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In today's Daily Pitch, you'll find: - An analysis of what's driving investors' hunger for foodtech, as venture capital continues to pour into the piping hot sector.
- The value of SoftBank's holdings fell some $57 billion in the most recent quarter, as the Japanese conglomerate's tech investments found themselves caught in China's regulatory crosshairs.
- A look at the largest public-to-private deals of the year, now topped by a $14 billion-plus McAfee takeover.
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| Fast foodtech: Dealmaking speeds along as sustainability, digitization drive VC interest | | The foodtech industry continued its unrelenting pace of growth in Q3, with $10.1 billion in invested venture capital bringing the year's total to $28.8 billion—already up 85% over 2020.
It's a surge that's expected to continue into next year, according to our latest Emerging Tech Research on foodtech, as the dual trends of increasing digitization and a focus on sustainability drive a flood of capital into the sector. - The rise in VC funding has put upward pressure on deal sizes, with median early- and late-stage VC rounds reaching record highs through Q3.
- Fungi are driving deals in alt-proteins, as substances such as mycelium can be the core ingredients in fermented proteins, helping mimic meat products.
- Following the initial pandemic spike, online grocery startups have continued to attract funding thanks to their potential to support sustainability initiatives.
| | | | | | | | | | Beijing clampdown reshapes SoftBank | | The value of SoftBank's holdings fell around $57 billion in the most recent quarter, as tech investments such as Alibaba and Didi found themselves in the crosshairs of China's new regulatory regime.
The upheaval has shifted the composition of SoftBank's portfolio considerably and added weight to its startup bets. - The Vision Fund segment accounts for 44% of the Japanese conglomerate's investments by value as of Sept. 30, up from 16% a year prior. SoftBank once again boosted the size of Vision Fund 2, increasing its commitment to $51 billion from $40 billion, The Wall Street Journal reported.
- Over the same period, Alibaba has fallen from 59% to 28% of SoftBank's portfolio—the ecommerce giant's stock declined by about 35% during the fiscal quarter. SoftBank also took hits to its holdings in Didi and Coupang, which have both seen their stock prices fall since going public earlier this year.
- SoftBank also announced a 1 trillion yen (about $8.8 billion) buyback plan, amounting to 14.6% of outstanding stock. "We are discounted against our true potential," CEO Masayoshi Son said.
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| McAfee's $14B+ takeover notches largest public-to-private deal this year | |  | | (Andriy Onufriyenko/Getty Images) | | | An investor group including Advent International has agreed to take security software company McAfee private for over $14 billion. - Other firms involved in the takeover include Permira Advisers, Crosspoint Capital Partners, the Canada Pension Plan Investment Board, GIC and the Abu Dhabi Investment Authority.
- The deal, which is expected to close in the first half of 2022, is the largest public-to-private deal landed this year, according to PitchBook data.
Take a look at the top 10 largest public-to-private takeovers this year. | | | | | | | | | | PE consortium to exit UK's Inmarsat to Viasat for $7.3B | |  | | (R-Type/Getty Images) | | | UK satellite communications company Inmarsat has been bought by US-based rival Viasat for $7.3 billion, creating an exit for an investor group comprised of Apax Partners, Warburg Pincus, the Canada Pension Plan Investment Board and the Ontario Teachers' Pension Plan. - The deal comes nearly two years after the group acquired the then London-listed Inmarsat in a $3.4 billion take-private deal, following an investigation by the UK's competition watchdog.
- Inmarsat is part of a broader trend in which formerly UK-listed assets are attracting overseas buyers, particularly private equity investors.
- This transaction includes $850 million in cash, around 46.4 million Viasat shares worth $3.1 billion, and $3.4 billion in debt.
| | | | | | | | | | Germany preps $23B in fresh funds to boost VC ecosystem | |  | Thomas Jarzombek
(Courtesy of the Federal Ministry for Economic Affairs and Energy) | | | The German government is dedicating €20 billion (about $23 billion) to encourage VC activity, as the country seeks to raise its profile for growth-stage investments.
