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In today's Daily Pitch, you'll find: - Andreessen Horowitz's backing of Mythical Games marks the firm's latest move to dominate the non-fungible tokens market.
- Our Q3 2021 Global M&A Report, tracking the record-setting pace of M&A activity last quarter.
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| A16z charts course to own the NFT market | |  | | (Courtesy of Mythical Games) | | | The fast-growing startup scene for non-fungible tokens has become a cornerstone market for Andreessen Horowitz, one of crypto's biggest boosters. - A16z has participated in about 39% of all VC deals by value for NFT companies, according to PitchBook data.
- The latest example is Mythical Games, which this week raised $150 million at a $1.25 billion valuation in a Series C led by a16z. That's up from a $435 million valuation in June, again per PitchBook data.
- The firm isn't the most prolific investor in NFTs—Animoca Brands holds that title with 26 deals to date. Instead, a16z has consistently gone after the biggest names in NFTs, including Axie Infinity, Dapper Labs and Forte.
| | | | | | | | | | PE exits are on a historic run as firms net billions | |  | | (twomeows/Getty Images) | | | Private equity exits are on fire as rapid economic growth and strong markets fuel an already historic year for firms and portfolio companies. - PitchBook's Q3 2021 US PE Breakdown illustrates an astounding run for PE exits, with 2021 year-to-date exit value already 50% larger than the next-highest annual figure, and currently estimated to top $638 billion through Q3.
- Additionally, 1,129 exits are estimated to have been completed through the quarter.
- Rebecca Springer, a private equity analyst at PitchBook, credits a "perfect storm" for the unrivaled success: "The underlying drivers are strong economic growth and highly liquid markets."
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| A message from SS&C Intralinks | | |
| PE 2022: How top GPs are planning to meet market conditions and investor demands | | After a year of seismic volatility in the private equity markets and steeply rising investor expectations—such as faster and better data on ESG, tech-enhanced processes, and deeper visibility into funds—many firms are struggling to formulate solid plans for 2022.
Intralinks' new report, Forecast: Private Equity 2022, produced in association with Private Equity Wire, features interviews with principals from three leading PE firms—All Seas Capital, Abris Capital and Lovell Minnick Partners—that yield exclusive market insights, tactical measures and a planning framework for GPs, including: - Where investors will be concentrating allocations.
- How market valuations are expected to trend.
- Charting a course through uncertainty.
- Incorporating ESG demands into planning.
Get this new report today, and be ready for tomorrow's PE challenges. | | | | | | | |
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| VCs bet on European HR tech startups as the world adjusts to remote work | |  | | Personio CEO Hanno Renner (Courtesy of Personio) | | | Investors' interest in European HR tech startups has reached a fever pitch this year, as companies adjust to the long-term reality of employees working remotely.
VCs have poured €1.9 billion (about $2.2 billion) into HR tech startups on the continent in 2021, up 144% over last year's total. Adding to the already record-breaking amount is a recent $270 million round for Germany's Personio. | | | | | | | | | | Global M&A deals top $3.4T through Q3 en route to record year | | The global economic recovery continued to fuel surging M&A activity in Q3, with over 27,000 deals and $3.4 trillion in combined deal value recorded in the first nine months of the year. Despite potential macroeconomic headwinds, global drivers of M&A remain intact, and both Europe and North America are on pace to easily break records in Q4.
Our Q3 2021 Global M&A Report, sponsored by Liberty GTS and RBC Capital Markets, recaps a relentless quarter of dealmaking as the world works out the long-term effects of the pandemic. Among the highlights: - Dealmakers in North America remain undeterred by labor shortages and inflationary pressures, closing over 4,600 deals worth a combined $708 billion in Q3.
- Europe's three largest-ever quarters for M&A deal volume were the first three quarters of 2021, with the total annual count already over 12,000.
- High stock prices are driving a rise in transactions financed at least partially by stock. Such deals have accounted for nearly half of all M&A transactions, up from 40% in 2020.
| | | | | | | | | | Wefunder fundraising VP Jonny Price took a cross-country train trip to speak to hundreds of entrepreneurs who aren't being served by the traditional VC ecosystem. Here's what he learned. [Fast Company]
Why management consulting firms like McKinsey are building their own software. [Protocol]
A look at how new strategic priorities, remote work and social pressures are forcing companies' boards of directors to operate differently in the wake of the pandemic. [Fortune] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 486 Deals | 1249 People | 414 Companies | 37 Funds | | | | | | |
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| 2016 Vintage Global VC Funds-of-Funds | | | | | | |
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| Webinar: Five ways to streamline checkout and improve sales | | As online commerce grows, consumers and businesses alike are increasingly prioritizing an easy checkout experience, and it's never been more important to get it right. Stripe's 2021 research shows that companies are making little mistakes that add up to big delays for customers. Learn five easy fixes that can streamline checkout and grow sales quickly, from optimizing form design to reducing friction with autocomplete.
