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In today's Daily Pitch, you'll find: - Our latest Mobility Tech Report explores trends that shaped the space in Q1 2022, including a market map and details on VC opportunities.
- Our data visuals show the magnitude and timeline of the Chelsea Football Club sale, the largest deal ever for a sports franchise.
- TPG saw its distributable earnings and AUM climb in its first quarter as a publicly traded PE firm.
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| Mobility tech startups hit a speed bump | | The pandemic and continued urbanization have magnified the challenges of moving people and goods efficiently, while also exposing fault lines in global supply chains. Entrepreneurs and investors in the mobility tech sector have responded with an array of potential solutions.
Our Q1 2022 Mobility Tech Report includes a market map of the industry's sub-segments, from ridehailing to last-mile delivery and micromobility. The report also explores opportunities related to autonomous driving hardware and electric vehicle batteries. Other takeaways include: - VC investment in mobility tech slowed from the blistering pace of 2021, dropping 35% quarter-over-quarter to $13.9 billion and 43% year-over-year.
- While the number of exits dipped slightly in Q1 2022 compared to the same period last year, overall exit value plummeted to less than one-sixth of Q1 2021's figure.
- Weaker public equity markets took a toll, with only three listings recorded for the first quarter of this year as acquisitions claimed the driver's seat.
- Autonomous driving, EVs and micromobility combined drove nearly a third of the total deal count.
| | | | | | | | | | Exploring the record-breaking Chelsea sale | |  | | (Jamie McDonald/Getty Images) | | | A consortium led by Todd Boehly and Clearlake Capital struck a deal last week to acquire the Premier League's Chelsea Football Club at a £4.25 billion (about $5.23 billion) price tag.
The deal is the largest ever for a sports franchise. The price breaks down to £2.5 billion to purchase the shares and £1.75 billion in investments to further benefit the club.
To better understand this historic deal, we've built a data visual showing the magnitude and timeline of the purchase. | | | | | | | |
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| A message from Twin Brook Capital Partners | | |
| Private debt proves its resilience | | Twin Brook's Trevor Clark recently reflected on the evolution of the private debt space over the past two-plus years, the current state of the market, and his expectations for the future.
"When you look at how the asset class in general has held up through the pandemic, I think the expectation was [that] private debt, versus other asset classes, might feel a bigger impact. It didn't happen," he says. "In many respects, it held up stronger than many other fixed income asset classes."
However, not all lenders are the same. Working through this period highlighted the importance of consistency and has driven a shift in market shares, notes Clark, with borrowers and investors increasingly turning to the scaled, reliable, experienced groups.
Watch the full interview. | | | | | | | |
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| TPG's distributable earnings, AUM spike in Q1 | |  | TPG co-founder David Bonderman (center)
(Larry Busacca/Getty Images) | | | TPG's first-quarter distributable earnings—the allocation of cash that can be returned to investors—more than doubled compared to the same period last year, after a jump in fee-related earnings and strong portfolio returns.
In its second earnings release since going public in January, TPG reported $199 million in distributable earnings—up from $65 million in Q1 2021—and $241 million in fee-related revenues—up from $194 million. | | | | | | | | | | KKR backs fintech startup Paddle as it ramps up European VC activity | |  | | (Sean Gladwell/Getty Images) | | | Payments infrastructure startup Paddle has raised $200 million in a round led by KKR.
The deal is the latest in the continent for the buyout firm, which has been ramping up its VC activity in Europe over the past few years as more PE investors seek exposure to tech companies. | | | | | | | | | | It's the time of year when many high school seniors have to decide where they're going to college. For some, TikTok has become the new college counselor. [The Information]
From agriculture and food to human health and performance, a look at how the $3.6 trillion synthetic biology industry is changing life as we know it. [Visual Capitalist]
How the pandemic has changed American homebuyers' preferences. [The Economist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 541 Deals | 1539 People | 459 Companies | 27 Funds | | | | | | |
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| 2016 Vintage Global Secondaries Funds | | | | | | |
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| Life sciences VC activity slows in Q1 2022 following record year in 2021 | | VC dealmaking in the life sciences industry wavered in Q1 2022 as public markets experienced the most volatile quarter in two years, underscoring the significance of 2021's record level of deal activity. Orrick's Life Sciences Snapshot explores key trends in the industry, including the rise of pre-money valuations across the board, growth in deal sizes for later-stage companies and the slowdown in exit activity in the first quarter of 2022.
