VCs continue betting big on insurtech

PE-backed Fenway Sports scores NHL pact; Indian fintech startup hits $1B+ valuation; Clearlake lands Quest Software for $5B+; Mr Yum cooks up $65M
Read online | Don't want to receive these emails? Manage your subscription.
PitchBook
Log in
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
Ads
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.
Today's Top Stories
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.
read the preview
 
Share:   Email    LinkedIn    Twitter    Facebook
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.
Share:   Email    LinkedIn    Twitter    Facebook
A message from Ansarada
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
Share:   Email    LinkedIn    Twitter    Facebook
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.
read more
 
Share:   Email    LinkedIn    Twitter    Facebook
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.  
read more
 
Share:   Email    LinkedIn    Twitter    Facebook
Recommended Reads
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]
Ads
Since yesterday, the PitchBook Platform added:
361
Deals
1724
People
395
Companies
12
Funds
See what our data software can do
 
Quick Takes
  The Daily Benchmark  
  2011 Vintage North American Debt Funds  
  VC Deals  
  Indian fintech startup valued at $1B+ with latest round  
  Used car auction platform Motorway hits unicorn status with Series C  
  London's Quell Therapeutics lands $156M  
  HotSpot Therapeutics locks in $100M  
  Chinese robotics startup grows with $70M  
  Mr Yum cooks up $65M Series A  
  Upbound soars with $60M in new funding  
  Accel leads $45M round for ThreeFlow  
  Algeria's Yassir collects $30M for Series A  
  PE Deals  
  Clearlake set to scoop up Quest Software for $5B+  
  Armis valued at $3.4B in One Equity-led round  
  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  
  Portfolio Companies  
  VC-backed Bolt acquires Sweden's Tipser  
  Exits & IPOs  
  Chegg to pay $436M for language learning specialist  
  Tigris, Mesa Verde to exit skincare brand Alastin  
 
 
Ads
The Daily Benchmark
2011 Vintage North American Debt Funds
Median IRR
8.48%
Top Quartile IRR 
9.90%
1.32x
Median TVPI
Select top performers
Davidson Kempner Long-Term Distressed Opportunities Fund
Abry Advanced Securities Fund II
First Eagle Greenway Fund
*IRR: net of fees
25 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
Ads
VC Deals
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.
Additional Investors:
8i Ventures, Anfa, Blume Ventures, Gunopsy
View round
 
View 38 competitors »
 
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.
Additional Investors:
BMW i Ventures, Latitude, Unbound
View round
 
View 27 competitors »
 
London's Quell Therapeutics lands $156M
Biotech startup Quell Therapeutics has secured a $156 million Series B. The round was led by Jeito Capital, Ridgeback Capital, SV Health Investors and Fidelity Management & Research. Quell, which develops cell therapies for autoimmune and inflammatory diseases, and for the prevention of organ transplant rejection, will use the capital to fund clinical trials.
View round
View 27 competitors »
HotSpot Therapeutics locks in $100M
Boston-based HotSpot Therapeutics has raised a $100 million Series C led by Pivotal BioVenture Partners, with support from LSP, B Capital Group, Tekla Capital Management, MRL Ventures Fund and others. The startup is developing allosteric therapies that target regulatory sites on proteins to treat cancer and autoimmune diseases. HotSpot was valued at $135 million with a $65 million round in May 2020, according to PitchBook data.
Additional Investors:
Atlas Venture, CaaS Capital Management, Monashee Investment Management, Pavilion Capital, Revelation Partners, SR One Capital Management, Sofinnova Partners
View round
 
View 25 competitors »
 
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.
View round
 
View 1 competitors »
 
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.
View round
 
View similar company »
 
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.
View round
 
View 35 competitors »
 
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.
View round
 
View similar company »
 
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.
Additional Investors:
Quiet Capital, FJ Labs, Moving Capital, Nellore Capital, VentureSouq
View round
 
View 2 competitors »
 
Ads
PE Deals
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.
View deal
 
View 76 competitors »
 
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.
View deal
 
View 119 competitors »
 
PE-backed NEO Energy lands JX Nippon UK unit
HitecVision-owned NEO Energy has agreed to acquire JX UK, a unit of JX Nippon Oil & Gas Exploration, for $1.65 billion. Through the deal, NEO Energy will gain the unit's stake of 20% in the North Sea Mariner field and a stake of 18% in the Culzean field. JX Nippon itself is a unit of Japan's Eneos Holdings.
View deal
 
View similar company »
 
777 Partners in talks to buy controlling stake in British Basketball League
Miami-based 777 Partners is in discussions over the purchase of a 45% controlling stake in the British Basketball League for £7 million (about $9.3 million), Bloomberg reported. Founded in 1987, the BBL includes 10 teams. 777 Partners acquired Italy's Genoa Cricket and Football Club, a part of the Serie A league, in September.
View details
 
View similar company »
 
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.
View deal
 
View similar company »
 
Ads
Portfolio Companies
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.
View details
 
View similar company »
 
Exits & IPOs
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.
View details
 
View 35 competitors »
 
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.
View details
 
View 5 competitors »
 
Chart of the Day
"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
About PitchBook | Terms of use | Advertise with us | Contact

Follow us:   in   twtr   fb

This email was sent to pitchbook@quicklydone.com via the PitchBook Platform.

Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here.

© 2021 PitchBook Data. All rights reserved.
Venture capital, private equity and M&A financial information technology provider.

No comments: