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In today's Daily Pitch, you'll find: - From exit value to fundraising, our latest Emerging Tech Research covers a record-breaking Q2 for the global fintech industry.
- As startups stay private longer, the market for private shares and the companies that facilitate their trading are heating up, prompting online marketplaces like Forge to seek a public listing.
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| Exits, funding soar to new heights in fintech's fantastic Q2 | | The fintech sector shattered records for VC activity last quarter, building on a year of pandemic-fueled growth to reach once-unimagined levels in both funding and exit value.
Our Q2 Emerging Tech Research on fintech breaks down the key trends behind Q2's growth and spotlights specific markets to watch as digitization continues to accelerate. Among the highlights: - Global fintech startups raised $31 billion in venture funding to surpass Q2 2018's record, which was driven largely by a single mega-round.
- VC exits exploded, with over $134 billion in total value—more than the industry has recorded over the previous seven years combined.
- The trend toward fully autonomous finance is ushering in new applications as fintech startups focus on three core corporate treasury functions.
| | | | | | | | | | Startup secondaries market heats up, prompting Forge to seek own listing | |  | | (wenmei Zhou/Getty Images) | | | Activity in secondary markets for VC-backed companies' shares has been growing as startups stay private for longer. This creates strong tailwinds for companies that facilitate trades between buyers and sellers of private shares. - Forge, an online marketplace for such deals, announced its plans to go public via a SPAC at a valuation of $2 billion.
- Other significant players in this market are EquityZen, Carta and Nasdaq Private Market, which may also try to list via a SPAC in the future, according to one investor.
- Since many startups are starting to offer liquidity options to their employees earlier in their life cycle, secondary markets for VC-backed company shares are likely to continue to grow.
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| A message from Velocity Global | | |
| The booming tech M&A cycle shows no signs of stopping | | Midway through 2021, well over $360 billion in deal value and nearly 2,800 transactions have occurred in tech. Cross-border M&A volume has also been on the upswing, at nearly 1,000 deals closed for an aggregate of nearly $140 billion. In Velocity Global's latest report, the key trends defining general and cross-border dealmaking in tech are analyzed in-depth, producing findings such as: - Mature unicorns and PE funds are increasingly integral players.
- Transaction multiples in cross-border dealmaking are edging up, indicating willingness to pay up.
- Buyers are targeting companies earlier in their lifecycle, heading into the realm of venture-backed portfolios at a faster clip.
Read the full report | | | | | | | |
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| On the podcast: Why a hedge fund joined VC's cybersecurity arms race | | Hedge funds have increasingly crossed over into private market investments in recent years, including early-stage VC. Maverick Ventures managing director Matt Kinsella joins the show to share his perspectives after moving from the firm's public equity business in 2014 to help start Maverick Ventures. Topics include: - The mindset shift required to successfully vet and invest in early-stage companies.
- How the influx of capital from hedge funds and other entrants into the venture space will impact entrepreneurs and the VC ecosystem.
- Why he's bullish on cybersecurity, as the never-ending digital arms race continues to escalate.
| | | | | | | | | | Golden Gate Capital offloads Neustar to TransUnion for $3B+ | | Golden Gate Capital has agreed to sell Neustar, a marketing and communications specialist, to credit-reporting giant TransUnion for $3.1 billion. - Neustar offers a data and analytics platform to help companies tailor advertising and more; its cybersecurity business is not included in the deal.
- Golden Gate bought the Virginia-based company for $2.9 billion in a public-to-private takeover in 2017.
- The new deal marks TransUnion's first buyout worth over $1 billion since 2018, when it purchased consumer credit and ID-verification company Callcredit for £1 billion (about $1.4 billion).
