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In today's Daily Pitch, you'll find: - The release of our latest Global League Tables, ranking the busiest investors and more from Q3.
- As the performance of natural language AI improves, so does investor interest in the sector.
- An analysis of why venture debt has grown among life sciences companies, and what makes the sector so attractive to lenders.
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| Ranking Q3's most active investors | | 2021 has seen records fall in the private markets like the proverbial house of cards. VC and PE investors have poured capital into companies of all sizes and stages as the global economy has continued to recover.
Who led the way? Check out the latest edition of our Global League Tables, which ranks Q3's most active investors, advisers, service providers and more. The interactive tables cover the full spectrum of the private markets, from the busiest acquirers of VC-backed companies to private equity's most active investors in healthcare. The data can be sorted by firm, deal type, geography, sector and more. | | | | | | | | | | Grammarly hits $13B valuation as natural language AI comes of age | |  | | (vladwel/Getty Images) | | | Grammarly, the developer of an AI-powered writing assistant, has raised over $200 million at a valuation of $13 billion, more than five times the company's previous value of $2.3 billion garnered two years ago, according to PitchBook data.
Recent improvements in the performance of natural language AI have led to other significant deals and some public listings for companies powered by natural language programming, according to Brendan Burke, a PitchBook analyst who covers artificial intelligence. | | | | | | | |
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| Low revenue, no problem: Venture debt rises in life sciences | |  | | (Dina Belenko Photography/Getty Images) | | | Venture debt has grown significantly over the past year, with much of its success, and therefore much of the attention, focused on tech. But the life sciences space has also seen its venture loan book value grow, notching $4.5 billion in aggregate value last year—despite zero- to low-revenue companies making up a large portion of the privately held portfolios.
Our recent analyst note takes a deep dive into the rise and risk of venture debt among life sciences companies, exploring the reasons behind the growth and what makes the sector so attractive to lenders. | | | | | | | | | | How one former Meta Platforms executive sought inspiration from China when he formed his own startup in Brazil. [The Information]
From a sustainability lecturer to a chief market strategist, 10 experts predict where ESG investing will be in five years. [The Wall Street Journal]
Today's millennials and Gen Z are a growing force in the investment world, and the market either needs to catch up—or get left behind. [Fortune] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 470 Deals | 1611 People | 393 Companies | 31 Funds | | | | | | |
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| 2014 Vintage Global PE Funds with $1B+ | | | | | | |
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| What's the future of private fundraising? | | There has been, and continues to be, a massive influx of capital into private funds. Moreover, a clear majority of limited partners (LPs) still plan to maintain or even further increase their allocations to alternatives. What does this entail for fund managers?
In the latest Intralinks market brief, multiple PitchBook datasets are analyzed in order to answer that question and provide an overview of key trends in the current fundraising climate. Highlights include: - A breakdown of fundraising trends across asset classes.
- How fund manager experience is being priced.
- Metrics on private capital performance, sizes and correlation between assets under management and fund sizes across the market.
Read it now | | | | | | | |
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| | | | | | | | | Generate Biomedicines hauls in $370M Series B | | | | | | | | | Expel secures $140M+ Series E | | | Expel has raised $140.3 million in a round co-led by CapitalG and Paladin Capital. The funding brings the company's valuation to more than $1 billion. Founded in 2016, Expel offers a cybersecurity platform to help companies such as DoorDash and Virgin Atlantic combat ransomware, phishing and other threats. | | | | | | | | | Stytch has raised a $90 million Series B led by Coatue, with support from Benchmark, Thrive Capital and Index Ventures. The funding values the company at $1 billion. Stytch is a developer of passwordless authentication tools used to secure apps and websites. The company was valued at $205 million in July, according to PitchBook data. | | | | | | | | | | | | | | | Doorvest raises $39M in debt and equity | | | Doorvest has raised $14 million in Series A funding and a $25 million credit facility. The round was led by M13. Based in the Bay Area, the company provides a real estate tech platform to help individuals buy and manage income-generating rental properties. Doorvest raised a $2.5 million seed round earlier this year. | | | | | | | | | Netomi has raised a $30 million Series B led by WndrCo, with support from Eldridge and Fin Venture Capital. The San Mateo, Calif.-based company is the developer of an AI-based customer service platform intended to resolve queries and decrease resolution time via virtual agents. | | | | | |
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| Carlyle scraps Metro Bank takeover talks | | | The Carlyle Group has ended negotiations to acquire Metro Bank. The UK lender confirmed earlier this month it was in talks with Carlyle regarding a takeover. Metro Bank has been a potential buyout target since 2019, but its branch-focused model has proved to be a deterrent, the Financial Times reported. | | | | | | | | PE-backed BCM One adds on CoreDial | | | BCM One, a portfolio company of Thompson Street Capital Partners, has purchased CoreDial from LLR Partners and members of company management. CoreDial is a Pennsylvania-headquartered provider of cloud-based unified communications services, while New York-based BCM One provides communications and managed services. With the acquisition, BCM One now serves over 600,000 customers. | | | | | | | | Sentinel Capital lands Empire Auto Parts | | | Sentinel Capital Partners has acquired Empire Auto Parts, a distributor of aftermarket collision-repair parts. The New Jersey-based company operates five distribution hubs and 22 satellite delivery locations across 16 states. | | | | | | | | HGGC conducts takeover of Planet Fitness franchisee group | | | HGGC has completed a majority investment in PF Atlantic, a franchisee within the Planet Fitness health club system. As part of the transaction, PF Atlantic is being rebranded as Grand Fitness Partners. The company owns and operates 42 Planet Fitness health clubs in Florida, California, New Jersey and Pennsylvania. PF Atlantic's co-founders will retain a significant minority stake in the company, alongside current backer Monogram Capital. | | | | | | | | Cinven to back internet provider Nitel | | | Cinven has agreed to back Nitel, a Chicago-based provider of internet connectivity and networking technology services to multi-site small and medium-sized enterprise businesses. | | | | | |
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| Warren Buffett-backed Paytm sees stock fall 27% in Mumbai debut | | | Venture- and Warren Buffett-backed Indian digital payment company Paytm saw its stock drop 27% in its Mumbai market debut. Its shares opened below the announced price of 2,150 rupees (about $28.60) apiece, before closing at 1,564 rupees. The company has received past funding from UBS Group, T. Rowe Price, Alibaba Capital Partners and other investors. | | | | | | | | Sweetgreen raises $364M in IPO, sees stock climb 77% in debut | | | Sweetgreen, a fast-casual restaurant chain that serves salads, raised $364 million in its IPO by pricing 13 million shares at $28 apiece, up from its original plan to price 12.5 million shares at between $23 and $25 apiece. The Los Angeles-based company, which owns more than 140 stores, saw its stock climb around 77% in its first day trading on the NYSE. Sweetgreen has received prior backing from investors including T. Rowe Price, Revolution and Lone Pine Capital. | | | | | |
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