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In today's Daily Pitch, you'll find: - Our latest analyst note, which examines whether medtech startups are slowly being written out of the life sciences playbook.
- Three back-to-back mega-deals show that the European fintech frenzy isn't slowing down.
- A look at how VC-backed IPOs pace against the broader market.
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| Is medtech innovation dead? | |  | | (sesame/Getty Images) | | | The biomedical revolution of the 21st century has propelled a record-shattering $44 billion in VC funding for US life sciences companies during 2021. Our latest analyst note examines the capital investment differences between medtech and biotech, delving into why biotech has overshadowed medtech in recent years, and what the future of medtech holds. Among the other takeaways: - While PitchBook defines the life sciences industry as comprising two subsectors—biotech and medtech—they aren't equally weighted from an investment perspective.
- Medtech companies have been receiving a shrinking proportion of life sciences capital in recent years as biotech companies continue to take the lion's share.
- Is investing in medtech startups slowly being written out of the life sciences playbook, or should investors take a second look at a possible resurgence in medtech innovation?
| | | | | | | | | | European fintech boosted with three new mega-deals | |  | | (Image courtesy of Monzo) | | | As the year draws to an end, the fintech investment frenzy in Europe shows no sign of slowing. This week, a slew of mega-deals has boosted the valuations of challenger bank Monzo, cloud banking platform Mambu and expense management software provider Pleo to over $4 billion each.
Here's a look at rocketing VC investment in the sector and the largest European fintech deals of 2021. | | | | | | | |
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| A message from SS&C Intralinks | | |
| Debt capital markets outlook: Blue skies ahead, but some bulls are seeing red | | As the debt capital markets emerge from the shade of pandemic lockdowns, spiking inflation and geopolitical tensions, many investors are bullish about their future allocation returns. Others feel that much in the viewfinder remains obscured, and that rosy picture could easily harbor red flags.
Download Intralinks' new e-book, 2022 DCM Investor Report: Key Findings, produced in association with Institutional Asset Manager, for a preview of the results of a survey of more than 100 institutional investors worldwide who outline the opportunities and risks that will appear in the DCM landscape in 2022, shaped by: - Credit concerns.
- Distressed debt and nonperforming loans.
- ESG debt issuance.
- Tech innovations.
- Long-COVID impacts.
Download these key survey takeaways now, and you'll receive the complete DCM Investor Survey Report in January. | | | | | | | |
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| How venture-backed IPOs pace against the broader market | |  | | (Foxeel/Getty Images) | | | The IPO market in the US has smashed records in 2021 for both total value and count, with $513 billion across 221 listings through Q3—exits that often come with a healthy step-up valuation for private investors.
How do returns on these red-hot IPOs hold up?
Our recent analyst note, shaped by our updated VC-backed IPO index, tracks historical price performance to evaluate the success of these listings against the broader market. | | | | | | | | | | Financial influencers are attracting the attention of startups and investment firms eager to reach new customers. [Bloomberg]
In the age of data science, here's how JP Morgan is putting it into practice. [Institutional Investor]
Chess engines were supposed to make chess more predictable. Instead, they made one player more creative. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 488 Deals | 1823 People | 446 Companies | 31 Funds | | | | | | |
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| 2019 Vintage Global PE Funds with more than $1B | | | | | | |
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| How the transition to renewables is transforming dealmaking across the energy spectrum | | As the energy industry transitions to renewables, private investment trends remain dynamic. Billions of VC dollars are flowing into cleantech, while PE firms consolidate traditional producers and expand holdings of wind and solar. Vinson & Elkins' new report reviews the full spectrum of private investment in depth, with key findings including: - After a sluggish 2020, dealmaking is ramping back up, with record buyout multiples raising the stakes for PE fund managers.
- Alternative and nontraditional energy companies account for growing proportions of energy M&A, as exploration and production compress somewhat.
- Venture funding is diversifying across a wider array of cleantech than ever before, from greener building materials to commercial-scale, next-generation batteries.
