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| The year in charts: VC defies 2020 expectations | |  | | (Micheile Henderson/Unsplash) | | | At the outset of the pandemic, many thought it would spell bad news for the venture capital industry, including Sequoia, whose now-infamous missive warned of a "Black Swan."
But 2020 has been a year that has largely defied many expectations for the industry, setting decade highs from investing to fundraising to IPOs. | | | | | | | | | | With some aspects of this year's surge in remote work likely here to stay, many companies are perfectly fine with their employees' move to less expensive locales. As long as they take a pay cut, too. [Bloomberg]
Amid a huge boom in business caused by the pandemic, Peloton's instructors are turning into a new kind of celebrity. [Vanity Fair]
The air you breathe on airplanes comes directly from the jet engines. Usually, it is safe. But a new report reveals that dangers can arise more frequently than one might like to think. [Los Angeles Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 79 Deals | 286 People | 77 Companies | 5 Funds | | | | | | |
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| 2005 Vintage Global Buyout Funds | | | | | | |
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| Zomato secures $660M at $3.9B valuation | | | | | | | | | Brazilian lending startup banks $255M | | | Creditas has raised $255 million at a $1.75 billion valuation in a new funding round, according to reports. London-based private equity investor LGT Lightstone led the round, with participation from Tarsadia Capital, Wellington Management, E.Ventures and others. Sao Paulo-based Creditas reportedly plans to use the funds to grow internationally, with a focus on its recently launched subsidiary in Mexico. | | | | | | | | Very Good Security locks in $60M | | | | | | | | | PostHog picks up $12M Series A | | | PostHog has raised $12 million in a round led by GV, with participation from Y Combinator. The company develops open-source product analytics software designed to understand user behavior. PostHog was valued at $16 million in April, according to PitchBook data. | | | | | | | | | Avenue 8, the developer of a residential real estate brokerage platform, has raised $4 million from investors including Craft Ventures, Zigg Capital and Good Friends. The San Francisco-based company plans to use the funding in part to expand operations in New York and other markets. | | | | | |
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| Blackstone looks to fly away with Signature Aviation | | | Blackstone has entered talks to buy private jet group Signature Aviation in a deal that would value the company at around £3.1 billion (about $4.2 billion). Blackstone offered $5.17 per share for the company after a lower bid from Global Infrastructure Partners, which Signature Aviation rejected. | | | | | | | | Marlin takes over StarCompliance | | | | | | | | | Ardian purchases AD Education | | | Ardian has acquired AD Education, a Paris-based chain of higher education schools specializing in the creative arts and more. Founded in 2009, AD has grown to include 12 schools and 36 campuses across France, Germany, Italy and Spain. | | | | | |
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| Software specialist UiPath files for IPO | | | UiPath, a developer of robotic process automation software, has filed confidentially with the SEC for an IPO. The New York-based company was valued at over $10.2 billion in July after raising a $225 million Series E, according to PitchBook data. It has raised over $1.2 billion in prior funding from investors including Sequoia, Accel and CapitalG. | | | | | | | | Blackstone's Bumble eyes February IPO | | | Dating app provider Bumble has confidentially filed for an IPO that will likely occur in February, according to Bloomberg, with a previous report indicating the company could seek a valuation of between $6 billion and $8 billion. Blackstone has backed Bumble since acquiring its parent company, MagicLab, in 2019. | | | | | | | | Poshmark shows 2020 revenue growth, profits in IPO filing | | | Online fashion resale marketplace Poshmark has filed for an IPO, revealing revenue growth and profits this year. The company posted revenue of $192.8 million, up 28% year-over-year, and a $20.9 million profit for the nine months ended Sept. 30. In late 2017, Poshmark was worth $625 million, according to PitchBook data. It counts Mayfield (26.5% pre-IPO stake), Menlo Ventures (15.8%), Inventus Capital (10.4%) and GGV Capital (7.9%) among its top shareholders. | | | | | |
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| Lockheed Martin inks $4.4B deal for Aerojet Rocketdyne | | | Aerospace and defense group Lockheed Martin has agreed to buy rocket and missile propulsion maker Aerojet Rocketdyne for $4.4 billion. Lockheed will pay $56 per share which is expected to be reduced following the payment of a special cash dividend of $5 per share to Aerojet Rocketdyne's shareholders. The US company has 5,000 employees and generated revenue of around $2 billion in 2019. The sale is expected to close in the second half of 2021. | | | | | | | | Royal Philips to buy BioTelemetry for $2.8B | | | Royal Philips has agreed to acquire medical technology company BioTelemetry for $72 per share in a deal that values the Pennsylvania-based business at roughly $2.8 billion, including debt. The purchase price marks a 16.5% premium to BioTelemetry's closing stock price Thursday. BioTelemetry specializes in remote cardiac diagnostic and monitoring services. | | | | | |
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"[W]e have been surprised by the vigor in which mega-funds have come to market through 2020, despite the pandemic. We have seen numerous massive funds launch, and signs now point to an active finish to the year for mega-fund closes. For example, CD&R has already collected $12 billion of the $13 billion target for its latest fund offering, and New Mountain's sixth flagship offering has collected $6 billion of its $8 billion target."
Source: PitchBook's Q3 2020 US PE Breakdown | | | | | |
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