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| Robinhood's IPO: Visual milestones of a fintech journey | | Robinhood stock had a lackluster debut in its first day of Nasdaq trading in one of the biggest initial public offerings of 2021.
In an interactive infographic, PitchBook News has mapped out the milestones of Robinhood's $5.6 billion private-market timeline, its IPO deal terms and some key measures of the company's growth and financial performance. | | | | | | | | | | Autonomous technology is a good fit for the trucking industry | |  | | (hwanchul/Getty Images) | | | Autonomous trucking technology can potentially solve many of the challenges faced by carriers today. From alleviating labor shortages to improving margins, self-driving technologies such as camera-based perception systems and light detection and ranging hold significant potential for use in long stretches of highway driving.
PitchBook's latest analyst note explores the major trends that have shaped the autonomous trucking industry in 2021, including why it may be the first area of the driverless vehicle sector to adopt self-driving technologies on a large commercial scale. Key insights include: - In the first half of 2021, investors poured a record $5.6 billion into autonomous trucking companies such as TuSimple and Plus, eclipsing the $4.2 billion invested in all of 2020.
- PitchBook's unit economics analysis illustrates that autonomous driving technology could reduce the cost of trucking from $1.65 per mile to $1.30 per mile by mid-decade.
- The industry is attracting a broad set of investors, including industry incumbents and trucking logistics providers. As a result, valuations for autonomous trucking startups are climbing more quickly than startup valuations in the robotaxi industry.
- Autonomous trucks will face difficulties in commercializing at scale until clear regulatory guidelines are established for testing, deployment, driver licensing and driver hours of service.
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| A message from NetSuite and ContinuServe | | |
| NetSuite and ContinuServe join forces to deliver carveouts at deal speed | | ContinuServe uses NetSuite technology to deliver carveouts in a new solution that brings the leading cloud-based enterprise resource planning solution together with a premier business process outsourcing provider.
ContinuServe acquires NetSuite on behalf of the client and drives the technology carveout using proprietary tools to stand up a functional enterprise class NetSuite solution faster than comparable solutions. Once the business is operational, ContinuServe seamlessly transitions ownership of the system without a need for reimplementation or data migration, reducing risk and financial strain on both the private equity firm and the carveout.
NetSuite's preconfigured industry-specific ERP solution is the leading cloud-native solution and the No. 1 solution for carveouts.
To learn more about this new solution and how it drives value, download this compelling white paper. | | | | | | | |
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| | Due to pushback from the Chinese government, ridehailing company Didi Global is considering going private only a month after its IPO. [The Wall Street Journal]
New VC-backed rapid grocery delivery startups are continuing to hit the market with promises of shorter and shorter delivery times. [The New York Times]
Amid Biden-era antitrust crackdowns, will Microsoft escape the scrutiny of regulators this time around? [The Atlantic] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 405 Deals | 1746 People | 493 Companies | 25 Funds | | | | | | |
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| 2017 Vintage European Venture Funds | | | | | | |
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| | | | | | | | | Latin American property marketplace adds to Series B | | | Proptech startup La Haus has collected $50 million in debt financing and raised an additional $50 million in Series B funding co-led by Acrew Capital and Renegade Partners, bringing the round's total to $135 million. NFX and other investors also participated in the round. Launched in 2017, La Haus operates an online marketplace for residential properties across Latin America. | | | | | | | | Australia's Culture Amp brings in $100M Series F | | | Culture Amp has been valued at more than $1.5 billion after raising a $100 million round co-led by TDM Growth Partners and Sequoia China. Based in Richmond, Australia, the company is the developer of a data analytics and behavioral science platform that helps companies including PwC and SoulCycle access insights and suggested actions regarding employee engagement and performance management. | | | | | | | | | Homebase has raised a $71 million Series C led by GGV Capital. The San Francisco-based company is a developer of employee management software geared toward small businesses and hourly workers. Homebase was valued at $159 million in 2019, according to PitchBook data. The startup's tech provides employee scheduling, time clocks, payroll and other services. | | | | | |
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| Accel-KKR backs provider of AI-based texting platform | | | Accel-KKR has made a growth investment in Drips, the Akron, Ohio-based developer of a conversational AI platform. Drips' tech allows brands to engage with their audiences through scheduled calling and a conversational texting platform. The company has handled more than half a billion conversations since its founding in 2016. | | | | | | | | Great Hill Partners invests in Medicare benefit platform Labor First | | | Great Hill Partners has acquired Labor First, a Mount Laurel, N.J.-based provider of group retiree Medicare benefit management solutions. Founded in 2005, Labor First offers an administrative platform, healthcare benefit solutions, account management and retiree advocacy services for plan sponsors and their retirees. | | | | | |
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| PE-backed Traeger collects $423.5M in IPO, sees share price soar | | | | | | | | | Thoma Bravo-backed MeridianLink raises $343.2M in public debut | | | MeridianLink has priced 13.2 million shares of common stock at $26 apiece, raising $343.2 million in its IPO on the NYSE. The Costa Mesa, Calif.-based company is a provider of cloud-based tech that helps banks, credit unions, mortgage lenders and others with loan decision making, loan origination and customer collection workflows. MeridianLink had received prior backing from investors including Thoma Bravo (57.6% pre-IPO stake) and Serent Capital (7.9%). The company's stock closed at $24.60 on its first day of trading. | | | | | | | | PE-backed European Wax Center could raise up to $191M in IPO | | | General Atlantic-backed personal care salon franchise European Wax Center has agreed to offer 10.6 million Class A common stock shares for between $15 and $18 apiece. At the upper end of the range, the Plano, Texas-based business would raise nearly $191 million in its IPO. Founded in 2004, European Wax Center currently has over 800 locations across 44 states. | | | | | |
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| Arsenal Capital Partners targeting $3B for Fund VI | | | New York-based Arsenal Capital Partners is eyeing $3 billion for its sixth namesake fund, The Wall Street Journal reported. Arsenal's fifth fund and an affiliate vehicle closed at nearly $2.4 billion in 2019. The firm typically targets middle-market companies in the specialty industrials and healthcare sectors. | | | | | |
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| Carlyle rakes in $925M in Q2 | | | The Carlyle Group announced $925 million in net income for the second quarter of 2021, up $779 million from the comparable period a year ago, a 534% increase. The Washington, DC-based private equity firm reported $276 billion in assets under management, up 6% from Q1 2021 and up 12% year-to-date. Carlyle's stock price closed up over 6.5% following news of the earnings. | | | | | |
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"We expect to see continued M&A flow in the media & information B2B space, as media companies seek to widen their offerings of sticky and unique content through leading a niche or subgenre, driving scale through content libraries, expanding access and distribution to consumers through differentiated over-the-top or direct-to-consumer strategies, and finding innovative ways to store, manage, and monetize consumer data to drive company growth."
Source: PitchBook's Q1 2021 Global M&A Report | | | | | |
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