Read the report | | | | | | | |
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| CloudBees buzzes away with $245M | | | CloudBees, the provider of a software delivery platform for enterprises, has wrapped up its Series F with $150 million in funding, giving the San Jose-based company a pre-money valuation of $1 billion. The startup also raised a $95 million debt facility to supports its growth. Founded in 2010, CloudBees was valued at $432 million in 2019, according to PitchBook data. | | | | | | | | Robotic Research locks down $228M | | | Robotic Research, a provider of autonomous mobility and robotics solutions for the defense sector, has collected $228 million in new funding, representing the first time the Maryland-based company has raised outside capital. The new financing will help support Robotic Research's commercial division, which is developing autonomous driving tech for commercial trucks, buses, and drayage and logistics vehicles. SoftBank's Vision Fund 2, Enlightenment Capital and others supported the round. | | | | | | | | Tradeshift banks $200M+ for supply chain tech | | | Tradeshift, the operator of a B2B commerce platform, has raised over $200 million in funding and debt from a mix of new and existing backers, including Koch Industries, IDC Ventures and LUN Partners. The San Francisco-based startup provides e-invoicing and accounts payable automation for buyers and suppliers in more than 190 countries. | | | | | | | | Rho ropes in $75M Series B | | | | | | | | | Cancer therapeutics startup launches with $30M | | | K36 Therapeutics has raised a $30 million Series A led by F-Prime Capital and Atlas Venture, with participation from Eight Roads Ventures. Based in the Boston area, the biotech company is developing breakthrough therapies for those with cancer. K36 will use the new funds to advance its lead drug candidate, which is designed to treat myeloma. | | | | | | | | Petra raises $30M for tunneling technology | | | | | | | | | Canapi leads $27.5M round for Posh Technologies | | | | | | |
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| Silver Lake leads $1.2B investment in Integrity Marketing Group | | | Silver Lake has led a $1.2 billion investment in Integrity Marketing Group, a Dallas-based wealth manager and distributor of life and health insurance. The investor group will receive a minority stake in the company. Integrity employs 5,500 people who work with more than 420,000 agents and advisers to serve over 10 million clients annually. | | | | | | | | Accel-KKR backs authentication tech provider Entersekt | | | Accel-KKR has invested in Entersekt, a South African device identity and authentication solutions company. Entersekt currently secures over 1 billion transactions for financial institutions and enterprises every month. | | | | | | | | Assessio acquires Danish HR tech company | | | Main Capital Partners-backed Swedish HR tech company Assessio has acquired People Test Systems, a Danish e-assessment company. People Test Systems' software offerings include personality and logic tests available in 23 languages, and tools for team and leadership development. | | | | | | | | GHO Capital backs Biocare Medical | | | London-based GHO Capital has invested in Biocare Medical, a developer of immunohistochemistry and in situ hybridization reagents used in cancer diagnosis and chromosomal profiling. Existing investor Excellere Partners, which has backed Biocare since 2017, will remain a partner in the California-based company. | | | | | |
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| CPPIB looking to offload insurance company duo | | | The Canada Pension Plan Investment Board is seeking to sell insurance companies Wilton Re and Ascot Group, Reuters reported. CPPIB acquired Wilton Re in 2014 and Ascot Group in 2016. Ascot serves industries including energy, environmental, casualty and ocean marine. Wilton Re specializes in life re-insurance. | | | | | |
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| Advent closes global tech fund at $4B | | | Advent International has closed its second global technology fund at $4 billion. The new fund, which will invest mainly in North America and Europe, is double the size of its predecessor that has invested in 20 software, data and cybersecurity companies since its close in 2019. | | | | | | | | Bain lands $3B for US real estate fund | | | Bain Capital has reportedly closed its second fund devoted to US real estate deals at $3 billion. The fund will focus primarily on four areas of interest: life sciences, entertainment, ecommerce distribution and housing. Bain closed its first such fund at $1.52 billion in 2019. | | | | | | | | Ascend closes first fund at $570M | | | | | | | | | Databricks reveals new venture fund | | | Databricks has launched Databricks Ventures, an investment vehicle that will target companies using innovation and tech to capture the power of data and AI. The effort's first vehicle, Lakehouse Fund, will focus on early- and growth-stage companies using Databricks' Lakehouse ecosystem. Portfolio companies will also be eligible to receive product roadmap access, tech integrations and go-to-market support. Databricks' platform is used by more than 5,000 companies to unify data, analytics and AI. | | | | | |
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