| | | | | Blackstone's Bumble raises $2.2B with upsized IPO | |  | | (Carol Yepes/Getty Images) | | | For private equity, even love can be lucrative.
Bumble, the Blackstone-backed operator of a dating app that requires women to send the first message, has raised about $2.2 billion by selling 50 million shares for $43 apiece, exceeding a proposed range of $37 to $39 per share and valuing the company at over $8 billion. - The company's stock begins trading Thursday on the Nasdaq under the symbol BMBL, joining its dating rival Match as a publicly traded company.
- The IPO marks a win for Blackstone, which acquired a majority stake in former Bumble parent company MagicLab in late 2019 from Russian entrepreneur Andrey Andreev for around $3 billion.
- Bumble is led by founder Whitney Wolfe Herd, a former executive at Tinder who replaced Andreev as CEO of the larger business when Blackstone took control.
- Bumble, which also operates European dating app Badoo, had 42 million active users as of the third quarter of 2020, according to it S-1 filing.
- From Jan. 29, 2020, to Sept. 30, 2020, the company posted revenue of $376.6 million, up from $362.6 million in the corresponding period a year earlier, and a net loss of $84.1 million, compared with a $68.6 million profit in year-ago period.
| | | | | | | | | | Electric air-taxi startups get a lift from SPAC deals | |  | | (Courtesy of Archer Aviation) | | | Air-taxi startup Archer Aviation is set to go public through a SPAC merger, following a similar deal by rival Wheels Up and reports that Joby Aviation is also in talks with blank-check companies. - United Airlines agreed to help Archer build its short-haul air taxis and plans to spend up to $1.5 billion to buy as many as 200 of the finished aircraft.
- The deal values the combined company at $3.8 billion, higher than the $2.1 billion valuation that Wheels Up claimed earlier this month.
- Archer was valued at just $100 million last July, according to PitchBook data, and is backed by investors such as Greycroft, Prime Movers Lab and Gaingels.
- Archer could receive $1.1 billion from the deal, including $600 million from a PIPE investment backed by United, Stellantis and others.
- Part of a trend: 26 mobility tech companies announced or completed SPAC mergers last year, according to a recent PitchBook report.
| | | | | | | | | | | | How PE sellers adapted to COVID-19 | | The pandemic's ripple effects led to significant implications for multiple financial markets players, including private equity funds looking to sell portfolio companies. Despite the degree of uncertainty spanning much of the global economy, however, PE firms were still able to close nearly 1,800 exits for an aggregate value of $743.5 billion. But how did that compare to longer-term trends?
Datasite's latest industry publication breaks down the exit environment in 2020, analyzing multiple PitchBook datasets to uncover how PE firms adapted to market tumult. Topics include how sell-side due diligence preparation had to accommodate potential COVID-related impacts, innovations in exit types and more.
Read it now | | | | | | | | | | US won't force sale of TikTok assets to Oracle, Walmart | |  | | (Mario Tama/Getty Images) | | | The US government will not require TikTok to sell its American assets to an investor group that includes Oracle and Walmart, The Wall Street Journal reported. The reversal is a sign that US trade policy may be different under President Joe Biden, with the WSJ reporting the change of course on TikTok is part of a larger review of potential security risks related to Chinese tech companies. - Former President Donald Trump first said he would ban TikTok in the US last July.
- In September, the Trump administration approved a deal in which Oracle and Walmart agreed to partner with TikTok in the US, but the deal had been delayed by legal challenges.
- Reuters reported in December that ByteDance, the Chinese parent company of TikTok, was on the brink of closing a $2 billion funding round led by Sequoia and KKR at a $180 billion valuation.
| | | | | | | | | | How startups are cultivating opportunities in indoor farming | |  | | (Jacobs Stock Photography Ltd./Getty Images) | | | The pandemic has exposed the shortcomings of the food supply chain, exacerbating existing problems of food waste and food insecurity. But indoor-farming startups are responding to the challenge, according to recent research from PitchBook analysts: - Also known as controlled environment agriculture, the method shortens supply chains and accelerates production cycles.
