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| How foreign investors are tapping into Germany's late-stage VC boom | |  | | Berlin accounted for the majority of German VC investment in 2020. (Sven Hansche/Getty Images) | | | Germany has emerged as one of Europe's leading venture capital hubs, but when it comes to late-stage deals, the country's investors are largely sitting on the sidelines. - VC funding in Germany during 2020 saw a 20% increase year-over-year, according to PitchBook data, with two-thirds of the capital raised going to late-stage transactions.
- Last year, US investors participated in a record 150 deals worth €4 billion (about $4.7 billion), PitchBook data found.
- There is concern that the startups raising capital from foreign VCs will end up moving their operations abroad.
- Explore our datagraphic for a closer look at where the money is going and which domestic VCs are betting on German startups.
| | | | | | | | | | On the podcast: PE's fast rebound, rising valuations and surging SPACs | | To kick off the new season of "In Visible Capital," reporter Adam Lewis takes a closer look at the current state of private equity, and PitchBook analysts Dylan Cox and Wylie Fernyhough discuss its future. The episode covers: - Forecasts for SPAC deal activity and private equity fundraising in 2021.
- The possibility of government regulations for private equity.
- Why corporate carveouts continue to be a reliable strategy for investors and a much-needed source of cash for companies.
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| Incorporating ESG across investment portfolios may open access to capital | | Private equity investors (PEIs) need to consider stakeholders' needs and be transparent about how their investments, structure and operations drive value. In recent years, integrating environmental, social, and governance (ESG) considerations into PEI strategies has become a "table stake" for accessing capital. To accomplish this, PEIs are integrating ESG into broader investment analysis throughout the investment lifecycle, in turn impacting strategy, investing activities, ownership, reporting and the exit.
Overall, the ESG landscape is evolving rapidly on a global scale, and no industry is immune. Establishing a clear ESG policy and structure to drive systematic implementation across a portfolio can position PEIs for greater investment success. | | | | | | | |
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| SoftBank participates in trio of deals | | SoftBank got its week off to a busy start, conducting a flurry of deals across a variety of industries and locations. - The Japanese conglomerate led a $300 million unicorn round for Indian ecommerce startup Meesho, which develops tech to help entrepreneurs sell their products through social media platforms. Facebook, Prosus Ventures, Knollwood Investment, Shunwei Capital and Venture Highway also backed the investment. Meesho was valued at $2.1 billion with the funding.
- SoftBank also agreed to pay $2.8 billion for a 40% stake in Norwegian warehouse automation specialist AutoStore. The proposed deal would value the company at $7.7 billion, including debt, The Wall Street Journal reported. Thomas H. Lee Partners will retain its majority stake in AutoStore, which is also backed by Sweden's EQT.
- And finally, a SoftBank subsidiary led a $1.15 billion investment in Invitae, a San Francisco-based genetic testing company. The funding consists of convertible debt due in 2028. Invitae has traded on the NYSE since 2015 and currently commands a market cap of more than $7.9 billion.
| | | | | | | | | | Venture debt growth reaching all areas of VC market | |  | | (siraanamwong/Getty Images) | | | Equity financing is among the most expensive forms of capital. Selling an early stake for a few hundred thousand dollars can cost a company millions when it exits.
Debt, on the other hand, can be cheap. And the venture debt market has boomed, with VC-backed companies taking on more than $80 billion in loans and other debt products over the past three years, according to a recent analyst note. Key takeaways include: - Debt is growing faster than the broader VC market, reaching a record value of $28.2 billion in 2019 and nearly matching that in 2020.
- Last year, venture-backed companies used debt products nearly 3,000 times, often in tandem with equity funding.
- The largest proportion of venture debt goes to tech companies, who borrowed nearly $18 billion in 2020.
| | | | | | | | | | Pakistan has one of the fastest-rising rates of HIV infection in the Asia-Pacific region. And in the remote city of Ratodero, an astonishing number of children are testing HIV-positive. [The New York Times]
From financial constraints to family responsibilities, the pandemic has made it nearly impossible for many students to apply to college. [Time]
To support AI technology such as self-driving cars, researchers are mapping out every neuron and synapse of a fly's brain. [Psychology Today] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 523 Deals | 1688 People | 430 Companies | 43 Funds | | | | | | |
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| 2015 Vintage Global Buyout Funds | | | | | | |
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| A message from Sentient Jet | | |
| | It's no secret that personal connections and face-to-face conversation have always been at the cornerstone of a successful business relationship—some in-person tasks can make all the difference when it comes to closing a deal. But how to make those in-person meetings work in the context of 2021?
