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In today's Daily Pitch, you'll find: - Our 2021 Annual Fintech Report explores emerging opportunities in market segments ranging from consumer finance to digital assets and alternative lending.
- GHK Capital Partners and Knox Lane have both closed debut funds well above their original targets, belying challenges for first-time fundraisers.
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| VCs pump cash into fintech startups at record pace | | The fintech industry continued its unrelenting pace of growth in 2021, raising $121.6 billion, which represents a 153% year-over-year increase in terms of global VC deal value.
On the exit front, fintech companies generated nearly $332 billion, driven primarily by public listings of companies including Coinbase, Nubank, Robinhood, Wise and Affirm.
Our 2021 Annual Fintech Report digs into major trends that shaped the industry globally, comprehensively assessing emerging opportunities across market segments such as alternative lending, consumer finance, capital markets and digital assets. | | | | | | | | | | New GPs tame challenges with above-target funds | |  | | (John M Lund Photography Inc/Getty Images) | | | First-time fundraising has resumed growth since the start of 2021, but the market remains challenging for some new-to-the-scene private equity managers. - On Tuesday, two mid-market PE firms closed inaugural funds well above original targets.
- GHK Capital Partners, founded by former Goldman Sachs dealmaker Gilbert Klemann, raised $410 million, while Knox Lane closed on $610 million.
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| Is your financing keeping pace with your company's evolving priorities? | | Business objectives shift over time. Unfortunately, too many companies settle for their existing capital arrangement or focus on securing funding before considering the financing best suited to their needs.
By tailoring a financing solution around management's goals and shareholder expectations, you can acquire the right financing to support your company's unique vision for future success—especially when business credit availability is currently at its highest level since 2014.
Explore the range of capital options available. | | | | | | | |
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| CD&R's Morrisons deal faces in-depth probe over fuel prices | |  | | (Xinhua News Agency/Getty Images) | | | As fuels prices soar, the UK's competitions watchdog is considering launching a full investigation into Clayton, Dubilier & Rice's purchase of Morrisons, a British supermarket chain that also owns a network of gas stations.
The Competition and Markets Authority said the deal could lead to an increase in fuel prices at gas stations across the UK. CD&R also owns gas station operator Motor Fuel Group, which it bought in 2015. | | | | | | | | | | How Airbnb has reinvented itself as the world's crisis-housing provider. [Curbed]
As the investment world increases its focus on ESG factors, the SEC is proposing that public corporations calculate the environmental soundness of the companies they do business with. [Forbes]
As Russian founders and developers scramble for an exit, the country's tech scene is taking a major hit. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 384 Deals | 1833 People | 555 Companies | 32 Funds | | | | | | |
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| 2011 Vintage Global Venture Funds with more than $250M | | | | | | |
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| TemperPack picks up $140M | | | TemperPack, which offers sustainable thermal packaging, has raised $140 million in a round led by Goldman Sachs Asset Management. The funding values the Virginia-based company at $600 million, according to PitchBook data. | | | | | | | | Osso VR collects $66M for surgical training tech | | | Osso VR has raised a $66 million Series C led by Oak HC/FT, with support from investors including Tiger Global and GSR Ventures. Based in the Bay Area, the company offers a virtual reality surgical training and assessment platform for medical device companies and practicing surgeons. | | | | | | | | SoftBank leads $65M round for Digits | | | Digits has raised a $65 million Series C led by SoftBank, bringing the fintech startup's valuation to $565 million. The Bay Area-based company is the developer of an accounting platform for small and medium-sized businesses. | | | | | | | | Podimetrics raises $45M to fight diabetes-related amputations | | | Podimetrics has raised a $45 million Series C led by D1 Capital Partners. Based in the Boston area, the company is a provider of clinical care services that help save the limbs and lives of diabetes patients. | | | | | | | | Flock Homes nabs $26M in a16z-led round | | | Flock Homes has raised $26 million in financing led by Andreessen Horowitz. The Denver-based startup operates a platform that lets landlords exchange their ownership in rental properties for shares in a portfolio of professionally managed homes. | | | | | |
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| Apollo ups SoftBank loan to $5.1B | | | Apollo Global Management has increased its loan to SoftBank to $5.1 billion, up from the original loan amount of $4 billion that was agreed upon in December, Bloomberg reported. The additional $1.1 billion is backed by the holdings of SoftBank Vision Fund 2. The loan holds an interest rate of about 5%, according to the report. | | | | | | | | Align's Marco Rubber acquires Anchor Rubber Products | | | | | | | | | PE-backed Paragin adds on math software company | | | Dutch edtech software company Paragin has acquired mathematics software provider Sowiso, which has a customer base of over 50 universities and educational publishers around the world. Paragin has been backed by Main Capital Partners since last year. | | | | | | | | NorthCurrent lands Certified Climate Control | | | NorthCurrent Partners has acquired Certified Climate Control, a HVAC services provider in central Florida. | | | | | | | | Summit Partners backs 48forty Solutions | | | | | | |
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| Brex provides $10M in venture debt to Zesty.ai | | | Zesty.ai, a provider of predictive climate risk analytics, has collected $10 million in growth capital from Brex. The funding comes from the fintech company's venture debt unit, which launched in August. Zesty.ai is a portfolio company of Plug and Play Ventures. | | | | | |
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| Macellum Capital Management seeks up to $200M for minority-led companies | | | Macellum Capital Management is targeting a private equity fund sized between $150 million and $200 million, Axios reported. The vehicle will focus on companies owned or led by Black or other minority leaders. | | | | | |
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| Lux launches healthtech ETF | | | Venture firm Lux Capital has launched an exchange-traded fund that will invest in publicly traded companies focused on innovation in medical and surgical devices, clinical diagnostics and digital health. | | | | | |
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