Register | | | | | | | |
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| NEA brings on Michele Park as partner | | | NEA has hired Michele Park as a partner based in its Menlo Park, Calif. office. She joins the firm from Blackstone Life Sciences (formerly Clarus Ventures), where she worked for 15 years, receiving a promotion to partner in 2015. Park has extensive experience as a life sciences investor; during her time at Blackstone Life Sciences, she served as a board director and member for several biopharma companies. | | | | | |
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| Papa secures $150M to address social isolation | | | Papa has raised a $150 million Series D led by SoftBank's Vision Fund 2. The Miami-based company's platform provides on-demand assistance and companionship for older adults and families. Founded in 2017, Papa raised $60 million in a Series C in April. | | | | | | | | | Reltio has raised $120 million in a round led by Brighton Park Capital. The Bay Area-based company offers a data management platform for customers including Pfizer, Xerox and AstraZeneca. Reltio was valued at $425 million in 2018, according to PitchBook data. | | | | | | | | | Fountain has raised an $85 million Series C led by SoftBank's Vision Fund 2. The San Francisco-based company offers a recruiting platform for gig and hourly workers; its customers include Chipotle Mexican Grill and Just Eat Takeaway. Fountain was valued at $90 million in 2019, according to PitchBook data. | | | | | | | | Botkeeper books $42M Series C | | | Botkeeper has raised $42 million in a round led by Grand Oaks Capital. The Boston-based company offers an automated bookkeeping platform for accountants and small businesses. Botkeeper was valued at $105 million in May 2020, according to PitchBook data. | | | | | | | | | | | | |
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| Monomoy to buy Trinity Highway Products for $375M | | | Monomoy Capital Partners has agreed to acquire Trinity Highway Products, a Texas-based manufacturer and lessor of highway safety products, for $375 million. Trinity Highway Products operates 14 manufacturing centers in the US and makes crash cushions, end terminals, guardrails and truck-mounted attenuators. | | | | | | | | FTV Capital backs Plate IQ with $160M investment | | | FTV Capital has provided $160 million in Series B funding to Plate IQ, the California-based operator of an accounts payable automation, invoice management, and payments platform for the restaurant and hospitality industry. Founded in 2014, Plate IQ processes over 50,000 invoices daily for more than 20,000 customers. | | | | | | | | Aurora's SRP acquires balloon distributor | | | | | | | | | Carlyle approaches Metro Bank over potential takeover | | | The Carlyle Group has approached Britain's Metro Bank about a takeover bid, the Financial Times reported. Under UK takeover rules, Carlyle now has until Dec. 2 to announce a firm intention to bid or decline a takeover attempt. | | | | | |
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| Hong Kong's Insilico Medicine files for US IPO | | | AI-powered drug discovery company Insilico Medicine has filed confidentially for an IPO in the US that's expected to raise some $300 million, Bloomberg reported. The Hong Kong-based company has received past funding from Warburg Pincus, Baidu Ventures, Pavilion Capital, OrbiMed, Sequoia China and other firms. Insilico is developing treatments for cancer, fibrosis, immunological disorders and other diseases. | | | | | | | | Arhaus raises $168M in IPO | | | Freeman Spogli-backed home furnishing retailer Arhaus raised $168 million in its IPO after pricing shares at $13 apiece, below its initial range of $14 to $17. The company, which listed on the Nasdaq under the ticker ARHS, reported $16 million of net income on $355 million in revenue in the first half of 2021. | | | | | |
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| Shell earmarks $1.4B fund for venture arm | | | Shell Ventures, the corporate venture arm of Royal Dutch Shell, has restocked with $1.4 billion that will be dedicated to investing in startups focused on energy transition tech, including renewable energy, storage, mobility and logistics. Led by Geert van de Wouw, Shell Ventures said it will deploy the capital at all stages over the next six years. | | | | | | | | Section 32 raises $740M fund | | | Section 32 has closed its fourth flagship fund on $740 million. The firm invests in a variety of industries, with a portfolio that includes HR tech startup Gusto and Dialpad, which provides cloud-based business communication tools. | | | | | | | | Stage closes early-stage PE fund | | | Stage Fund, a Denver-based private equity firm, has closed its first fund focused on acquiring early-stage companies undergoing a change in capital structure, strategy, operations or growth. Five companies have already been acquired with capital deployed from the fund. | | | | | |
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| Al Gore establishes climate change asset manager | | | Former US Vice President Al Gore has established an asset manager devoted to global net-zero carbon emissions, according to reports. The new outfit, Just Climate, plans to invest in solutions that will limit global temperature rises to 1.5 degrees Celsius. | | | | | |
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