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In today's Daily Pitch, you'll find: - Enterprise healthtech startups raised more than $20 billion last year, as the industry matures and tech adoption in healthcare accelerates.
- New rules proposed Wednesday by the SEC to tighten reporting and operating requirements for PE funds would alter practices that the industry has long relied on.
- In the year since Robinhood garnered global attention for its role in the "meme stock" retail trading boom, investment apps around the world have been attracting funding.
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| Enterprise healthtech matures as digitization drives VC funding | | Enterprise healthtech startups raised $20.2 billion in funding during 2021, a 67% increase over the previous year, as the industry matures and late-stage deals proliferate.
The sector's market size is expected to reach $1.3 trillion by 2025, as digitization continues to expand across multiple facets of the healthcare industry, according to our 2021 Annual Enterprise Healthtech Report. Among the highlights: - Exit value skyrocketed to $36.2 billion in 2021—more than six times the total value in 2020—driven predominantly by strong IPO activity among insurtech companies.
- Operations & care management startups continue to benefit from an increase in patient data and the adoption of value-based care, with the segment driving nearly a third of deal value last year.
- Late-stage deal count and value both rose in 2021, with startups in segments like prescription tech taking advantage of shifting consumer behavior.
| | | | | | | | | | New SEC rules for PE managers would alter long-standing industry practices | |  | | SEC Chairman Gary Gensler (Alex Wong/Getty Images) | | | New rules proposed Wednesday by the Securities and Exchange Commission to tighten reporting and operating requirements for private equity funds would alter practices that the industry has long relied on to reward investors and protect managers from legal liability.
The SEC's proposed rules—which were adopted by a 3-1 vote and will be subject to industry comment for two months—would require private equity funds to make quarterly reports to investors on fees and performance, impose new requirements on general partners carrying out secondary transactions and prohibit certain kinds of preferential treatment of limited partners, among other conditions.
"Private fund advisers, through the funds they manage, touch so much of our economy. Thus, it's worth asking whether we can promote more efficiency, competition, and transparency in this field," SEC Chairman Gary Gensler said in a statement announcing the proposed rules. | | | | | | | |
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| A message from McDermott Will & Emery | | |
| Shake off your Zoom fatigue on Miami Beach this March | | Join McDermott Will & Emery in person March 9-10 for HPE Miami. This exclusive event will gather senior healthcare services investment leaders for long-overdue in-person networking and insightful, timely programming.
This year, the event will take place outside on the beach. A ballroom located directly on the sand will serve as the venue for speaker panels and also enable you to have face-to-face conversations in outdoor meeting spaces.
But it's not all business. Take a break from dealmaking to enjoy outdoor excursions such as golfing, boating and fishing. Plus, enjoy outdoor cocktail receptions and dinners to bookend the event. You won't want to miss it.
Register today | | | | | | | |
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| As IPOs and SPACs freeze, secondary deals seen heating up | |  | | (DenEmmanuel/Getty Images) | | | Secondary deals have gained prominence in recent years as companies stay private for longer. In 2021 in particular, the appetite for secondary shares swelled as investors used any means available to access fast-growing late-stage startups. - After the recent stock market sell-off, pricing in the secondary market dropped as much as 40%, investors say.
- High-profile hedge funds and other well-known crossover investors are now busy trying to scoop up discounted shares in their existing positions.
- Even after this period of pricing volatility subsides, the secondary markets will likely continue to be even more important as early-stage investors feel pressure to provide liquidity to their LPs.
| | | | | | | | | | Robinhood imitators are popping up everywhere | |  | | (Richard Drury/Getty) | | | The next retail trading boom may be in one of the world's many overlooked markets. That's the theory driving the rise of stock trading apps around the globe.
In recent weeks, investing startups based in Cairo, Istanbul, Ho Chi Minh City and Lagos have raised early-stage rounds. Here's a map of the platforms hoping to be the next Robinhood. | | | | | | | | | | How high litigation costs have created some unlikely alliances between investment funds and marginalized communities seeking justice. [Bloomberg]
America's latest supply chain shortage is affecting disposable cups, a potential upset for a nation accustomed to caffeine on the go. [The Wall Street Journal]
The dominant trend in EV batteries is that bigger is better. But maybe with speedier charging, automakers could do more with less. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 458 Deals | 2246 People | 521 Companies | 25 Funds | | | | | | |
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| 2019 Vintage Global VC Funds | | | | | | |
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| Starburst scores $250M at $3.35B valuation | | | | | | | | | Ventus Therapeutics brings in $140M | | | | | | | | | Lightspeed leads $101M round for Seismic Therapeutic | | | Seismic Therapeutic has raised a $101 million Series A led by Lightspeed. Based in the Boston area, Seismic uses machine learning to accelerate immunology drug development. The company plans to use the funding to advance its first two lead drug programs. | | | | | | | | Leaf Logistics picks up $37M | | | Leaf Logistics has raised a $37 million Series B led by Sozo Ventures, with support from investors including Madrona Venture Group. The New York-based company is the developer of a supply chain platform designed to connect shippers, carriers and logistics providers. Founded in 2017, Leaf Logistics was valued at $70 million in 2019, according to PitchBook data. | | | | | | | | Speech therapy startup Expressable raises $15M | | | Expressable has raised a $15 million Series A led by F-Prime Capital. The Austin-based company is the developer of a virtual speech therapy platform that offers personalized learning modules and home exercises to adults and children. | | | | | |
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| KKR seeks $2B for Internet Brands | | | KKR is seeking around $2 billion for a secondary deal that would support portfolio company Internet Brands, The Wall Street Journal reported. KKR is said to have begun pitching the media and technology company to secondary investors this week. | | | | | | | | Context Labs nabs $28M, announces energy JV | | | | | | | | | KKR, Bain among bidders for Hitachi unit | | | | | | | | | Insight Partners backs Gamma Technologies | | | Insight Partners has invested in Gamma Technologies, an Illinois-based provider of integrated multi-physics system simulation software that's used in industries such as aerospace, industrial machinery and power generation. The company has received prior backing from Cove Hill Partners and TA Associates, the latter of which also invested in the latest round. | | | | | |
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| ATL, BCI to offload Pilot to Maersk for $1.7B | | | | | | |
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| Omega wraps VC fund with $115M+ | | | Omega Venture Partners has closed a new fund on more than $115 million in commitments, exceeding a $100 million target. Based in the Bay Area, the tech-focused firm targets software businesses using AI, machine learning, data and automation. Omega made 12 investments in new and existing portfolio companies in 2021. | | | | | |
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"The recent returns of the VC strategy have helped drive the historic influx of capital to the late stage. The chase to achieve 'venture-like' returns continues to pull in new participants to the VC ecosystem."
Source: PitchBook's Q4 2021 PitchBook-NVCA Venture Monitor | | | | | |
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