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In today's Daily Pitch, you'll find: - A series of edtech startups are going public as the pandemic-fueled need for online learning pays off.
- A year ago, SPAC dealmakers created a whirlwind of excitement for electric vehicle makers. Now venture capitalists are leading a new kind of EV charge.
- Our analysts explore private equity healthcare deals and key considerations for avoiding regulatory and bottom-line risk.
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| Edtech backers rewarded as IPO pipeline heats up | |  | | (vladwel/Getty Images) | | | Edtech company IPOs used to be practically nonexistent—until this year. Coursera, Duolingo and Udemy all debuted on public markets, each with a multibillion-dollar market capitalization.
These are significant outcomes for any newcomers to Wall Street, but especially for a sector that sometimes struggled to gain wide acceptance among venture capitalists before the pandemic.
Edtech continues to boom now that most schools and universities are again meeting in person. During the first 10 months of 2021, VCs have funneled more capital into the sector than in 2020, signaling that more edtech names could soon enter the IPO pipeline. | | | | | | | | | | As EV blank-check boom fades, VCs double down on electrification startups | |  | | (Marija Obradovic/Getty Images) | | | A year ago, SPAC dealmakers created a furor of excitement for electric vehicle makers, striking pacts to take more than a half-dozen companies public with dizzying speed. Now venture capitalists are leading a new kind of EV charge. - VC investment in the EV sector hit $17.8 billion in the first nine months of 2021, up from $10.6 billion for all of last year.
- It's no longer about finding the next Tesla—much of the money is going to startups that support electrification in ways other than making vehicles.
- Many new EV stocks have performed poorly, but they have also driven new deals by giving VCs a clearer line of sight to future exits.
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| Assess your SPAC readiness: Guide to nine critical business areas for going public | | Preparing to go public is complex under any circumstance. A SPAC merger compresses the timing of the process, making it even more challenging. Most companies don't have all the resources and expertise in-house to effectively navigate the process.
Read RSM's SPAC mergers: Guide to 9 critical business areas for going public for direction for several key business areas, including: - Financial planning and analysis: Prepare to provide accurate expectations to the marketplace.
- Taxes: Maximize your tax benefits and minimize tax risks.
- Internal audit, controls and risk: Lay the groundwork for SOX compliance and more.
Find out what you need to know to ensure the success of your transition to a public company.
Download the guide | | | | | | | |
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| Understanding the nuts and bolts of private equity healthcare deals | |  | | (Ivan-balvan/Getty Images) | | | Healthcare providers have become a prime target for private equity firms, which view the highly fragmented landscape as a ripe opportunity to unlock returns through multiple approaches.
But healthcare providers are unlike any other type of PE investment. To avoid significant regulatory and bottom-line risk, firms must navigate a fluid landscape of legal restrictions, payer relationships and more.
Our recent analyst note details key considerations for private equity healthcare transactions, including: - Who can own healthcare practices, and how these restrictions affect the structure of private equity-backed healthcare providers.
- What firms should look out for with healthcare provider acquisitions, including violations of anti-kickback and self-referral laws.
- How different transaction structures can affect insurance payer contracts and taxation.
| | | | | | | | | | Writer Ethan Zuckerman discusses the history of the metaverse and why he's not so impressed with Mark Zuckerberg's newest iteration. [The Atlantic]
The pandemic may have made big tech giants even bigger, but smaller companies are putting up a fight. [The Economist]
Peter Thiel has long attracted devoted fans and followers. Is it his mystique, philosophy, or simply his billions of venture capital dollars? [The New Yorker] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 76 Deals | 189 People | 88 Companies | | | | | | |
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| 2015 Vintage Global VC Funds-of-Funds | | | | | | |
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| A message from Allvue Systems | | |
| How to complete a capital call in 10 minutes or less | | Completing a capital call doesn't need to be a process that eats up hours or days of your team's time.
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In a new infographic from Allvue Systems, you'll learn how to reduce the capital call process from an average of 10 hours to 10 minutes—all without sacrificing quality or control.
Get the infographic here | | | | | | | |
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| Impossible Foods eyes $7B valuation | | | Plant-based meat creator Impossible Foods is planning to raise about $500 million at a $7 billion valuation, Bloomberg reported. The California-based company raised a $200 million Series G led by Coatue in August. | | | | | | | | ProLogium Technology drives off with $326M | | | ProLogium Technology has raised $326 million from investors including Primavera Capital and SBCVC. The Taiwanese company is a developer of solid-state lithium ceramic batteries intended for use in vehicle, consumer and industry applications. | | | | | | | | ClickHouse hauls in $250M Series B | | | ClickHouse has raised $250 million at a $2 billion valuation in a round co-led by Altimeter Capital Management and Coatue. The company offers a database management system designed to generate real-time analytics using SQL queries. | | | | | | | | Magnus Medical lands $25M Series A | | | | | | |
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| Temasek-backed group offers $2.5B for Singapore Press | | | An investor group that includes Temasek-affiliated companies has reportedly offered S$3.4 billion (about $2.5 billion) for Singapore Press Holdings, topping the bid of Keppel Corp., which offered around S$2.2 billion for the Singaporean media and real estate company in August. The company's property assets include malls, student accommodations and elderly care facilities, Reuters reported. | | | | | | | | Apax to pick up American Water unit in $1.3B deal | | | Apax Partners has agreed to acquire the Homeowner Services Group of American Water Works in a deal that values the unit at nearly $1.3 billion. The group's brands provide warranty protection programs and other home services to nearly 3 million customers in the US. American Water Works is a publicly traded water and wastewater utility company. | | | | | | | | Baypine acquires Pinnacle Dermatology | | | Baypine has agreed to acquire Pinnacle Dermatology. Founded in 2017, Pinnacle prevents and detects skin cancer through skin health management in addition to treating other dermatologic conditions. The Tennessee-based company operates 87 locations across 11 states. | | | | | |
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| Background screening company HireRight raises $422M in public debut | | | General Atlantic- and Stone Point Capital-backed HireRight raised $422 million in its IPO. The company priced 22.2 million shares at $19 apiece, below its targeted range of $21 to $24 a share. The background screening and identity verification company is listed on the NYSE under the ticker HRT. | | | | | | | | Sonendo banks $94M in public offering | | | | | | | | | AirSculpt Technologies lands $77M in IPO | | | | | | | | | Korean grocery startup Market Kurly plans to go public | | | Market Kurly, which operates a fresh food delivery platform across South Korea, is planning to go public in the domestic market in 2022, according to reports. The company is backed by investors including DST Global, Sequoia and Fuse Venture Partners. | | | | | | | | NexPhase offloads stake in Popcornopolis to Barcel USA | | | NexPhase Capital has sold its stake in gourmet popcorn company Popcornopolis to Barcel USA, a division of Grupo Bimbo. Founded in 2003, Popcornopolis makes ready-to-eat specialty popcorn products. NexPhase first invested in the company in 2019. | | | | | | | | Macquarie to acquire German gas pipeline operator Thyssengas | | | | | | |
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| PAG seeks $9B for new Asia fund | | | Hong Kong's PAG is targeting $9 billion for its latest Asia-focused fund, Reuters reported. The vehicle's predecessor, PAG Asia III, closed on $6 billion in 2018. | | | | | |
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