| |
| |
| DoorDash jump-starts year-end IPO rush | |  | | In the third quarter of 2020 alone, DoorDash delivered 236 million total orders to consumers. (rblfmr/Shutterstock.com) | | | Food delivery juggernaut DoorDash has filed to go public, kicking off what is shaping up to be a busy holiday season for VC-backed tech debuts.
Airbnb's S-1 is eagerly anticipated, and listings are reportedly coming soon from gaming company Roblox, fintech startup Affirm and ecommerce platform operator Wish.
In its filing, DoorDash reported $1.9 billion in revenue this year through Sept. 30—more than triple what it generated in the same period last year. It also recorded a $23 million profit in the second quarter: | | | | | | | | | | Instacart, Bumble tap banks for 2021 IPOs | |  | | (Courtesy of Instacart) | | | The year-end IPO blitz may continue into 2021, with Instacart and Bumble gearing up for public debuts and reportedly picking banks to advise on their respective listings.
Instacart has selected Goldman Sachs to lead its IPO, which could value the grocery delivery company at $30 billion, according to a report from Reuters. The San Francisco-based company reportedly sped up its IPO plans after California voters decided to uphold a state law classifying gig economy workers as independent contractors; its listing could come early next year.
Last month, Instacart surged to a $17.7 billion valuation, becoming the most valuable venture-backed food delivery company in the US, according to PitchBook data. Instacart has raised $525 million since the outset of the pandemic, more than doubling its valuation since the end of 2018.
Blackstone-backed Bumble has tapped Goldman Sachs, Citigroup and Morgan Stanley to aid with its IPO, which may come in the first quarter of 2021, according to Bloomberg. The dating app is said to be eyeing a valuation of between $6 billion and $8 billion. Last year, Blackstone bought Bumble's parent company, MagicLab, at a $3 billion valuation. | | | | | | | |
|
| A message from BlueMark, a Tideline company | | |
| Impact verification is key to building trust and confidence in impact investing | | As growth in impact investing accelerates, so too have concerns about impact-washing. Many fund managers are now using the "impact" label to position their organizations as socially and environmentally friendly and better compete for assets.
But how can investors be confident—and managers minimize their liability—that impact claims will translate to impact performance?
The answer is independent impact verification against industry standards and best practices, like the Operating Principles for Impact Management (OPIM) or the Sustainable Development Goals (SDGs). BlueMark, an independent verifier, is the industry leader in evaluating impact practices and impact reporting, providing institutional investors with greater trust in the "impact" label and allowing fund managers to more confidently market their "impact" products.
Learn more about BlueMark and impact verification | | | | | | | |
|
| | A surprise hit product in 2020 serves as an example of how consumer goods giant Procter & Gamble has set out to reinvent itself in the midst of its 19th decade. [The Wall Street Journal]
A pandemic-driven transition to telehealth is working just fine for patients. What about for doctors? [Harvard Business Review]
Mining precious metals in outer space is, for now, still the stuff of sci-fi. But new research reveals a surprising potential tactic for making it a reality. [The New York Times] | | | | | | | |
|
| | Since yesterday, the PitchBook Platform added: | | 27 Deals | 111 People | 28 Companies | | | | | | |
| |
| |
| |
| |
| |
| |
| 2010 Vintage Global PE Funds with more than $1B | | | | | | |
|
| |
| Kickstart collaboration across your team with Workspaces | | Within a complex, evolving and mostly virtual business landscape, it's more important than ever for teams to collaborate effectively.
Leverage PitchBook's new Workspaces feature to get your team organized, increase communication and create dynamic hubs for project-relevant files and reports. Plus, glean insights directly from PitchBook analysts, and do it all from within our platform—a robust database that tracks all aspects of the global investment ecosystem.