| | | | | | | | | | With $15 million in private funding, one company is on a mission to bring back the Woolly Mammoth. [The New York Times]
Shares in uranium mining companies are jumping as retail investors on Reddit rally around hope for a nuclear power future. [The Wall Street Journal]
A lecturer at Tufts University breaks down why even investors who are serious about ESG assets may not necessarily have a social or environmental impact. [Institutional Investor] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 477 Deals | 1730 People | 462 Companies | 33 Funds | | | | | | |
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| 2019 Vintage Global Real Estate Funds | | | | | | |
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| SpotOn snags $300M Series E | | | SpotOn, a provider of software and payments solutions for restaurants and retailers, has raised a $300 million round led by Andreessen Horowitz, with participation from new and existing backers including DST Global, Dragoneer Investment Group and Coatue. The startup is valued at $3.15 billion with the new funding, which will be used to purchase Appetize, an enterprise software provider for sports and entertainment venues, theme parks, college campuses and more. SpotOn's services include marketing, website development and online ordering. | | | | | | | | Papaya hits $3.7B valuation with Insight-led round | | | | | | | | | Moody's invests $250M in BitSight | | | Boston-based BitSight has secured a $250 million investment from Moody's. Also backed by investors including Comcast Ventures and Flybridge Capital, the company helps more than 2,300 customers assess cyber-risk via security ratings and analytics tools. | | | | | | | | JumpCloud secures $159M Series F | | | JumpCloud has raised $159 million at a $2.56 billion valuation in a round led by Sapphire Ventures. The Colorado-based business offers a platform to help companies such as Grab and ClassPass manage employee access and devices. JumpCloud raised a $100 million Series E this past January. | | | | | | | | Walking Fish Therapeutics reels in $50M | | | | | | | | | LevaData books $47M Series C | | | LevaData has raised $47 million in a round led by Banneker Partners, with support from Tola Capital. The San Jose-based company is a developer of supply management software designed to help small and medium-sized businesses source materials and access market activity in real time. | | | | | |
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| Arctos strikes $1.8B deal for Sacramento Kings | | | Arctos Sports Partners has agreed to acquire a 17% stake in the Sacramento Kings in a deal that values the NBA franchise at $1.8 billion. The news comes after Dyal HomeCourt Partners, a division of Blue Owl Capital, purchased a roughly 5% stake in the Kings at approximately the same valuation earlier this year. Arctos also acquired about 5% of the Golden State Warriors at a $5.5 billion valuation several months ago. | | | | | | | | The Jordan Company takes Echo Global Logistics private for $1.3B | | | The Jordan Company has purchased Echo Global Logistics, a Chicago-based provider of transportation and supply chain management services, for roughly $1.3 billion. As part of the public-to-private takeover, The Jordan Company will pay $48.25 per share in cash, representing a 54% premium to Echo Global's Sept. 9 share price. | | | | | | | | Clearlake's FloWorks conducts Genesis Systems add-on | | | FloWorks, a Houston-based provider of industrial control flow products, has acquired Genesis Systems, a Texas-headquartered distributor of control valve, regulator and valve automation products. Clearlake Capital Group has backed FloWorks since 2017. | | | | | |
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| Carlyle looking to unload Novolex for $6B | | | The Carlyle Group has consulted banks about either selling or taking Novolex public in a deal that would value the South Carolina-based packaging company at around $6 billion, Bloomberg reported. Carlyle has backed Novolex since acquiring it from former majority owner Wind Point Partners and former minority investor TPG in 2016. | | | | | | | | Blackstone shopping Germany's Schenck Process | | | Blackstone is planning to offload German measuring technology group Schenck Process in a deal that could be worth more than roughly $1.7 billion, Reuters reported. Blackstone originally purchased Schenck Process in 2017. | | | | | | | | Online fashion company sets IPO terms | | | Summit Partners-backed online fashion platform A.k.a. Brands has established plans to sell 13.9 million shares priced between $17 and $19 apiece in its IPO. A.k.a. Brands would raise over $250 million at the midpoint of the range. The direct-to-consumer platform hosts a portfolio of online fashion brands including Princess Polly and Rebdolls. | | | | | | | | PE-backed candle-maker exploring IPO at $138M valuation | | | British candle-maker Neom Organics is exploring an IPO at a potential valuation of £100 million (about $138 million), The Times reported. Neom, which has been backed by London-based Piper Private Equity since 2017, also sells diffusers, face creams and other products. | | | | | |
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"The early stage is still likely to record a deal count below the 4,000 deals that we recorded each year between 2016 and 2018, but the current trajectory is still encouraging."
Source: H1 2021 Greater China Venture Report | | | | | |
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