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| European VC keeps up momentum with a record-breaking Q1 | | European venture capital started 2021 off strongly, ultimately reaching an all-time quarterly high in Q1. Roughly €17.6 billion was invested across 1,907 deals, and VC activity on the continent is expected to break annual records as the year progresses.
The Q1 2021 European Venture Report showcases the key trends that have defined Europe's VC market over the first three months of the year, including a boom in nontraditional investor participation, robust dealmaking in fintech and a solid start to VC fundraising despite continued travel restrictions. Other highlights include: - Late-stage deals claimed nearly 75% of all VC capital invested in Europe as enormous rounds became a regular occurrence.
- The UK retained its position as Europe's premier destination for VC dealmaking despite near-term uncertainty caused by Brexit and COVID-19.
- Exits in Q1 reached an impressive €21 billion. Due to the emergence of SPACs and frothy global market valuations, Q1's exit value surpassed the total exit value of 2020.
| | | | | | | | | | Direct listings gain popularity among tech companies | | Longtime Benchmark general partner Bill Gurley went on a very public mission in 2019 to dismantle the IPO process. In a traditional IPO, the difference between the IPO price and the so-called first-day pop is pocketed by the buy-side investors in what Gurley has referred to as a "big one-day wealth transfer."
Gurley has praised the fact that the shares in a direct listing are priced by the market rather than by investment bankers who may be inclined to cater to buy-side institutional investors. By eliminating the first-day stock pop, all the proceeds from the direct listing sale go to founders, employees and venture investors.
More than a year after Gurley began his crusade, the traditional IPO is still very much around. But a host of companies—most recently, ZipRecruiter—are opting for direct listings. - ZipRecruiter last week announced it had filed to go public via a direct listing on the NYSE. Since its founding in 2010, the job search platform operator has raised more than $200 million in venture funding, becoming profitable last year, according to an SEC filing.
- Squarespace, a provider of web hosting services, also filed to go public through a direct listing earlier this month. Its listing comes on the heels of a $300 million investment in March that valued the company at $10 billion.
- Asana, Palantir Technologies, Roblox and Coinbase also opted to go public via direct listings over the last year, with Roblox hitting a valuation of $45.3 billion and becoming the most valuable gaming company to go public, according to PitchBook data.
- The NYSE received approval from the SEC in December to allow companies to raise capital through direct listings. So far, none of the companies that have gone public via this method have used this option.
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| Deal technology, reinvented for modern dealmakers | | There's a shift happening in the world of deals, away from legacy, manual tools. To centralize and amplify their existing processes, today's modern dealmakers are turning to Ansarada's technology to boost efficiencies, eliminate risk and drive decision-making—from new strategy and marketing workflows, to project management, all the way through to seamless negotiation, closing and post-deal integration.
Ansarada is creating a world where analysts aren't overworked, corporate development teams aren't wasting time on the wrong targets, and CFOs aren't struggling to create and prove deal value. Ansarada DealsTM smashes the benchmark in deal technology. This latest release is more than an AI-powered data room; it's a total transaction management solution. Get confidence and control across every stage of the deal lifecycle.
Get started for free. | | | | | | | |
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| On the podcast: The Biden administration's impact on the private markets | | With President Joe Biden nearing his 100th day in office, the administration's economic policies are taking shape—and there may be big implications for private equity and venture capital.
The latest episode of "In Visible Capital" takes a closer look at some of the proposed changes, including: - The push to raise capital gains taxes for high net worth individuals, an idea floated for more than a decade that now appears more likely than ever.
- How Biden's infrastructure plan could provide a boon for PE and VC investors, despite the spotty track record of public-private partnerships.
- Biden's renewed push for financial regulation, especially in the SPAC market, and how a crackdown on the world's tech giants could actually benefit PE and VC.
| | | | | | | | | | Thoma Bravo to acquire cybersecurity specialist Proofpoint in $12.3B deal | |  | | (Suebsiri Srithanyarat/Getty Images) | | | Thoma Bravo has agreed to acquire Proofpoint, a cybersecurity and compliance software developer, in an all-cash deal valued at $12.3 billion. - The public-to-private deal entitles Proofpoint shareholders to receive $176 in cash per share, a 34% premium to the company's closing share price on April 23, the last trading day before the transaction was announced.
- The agreement includes a 45-day "go-shop" period and is expected to close in the third quarter. It also represents Thoma Bravo's second public-to-private deal with a software provider in five days. On April 22, the tech-focused PE firm acquired RealPage, the provider of a property management platform for the rental housing industry, in an all-cash transaction valuing the company at $10.2 billion.
