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| SPACs and mobility startups: A $100B boom that's just getting started | |  | | The electric Air sedan by Lucid (Courtesy of Lucid) | | | Until recently, mobility and electric-vehicle startups were the domain of VCs and a few strategic corporate backers. But the 2020 explosion of blank-check dealmaking has remade the landscape by introducing a whole new cast of characters as key investors driving these emerging technologies. - PitchBook's newly published EV/Mobility SPAC Handbook details the transformation and maps out the startups that have completed SPAC mergers (or announced plans to do so). Other highlights of this analyst note:
- Introducing the PitchBook SPAC Mobility Index, a basket of 26 EV and mobility companies that went public through SPAC reverse mergers with a combined value of $100 billion.
- The Index is coming off a red-hot second half of 2020, when it notched a 77.7% return.
- See analysts' top picks for future EV and mobility SPAC merger targets, including lidar specialist AEye, automaker Lucid Motors and EV platform provider Rimac Automobili.
| | | | | | | | | | Fintech startups begin year with blistering fundraising pace | |  | | (marchmeena29/Getty Images Plus) | | | Venture capital-backed fintech companies kicked off the new year with billions of fresh funding, showing an eagerness to build on pandemic-era momentum.
Consumers and banks alike have readily embraced digital financial services in the past year—largely out of necessity. And while investors are encouraged by the pace of adoption, they warn that overenthusiasm could lead to reckless spending by portfolio companies. | | | | | | | |
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| 50 experts' predictions for M&A in 2021 | | What does 2021 have in store?
Ansarada interviewed 50 leading dealmakers in Europe to get their predictions on the biggest trends, priorities and concerns for 2021 that will affect the entire globe.
While much of last year was spent steadying the ship, companies should be gearing up for an increase in appetite for M&A.
As ongoing government stimulus measures combine with market changes, dealmakers are seizing opportunities amid a significant M&A rebound. Read the dealmakers' predictions that are critical for making decisions in 2021.
Download the report here | | | | | | | |
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| On the podcast: The promise of autonomous vehicle technologies | | This week, we talk with Joy Tuffield, partner at Generation Investment Management, and Luminar CEO Austin Russell about the latest advancements and remaining barriers when it comes to self-driving cars. Joined by PitchBook mobility tech analyst Asad Hussain and host Lee Gibbs, they cover topics including: - The subsectors within autonomous tech, including software and hardware
- Opportunities and roadblocks in the varying approaches to developing autonomous solutions
- How leaders in the robotaxi industry could radically reshape transportation
Subscribe to In Visible Capital wherever you get your podcasts and look for new episodes every Tuesday. | | | | | | | | | | The top 10 VC and PE deals of 2020 | |  | | (elenabs/Getty Images) | | | A lot can happen in 12 months. And 2020 was a wild year for venture capital and private equity, full of huge ups, huge downs, scandals, sports and a whole lot of SPACs. Overall, thousands of different transactions were conducted on the private markets.
From a video-streaming flop to a sports SPAC deal to an $11.3 billion bet on donuts and coffee, we broke down the top 10 deals of 2020 that mattered the most. | | | | | | | | | | In a bid to keep up with TikTok, Snapchat is minting new teenage millionaires by sending out direct payments to the creators behind some of its most popular videos. [The New York Times]
Readers can more frequently find Luke Mogelson working as a war correspondent in countries including Syria and Afghanistan. On Jan. 6, he was on the ground to cover a different kind of conflict. [The New Yorker]
From new support for employees' mental health to a growing wage gap between men and women, nine predictions of trends that, for better or worse, may shape the workplace in 2021. [Harvard Business Review] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 358 Deals | 1600 People | 459 Companies | 23 Funds | | | | | | |
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| 2017 Vintage Global PE Funds | | | | | | |
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| Investor Jeffrey Housenbold leaving SoftBank | | | Jeffrey Housenbold, who has led many venture capital deals on behalf of the SoftBank Vision Fund, is reportedly leaving the firm. Housenbold, a managing partner, is starting his own business, Bloomberg reported, citing a memo written by Vision Fund CEO Rajeev Misra. With SoftBank, Housenbold took part in venture rounds worth at least $6.2 billion since 2017, according to PitchBook data. | | | | | | | | Former Air Force chief of staff to advise Blackstone | | | David Goldfein, a former Air Force chief of staff who retired from the service in October, has joined Blackstone as a senior adviser. Goldfein will offer guidance on investment and strategic decisions and will also help Blackstone develop opportunities for veterans and military families both within the firm and at its portfolio companies. | | | | | |
