| | | | | The Daily Pitch: VC, PE and M&A | December 20, 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 future of SPACs, the continuing rise in corporate VC and more PitchBook predictions for VC in 2022.
- Our latest ranking of the most active lenders in US PE.
- Parent-tech startups have raised nearly $1.4 billion this year, as VCs' interest in the vertical grows.
| | | | | | | | | | After a year for the record books, what will shape US VC in 2022? | |  | | (peterschreiber.media/Getty Images) | | | The US VC industry shattered records left and right in 2021, as the private markets raced through economic recovery and soared to new heights. What's in store for next year?
Our 2022 US Venture Capital Outlook details seven predictions from PitchBook analysts on the trends that will shape VC in 2022, from the future of SPACs to the continued expansion of corporate investment. The forecasts include: - US investors will make more foreign investments than ever before.
- At least 25% of all 2020 SPACs will not execute a deal prior to the two-year mark.
- More than 1,500 corporate VCs will make a deal in the US next year.
| | | | | | | | | | Ranking the most active lenders in US PE | | Seven different US firms issued at least 40 loans to PE-backed companies in Q3, with the most active three all notching no less than 60 in a ferociously busy quarter for private equity.
Curious to see who else is on the leaderboard? Our Q3 US PE Lending League Tables, sponsored by NXT Capital, are now available. - The tables rank PE's most active lenders in Q3 in an interactive format that breaks down the data from the private debt market in a range of ways.
- Sort by deal type, debt type, geography, sector and more for a detailed view of the lending landscape in PE's last quarter.
| | | | | | | | | | A message from SS&C Intralinks | | | | Is a crescendo coming in life sciences M&A? | | Amid the epochal transformation of life sciences due to the COVID-19 pandemic, dealmaking remained remarkably robust. However, it could surge even further in coming years. Intralinks' latest market review analyzes current dealmaking trends against broader macro contexts in order to explore this burgeoning cycle, with highlights including: - Analysis of trends in payment composition across cash and stock
- Regional variations in M&A activity
- A forecast for 2022 predicated on dealmaking momentum
Read it now | | | | | | | | | | Parent-tech startups on the rise with VCs after pandemic upheaval | |  | NEA partner Vanessa Larco, pictured with her two children, expects to see funding in parent tech startups continue to rise.
(Shefali Parekh/Courtesy of Vanessa Larco) | | | Growing ranks of women in VC, coupled with the added challenges of child care during lockdowns, are shining a spotlight on the need for more tech-enabled offerings for modern parents. - In 2021, VC-backed parent-tech companies in the US have raised nearly $1.4 billion—more than in the previous four years combined.
- "It's no coincidence that the more women you get in venture, the more of these parenting-tech startups get funded because a lot of parent-related tasks fall on women," said NEA's Vanessa Larco.
| | | | | | | | | | One columnist's thoughts on the risk of avoiding emerging markets. [The New York Times]
Animals can recover from injury and adapt to new circumstances, but robots and AI systems still struggle to do so. Here's how some scientists are trying to bridge the gap. [Bloomberg]
Theranos' rise and fall highlighted the worst side of PR. Now startups are prioritizing data and transparency in their press. [Protocol] | | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 64 Deals | 130 People | 45 Companies | 5 Funds | | | | | | | | | | | | | | | | | | | | 2011 Vintage Global Growth Funds | | | | | | | | | | | | | | | Israeli startup Future Meat has raised a $347 million Series B that will be used to create a production facility in the US, Bloomberg reported. ADM Ventures, the corporate VC arm of agriculture giant Archer Daniels Midland, reportedly co-led the round, with additional support from Tyson Foods. Future Meat's food products are made from cultured cells that originate from animals including chickens, cows and lambs. | | | | | | | | Airbyte collects $150M in new funding | | | | | | | | | HungryPanda gobbles up $130M Series D | | | UK-based Asian food delivery company HungryPanda has secured $130 million in a round led by Perwyn Advisors, bringing the company's total raised to $220 million. Founded in 2017, HungryPanda now operates in 60 cities across 10 countries. | | | | | | | | Biotech startup NorthSea secures $80M | | | | | | | | | Valeas