- Prior to Proofpoint's 2012 IPO, the company received funding from DAG Ventures, Benchmark, Bridgescale Partners, Meritech Capital Partners and other firms.
| | | | | | | | | | Americans are making pandemic-era moves away from big cities. But most movers aren't going very far. [Bloomberg]
Over 200 million Bialetti Moka pots have been sold since 1933. When capsule-based coffee machines hit the market, the Moka struggled—but the Italian icon is making a comeback. [Fortune]
The shift to remote work has meant increased screentime and hours. What can be done to fix the cognitive load that's affecting our brains? [BBC] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 472 Deals | 1654 People | 468 Companies | 32 Funds | | | | | | |
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| 2015 Vintage Global PE Funds | | | | | | |
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| A message from Unigestion | | |
| In discussion with GPs: How can secondary deals unlock value? | | Join our webinar to hear GPs discuss the exceptional opportunity in GP-led secondary deals at the small end of the market.
Since the financial crisis, GP-led secondaries have emerged as a way for investors to generate strong returns by unlocking value in companies at attractive valuations.
So how can these deals generate such compelling and resilient returns?
Find out as two GPs share their insights into the drivers of success in their respective GP-led transactions. | | | | | | | |
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| Brex banks $425M Series D, hits $7.4B+ valuation | | | Brex, the provider of a corporate credit card, expense tracking and other related financial services for businesses, has raised a $425 million Series D led by Tiger Global. The round values the San Francisco-based company at over $7.4 billion, more than double the $2.7 billion valuation Brex reached in February 2020, according to PitchBook data. The latest financing was backed by a bevy of new investors including TCV, GIC, Baillie Gifford and Base10. All major existing investors, including Y Combinator and IVP, also participated in the round. | | | | | | | | | Edtech startup UpGrad has raised $120 million from Temasek. Founded in 2015, the Mumbai-based company is the developer of an online higher education platform. The new funds will be used in part to expand the startup's post-graduate and graduate offerings in India. UpGrad is used by students in more than 50 countries. | | | | | | | | Mighty Networks picks up $50M | | | | | | | | | StashAway targets $25M for latest round | | | Singapore-based StashAway is raising a $25 million Series D led by Sequoia India. The company is the creator of a digital wealth management platform for retail and accredited investors across Singapore, Malaysia, Africa, the Middle East and Hong Kong. With the new round, StashAway will have raised more than $60 million in total private backing. | | | | | |
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| Stone Point, GIC strike $3B deal for Ascensus | | | | | | | | | Blackstone to acquire Mphasis for up to $2.8B | | | | | | | | | Carlyle to purchase Unchained Labs for $435M | | | | | | | | | Greenbriar buys PCX Aerosystems | | | Greenbriar Equity has acquired PCX Aerosystems, a Newington, Conn.-based manufacturer of parts and assemblies for rotorcraft and fixed-wing aerospace platforms. The deal was made in conjunction with the completion of PCX's previously announced agreement to purchase Senior Aerospace Connecticut. Based in New York, Greenbriar typically targets services and manufacturing companies. | | | | | |
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| PitchBook Webinar: Exploring the opportunities and challenges of autonomous finance | | Autonomous finance makes financial decisions on behalf of humans—and it's become more relevant over the course of the pandemic. Advancements in processing power and AI/ML have made the technology a promising opportunity for consumers who want to better earn, spend and invest their money.
Don't miss our autonomous finance webinar on April 28. Topics include: - How autonomous finance helps consumers better manage their financial health and performance.
- The two pathways to achieving full autonomous finance: centralized and decentralized.
- Challenges for the technology include computing costs, consumer trust, regulations and transaction categorization.
Register here to secure your spot | | | | | | | |
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| Jessica Alba's Honest Company sets IPO terms | | | Wellness brand The Honest Company plans to raise about $400 million in its upcoming IPO by selling 25.8 million shares at between $14 and $17 apiece. The majority of those shares are being sold by existing investor Scott Dahnke, L Catterton's global co-CEO, who owns 37.1% of pre-IPO shares. Actress Jessica Alba owns a 6.6% stake, and CEO Nikolaos Vlahos owns 4.1%. At the midpoint price of $15.50, the company would be valued at $1.59 billion on a fully diluted basis. It was valued at $860 million in a 2017 funding round, according to a PitchBook estimate. | | | | | |
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| Carlyle eyes $22B target for largest fund in firm history | | | The Carlyle Group has set a $22 billion target for its eighth flagship buyout fund, Bloomberg reported. The Washington, DC-based PE firm will reportedly set aside $2 billion from that total to invest in tech and growth companies. Carlyle raised $18.5 billion in 2018 for its seventh flagship buyout fund, which was at that time the largest in firm history. | | | | | |
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| Warburg Pincus and LMCA form brand acquisition firm | | | | | | |
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