Learn more about Workspaces | | | | | | | |
|
| |
| American investor freed from house arrest in Russia | | | The Russian Supreme Court has reportedly lifted a house arrest order on American investor Michael Calvey after a portfolio company of Calvey's private equity firm, Baring Vostok Capital Partners, reached a $32 million settlement in the dispute that led to Calvey's controversial arrest in early 2019. Calvey was arrested on embezzlement charges related to a transaction with Vostochny Bank, with Baring Vostok and others arguing it was a business disagreement rather than a criminal matter. The case against Calvey is still open. | | | | | |
|
| |
| |
| Inceptio drives off with $120M | | | Inceptio Technology has raised $120 million in a round led by Contemporary Amperex Technology. The company, which has offices in Shanghai and Silicon Valley, is a developer of self-driving trucks for the Chinese autonomous vehicle market. In April, Inceptio raised $100 million. | | | | | | | | | | | | |
|
| |
| |
| Bain Capital set for building products SBO | | | Bain Capital has agreed to acquire a majority stake in building materials specialist US LBM from Kelso & Company, which has owned the Illinois-based business since 2015. Financial terms were not disclosed, but Bloomberg reported earlier this month that Kelso was eyeing a sale of US LBM for around $2.5 billion. The company's existing management team will remain in place. | | | | | | | | Main Capital seals Swedish software deal | | | Dutch software investor Main Capital Partners has acquired a majority stake in Pointsharp, a Stockholm-based provider of identity and access management services for enterprises including Volvo and Audi. The deal will help Pointsharp expand its presence in Northwestern Europe. | | | | | | | | BC Partners lines up puzzle pact | | | London's BC Partners has agreed to purchase Keesing Media Group from Ergon Capital and Mediahuis, with Bloomberg reporting the deal values the maker of puzzles and other brain teasers at more than €300 million (around $355 million). The partnership will allow Amsterdam-based Keesing, which was founded more than 100 years ago, to expand globally and digitally. | | | | | |
|
| |
| |
| TikTok gets more time to reach deal | | | TikTok has gained 15 days to resolve national security concerns or be forced to sell the viral video-sharing app's US assets, according to reports. ByteDance, TikTok's Chinese owner, reportedly said in a court filing that the Committee on Foreign Investment in the US had given it until Nov. 27 to finalize a deal. The previous deadline was Nov. 12. | | | | | | | | Ares-owned Guitar Center on verge of Chapter 11 | | | Guitar Center is preparing to file for Chapter 11 bankruptcy protection in the coming weeks to help reduce a $1.3 billion debt load, with no plans to close any of its roughly 300 stores, The New York Times reported. Ares Management has owned Guitar Center since 2014, when it took control of the already debt-laden company in a debt-for-equity swap with Bain Capital. Bain paid $2.1 billion for the California-based music retailer in 2007. | | | | | |
|
| |
| |
| Airbnb considers Long-Term Stock Exchange listing | | | In addition to its upcoming IPO on the Nasdaq, Airbnb could pursue a dual listing on the Long-Term Stock Exchange sometime next year, according to Bloomberg. The LTSE was founded by Eric Ries, author of "The Lean Startup," as a way to encourage companies to create long-term value. The exchange opened in September and has yet to host an IPO. | | | | | |
|
| |
| Better Tomorrow Ventures picks up $75M for inaugural fund | | | | | | |
|
| |
| Cellnex, Hutchison unveil $11.8B deal | | | Cellnex Telecom has agreed to acquire a portfolio of nearly 25,000 telecom towers in Europe from China's CK Hutchison for total compensation of €10 billion (about $11.8 billion), confirming earlier reports that a deal between the two parties was imminent. Cellnex, which is a Barcelona-based operator of wireless communications infrastructure, expects the deal to increase its annual revenue by between €1.2 billion and €3.8 billion. | | | | | | | | China's State Grid inks $3B deal for Chilean utility | | | China's State Grid International Development has agreed to acquire Chilean utility Compania General de Electricidad from Naturgy for €2.57 billion (about $3 billion) in cash. Including debt, the deal values CGE at about €4.3 billion. Naturgy has seen its earnings fall as the pandemic drove down gas prices and energy demand; the Spanish energy company expects a pre-tax gain of €400 million from the sale. | | | | | |
|
| |
"Although COVID-19 may have caused competition to heat up between US-based and Europe-based startups as new niches emerge, the pandemic has not hindered transatlantic investment from US investors into Europe-based startups. VC deal value with US investor participation has reached €16.1 billion through Q3 2020, putting the year on pace to set a record. US investors have long been attracted to Europe-based startups carrying lower valuations than their US counterparts, as they have the potential to enter and scale in the lucrative US market."
Source: PitchBook's Q3 2020 European Venture Report | | | | | |
|
No comments:
Post a Comment