leads $70M Series B for Well | | | | | | | | | Supply chain startup Nowports snags $60M | | | Mexico's Nowports has raised $60 million in a Series B led by Tiger Global, with participation from the SoftBank Latin America Fund and DST, alongside existing backers. The logistics company streamlines import and export processes for Latin American companies and plans to expand its digital freight forwarding services. | | | | | | | | Proxymity picks up $31M Series B | | | | | | | | | Drone security startup Dedrone raises $30M+ | | | | | | | | | Austria's USound draws in $30M | | | | | | | | | SaaS startup Hevo closes $30M Series B | | | | | | | | | Full Harvest bags $23M to fight food waste | | | | | | | | | | | Thoma Bravo to take Bottomline private at $2.6B value | | | Thoma Bravo has agreed to acquire fintech company Bottomline Technologies at a $2.6 billion value. As part of the public-to-private deal, Thoma Bravo will pay $57 in cash per Bottomline share, representing a premium of 41% to Bottomline's 30-day volume-weighted average price as of Oct. 19. Bottomline helps corporations and banks make domestic and international payments, manage cash, review bills and more. | | | | | | | | Carlyle, Primavera among bidders for BPEA's packaging business | | | The Carlyle Group and Primavera Capital are on a shortlist of bidders for HCP, the Chinese packaging business of Baring Private Equity Asia, Bloomberg reported. A potential deal could reportedly value Shanghai-based HCP at around $1.5 billion. Founded in 1960, HCP manufactures packaging containers for the cosmetics, skincare, fragrance and toiletries industries. The company, which has manufacturing locations in Asia, North America and Europe, was acquired by BPEA in 2016. | | | | | | | | KKR buys 49% stake in Spain's Reintel for $1.1B | | | KKR has agreed to buy a 49% stake in Reintel, the telecom infrastructure unit of Spain's electricity grid operator Red Eléctrica Group, for around $1.1 billion. Founded in 1997, Reintel operates a fibre optic network of over 52,000 kilometers. | | | | | | | | Altaris to buy Johnson Matthey's health unit | | | Altaris Capital Partners has agreed to buy the health business of Johnson Matthey, a British chemicals and sustainable technologies company, at an enterprise value of £325 million (about $430 million). The business unit is a global developer and manufacturer of specialist and complex active ingredients for pharmaceutical and biotech customers. | | | | | | | | | | CD&R sells stake in vehicle glass repair company Belron at $24B value | | | | | | | | | Rezolve valued at $2B in SPAC deal | | | Rezolve has agreed go public via a merger with blank-check company Armada Acquisition Corp. in a deal that values the mobile commerce platform at about $2 billion, The Wall Street Journal reported. The merger includes a $40 million PIPE deal with investors Betsy Cohen and Christian Angermayer. London-based Rezolve has raised funding from backers including the UK government. | | | | | | | | GoTo taps banks for $1B IPO | | | GoTo Group has hired banks as it seeks to raise around $1 billion in an initial public offering, Bloomberg reported. The company, formed by the merger of Gojek and Tokopedia, is said to be prepping for an Indonesian IPO that would be followed by a US listing. Last month, GoTo raised more than $1.3 billion in a pre-IPO round from investors including Google, Fidelity International and the Abu Dhabi Investment Authority. | | | | | | | | TA weighs options for bubble tea chain Gong Cha | | | TA Associates is weighing the sale of Taiwanese-style bubble tea chain Gong Cha, in a deal that could value the company at $600 million or more, Bloomberg reported. TA is also considering an IPO for the company. The sale or listing could happen as soon as next year. | | | | | | | | | | Healthcare-focused Omega closes $650M fund | | | Omega Funds has closed its seventh flagship vehicle on $650 million, exceeding the original $500 million target. The Boston-based VC backs life sciences companies in the US and Europe targeting severe, unmet medical needs in areas including oncology, immunology and rare diseases. | | | | | | | | Kraken Ventures wraps $65M crypto fund | | | Kraken Ventures has raised $65 million for its first vehicle, which will target early-stage investments across the crypto and fintech sectors. The fund, which is anchored by the Kraken crypto exchange, has made investments in companies including Blockdaemon and Messari. | | | | | | | | | | | | | | Who's in the newsletter today? | | Investors | | | | Companies | | | | | | | | | | | | | | | | | |
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