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In today's Daily Pitch, you'll find: - An analysis of VC activity and opportunities in the enterprise healthtech market.
- Rivian conducted 2021's second-largest US IPO by exit value in what's been a supersized year for public debuts.
- SPAC dealmaking is showing signs of a rebound after dropping significantly earlier this year.
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| Q3 VC numbers for enterprise healthtech startups signify industry maturity | | The healthcare industry is facing mounting pressure to reduce costs while also improving patient outcomes. Key factors driving investment activity in the enterprise healthtech landscape include growth in clinical trial research organizations, proliferation of mobile devices, and expanded ability to track and gain access to patient data.
Our latest installment of Emerging Tech Research features spotlights on private companies including BrightInsight, Mendel.ai and NowRx. The report also tracks VC deal activity through the third quarter of 2021 and covers developments in areas such as the rise of decentralized clinical trials and increased employer focus on virtual care. | | | | | | | | | | US public listings surpass $1T in 2021 | |  | | (Michael M. Santiago/Getty Images) | | | US stock exchanges have welcomed a combined $1 trillion in exit value this year, offering a stark summation of how high valuations and an open IPO window have given investors and other stakeholders a rare opportunity to cash in.
Rivian's IPO pushed the market across the symbolic threshold, adding $56 billion in exit value. The company's stock price rose 29% to close at $100.73 on Wednesday. | | | | | | | |
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| A message from ON Partners | | |
| Where are the executive jobs in PE? | | With valuations higher than ever and competition for deals intense, bringing the right executive to the team to unlock a brand's potential has never been more critical, especially as the demand for leadership talent increases moving into 2022.
Consultants with top-20 retained executive search firm ON Partners provide observations on the executive jobs in demand and the types of leaders that can help private equity-backed companies win.
At the top of the list for PE-backed companies are product and digital leaders—those with a successful track record leading exponential growth and those who have M&A experience, with CEO and CFO jobs in high demand.
For a look at PE executive positions expected to be hot into 2022 and what the sector holds, click here. | | | | | | | |
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| SPAC dealmaking is seeing a rebound | |  | | (Westend61/Getty Images) | | | Investor demand for SPAC IPOs and stocks of companies that went public by combining with blank-check entities may have dropped significantly since earlier in 2021, but this route to the public markets is far from dead.
Just 10 days into this month, 10 SPACs announced deals to take companies public, according to data compiled by SPAC Research. And new SPACs are continuing to be formed at an increased pace, according to PitchBook data. | | | | | | | | | | Zilch rides the buy now, pay later wave to become Europe's latest unicorn | |  | | (Courtesy of Zilch) | | | London's Zilch has become Europe's latest unicorn with a $110 million Series C raised amid feverish demand for buy now, pay later services.
BNPL startups have been on a tear this year, with the sector expected to reach $166 billion globally by 2023, according to GlobalData. But their momentous rise has caught the attention of regulators across Europe. | | | | | | | | | | It may have a long way to go to rival Silicon Valley, but New York City is still getting its venture capital moment. [Forbes]
Airlines are rushing to roll out sustainable fuel initiatives. But the alternatives are expensive, and not completely clean. [Bloomberg]
For some companies, the chip shortage has turned into a silver lining. [Recode] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 467 Deals | 1597 People | 406 Companies | 19 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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| 2017 Vintage European Real Estate Funds | | | | | | |
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| Riverside taps Allison Cole as managing director, fundraising head | | | | | | | | | SASB founder to lead Blackstone ESG efforts | | | Blackstone has announced that Jean Rogers will join the firm in January 2022 as the global head of environmental, social and governance. Rogers, the founder and former CEO of the Sustainability Accounting Standards Board, will lead the corporate ESG team, overseeing strategy, integration, reporting and engagement. | | | | | |
