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| US VC valuations continue to spike | | Valuations of VC-backed companies were at or near record highs in the first quarter of the year. The venture capital market was buoyed by strong IPO exits, participation from capital-rich nontraditional investors, and broader economic recovery on the horizon.
Our Q1 2021 US VC Valuations Report dissects valuation changes across investment stages and sectors. Key takeaways include: - Early-stage valuations hit record highs in Q1, with median and average pre-money valuations coming in at $40 million and $96.3 million, respectively. The time between early-stage rounds dropped to a level not seen since 2015.
- Late-stage valuations were boosted by an abundance of outsized deals as well as proximity of late-stage deals to the IPO market, with median and average pre-money valuations reaching record highs of $122.5 million and $1.03 billion, respectively.
- Valuations for late-stage deals with nontraditional participation rose to a median of $219 million, nearly $170 million larger than in deals where these institutions do not invest.
| | | | | | | | | | On the podcast: Private equity's sports play | |  | | The Golden State Warriors became another franchise to receive a PE investment earlier this year. (Will Newton/Getty Images) | | | Headlined by Arctos Sports Partners acquiring a 5% stake in the Golden State Warriors in April, private equity has pushed further into the sports investing space over the past few years. PitchBook analyst Wylie Fernyhough joins the "In Visible Capital" podcast to discuss his recent analyst note about what's driving the trend. Topics discussed include: - Decisions by the NBA and MLB to loosen restrictive ownership rules.
- How the COVID-19 pandemic affected the sports industry.
- The chance for new investors to achieve lofty returns and the clout that comes with owning some of the most scarce, high-profile assets available.
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| How to identify impact investing leaders | | BlueMark, a leading provider of impact verification services, has verified investors across all asset classes and investor types on their alignment with industry standards, such as the Operating Principles for Impact Management. In a new report, BlueMark has aggregated the findings from its 30-plus verifications to establish the BlueMark Practice Benchmark, the first definitive resource in impact investing that allows market participants to differentiate between practice leaders and learners.
For example, BlueMark found that while 93% of impact investors align their investments with the Sustainable Development Goals, just 48% align their impact objectives with the 169 targets underlying the SDGs.
Download "Making the Mark" to learn how the combination of impact verification and benchmarking can strengthen trust in impact investing. | | | | | | | |
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| | The Canada Pension Plan Investment Board just finished its strongest year in history. How did it get there? [Institutional Investor]
As many workers hesitantly mull a potential return to the office, one writer asks: What if remote work didn't actually mean working from home? [The New Yorker]
After watching peers' stocks slide and investors balk, some startup entrepreneurs are beginning to give SPACs the cold shoulder. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 456 Deals | 1498 People | 396 Companies | 28 Funds | | | | | | |
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| 2014 Vintage North American Debt Funds | | | | | | |
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| Cerberus adds Brian Hook as vice chairman | | | Cerberus Capital Management has appointed Brian Hook as vice chairman of its global investments affiliate, which focuses on international business and investment strategies. Hook has previously worked as a corporate lawyer and diplomat; he served in various roles during the Trump administration, including senior adviser to Secretary of State Rex Tillerson and senior adviser to Secretary of State Mike Pompeo. | | | | | | | | Miami mayor joins PE firm | | | Florida-based DaGrosa Capital Partners has hired Miami Mayor Francis Suarez as a senior operating partner. The role will include co-leading DaGrosa's acquisition initiatives and growing the firm's international and domestic investment platform. Suarez will also continue in his role as mayor. | | | | | |