Speaking at SuperVenture 2021 in Berlin, Thomas Jarzombek, the German commissioner for the digital industry and startups, detailed how key initiatives will help startups and VC funds thrive. | | | | | | | | | | Germany's export-oriented economy used to be a consistent mechanism for pulling Europe out of slumps. Now it's holding the continent back. [The Wall Street Journal]
Though the number of applicants interested in training has recently increased, it's estimated that the US is on track to have a shortage of 160,000 truck drivers in the next 10 years. [BBC]
More and more tech companies are now offering unlimited or flexible PTO policies, but many employees aren't taking advantage. One solution? Mandatory time off. [Protocol] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 453 Deals | 1413 People | 353 Companies | 22 Funds | | | | | | |
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| 2013 Vintage Global Secondaries Funds | | | | | | |
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| Apollo hires Carletta Ooton as head of ESG for PE | | | Apollo Global Management has hired Carletta Ooton as head of ESG for private equity. Ooton will also serve as an operating partner within Apollo's portfolio performance solutions platform. Ooton was previously vice president of product assurance, risk and security at Amazon. | | | | | |
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| | | H20.ai has raised a $100 million Series E led by the Commonwealth Bank of Australia, with support from Pivot Investment Partners and others. The California-based startup is now valued at $1.7 billion. H20.ai's platform helps data scientists, organizations and Fortune 500 companies build and operate AI services. | | | | | | | | Drata hits unicorn status with Series B | | | Drata, a security and compliance automation specialist, has raised a $100 million Series B led by Iconiq Capital, with participation from Alkeon Capital and Salesforce Ventures. The round values the San Diego-based company at $1 billion. Drata raised a $25 million round at a $130 million valuation in May, according to PitchBook data. | | | | | | | | Toronto's Bolt Logistics raises new funding | | | Mobility tech startup Bolt Logistics has secured CA$115 million (about $92 million) in funding led by Yaletown Partners, with participation from Ingka Investments, Northleaf Capital, Bank of Montreal and others. The company handles ecommerce fulfillment and last-mile delivery services in Canada. It aims to amass a large electric vehicle fleet and be carbon negative by 2023, thus appealing to companies with net-zero pledges. | | | | | | | | Ecommerce startup Curated snags $75M | | | Curated has raised a $75 million round led by CapitalG, with Forerunner Ventures and Greylock Partners also participating in the Series C, TechCrunch reported. The San Francisco-based company operators an ecommerce platform that lets users shop with experts who provide personalized product advice and recommendations. The startup was valued at $230 million in April, according to PitchBook data. | | | | | | | | AI tools provider scores $57M | | | Landing AI has raised a $57 million Series A led by McRock Capital, with support from Insight Partners, Taiwania Capital and others. The startup is a provider of tools that help manufacturers build and deploy AI systems, solve visual inspection problems and detect product defects. McRock Capital co-founder and managing partner Scott MacDonald has joined the company's board. | | | | | | | | Fyllo closes $40M Series C | | | Fyllo has raised $40 million led by Eminence Capital, with participation from new investors including Longview Capital Advisors and ArrowMark Partners. The Chicago-based startup was valued at $130 million in April, according to PitchBook data. Fyllo's compliance-focused marketing and data solutions are used by highly regulated sectors such as cannabis. | | | | | | | | Kleiner Perkins, CRV lead $7M seed round for Inworld AI | | | Inworld AI has raised a $7 million seed financing co-led by Kleiner Perkins and CRV, with support from Meta. The Mountain View, Calif.-based startup offers a platform that lets developers create AI-based virtual humans for augmented reality and other immersive realities. | | | | | |
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| Blackstone, Brookfield invest combined $3B+ in FirstEnergy | | | Blackstone Infrastructure Partners and Brookfield Infrastructure Partners have invested a combined $3.4 billion into FirstEnergy, an Ohio-based utility giant. Brookfield purchased a 19.9% stake in FirstEnergy Transmission, the holding company for FirstEnergy's three regulated transmission subsidiaries, for $2.4 billion. Blackstone invested $1 billion in FirstEnergy in common equity at $39.08 a share. | | | | | | | | Investor group to buy Sydney Airport for $17.5B | | | | | | | | | Tech24 lands Commercial Kitchens | | | Foodservice facility installation company Tech24 has acquired Commercial Kitchens. The company is a provider of repair and preventative maintenance services for commercial grade kitchens in Connecticut, New York and northern New Jersey. Tech24 is backed by HCI Equity Partners. | | | | | | | | PE-backed MacNeill Pride Group buys Rightline Gear | | | | | | | | | KKR acquires Japanese chemical storage tank operator | | | | | | |
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| PAI Partners inks $2.5B Atos exit | | | Danish medical equipment maker Coloplast has agreed to buy Atos Medical from PAI Partners in a deal worth $2.5 billion. Paris-based PAI has backed the Swedish company, which specializes in laryngectomy, since 2016. | | | | | | | | KinderCare eyes over $500M in IPO | | | Partners Group-backed childcare provider KinderCare plans to sell 25.8 million shares priced between $18 and $21 apiece in its IPO. The Portland, Ore.-based company would raise over $500 million at the midpoint of the range. KinderCare runs before- and after-school sites in 40 states and the District of Columbia. | | | | | |
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| Atlantic Park ponders $3B+ for new vehicle | | | Atlantic Park is seeking $3 billion or more for its second fund, which will target companies in North America and Europe, Bloomberg reported. A first close is said to be expected in the first quarter of 2022. The investor is a joint venture between General Atlantic and Iron Park Capital Partners. | | | | | | | | GTCR targets $1.5B for growth fund | | | GTCR is eyeing $1.5 billion for its strategic growth fund, The Wall Street Journal reported. Based in Chicago, the private equity firm typically targets industries such as healthcare, media and telecom, and financial services. GTCR closed its 13th flagship fund on $7.5 billion in November 2020. | | | | | | | | Cadenza captures $50M for crypto vehicle | | | Cadenza Ventures has raised $50 million for an early-stage fund that will focus on investments in digital finance and blockchain technology companies. The San Francisco-based firm has backed startups including financial services provider Lemon Cash, payment API specialist Wyre, and crypto investment platform Zignaly. | | | | | |
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| Sequoia China's Shen offloads Pinduoduo, Meituan shares | | | Neil Shen, founding and managing partner of Sequoia China, has sold up to $215 million of shares in ecommerce app Pinduoduo and delivery companies Meituan and Dada Nexus, the Financial Times reported. About $155 million of that came from the sale of stock in Meituan, which was fined $530 million on antitrust grounds last month. | | | | | |
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"The median valuation for all early-stage startups increased 15.4% between 2019 and 2020, despite the pandemic. For female-founded companies at that stage, the median rose by 4.0%. The result was a $4.0 million chasm between the overall market and female-founded companies, $30.0 million versus $26.0 million, respectively. The difference has sustained itself so far in 2021: $45.7 million versus $40.0 million."
Source: PitchBook's 2021 All In Female Founders in the US VC Ecosystem Report | | | | | |
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