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| Grab mulls US IPO this year | | | Southeast Asian ride-hailing and food delivery startup Grab is considering raising more than $2 billion in a US IPO this year, Reuters reports. Earlier this month, Grab's financial services unit secured over $300 million in a Series A. Grab previously raised $200 million in a round led by STIC Investments in Aug. 2020. | | | | | | | | | Oqton has raised more than $40 million in a Series A co-led by Fortino Capital, PMV and Sandvik. Founded in San Francisco and based in Belgium, Oqton is a developer of cloud-based software intended to streamline manufacturing processes. | | | | | | | | SoftBank backs OneWeb with fresh funding | | | OneWeb has received an investment from SoftBank and Hughes Network, bringing the company's total funding to $1.4 billion. Based in London, OneWeb is developing a network of low-Earth-orbit satellites designed to deliver global high-speed internet. The company emerged from Chapter 11 bankruptcy protection in November with a $1 billion equity investment from the UK government and Bharti Global. | | | | | |
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| PE firms eye stake in Italy's Inter Milan | | | BC Partners, EQT and Arctos Sports Partners are all in talks to acquire a stake in Inter Milan that could value the famed Italian soccer club at as much as €900 million (about $1.1 billion), the Financial Times reported, the latest sign of private equity's interest in professional sports. Inter Milan is one of the top teams in Serie A, Italy's top league, which is reportedly in advanced talks to sell a stake in its media rights to CVC Capital Partners and Advent International. | | | | | | | | TowerBrook to take ProSight private for $586M | | | | | | | | | TPG stakes software maker | | | New York-based Greenhouse has received a majority investment from TPG Growth and TPG Capital's impact investing arm, The Rise Fund. The deal comprises $47 million of new capital, with TPG purchasing shares in Greenhouse for an additional $450 million, Forbes reported. The funds will go in part toward the hiring software company's diversity, equality and inclusion efforts. Launched by TPG in 2016, The Rise Fund has over $5 billion in assets under management. | | | | | | | | Spectrum Equity links with London's Quantile | | | Spectrum Equity has made a $51 million minority investment in Quantile Technologies, a British provider of risk management services for financial institutions. Based in Boston, Spectrum is currently investing out of its ninth fund, which closed on $1.5 billion last May. | | | | | |
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| Blackstone's Bumble readies public debut | | | Dating app operator Bumble has filed for an IPO. Bloomberg reported last September that the company was planning a debut that could result in a valuation of more than $6 billion. In 2019, Blackstone acquired a majority stake in MagicLab, then the parent company of both Bumble and fellow dating app Badoo, at a valuation of some $3 billion. Badoo now also resides under the Bumble umbrella. | | | | | | | | Driven Brands debuts on Nasdaq | | | Driven Brands closed its first day of trading up 21% after raising $700 million in its IPO. The Roark Capital-backed automotive services company priced its shares at $22 apiece, above its initial range, but downsized the offering from a planned 38 million shares. Roark acquired Driven Brands, whose businesses include Meineke Car Care Centers and Maaco, in 2015. | | | | | | | | Thoma Bravo's SPAC goes public | | | A blank-check company backed by Thoma Bravo has raised $900 million in a public offering on the NYSE. Called Thoma Bravo Advantage, the vehicle will aim to conduct a reverse merger in the software sector. | | | | | | | | Medium picks up VC-backed e-book provider | | | Online publishing platform Medium has acquired Glose, a Paris-based digital book hub. Founded in 2014, Glose allows readers to access audiobooks and e-books from major publishers and to connect with other readers on its social platform. The startup received backing from investors including Kima Ventures and Expon Capital, and it was valued at €8 million (about $9.7 million) in 2018, according to PitchBook data. | | | | | |
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| Roark sets the table for another $5B fund | | | Roark Capital Group has set a $5 billion target for its latest flagship private equity fund, The Wall Street Journal reported, following up on a $5 billion predecessor that closed in 2018. Roark, which is based in Atlanta and focuses on franchise-based investments, is the parent of Inspire Brands, a fast-food platform that acquired Dunkin' Brands for $11.3 billion last year. | | | | | | | | Tiger Global eyes $3.75B for next venture fund | | | Tiger Global is aiming to close a new $3.75 billion venture fund in March, TechCrunch reported. The vehicle, reportedly dubbed Tiger Private Investment Partners XIV, is slated for the same amount of capital as the firm's previous venture fund, which closed 12 months ago. | | | | | | | | Audax raises $1.7B to retain Fund IV assets | | | Audax Group has closed a $1.7 billion continuation fund that the Boston-based firm used to purchase the remaining portfolio companies from Audax Private Equity Fund IV, a vehicle from 2012. AlpInvest Partners, Lexington Partners and Hamilton Lane provided capital for the fund, which will allow Audax to return capital to the older fund's LPs while retaining ownership of the fund's assets. | | | | | |
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| Citrix inks deal for Vista-backed Wrike | | | Citrix Systems has agreed to buy collaborative work management software company Wrike for $2.25 billion from Vista Equity Partners. The Californian company serves around 18,000 customers and generated around $140 million in revenue in 2020. Vista Equity Partners bought a majority stake in Wrike in 2018. | | | | | | | | Desktop Metal lines up $300M purchase | | | Desktop Metal has agreed to pay $300 million to acquire EnvisionTec, a fellow provider of 3D printing services. Based in Michigan, EnvisionTec has multiple notable clients in the dental industry, including SmileDirectClub, which uses 3D printing to produce teeth-straightening aligners. | | | | | |
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