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| Zeta picks up $250M Series C | | | Fintech startup Zeta has raised $250 million at a $1.45 billion valuation, a steep jump from the $300 million valuation it received in 2019. SoftBank's Vision Fund 2 led the Series C, with participation from Sodexo, one of Zeta's customers. India-based Zeta provides products like payment processing, personal loans and white-label mobile apps for banks and other fintech providers. | | | | | | | | Aurora Solar secures $250M Series C | | | Aurora Solar has raised $250 million in a round led by Coatue Management, with participation from Iconiq Capital, Energize Ventures and Fifth Wall. The San Francisco-based company is a creator of solar software designed to manage and sell installations. In November, Aurora Solar raised $50 million at a $450 million valuation, according to PitchBook data. | | | | | | | | SiLC Technologies secures $17M | | | | | | |
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| PE-backed Team Technologies buys medical device maker | | | Clearlake Capital-backed engineering solutions company Team Technologies has acquired Precision Die Cutting. PDC is a medical specialty manufacturer that focuses on skin-contacting technologies and infection prevention products. Team Technologies has been owned by Clearlake Capital since 2018. | | | | | | | | Traductions Serge Bélair adds on Canadian translation peer | | | Traductions Serge Bélair, a Canadian provider of translation solutions for over 100 languages, has acquired Anglocom, a Canadian peer that offers English and French translation, copywriting and copyediting services. TRSB has been backed by HKW since 2019, when the lower-middle-market PE firm conducted a recapitalization of the company. | | | | | | | | Blackstone backs Walker Edison | | | Blackstone's tactical opportunities unit has made a growth investment in Walker Edison, a Utah-based ecommerce supplier of furniture products. The company's founders and Prospect Hill Growth Partners will retain a majority stake in the business. Prospect Hill has owned Walker Edison since 2018. | | | | | | | | Bregal Sagemount invests $130M in Printful at $1B+ valuation | | | New York-based Bregal Sagemount has invested $130 million in Printful, valuing the Charlotte-based on-demand printing company at more than $1 billion. The newly crowned unicorn saw its revenue increase nearly 80% in 2020, exceeding $200 million. Founded in 2013, Printful fulfills and ships orders of custom clothing, accessories and home and living items for online companies. | | | | | |
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| Connected car startup Wejo mulls SPAC | | | Wejo is considering a reverse merger with blank-check company Virtuoso Acquisition Corp. in a deal that could value the UK-based startup at over $1 billion, Reuters reported. Wejo is the creator of a connected car data platform that works with city planners, auto manufacturers, navigation software developers, retailers and others. The company has received backing from investors like DIP Capital and General Motors. Virtuoso went public on the Nasdaq in January. | | | | | | | | Advent looks to exit Circet telecom stake | | | Advent International is in exclusive talks with ICG for the sale of its stake in Circet, a European telecom infrastructure services company. Circet offers services across both fixed and mobile networks to telecom operators and equipment manufacturers as well as public and private organizations. Since being backed by Advent in 2018, the company has increased annual revenue from €775 million (about $947 million) to around €2.2 billion and increased its employee headcount from around 3,000 to over 10,600. | | | | | | | | Insight Partners eyes sale of SaaS platform developer | | | Insight Partners is considering the sale of Ministry Brands, the Tennessee-based developer of a SaaS platform for church outreach programs, PE Hub reported. Ministry Brands offers management software devoted to faith-based organizations. | | | | | | | | LDC exits Magicard to Brady Corp. | | | London-based PE firm LDC has sold its stake in Magicard, an ID card printer and software business company, to Brady Corporation, a US-listed manufacturer. Magicard was founded in 1992 and ships printers from its UK headquarters and manufacturing center to more than 100 countries each year. LDC first backed Magicard in 2016. | | | | | |
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| Kaszek Ventures collects $1B across two funds | | | Kaszek Ventures, a Latin America-focused firm, has raised a $475 million early-stage vehicle and a $525 million opportunities fund for late-stage investments, TechCrunch reported. Founded in 2011 and based in Sao Paulo, Kaszek has backed companies such as digital housing platform developer QuintoAndar and Nubank, a provider of online banking. | | | | | |
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"Dealmaking in Q1 2021 reached 605 deals worth $82.4 billion, marking YoY decreases of 12.7% and 32.8%, respectively. The slow start to the year is not surprising considering the pandemic's damaging impact on patient volumes and provider margins, which caused significant uncertainty around and disruption to many healthcare businesses."
Source: PitchBook's Q1 2021 Global M&A Report | | | | | |
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