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| As the US SPAC boom cools, Europe's is just heating up | |  | SPACs have proven themselves to be largely a US phenomenon, but Europe is starting to see more activity.
(Vectorios2016/Getty Images) | | | Europe has been slow to catch on to the boom in blank-check companies, but signs of oversaturation in the US suggest the continent's turn is coming. - So far this year, 293 SPACs have gone public in the US, raising a total of €15.8 billion (around $19.2 billion), according to PitchBook data. Europe has logged 17 listings in 2021, but that figure represents an increase from 12 deals last year and just one the year prior.
- European sponsors have previously been more inclined to set up SPACs in the US, but regulatory scrutiny is making Europe a more attractive destination.
- The European SPAC market is expected to see more growth, but not all stock exchanges will benefit equally.
| | | | | | | | | | Digital bodegas and grocers drive foodtech VC deal boom | | Venture funding for foodtech startups surged in the first quarter of 2021 to $10.1 billion across 241 deals, a 122.3% quarter-over-quarter increase.
Our latest installment of Emerging Tech Research highlights the industry's key events of Q1 and emerging opportunities shaping the future of food. Takeaways include: - Delivery platform providers are thinking beyond takeout, giving a global rise to digital convenience stores and grocers. Notable deals include China-based Xingsheng Selected ($3 billion), US-based GoPuff ($1.15 billion), Spain-based Glovo ($535.7 million) and Germany-based Gorillas ($290 million).
- Zoom happy hour, anyone? Wine marketplace Vivino and alcohol purveyor Drizly also secured mega-rounds.
- Lab-grown meat specialists BlueNalu, Meatable and Future Meat commanded some of the largest early-stage deals.
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| A message from Twin Brook Capital Partners | | |
| The state of direct lending in the middle market | | | Garrett Ryan, partner and head of capital markets at Twin Brook Capital Partners, discusses how deal activity has evolved since March 2020 and the current state of middle-market M&A on Middle Market Growth's Conversations podcast. | | | | | | | |
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| | In 2002, utility company American Electric Power bought the town of Cheshire, Ohio, for $20 million. Now, a once-bustling community is a ghost town. [BBC]
At the start of last year, 4.5 million people worked in 21 central business districts in the world's largest cities. What's next for these signature downtown neighborhoods? [Bloomberg]
The entertainment industry has been battered by the pandemic. But Disney's decision to bring back movies exclusively to theaters is a strong sign of recovery. [The Washington Post] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 46 Deals | 174 People | 62 Companies | 6 Funds | | | | | | |
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| 2015 Vintage Global Funds-of-Funds | | | | | | |
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| Andreessen elevates Chris Lyons to GP | | | Andreessen Horowitz has promoted Chris Lyons to general partner. Lyons joined the Silicon Valley firm in 2013 as chief of staff to co-founder Ben Horowitz. He currently oversees the firm's Cultural Leadership Fund, which he launched in 2018 to support Black creators in the technology industry. Limited partners in the fund are exclusively cultural leaders, including Shonda Rhimes, Kevin Durant and Quincy Jones. | | | | | |
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| | | Waybridge, the developer of a platform that manages the supply chain of physical commodities, has secured a $30 million Series B co-led by Craft Ventures and Rucker Park Capital, with the participation of Venrock, according to reports. The round brings the New York-based company's total capital raised to $40 million. | | | | | | | | Morressier pulls in $18M Series A | | | Morressier, the developer of a virtual conference and publishing platform, has secured $18 million in a round led by Owl Ventures. Berlin-based Morressier will use the Series A funds to launch new community and analytics features, as well as to grow its team. | | | | | | | | | | | | |
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| Genstar, Golden Gate to swap Vector stake | | | | | | | | | Roark to buy Nothing Bundt Cakes | | | | | | | | | Apax Global picks up pet food provider Nulo | | | Apax Global Alpha has acquired a majority stake in Austin-based premium pet food company Nulo via its Apax X Fund. Established in 2010, Nulo offers dog and cat foods such as kibble, wet food and treats that are higher in protein and lower in carbohydrates than standard pet food. AGA plans to invest €10.3 million (about $12.5 million) on a look-through basis. | | | | | | | | Halle Capital, Trilantic team up for vet deal | | | | | | | | | Guru inks agreement to acquire fintech startup Oval | | | Guru Capital has signed a deal for its portfolio company ETX Capital to acquire Oval Money and integrate it into ETX's online broker. UK-based Oval is the provider of a mobile app that helps users save and invest automatically. The startup has previously raised venture funding from investors including Patha Capital and Boost Heroes. | | | | | |
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| Tiger Global-backed Cedar to buy Ooda Health | | | Cedar, the developer of a healthcare fintech platform, has agreed to buy Ooda Health for $425 million. San Francisco-based Ooda, which creates technology to enable real-time interaction between healthcare consumers, providers and payers, has previously raised funding from investors including Threshold Ventures and Optum Ventures. In March, Cedar received $200 million in Series D funding led by Tiger Global at a valuation of $3.2 billion. | | | | | |
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| CVC Capital to exit AR Packaging for $1.4B+ | | | | | | |
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| Asterion raises $1.1B for Fund II | | | Asterion Industrial Partners, a Madrid-based firm focused on European middle-market infrastructure investments, has held a first close on €925 million (about $1.1 billion) for its second fund. The vehicle, launched in February, is targeting €1.35 billion with a hard cap of €1.5 billion. The fund's predecessor held a €1.1 billion final close in January 2020. | | | | | | | | Top Tier Capital pulls in $310M for European fund-of-funds | | | San Francisco-based Top Tier Capital Partners has raised nearly €260 million (about $310 million) for a dedicated European VC fund-of-funds. The vehicle, which had a target of €250 million, will focus primarily on European funds and startups, with some deals in Israel. The firm will also participate in strategic secondaries and co-investments. The fund marks Top Tier Capital's first dedicated European vehicle. | | | | | |
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