle to acquire a minority stake in Spain's La Liga soccer league, but not every team is happy about it. (Aitor Alcalde/Getty Images) | | | Private equity's push into professional sports investing initially appeared to be a slam dunk. But investors have recently faced increasing pushback from players and fans as they attempt to establish themselves in the elite world of pro sports team and league ownership. - Real Madrid has filed suit against CVC Capital Partners after the firm struck a deal to acquire a 10% stake in the league for around €2.7 billion (about $3.2 billion).
- The All Blacks rugby team and New Zealand Rugby Players Association have voiced opposition to a deal that would see Silver Lake buy a minority stake in the league.
- With the PE industry becoming more active in fighting a negative public perception, executives must now ask whether pursuing professional sports investments is worth the possible backlash.
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| Close more deals faster with CRM software enhanced with relationship intelligence | | VC deals are closing faster than ever, and leading firms are using relationship-intelligence-enhanced customer relationship management to get—and stay—ahead of the competition.
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| Checkr hits $4.6B valuation amid HR tech boom | |  | | (metamorworks/Getty Images) | | | Tech startups seeking to improve HR management operations seem to be busier than ever. VC funding for global companies in the sector has already hit $6.2 billion so far this year, roughly 82% higher than the total raised in 2020 and a larger figure than any year in at least the past decade, according to PitchBook data. - The latest example in the space is Checkr, which announced Wednesday that it has secured a $250 million Series E led by Durable Capital. The San Francisco-based company's AI-based tech automates background checks and screening processes for new hires. It counts Lyft, Airbnb and Coinbase among its clients.
- The funding has propelled Checkr's valuation to $4.6 billion, marking a $2.4 billion valuation jump since the company raised $160 million at a $2.2 billion valuation in 2019.
- Fidelity Management & Research, Franklin Templeton, Bond, Khosla Ventures, IVP, T. Rowe Price, Coatue, Accel and Y Combinator also participated in the round.
- Other notable HR tech deals include the $175 million raised by payroll and benefits software provider Gusto in August and the $300 million Series E collected in May by Workrise, which helps energy and infrastructure companies find skilled workers for projects.
| | | | | | | | | | Li Jin was one of the first investors to take influencers seriously. Now, she's many online creators' go-to adviser when it comes to the investing world. [The New York Times]
When paired with smart technology, off-grid power might be more efficient than many thought. One writer's thoughts on how decentralized energy could become the new norm. [Forbes]
Even after the fall of Theranos, it's unclear whether Silicon Valley has learned from its mistakes. [The Guardian] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 327 Deals | 1550 People | 392 Companies | 25 Funds | | | | | | |
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| 2008 Vintage North American Venture Funds | | | | | | |
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| Private debt still a dynamic marketplace, but challenges and risks are rising | | Allocations to private debt funds have remained robust in 2021, surpassing $70 billion by midyear. Demand for private debt also remains high, given the 17,000-plus deals—worth about $2 trillion—in the first half of 2021 alone. However, fund managers face new risks and pressures, presenting important considerations for both investors and borrowers.
Download Intralinks' new market brief, The Future of Private Debt, powered by PitchBook data, to see what's driving critical swings in market conditions and key indicators for the future, including: - Why institutional allocators globally continue to favor private credit
- How rising competition is changing fund managers' strategies
- Why banks are selling off short-term loans
- The rising need for expertise in targeted industries
Download this timely market brief now | | | | | | | |
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| Bee Partners appoints Jocelyne Cooke as CFO | | | | | | |
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| Motive Partners leads $100M round for Insurify | | | Insurify, the provider of a virtual insurance agent and comparison platform, has closed a $100 million Series B led by Motive Partners, with support from existing backers Viola FinTech, MassMutual Ventures, Hearst Ventures and others. Based in the Boston area, Insurify helps consumers looking for car, home or life insurance. The startup raised a $23 million round in January 2020. | | | | | | | | Personal tech startup Humane raises $100M | | | | | | | | | | | | | | | | Ventana Micro Systems locks in $38M for computer chiplets | | | Ventana Micro Systems has raised a $38 million Series B round. The funding was led by Sehat Sutardja and Weili Dai, the founders of Marvell Technology Group. Other prominent semiconductor investors and the company's Series A investors also participated. The Cupertino, Calif.-based startup is designing a range of data center class compute chiplets based on RISC-V architecture. | | | | | | | | Agtech startup Fieldin grows with $30M round | | | Fieldin has raised a $30 million Series B led by Fortissimo Capital. The Fresno, Calif.-based company is the developer of an agricultural operating system that helps commercial farmers digitize and improve farm operations with real-time data and custom recommendations. | | | | | |
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| Bain Capital picks up stake in German ecommerce company from Ardian | | | Bain Capital has paid $700 million in debt and equity financing to purchase a stake in direct-to-consumer ecommerce company Berlin Brands Group from Ardian, giving BBG a unicorn valuation. A previous Bloomberg report indicated that the deal would value BBG at over €1 billion (about $1.2 billion) and result in Bain obtaining a stake of more than 40% in the company. Ardian had backed BBG, which operates brands related to consumer electronics, sports, home and living, and more, since 2015. | | | | | | | | Genstar Capital snags aftermarket replacement parts company | | | Genstar Capital has acquired Arrowhead Engineered Products, a Blaine, Minn.-based provider of aftermarket replacement parts for motorized vehicles and equipment in industries like golf, marine, powersports and agriculture. Arrowhead currently runs 23 facilities across North America and Europe. Genstar typically focuses on investments in the industrials, financial services, healthcare and software sectors. | | | | | | | | Turnspire purchases oil and gas servicer | | | | | | | | | Francisco Partners buys Follett School Solutions | | | Tech investor Francisco Partners has acquired Follett Corporation's K-12 educational software and content division, Follett School Solutions. Based in McHenry, Ill., FSS has installed library management systems in more than 75,000 schools worldwide. Follett Corporation is a provider of physical and digital academic and entertainment content and more for libraries, schools and retailers. | | | | | |
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| Champlain to unload SR Smith | | | | | | |
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| Abry eyes $625M for next fund | | | Abry Partners has set a target of $625 million for a fund that will invest in lower-middle-market companies, The Wall Street Journal reported. The fund's predecessor closed on $525 million in 2016. Based in Boston, Abry invests in the media, communication, business and information services industries. | | | | | | | | Trinity Hunt Partners closes sixth fund at $460M | | | Dallas-based Trinity Hunt Partners has closed its sixth namesake effort at $460 million. The fund will focus on small-cap companies in the business, healthcare and consumer services sectors. Trinity closed its fifth namesake vehicle at $350 million in 2018. | | | | | |
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"Skepticism remains whether many crossover investors are true value-adds to early-stage companies or merely sources for large cash infusions. In addition, as the demand for capital continues to be matched by oversupply, the early stage of venture is likely to be fundamentally altered for the foreseeable future."
Source: Q2 2021 PitchBook-NVCA Venture Monitor | | | | | |
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