| | | | | Reddit doubles valuation in new round | | Reddit is seizing its moment in the sun for a big step-up in valuation.
The social media and content sharing platform is now valued at $6 billion, CEO Steve Huffman told The Wall Street Journal. The new valuation, stemming from a $250 million Series E deal from new and existing investors, is double where it stood a year ago.
Reddit's new round comes just after its platform found itself in the spotlight thanks to the exploits of sub-Reddit group WallStreetBets, which orchestrated the trading frenzy in shares of GameStop and other underdog stocks.
Reddit, which reported having over 50 million daily users, said it plans strategic investments in video, advertising, consumer products and entering international markets. | | | | | | | | | | Understanding how access to alternative assets is opening to the masses | |  | | (Chip Somodevilla/Getty Images) | | | With value hard to find in the public markets, it should be no surprise that demand is only growing to make alternative strategies more available to those historically excluded due to wealth and income restrictions.
But access to the private markets has some exciting new developments, according to our latest analyst note. Highlights from the research: - New regulations have already begun to democratize access to alt strategies
- Some alts products mitigate concerns of illiquidity
- A brief history on how the definition of "the masses" has evolved
| | | | | | | | | | | | | Boston Metal uses electrons instead of coal to produce cleaner, cheaper and greener steel and stainless steel. The MIT spinout recently raised $50 million.
Boston Metal (NSF-1345571) is one of hundreds of deep tech startups funded annually by the National Science Foundation, a government agency that plays a central role in accelerating discoveries into the marketplace.
Each startup can receive up to $1.75 million to support translational R&D. NSF helps teams navigate the earliest stages of technology translation, investing roughly $200 million annually in startups. In the last five years, these companies have gone on to raise billions in follow-on capital, and the portfolio has had 100-plus exits.
Learn more about NSF funding for startups at seedfund.nsf.gov. | | | | | | | | | | Vision Fund mints 'golden eggs' for SoftBank | |  | | (Courtesy of SoftBank) | | | A soaring stock market and high-performing tech IPOs have propelled SoftBank to record a profit of 1.17 trillion yen (about $11 billion) for the three months ending Dec. 31.
The Vision Fund segment was responsible for 844.1 billion yen in net income for the quarter, led by stakes in DoorDash and Uber. SoftBank's unrealized gain on DoorDash stood at nearly $9 billion as of Dec. 31, more than 13 times its initial investment in the company.
"We are producing golden eggs," CEO Masayoshi Son said during an investor presentation, likening the firm's strategy of backing highly valued startups to the story of a mythical goose. SoftBank recently expanded its playbook with the planned launch of several blank-check companies and the debut last year of SB Northstar, a trading division that posted a quarterly loss of 169.8 billion yen.
Nagraj Kashyap, the former head of Microsoft's M12, will be joining the Vision Fund as managing partner, according to a SoftBank spokesperson. The appointment follows a string of departures from the fund, including managing partner Jeff Housenbold and COO Ruwan Weerasekera. | | | | | | | | | | On the podcast: Wrapping up Season 2 of 'In Visible Capital' | | Over the course of this season, we took a closer look at how the pandemic shaped emerging technology trends. "In Visible Capital" host Lee Gibbs spoke with founders, investors, PitchBook analysts and other experts over the course of several months, discussing topics from healthcare to the supply chain.
Sponsored by Gray Scalable, the Season 2 finale features Paul Condra, the head of PitchBook's Emerging Technology Research team, who joins the podcast to discuss: - The acceleration of infosec, enterprise software and telehealth startups amid COVID-19
- What kinds of startups are receiving funding
- The overall shift toward investing at later stages
| | | | | | | | | | Nexthink tops $1.1B valuation with mega-round | | Nexthink has raised a $180 million Series D led by Permira, valuing the company at $1.1 billion. Existing investors including Highland Europe and Index Ventures also participated in the funding.
Founded in 2004, Nexthink helps companies monitor and improve software performance on their employees' devices in real time. Its technology is used by more than 1,000 global customers, including 3M, UBS and Mercedes-Benz.