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| Workato hits $5.7B valuation | | | | | | | | | Cerebras Systems nabs $250M | | | | | | | | | Kodiak Robotics hauls in $125M | | | Kodiak Robotics has raised a $125 million Series B from investors including SIP Global Partners, Lightspeed, Battery Ventures and CRV. The Mountain View, Calif.-based company is a developer of self-driving tech for long-haul trucks. Founded in 2018, Kodiak Robotics was valued at nearly $500 million in June, according to PitchBook data. | | | | | | | | Kleiner Perkins leads $125M round for Density | | | Density has raised a $125 million Series D led by Kleiner Perkins, with support from investors including Altimeter Capital, 01 Advisors and Upfront Ventures. The San Francisco-based company provides a space analytics platform that helps clients manage their commercial real estate portfolios by measuring building and workplace performance. Density is now valued at $1.05 billion. | | | | | | | | Wrapbook picks up $100M Series B | | | Wrapbook has raised $100 million at a $1 billion valuation in a round led by Tiger Global, with participation from Andreessen Horowitz, WndrCo, Uncork Capital and Equal Ventures. Operating out of New York, Los Angeles and Toronto, the company is the developer of an onboarding, payroll processing and production management platform for the entertainment industry. Wrapbook was valued at $147 million in March, according to PitchBook data. | | | | | | | | Signos launches with $17M | | | Signos has raised a $13 million Series A led by GV and $4 million in seed financing from investors including Courtside Ventures, 1984 Ventures and Tau Ventures. Founded in 2018, the company's health monitoring system uses real-time glucose monitoring to offer food and exercise recommendations. | | | | | | | | Payitoff secures $8.5M for student debt management | | | | | | |
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| Advent, Centerbridge near $2B take-private pact for Aareal Bank | | | An investor group that includes Centerbridge, Advent International and a Canadian pension fund is closing in on a deal to take Aareal Bank private, Bloomberg reported. The transaction would value the bank at €1.7 billion (around $2 billion), the report said. Based in Germany, Aareal provides smart financing, software products and more, with a focus on real estate and related industries. The consortium is reportedly also in discussions with other potential co-investors. | | | | | | | | | EQT has agreed to acquire Dutch venture capital firm LSP (Life Sciences Partners) in a deal worth as much as €475 million (around $545 million). The Swedish investor will pay €450 million in cash and stock upfront, with an additional payment of €25 million contingent on fundraising targets. Last week, LSP closed its seventh flagship life sciences fund on €850 million. | | | | | | | | Avego backs vet diagnostics company in growth round | | | Ellie Diagnostics has raised a strategic growth round from Avego Healthcare Capital. The Texas-based animal health company provides lab results, pathology consultations, specialty tests and more to veterinarians throughout the US. Founded in 2015, Avego focuses on investments in the healthcare industry. | | | | | | | | HIG seals sale of Empire Today | | | Charlesbank Capital Partners has acquired Empire Today, a direct-to-consumer flooring company, from HIG Capital. Founded over 60 years ago, the company provides residential and business customers with carpet, hardwood, laminate, vinyl flooring and more. HIG had backed Empire Today since 2016, when it purchased the company in partnership with management. | | | | | | | | Paceline to acquire AHF from AIP | | | | | | | | | Bernhard Capital wraps RailWorks buyout | | | | | | | | | Lincolnshire stakes CrossCom | | | Middle-market firm Lincolnshire Management has completed an investment in CrossCom National. Illinois-based CrossCom provides IT services and solutions to North American companies in industries including retail, grocery and hospitality. | | | | | |
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| Hershey to pick up Peak Rock's Pretzels | | | | | | |
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| General Atlantic scores $7.8B for latest growth vehicle | | | General Atlantic has closed its sixth flagship growth fund on $7.8 billion, surpassing a target of $5 billion. Founded in 1980, the firm has some $78 billion in assets under management and invests in the consumer, financial services, healthcare, life sciences and tech industries. The fund's predecessor raised $3.3 billion, The Wall Street Journal reported. | | | | | | | | DWS closes debut mid-life secondaries fund on $550M | | | Asset manager DWS has raised $550 million for its inaugural Private Equity Solutions vehicle, surpassing a target of $500 million and a hard cap of $525 million. The fund's investors include state pension plans, insurance companies and family offices across North America, Europe and the Middle East. The vehicle will be used to support the firm's mid-life secondaries strategy, which provides acquisition capital to existing portfolio companies. | | | | | |
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| RoundTable creates consumer healthcare platform | | | RoundTable Healthcare Partners has launched Everwell Health Holdings, a consumer health and wellness functional ingredients platform. The PE firm has also announced the platform's first purchase: Nutrition21, a creator of ingredients for dietary supplements, foods and beverages. Based in Illinois, RoundTable focuses exclusively on investments in the healthcare sector. | | | | | |
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