Read it here | | | | | | | |
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| Abnormal Security valued at $4B | | | Abnormal Security, the San Francisco-based creator of an AI-based cloud-native email security platform, has raised $210 million in a Series C led by Insight Partners, valuing it at $4 billion. The company was valued at $600 million with a $50 million round in 2020, according to PitchBook data. | | | | | | | | KuCoin scores $10B valuation with $150M round | | | KuCoin has been valued at $10 billion after raising a $150 million pre-Series B led by Jump Crypto. Launched in 2017 and based in Seychelles, KuCoin offers a global crypto exchange for over 700 digital assets. | | | | | | | | Moma Therapeutics nabs $150M for precision medicine | | | | | | | | | Stord adds $120M to Series D | | | Stord has raised an additional $120 million in Series D funding led by Franklin Templeton, bringing the round's total to $210 million and valuing the company at about $1.3 billion. Based in Atlanta, Stord offers a cloud supply chain platform for B2B and B2C companies. The startup was valued at $510 million in March 2021. | | | | | | | | Talos banks $105M in General Atlantic-led Series B | | | Talos has raised $105 million at a $1.25 billion valuation in a round led by General Atlantic. The New York-based company is the creator of a digital asset trading platform for cryptocurrencies. | | | | | | | | | | | | | | | | Invetx has raised a $60.5 million Series B co-led by F-Prime Capital, Novo Holdings, GV and Eight Roads. Based in Boston, the company is a developer of protein-based veterinary therapeutics designed to treat chronic and serious diseases in dogs and cats. | | | | | | | | Dusty Robotics secures $45M Series B | | | Dusty Robotics has raised $45 million in a round led by Scale Venture Partners. The Bay Area-based company offers robotic hardware and software tools for use in construction projects. | | | | | | | | | Osmind has raised a $40 million Series B led by DFJ Growth. The San Francisco-based company helps clinicians and researchers advance new treatments for mental health conditions. | | | | | | | | Tiger Global leads $30M round for WizeHire | | | WizeHire has raised $30 million at a $250 million valuation in a Series B led by Tiger Global. The Houston-based company offers a recruitment platform for small businesses. | | | | | | | | Azumo lights up with $30M for LCD tech | | | Azumo has raised $30 million in a round led by Anzu Partners. The Chicago-based company is a developer of LCD display technology that utilizes available surrounding light to conserve battery life. Azumo's tech is used in the consumer, medical, industrial, educational and automotive markets. | | | | | | | | Arianee nabs $21M Series A | | | Tiger Global has led a €20 million (about $21 million) Series A for Paris-based Arianee. The startup's platform is designed to help luxury brands create, distribute and interact with NFTs. | | | | | |
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| PE-backed Purple Guys picks up Accelerate | | | | | | | | | General Atlantic backs Buff City Soap | | | General Atlantic has invested additional capital in Buff City Soap, which the firm first backed in 2021. The new round makes General Atlantic the largest shareholder in the maker of plant-based personal care products. | | | | | | | | | Ardian has acquired a stake in Nutripure, a French developer and distributor of supplements and organic superfoods. Bpifrance participated in the financing. | | | | | | | | GHO Capital reinvests in Validant | | | GHO Capital has increased its investment in Validant, a consulting services provider for biotech, medtech and pharmaceutical companies. GHO acquired Validant in 2018. | | | | | | | | Blackstone to take majority stake in Geosyntec Consultants | | | | | | | | | Peak Rock Capital acquires Mojix | | | A Peak Rock Capital affiliate has acquired Mojix, a Los Angeles-based provider of supply chain intelligence software used globally by those in sectors like food and beverage, manufacturing and retail. | | | | | |
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| Grindr to go public via SPAC | | | Grindr, a social networking app for the LGBTQ+ community, has agreed to go public via merger with a SPAC called Tiga Acquisition Corp. The deal would give the combined company an enterprise value of $2.1 billion. China's Kunlun sold California-based Grindr to San Vicente Acquisition in 2020, following pressure over national security concerns. | | | | | | | | Lead Capital Partners seals sale of lab information specialist | | | | | | | | | CVC Capital Partners delays plans for IPO | | | CVC Capital Partners has pushed back its plan for an initial public offering, citing market volatility, the Financial Times reported. CVC originally planned to hold its IPO in June, in an offering that could have valued the private equity firm at up to $15 billion. | | | | | |
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| Mackenzie launches fund to expand retail investors' PE access | | | Mackenzie Investments, in partnership with Northleaf Capital Partners, has launched the Mackenzie Northleaf Global Private Equity Fund, which aims to expand the accessibility of alternative investments to accredited Canadian retail investors. | | | | | |
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| JMI Equity opens office in Washington, DC | | | JMI Equity, a private equity firm that focuses primarily on the software industry, has opened an office in Washington, DC. The firm also has offices in Baltimore and San Diego. | | | | | |
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