With a Sentient Jet Card, you can make the connections you need to maximize performance and minimize risk—whether that means reviewing time-sensitive documents at 30,000 feet or heading out and back within a day to close a deal.
Get the card | | | | | | | |
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| MidOcean adds two to IR team | | | | | | |
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| | | Delivery company Swiggy has raised $800 million in funding from investors including Falcon Edge Capital, Goldman Sachs, Accel and Prosus Ventures, according to reports. The round is said to have raised the Indian company's valuation to nearly $5 billion, up from a reported valuation of about $3.7 billion in early 2020. Swiggy rival Zomato is expected to go public this year and was reportedly valued at $5.4 billion this past February. | | | | | | | | Ribbit Capital leads Series A for Cora | | | Cora, a Brazil-based fintech company, has raised $26.7 million in a round led by Ribbit Capital, according to TechCrunch. Cora offers a platform to help small and medium-sized companies manage online payments. | | | | | | | | Data lake engineering specialist Upsolver raises $25M | | | Upsolver, the developer of a no-code data lake engineering platform, has closed a $25 million Series B led by Scale Venture Partners and joined by existing investors JVP, Vertex Ventures US and Wing Venture Capital. The startup tripled its revenue in 2020 as enterprises increasingly migrated organizational data into cost-effective cloud data lakes. The round brings Upsolver's total private funding to $42 million. | | | | | |
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| Platinum Equity to pick up Cabinetworks | | | Stakeholders including American Industrial Partners and GIC have agreed to sell The Cabinetworks Group to Platinum Equity. Cabinetworks is a manufacturer and distributor of kitchen and bathroom cabinets under brands including KraftMaid, Yorktowne, Echelon and Master WoodCraft. Bloomberg reported earlier this year that a deal could value the Michigan-based company at roughly $3.5 billion. | | | | | | | | KKR to buy $3.37B stake in Sempra Infrastructure | | | KKR has agreed to acquire a 20% non-controlling stake in Sempra Energy's business platform, Sempra Infrastructure Partners, for $3.37 billion in cash. The deal values San Diego-based Sempra Infrastructure at around $25.2 billion, including $8.37 billion in expected asset-related debt at closing. | | | | | | | | Newslight makes $680M offer for Tribune Publishing | | | Newslight has made a $680 million takeover bid for Tribune Publishing, a figure that beats a $635 million offer from hedge fund Alden Global Capital earlier this year, according to reports. Newslight, co-owned by Choice Hotels International chairman Stewart Bainum and Swiss billionaire Hansjörg Wyss, offered $18.50 a share, according to The Wall Street Journal. Alden has already built a roughly 32% stake in Chicago-based Tribune, which owns a range of publications including The Chicago Tribune and The New York Daily News. | | | | | |
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| DraftKings picks up VC-backed iGaming company | | | Sports betting company DraftKings has acquired Tel Aviv-based Blue Ribbon Software, an iGaming company that provides real-time gamification tools for customizable jackpot promotions. DraftKings went public in 2020 through a reverse merger and currently holds a market cap of some $25 billion. Blue Ribbon had received prior backing from Velo Partners, Atooro Fund and Oryzn Capital. | | | | | | | | Byju's to buy Blackstone-backed education company for $1B | | | India-based edtech startup Byju's has agreed to acquire Aakash Educational Services, according to reports. The deal is worth $1 billion and consists of some $600 million in cash and the remainder in stock, Bloomberg reported. Blackstone has backed Aakash since 2019. | | | | | |
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| | | San Francisco-based Genstar Capital has closed its 10th flagship fund on a hard cap of $10.2 billion. The firm also raised $1.5 billion for an additional vehicle, Opportunities Fund X, which will co-invest with Genstar Capital Partners X in larger transactions. Genstar's previous flagship fund closed in 2019 with about $7 billion in committed capital. | | | | | | | | Hark Capital lands $400M for NAV loan fund | | | New York-based Hark Capital has hit the $400 million hard cap for its third net asset value-based loan fund. The fund will provide NAV loans to support private equity sponsors and their portfolio companies. Hark Capital is owned by Edinburgh, Scotland's Aberdeen Standard Investments, which managed $606.7 billion of assets as of the end of 2020. | | | | | |
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