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| Bitcoin bull market fuels blockchain startup deal boom | |  | | (AUDINDesign/Getty Images) | | | When bitcoin rallied in late 2017, it captured the public imagination by pushing the cryptocurrency's price to then-unprecedented highs. What followed was the most prolific year on record for investment in blockchain and cryptocurrency startups.
Now, with bitcoin trading at more than $30,000, investors are hopeful that history could repeat itself. | | | | | | | | | | Lab-grown chicken, ghost kitchens and the digital future of foodtech | | The pandemic fundamentally changed how consumers source their food, from online grocery shopping to ghost kitchens.
Demand for alternative proteins has also driven more capital into lab-grown meat startups, which raised over $383 million last year. The regulatory approval of Just Eat's cultivated chicken nuggets is a breakthrough moment, according to our Q4 Emerging Technology Research report on foodtech. Other takeaways include: - Foodtech companies raised $4 billion in Q4, ending the year with a collective $18.1 billion in venture capital
- Funding for cultivated agriculture companies is expected to rapidly accelerate in 2021, after reaching a record $1.6 billion last year
- The surge in online grocery shopping has fueled investment in tech and support infrastructure that will feed additional adoption
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| A message from Twin Brook Capital Partners | | |
| The value of experience: Past & present | | When the pandemic hit, many private equity firms and lenders alike quickly turned their attention to existing portfolios, and risk-off sentiment suddenly made completing deals significantly more difficult—but not impossible.
Therese Icuss and Kim Trick, co-heads of underwriting at Twin Brook Capital Partners, discuss their experience through past credit cycles and working with clients to navigate challenges and execute on opportunities during a year unlike any other and beyond in Mergers & Acquisitions. | | | | | | | |
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| Thrasio gets $750M for its Amazon third-party seller gambit | | Thrasio is on a fundraising tear.
- The acquirer of Amazon third-party direct-to-consumer brands announced in early January it topped the $1 billion mark in fundraising since it was founded in 2018.
- Now Thrasio has added on to that Series C, securing an additional $750 million in venture capital from return investors like Advent International and Oaktree Capital Management.
- The company buys and takes over operations of brands that typically have $1 million to $3 million in annual revenue, mainly through sales on Amazon's platform. In 2020, Thrasio logged a profit of over $100 million on sales of more than $500 million.
- Thrasio didn't disclose its valuation but Bloomberg reported in January the $500 million Series C debt financing valued the Massachusetts-based company at $3 billion.
| | | | | | | | | | Credit Suisse has pulled back from Wall Street in the past decade. But now, led by a pioneer in the space, the bank is cashing in on the SPAC bonanza. [The Wall Street Journal]
Robert Brockman has been accused of conducting the largest tax-evasion scheme in American history. It's far from the first time the software billionaire has encountered controversy. [Forbes]
A leaked trove of smartphone location data is allowing experts to track individuals who stormed the US Capitol on Jan. 6. It's also raising new questions about just how much our apps know about us. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 79 Deals | 299 People | 105 Companies | | | | | | |
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| 2011 Vintage Global Venture Funds with more than $250M | | | | | | |
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| Tailwater names trio of principals | | | Tailwater Capital has promoted Scott Peters, John Spradling and Drew Winston to principal. Based in Dallas, the private equity firm primarily targets growth-focused deals in the energy sector. Peters has worked at Tailwater since 2013, while Spradling was hired in 2017 and Winston came aboard in 2018. | | | | | |
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| | | Class has raised a $30.75 million Series A co-led by Insight Partners and Owl Ventures. The Washington, DC-based company is a developer of online learning software designed to help teachers prepare assignments, conduct tests and manage students. | | | | | | | | Coterie collects new funding | | | | | | |
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| Blackstone, Bill Gates strike $4.7B deal for private jet company | | | | | | | | | Great Hill stakes BigChange | | | Great Hill Partners has acquired a majority stake in BigChange in a deal that values the UK-based company at £100 million (about $137 million). The business provides workforce management technology for the service and transportation sectors. BigChange CEO Martin Port and the company's management team will retain a minority ownership stake. | | | | | | | | Cinven to back Drake Software | | | Cinven has agreed to invest in Drake Software, a North Carolina-based provider of tax preparation software. Established in 1977, Drake has more than 600 employees across North Carolina, Tennessee and Virginia. | | | | | |
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| Bolt Biotherapeutics raises $230M in IPO | | | Bolt Biotherapeutics, a developer of drugs that treat cancer, took in $230 million after selling 11.5 million shares at $20 each in its initial public offering on the Nasdaq. Bolt's most advanced treatment targets multiple cancers that express the HER2 protein. The Redwood City, Calif.-based company's leading outside shareholders include Novo Holdings, which owns 12.2% of Bolt's shares following the offering, Vivo Capital (10.5%) and Sofinnova Venture Partners (6.9%). | | | | | | | | KKR plans $1B SPAC for retail deal | | | KKR Acquisition Holdings I, a blank-check company sponsored by KKR and ex-GAP CEO Glenn Murphy, has filed to raise $1 billion in an IPO by selling 100 million shares at $10 apiece, according to an SEC filing. The SPAC is expected to acquire a company in the consumer or retail industries and will trade on the NYSE under the symbol KAHC.U. | | | | | | | | Apollo-backed SPAC in talks to purchase Vista's Solera | | | | | | |
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| Brazilian firm secures $130M fund with SoftBank backing | | | | | | |
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| Newmark to buy Knotel out of Chapter 11 | | | Real estate tech company Knotel has filed for Chapter 11 bankruptcy protection and will be acquired by Newmark. The New York-based startup was valued at $1.6 billion in 2019, according to PitchBook data. In addition to Newmark, Knotel's backers have included Wafra, Norwest Venture Partners and The Sapir Organization. Newmark plans to pay $70 million to acquire the company's assets, Bloomberg Law reported. | | | | | |
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