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| UK crowdfunding startups drop merger over watchdog monopoly warning | |  | CEO Jeff Lynn said in a statement that Seedrs fervently disagreed with the watchdog's ruling.
(Anthony Harvey/Getty Images) | | | Crowdfunding startup Seedrs has terminated its tie-up with rival Crowdcube after the UK's competition watchdog said it would likely block the deal. - The Competition and Market Authority argued that the deal could give the combined company a 90% share of the crowdfunding market, putting competitors at a disadvantage.
- Seedrs and Crowdcube both expressed their disappointment but said that, despite being unprofitable, they're able to keep going as stand-alone companies—yet doubts linger over their financial sustainability.
| | | | | | | | | | How to score the state of the PE return environment | |  | | (Thierry Dosogne/Getty Images) | | | A complex set of economic and market factors affect PE returns. That fact may be easy to overlook when returns are boiled down to a single number, yet LPs must consider these influences when building portfolios and managing risk.
PitchBook's Private Equity Barometer, introduced in our new analyst note, provides insight into the state of the current return environment and which factors are driving aggregate returns. Key takeaways include: - Most of the historical variation in quarterly PE returns can be explained by macro, credit and equity factors that are common across risky assets.
- Macro and market factors account for nearly all the variation in PE returns during periods of high volatility.
- The PE Barometer can be used to estimate fund returns on a monthly basis, before quarterly data becomes available.
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| VC firms strive to improve diversity with new industry certification | |  | | (RLT_Images/Getty Images) | | | 2020 was a year of promises by several VCs to address diversity at their firms and portfolio companies by making more concerted efforts to support equitable representation across the ecosystem.
- A cohort of venture firms in the US, including Bessemer Venture Partners, 500 Startups and Toyota AI Ventures, have received certification through the Diversity VC Standard, a program designed to help companies evaluate diversity and inclusion policies.
- "How do you know what is good enough?" said Christine Tsai, CEO and founding partner of 500 Startups. "We need to benchmark not just numbers, but also practices and policies with our peers."
| | | | | | | | | | SPACs and industrial companies are just a part of the deepening pool of investors rushing to put money into green technologies. [Financial Times]
According to research from Switzerland, investors have a "home bias" when it comes to selecting private equity funds. [Institutional Investor]
A key conservation group has counted Africa's elephants as two species for the first time, highlighting a particularly dire threat for those that live in the continent's forests. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 561 Deals | 1984 People | 587 Companies | 31 Funds | | | | | | |
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| 2015 Vintage Global Real Estate Funds | | | | | | |
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| Vista shakes up ranks at two funds | | | Vista Equity Partners has announced Rachel Arnold will be appointed as a senior managing director and co-head of Vista's Endeavor Fund and Patrick Severson will become a senior managing director and co-head of Vista's Foundation Fund. As part of the move, current Endeavor Fund co-head Alan Cline and Foundation Fund co-head Rob Rogers will become senior advisers for their respective vehicles. | | | | | |
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| Byju's eyes $15B valuation | | | Indian edtech company Byju's is looking to raise more than $600 million at a valuation of $15 billion, with plans to use the fresh capital in part to make acquisitions, TechCrunch reported. The Bengaluru-based company was targeting a valuation of $12 billion after raising $200 million in November, a Bloomberg report at the time indicated. Byju's, which is backed by investors including Silver Lake and Tiger Global, provides an e-learning platform for K-12 students. | | | | | | | | | Boston-based Notarize, a startup specializing in remote online notarization, has raised a $130 million Series D led by fintech-focused VC firm Canapi Ventures. Notarize's revenue grew by 600% year-over-year amid an acceleration in demand for its services during the pandemic. The company has raised a total of $213 million since its founding in 2015. | | | | | | | | Pie Insurance pulls in $118M | | | Pie Insurance has raised a $118 million Series C co-led by Allianz X and Acrew Capital. The Washington, DC-based company provides a workers' compensation insurance platform designed for small businesses. Pie Insurance raised $127 million at a $213.5 million valuation in May, according to PitchBook data. | | | | | | | | Snapsheet brings in $30M for claims management software | | | Snapsheet, a developer of claims management software for auto and home insurance providers, has raised $30 million in a Series E2 co-led by Ping An's Global Voyager Fund and Pivot Investment Partners. The Chicago-based company was valued at $182 million in 2017, according to PitchBook data. | | | | | | | | Aerial intelligence startup flies away with $25M round | | | Skycatch, a provider of drone data collection and analytics, has raised $25 million in a Series C led by ADB Ventures and Wavemaker Partners. The San Francisco-based company's tech has been used at more than 10,000 mining, utility and construction sites worldwide. Skycatch was valued at $115 million in 2017. It plans to use the new financing to support its renewable energy initiatives in the Asia-Pacific region. | | | | | |
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| PE-backed TPC Training purchases Above Training | | | TPC Training, a provider of workforce training software, has announced the acquisition of Above Training, a developer of training software for workers in the restaurant, hospitality and food industries. Frontenac, a Chicago-based private equity firm, has owned a majority stake in TPC since 2018. | | | | | | | | WilsonHCG closes growth investment | | | Florida-based Wilson Human Capital Group has closed an equity investment from 3i Group. The UK firm announced in February that it planned to invest $120 million in the company, which provides recruitment process outsourcing and other talent solutions. WilsonHCG has a presence in 65 countries across six continents; it is also backed by CIP Capital. | | | | | |
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| Bain Capital-backed Diversey pulls in $692M+ through IPO | | | Diversey, a manufacturer of sanitation products for the facility management, healthcare and retail industries, saw its shares remain flat Thursday after the South Carolina-based company raised $692.3 million in an IPO by selling some 46.2 million shares at $15 apiece. The company was expected to price shares at between $18 to $21. Bain Capital acquired Diversey from Sealed Air for roughly $3.2 billion in 2017. | | | | | |
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| RiverVest brings in $275M for Fund V | | | RiverVest Venture Partners has raised $275 million for its fifth flagship fund, bringing the firm's total assets under management to more than $1.6 billion. Based in St. Louis, RiverVest typically invests in early-stage biopharma and medical device companies. Fund V, RiverVest's largest vehicle to date, will allow it to participate in late-stage rounds for promising portfolio companies, firm co-founder Jay Schmelter said in a statement. | | | | | | | | MaC Venture Capital raises $103M for inaugural seed fund | | | | | | |
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"The stellar performance of secondary buyouts (SBOs) was another noticeable trend in 2020's Nordic exit market. For the first time on record, SBOs accounted for the bulk of the region's exit volume—a title that has been consistently held by corporate acquisitions."
Source: PitchBook's 2021 Nordic Private Capital Breakdown | | | | | |
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