| | | | | The Daily Pitch: VC, PE and M&A | November 30, 2021 ![]() | | Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A | | | | | | | In today's Daily Pitch, you'll find: - The Pittsburgh Penguins are the latest addition to PE-backed Fenway Sports Group's pack of teams.
- VCs are continuing to bet big on insurance tech, with billions in funding worldwide deployed during a strong Q3.
| | | | | | | | | | Insurtech VC backing tops $4B—again | | The insurance tech industry has many large incumbents, but the sector continues to remain fragmented due primarily to local regulations in several countries.
This fragmentation represents a key opportunity for insurtech startups to compete directly with traditional insurance carriers by using emerging technologies such as predictive analytics, telematics and application programming interfaces.
Our Q3 2021 Emerging Tech Research report on insurtech breaks down a strong quarter for the sector—the second time on record that VC funding for the space has surpassed $4 billion globally. Our analysts also explore opportunities in digital life insurance products, and how insurance-linked securities are expected to grow through online marketplaces. | | | | | | | | | | PE-backed Fenway Sports Group to buy NHL's Pittsburgh Penguins | |  | | Penguins team captain Sidney Crosby (Bruce Bennett/Getty Images) | | | | Private equity-backed Fenway Sports Group has agreed to acquire the National Hockey League's Pittsburgh Penguins, continuing PE's growing relationship with sport franchises and leagues. The deal is valued at around $900 million, according to reports. | | | | | | | | | | | | UK and European dealmakers predict record M&A activity in 2022 | | Ansarada has launched a new data report to uncover the key deal themes that will affect European dealmakers in 2022.
Based on a survey of 100 leading dealmakers across the UK and Germany, the report reveals staggering levels of optimism that M&A in both countries will surge in the next year. An uptick in distressed deals and an anticipated flurry of activity in the TMT sector will propel activity.
Common themes include the emergence of European SPACs, a roaring PE buyout market and the increasing importance of ESG in guiding deal decisions.
Dealmakers agree that due diligence is taking longer in this environment. Those who harness technology to adjust to remote transactions, deal screening and due diligence will ultimately come out on top.
Get the predictions | | | | | | | | | | Banking software startup Thought Machine joins Europe's unicorn stable | |  | | (Lucy von Held/Getty Images) | | | Thought Machine's valuation has topped $1 billion following a $200 million Series C, as the banking software provider raises the latest mega-round in a busy year for the fintech sector.
The fundraise brings the total number of unicorns minted this year in Europe to 65—the highest annual count ever—with a full month to go in 2021. | | | | | | | | | | How foreign investors are tapping into Germany's late-stage VC boom | |  | | (Sven Hansche/Getty Images) | | | Germany's government may have changed, but appetite for Europe's second-largest VC hub has not, as well-funded overseas investors continue to drive deal value to record levels, PitchBook data shows.
Through Q3, VC funding in Germany came to $12.8 billion, a 70% increase over last year's total, and US investors' participation has hit record levels. Explore our datagraphic for a closer look at where the money is going—and which VCs are betting the most. | | | | | | | | | | Local regulations, higher costs and other operational issues are some of the challenges facing the fledgling ghost kitchen industry. [The Wall Street Journal]
An increasing number of companies are promoting buy now, pay later features on their websites. But US regulators could soon force companies to rein in practices that have turbocharged that growth. [Protocol]
Several years ago, a tightknit team of men was quietly gathering intelligence for Uber. Then, in 2017, the secrecy ended when one member turned on the others, accusing them of illegal behavior. The allegations follow them to this day. [The New York Times] | | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 361 Deals | 1724 People | 395 Companies | 12 Funds | | | | | | | | | | | | | | | | | | | | 2011 Vintage North American Debt Funds | | | | | | | | | | | | | Indian fintech startup valued at $1B+ with latest round | | | Slice, the Bengaluru-based provider of a fintech platform and credit card geared toward Gen Z and millennials, has reportedly collected a $220 million round that values it at more than $1 billion. Tiger Global and Insight Partners are said to have co-led the financing, with Sunley House Capital Management, Moore Strategic Ventures and others also participating. Slice allows users to pay their bills over three months without incurring any extra charges. | | | | | | | | Used car auction platform Motorway hits unicorn status with Series C | | | London-based Motorway has raised $190 million at a $1 billion-plus valuation. The startup's platform allows users to sell their cars through auction. Index Ventures and Iconiq Capital led the round, which will be used to expand the company's team. Motorway has now raised $273 million in total