The rise of remote working helped the company's annual recurring revenue reach more than $100 million last year. In 2018, the company raised $85 million at a $558.5 million valuation, according to a PitchBook estimate.
The company, which is headquartered in Boston and Lausanne, Switzerland, plans to use the new capital in part to expand operations across the US. Nexthink also added Permira senior adviser and former Adobe CEO Bruce Chizen to its board of directors. | | | | | | | | | | A look at what investors lose in an undeveloped secondary market. [Institutional Investor]
With the click of a mouse, one can "visit" Budapest, Zurich, Paris or any number of other geographical locations. The pandemic lockdown has only served to increase the popularity of Google street view. [The New Yorker]
New research demonstrates how government censorship can affect AI algorithms and the apps that they help build. [Wired] | | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 414 Deals | 1571 People | 518 Companies | 30 Funds | | | | | | | | | | | | | | | | | | | | 2010 Vintage Global PE Funds | | | | | | | | | | | | | Kong collects $100M Series D | | | Kong has raised $100 million in a round led by Tiger Global at a $1.4 billion valuation. Index Ventures, CRV, GGV Capital, Andreessen Horowitz and Goldman Sachs also participated in the funding. Based in San Francisco, the cloud connectivity company is the developer of an API management platform and other related technology. Kong was valued at $478 million in 2019, according to PitchBook data. | | | | | | | | Cabin booking startup locks in $41.7M Series C | | | Getaway has closed a $41.7 million round led by Certares, with support from existing backers. The company's platform, which lets users rent tiny cabins located less than two hours from major US cities, saw its bookings increase by some 150% year-over-year during 2020. In 2019, Getaway raised $22.5 million at a $62 million valuation, according to PitchBook data. | | | | | | | | | | Veritas, Evergreen team up to take Cubic private for $2.8B | | | Veritas Capital and Evergreen Coast Capital, the tech-focused PE arm of hedge fund Elliott Management, have agreed to acquire Cubic Corporation, a San Diego-based defense and transportation technology provider. The purchase price of $70 per share represents a 58% premium to Cubic's closing price on Sept. 18, the last day before news of a potential takeover was disclosed. The all-cash transaction is valued at roughly $2.8 billion. | | | | | | | | | Middle-market PE firm BV Investment Partners has acquired a majority stake in SupportNinja, an Austin-based provider of outsourcing support for high-growth companies. The investment came from BVIP Fund X, which closed on $1.1 billion in February 2020. | | | | | | | | THL backs process automation specialist | | | Thomas H. Lee Partners has made a growth investment in Ashling Partners, a provider of robotic process automation, AI and related tech for the real estate, consumer goods, manufacturing, distribution, healthcare and automotive sectors. THL managing director Josh Bresler and THL director Kearney Shanahan will join the Chicago-based company's board. | | | | | | | | Peak Rock buys Italian food packaging company | | | Peak Rock Capital has partnered with the Marin family and company management to purchase Italian food packaging manufacturer AMB. The company, which has been owned by the Marin family since 2005, provides recyclable rigid and flexible films used to package pizza, sandwiches, fish and a variety of other food products. | | | | | | | | | | TikTok plans ambitious US ecommerce push | | | TikTok has goals to expand into the US ecommerce market, the Financial Times reported. The short-form video app maker is reportedly rolling out a host of new features this year, including allowing its most popular users to link to products and earn commissions on sales and letting brands showcase a catalogue of their products on the platform. Another feature includes "livestreamed" shopping, a mobile version of television shopping channels, the report said. | | | | | | | | | | Matterport inks $2.9B SPAC deal | | | Matterport has agreed to go public via a merger with Gores Holdings VI, a blank-check company backed by The Gores Group founder Alec Gores. The deal is expected to value the combined company at about $2.9 billion and include up to $640 million in proceeds, including $345 million from Gores Holdings VI and $295 million from a PIPE deal. Bay Area-based Matterport makes 3D cameras for virtual real estate tours