- Investors have flocked to the field, more than doubling their annual investment total in 2020 to $929 million.
- Farms can reshape food systems and boost their resilience, with cutting-edge technology helping fuel growth.
| | | | | | | | | | When dry powder is running low, private equity firms are more likely to manipulate performance numbers at their portfolio companies, according to new research. [Institutional Investor]
Many Black creators believe TikTok is still falling short of its promises to better promote diversity on its platform. [NBC News]
In the pandemic, nearly everyone is spending more time at home. Many have been struck by the urge to declutter. And that means the market for free stuff on the internet has never been weirder. [The Wall Street Journal] | | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 434 Deals | 1457 People | 403 Companies | 18 Funds | | | | | | | | | | | | | | | | | | | | 2012 Vintage Global Debt Funds | | | | | | | | | | | | | Bill McGlashan settles allegations in admissions scheme | | | TPG Growth founder Bill McGlashan has reached a settlement with federal prosecutors over allegations of his role in the college admissions scandal that emerged in 2019, agreeing to plead guilty to one count of wire fraud, Axios reported. The settlement reportedly calls for McGlashan to serve three months in prison and pay a $250,000 fine, among other terms. Axios also reported that McGlashan and TPG previously finalized a separation agreement in 2019. | | | | | | | | | | Automated trucking startup completes $200M fundraise | | | Plus, a developer of self-driving technology for long-haul trucks, has raised $200 million in a round co-led by Guotai Junan International, CPE and Wanxiang International Investment. Existing backers including Full Truck Alliance also supported the financing. Founded in 2016 and based in California, Plus will use the funds in part to begin mass production of its trucking system and expand internationally within Europe and Asia. | | | | | | | | Day One Biopharmaceuticals picks up $130M | | | Day One Biopharmaceuticals has raised a $130 million Series B led by RA Capital Management. The company is developing therapies designed to treat cancer; it plans to use the funding in part to accelerate drug development for pediatric patients. | | | | | | | | Stir valued at $100M in Series A round | | | Stir, the developer of a financial management platform for writers and producers, is being valued at some $100 million in a Series A financing round led by Andreessen Horowitz, The Information reported. The funding amount wasn't immediately known. | | | | | | | | Fintech startup banks $53M | | | Nymbus, a developer of fintech software intended to help traditional banks and credit unions digitize operations and manage customers, has raised $53 million in a round led by Insight Partners. In June, the Miami-based company raised $12 million at an $82 million valuation, according to PitchBook data. | | | | | | | | Construction tech startup nails down $40M | | | Mighty Buildings, the developer of a construction tech platform, has raised a $40 million Series B co-led by Khosla Ventures and Zeno Ventures. The Oakland, Calif.-based company, which launched out of stealth last August, plans to use 3D-printed structures to help automate building construction. It was valued at $80 million in 2019, according to PitchBook data. | | | | | | | | Insightin Health grabs $12M Series A | | | | | | | | | | | IVC lands $4.2B+ from backers including Silver Lake, Nestlé | | | IVC Evidensia, a UK-based veterinary care group backed by EQT, has raised €3.5 billion (about $4.25 billion) from Silver Lake and others, valuing the company at around €12.3 billion. EQT, which is taking part in the round, bought IVC in 2016 via its EQT VII fund. In 2017 the firm merged the company with Swedish peer Evidensia, which EQT bought in 2014. Nestlé picked up a minority stake in IVC in 2019 and is also reinvesting. | | | | | | | | FountainVest to acquire CJ Rokin in $1.1B deal | | | FountainVest Partners has reached a deal to acquire Chinese logistics company CJ Rokin from South Korea-based CJ Logistics in a deal valued at 6.9 billion yuan (about $1.1 billion), including debt, Reuters