funding. | | | | | | | | London's Quell Therapeutics lands $156M | | | | | | | | | HotSpot Therapeutics locks in $100M | | | | | | | | | Chinese robotics startup grows with $70M | | | FJDynamics has raised a $70 million Series B from a Chinese internet firm, TechCrunch reported. Based in Shenzhen, the startup is developing robots that focus on automation, digitalization and green energy in sectors including agriculture, gardening, construction, surveying and facility management. FJDynamics will reportedly use the new financing in part to support the growth of its ESG products in more than 60 countries. | | | | | | | | Mr Yum cooks up $65M Series A | | | Mr Yum has reportedly raised a $65 million round led by Tiger Global, with support from Commerce VC, Vu Venture Partners, Ten13, AirTree and several angel investors. The Australian startup, which also operates out of London and Los Angeles, provides a mobile ordering and payments platform for restaurants, hotels, airports and more. | | | | | | | | Upbound soars with $60M in new funding | | | Enterprise cloud management startup Upbound has raised a $60 million Series B led by Altimeter Capital, with support from GV, Intel Capital and Telstra Ventures. Founded in 2017 and based in Seattle, Upbound is the creator of Crossplane, an open-source project that provides users with cloud-native infrastructure management. | | | | | | | | Accel leads $45M round for ThreeFlow | | | ThreeFlow, the creator of a benefits placement platform, has raised a $45 million Series B led by Accel, with support from existing backers Emergence Capital, Equal Ventures and First Trust Capital Partners. ThreeFlow helps insurance brokers and carriers collaborate and manage the placement process through a shared system. The company has over 80 employees and represents 7,600 employer clients. | | | | | | | | Algeria's Yassir collects $30M for Series A | | | Algeria-based Yassir, which offers ridehailing, last-mile delivery and other on-demand services, has reportedly raised $30 million in funding from backers including WndrCo, DN Capital, Kismet Capital, Quiet Capital and Endeavor Catalyst. Operating in Algeria, Canada, France, Morocco and Tunisia, Yassir has over 2 million users. | | | | | | | | | | | | Clearlake set to scoop up Quest Software for $5B+ | | | Clearlake Capital has agreed to acquire Quest Software for $5.4 billion, including debt, The Wall Street Journal reported. The provider of cybersecurity, data intelligence and IT operations management software was founded in 1987. Clearlake will acquire the company from Francisco Partners. | | | | | | | | Armis valued at $3.4B in One Equity-led round | | | One Equity Partners has led a $300 million investment in Armis, valuing the company at $3.4 billion. Existing backers also supported the round. Armis is the creator of an asset visibility and cybersecurity platform for connected devices that's used by companies including IBM, PwC, Accenture and Deloitte. California-based Armis was valued at $2 billion earlier this year. | | | | | | | | PE-backed NEO Energy lands JX Nippon UK unit | | | | | | | | | 777 Partners in talks to buy controlling stake in British Basketball League | | | | | | | | | GSCM acquires modular building refurbisher | | | Equistone Partners-backed building designer GSCM Group has acquired Deltamod, a French company that specializes in the reuse of modular buildings. Founded in 2013, Deltamod gives modular buildings a second life by reconditioning them and selling them as second hand. | | | | | | | | | | | | VC-backed Bolt acquires Sweden's Tipser | | | Venture-backed checkout and shopper network company Bolt has acquired Tipser, a Swedish ecommerce company. Tipser's embedded technology allows customers to purchase products natively from websites, social media platforms, search engines and more. Bolt is backed by General Atlantic, Activant Capital, Tribe Capital and other firms. | | | | | | | | | | Chegg to pay $436M for language learning specialist | | | Chegg has agreed to purchase Busuu, a London-based online language learning company, for around $436 million in cash. Founded in 2008, Busuu provides courses in 12 different languages to over 500,000 paying subscribers. It has received prior backing from Profounders Capital, McGraw-Hill, ACE & Company and others. Chegg has been publicly traded on the NYSE since 2013 and provides textbook rentals, tutoring and more. | | | | | | | | Tigris, Mesa Verde to exit skincare brand Alastin | | | Swiss skincare company Galderma has agreed to buy California-based peer Alastin, a few weeks after EQT-backed Galderma was reported to be considering a potential $22 billion IPO in Zurich. Alastin is backed by investors including Mesa Verde Ventures and Tigris Ventures. | | | | | | | | | "Germany, the largest economy in Europe, accounts for the majority of deal activity in the DACH region, and we expect this trend will strengthen. Through Q3 2021, 80.0% of PE deal volume closed in the country, which is on pace with the five-year average."
Source: PitchBook's 2021 DACH Private Capital Breakdown | | | | | | | | | | | | | | | | | Who's in the newsletter today? | | Investors | | | | Companies | | | | Service Providers | | | | | | | | | | | | | | | | | |
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