and has seen demand for its products spike during the pandemic, Reuters reported. The company is backed by investors including Qualcomm Ventures, Luminari Capital and iRobot Ventures. | | | | | | | | Bumble ups price range for Nasdaq IPO | | | Bumble has increased its IPO price range and the number of shares it plans to sell. The Austin-based dating app provider is now offering 45 million shares for between $37 and $39 apiece and could raise more than $1.7 billion. Blackstone-backed Bumble had previously planned to sell 34.5 million shares for between $28 and $30 apiece. | | | | | | | | | Oscar, the health insurance startup co-founded by Joshua Kushner, has filed for an IPO. Oscar has raised over $1 billion in private funding, according to PitchBook data, with the company's backers including Founders Fund, Kushner's Thrive Capital, General Catalyst and Alphabet. The company, which had 529,000 members as of Jan. 31, plans to list its shares on the NYSE. | | | | | | | | Hippo eyes public listing via SPAC | | | | | | | | | Decibel Therapeutics sets IPO terms | | | Decibel Therapeutics, a developer of treatments for hearing loss and balance disorders, has decided on an expected price range of $16 to $18 per share for its upcoming IPO of 5.9 million shares, according to an SEC filing. A midpoint pricing would raise $100 million and value the company at about $393 million. Decibel is backed by Third Rock Ventures (18.2% pre-IPO stake), OrbiMed (19%) and Regeneron Pharmaceuticals (12.2%), among others. The Boston-based company plans to trade on the Nasdaq under the symbol DBTX. | | | | | | | | DoorDash to buy robotics startup Chowbotics | | | DoorDash has reached a deal to acquire Chowbotics, a venture-backed maker of robotic food-preparation technology, for an undisclosed sum. Chowbotics, based in Hayward, Calif., was valued at $46 million following a private funding round in 2018, according to PitchBook data. The company previously raised about $17 million from investors including Techstars and Foundry Group. | | | | | | | | | | Kingswood closes opportunities fund on $230M | | | Kingswood Capital Management, a Los Angeles-based lower-middle-market investor, has raised $230 million for its first opportunities fund. The new vehicle will make control buyouts and debt and equity investments in North America-based companies with more than $100 million in revenue. Investments will generally range from $15 million to $50 million apiece. Kingswood typically invests in industries including energy, healthcare services, retail and government. | | | | | | | | Construct Capital closes inaugural fund on $140M | | | | | | | | | | | Blackstone backs ex-Lone Star exec's hedge fund | | | Blackstone has committed $150 million in startup funds to ApaH Capital Management, a hedge fund run by Anand Balakrishna Madduri, Reuters reported. Madduri was a senior managing director at Lone Star Funds for five years and also worked at Och-Ziff Capital Management. He is launching Hong Kong-based ApaH with $200 million in assets and will focus on investments across Asia, according to the report. | | | | | | | | New VC firm Panoramic launches, targets $300M fund | | | Panoramic Ventures, a new Atlanta-based venture capital firm, has been formed through a partnership between investor Paul Judge and BIP Capital. The firm also announced plans to raise a $300 million fund. Panoramic aims to invest in companies in the US Southeast and Midwest, with a focus on funding underrepresented founders. | | | | | | | | Elliott Management eyes $1B+ SPAC | | | Elliott Management has been laying the groundwork to raise more than $1 billion for a blank-check company, The Wall Street Journal reported. Should the hedge fund move forward with plans for the SPAC, it could target a company valued in the double-digit billions, based on the targets of similarly sized SPACs, the report said. Elliott is known for its high-profile activist shareholder campaigns and has about $42 billion in assets under management. | | | | | | | | | "M&A take-private activity proved stale in 2020. The deal type has been on a downward trend since 2016, with take-private M&A volume clocking its lowest-ever reading in 2020. Several market headwinds made take-privates challenging to execute in 2020, including the pandemic, Brexit, and increased government scrutiny of foreign takeovers."
Source: PitchBook's 2020 Annual European M&A Report | | | | | | | | | Who's in the newsletter today? | | People | | | | Investors | | | | Companies | | | | | | | | | |
No comments:
Post a Comment