reported. CJ Logistics has owned CJ Rokin since 2015, when it purchased a majority stake in the company for 455 billion yuan, the report said. | | | | | | | | Carlyle backs out of Japan Asia Group bidding | | | The Carlyle Group has dropped its offer to acquire energy company Japan Asia Group in a deal worth 48 billion yen (about $459 million) after Japanese activist fund City Index Eleventh topped its offer, Reuters reported. City Index, which owns 21% of JAG's shares, reportedly offered to buy the company for 1,210 yen per share, beating out Carlyle's bid to buy it for 1,200 yen per share. | | | | | | | | PE-backed Pioneer buys Electrochem | | | Pioneer Metal Finishing, a provider of metal processing services to customers in industries like automotive, medical and consumer goods, has acquired Electrochem Solutions, a Union City, Calif.-based provider of metal finishing services to customers primarily in the semiconductor sector. Aterian Investment Partners has owned Green Bay, Wis.-based Pioneer Metal since 2018. | | | | | | | | Carlyle's Ion to buy Dash Financial from Flexpoint Ford | | | | | | | | | Clearlake, Siris strike $400M marketing deal | | | | | | | | | | | Facebook takes aim at Clubhouse | | | Clubhouse, the maker of an exclusive app popular with Silicon Valley's tech elite, could soon have competition from Facebook. Executives at the tech giant have plans to build an audio chat app similar to Clubhouse, The New York Times reported. Clubhouse is backed by Andreessen Horowitz, and Marc Andreessen sits on Facebook's board of directors. | | | | | | | | | | Rivian could seek $50B valuation in upcoming IPO | | | Electric truck maker Rivian could go public as soon as September with a target valuation of around $50 billion, Bloomberg reported. Backed by investors including Amazon, T. Rowe Price and Ford, the company was last valued at $27.6 billion in January, according to a PitchBook estimate. Rivian has reportedly raised more than $8 billion since it was founded in 2009. | | | | | | | | Rocket Internet-backed SPAC files for $250M IPO to focus on tech acquisition | | | Rocket Internet Growth Opportunities Corp., a blank-check company backed by Berlin-based tech incubator and investor Rocket Internet, has filed papers with the SEC to raise $250 million in an IPO. The SPAC will target tech companies outside the US, with Renaissance Capital reporting that the vehicle would have a market value of about $313 million. Rocket Internet portfolio companies include Bluenest, Flash Coffee and Katoo. | | | | | | | | Colin Kaepernick launches ESG-focused SPAC | | | Former NFL quarterback and social activist Colin Kaepernick has agreed to co-sponsor and co-chair a SPAC that's looking to raise $250 million in an IPO. Mission Advancement Corp. will target a consumer-focused company that aligns with ESG criteria and has an enterprise value of more than $1 billion. The blank-check company is also backed by The Najafi Companies, an investor in race car maker McLaren Racing and fitness company Bodybuilding.com. Mission Advancement's board has a female majority, and each member is a person of color. | | | | | | | | Apollo-backed SPAC lands $600M | | | | | | | | | | | Tyler secures $2.3B deal for NIC | | | Tyler Technologies has agreed to purchase NIC, a provider of digital payments services and other digital tools for government agencies, in a $2.3 billion all-cash transaction. The price of $34 per share represents a 22% premium to the volume-weighted average price of the Kansas-based company's shares over the past 30 days. Tyler is a fellow provider of software and technology for clients in government. | | | | | | | | | "Distressed debt funds also experienced increased interest due to the anticipated economic downturn from the pandemic, but deployment opportunities have been few and far between. The rationale for raising a distressed fund made sense in March and April. Most countries seemed headed for a recession, and markets were pricing in significant economic disruption."
Source: PitchBook's 2020 Annual Global Private Debt Report | | | | | | | | | Who's in the newsletter today? | | People | | | | Investors | | | | Companies | | | | | | | | | |
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