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In today's Daily Pitch, you'll find: - Our analysts take the pulse of VC activity and opportunities in the enterprise healthtech market.
- A look at 2021's top 10 mega-funds, part of a trend that's been gaining traction for several reasons.
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| Healthtech insurers keep the big exits coming | | The healthcare industry is increasingly turning to technology as a lifeline to improve the quality of care while lowering costs. Venture capital investors have seen that value proposition prove out in the insurance space with a string of headline-making IPOs this year.
Our latest installment of Emerging Tech Research breaks down the sector's vital statistics and areas of opportunity. Key takeaways include: - The VC-backed enterprise healthtech segment added more than $15 billion to its banner year for exit value in the second quarter of 2021. Bright Health was the fourth health insurer to go public this year, raising a record-setting $924.3 million for the category in its IPO.
- Overall VC investment in the vertical declined from the prior quarter to $3.4 billion across 77 deals. Yet funding levels continue to hold well above prior years in a sign of industry maturity.
- Insurtech is a booming corner of the venture market, and health insurance startups have grabbed the bulk of that funding. They have proved disruptive due in part to clever business models and tech that takes advantage of increasingly accessible healthcare data.
| | | | | | | | | | Private equity's mega-funds are making big moves in 2021 | |  | | (KTSDesign/Getty Images) | | | It appears that mega-funds are the hot private equity investing topic of 2021. - This year is looking to be a banner one for private equity's mega-funds, with Hellman & Friedman closing its 10th namesake vehicle at $24.4 billion and The Carlyle Group reportedly eyeing $27 billion for its next flagship fund—in what would be the largest private equity vehicle of all time.
- In all, 12 buyout and growth mega-funds have already closed this year. A total of 18 mega-funds were closed in 2019, and 16 closed in 2020.
- According to PitchBook data, at least seven of those 12 funds have raised over $10 billion each.
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| A message from InCloudCounsel | | |
| Guide: The top 10 terms in private equity NDAs | | Are you managing NDAs with the speed and precision the market demands?
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Truly improving the NDA process requires a network of experienced attorneys working in an ecosystem that turns contracts into data in a continuous effort to optimize and improve outcomes. InCloudCounsel has outlined some of the most important elements of terms in a private equity NDA, which draw nuance from changing business conditions.
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| | A look at why hedge funds could thrive over the next decade. [Institutional Investor]
PE firms are increasingly financing leveraged buyouts by borrowing money from each other or standalone direct lenders. For banks, this could mean a threat to one of the most profitable businesses on Wall Street. [Bloomberg]
A recent investigation into Tyson shows the meat processing company has generated dire consequences for its workers, farmers and the environment. [The Guardian] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 410 Deals | 1455 People | 375 Companies | 27 Funds | | | | | | |
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| 2017 Vintage North American PE Funds | | | | | | |
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| A message from SS&C Intralinks | | |
| How industrials market trends have evolved throughout the COVID-19 pandemic | | Despite encouraging trends in public health and global economies, the effects of the COVID-19 pandemic are still rippling through multiple sectors, including industrials. SS&C Intralinks' latest market brief analyzes a variety of PitchBook datasets to identify key trends, including: - VC activity in industrials remains strong
- The industrials M&A cycle looks primed to recover
- Dealmakers are still willing to pay up for the right targets
Read the full report | | | | | | | |
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| Cressey & Company promotes Andy Hurd, Brennan Murray to partner | | | | | | | | | | EY has promoted Bill Stoffel to global private equity leader, a role in which he will focus on environmental, social and governance and digital initiatives. Stoffel served as EY Americas private equity leader for the past five years. | | | | | |
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| | | | | | | | | Matrix leads $157M round for biotherapeutics startup | | | GentiBio has raised a $157 million Series A led by Matrix Capital Management. The Boston-based company is a developer of engineered regulatory T cells designed to treat patients who suffer from autoimmune, alloimmune, autoinflammatory and allergic diseases. GentiBio raised a $20 million seed funding a year ago. | | | | | | | | Upgrade snags $3B+ valuation | | | Upgrade has raised a $105 million Series E led by Koch Disruptive Technologies, valuing the business at more than $3.3 billion. The San Francisco-based company offers consumers rewards-based checking accounts and credit via cards and personal loans. Upgrade raised a $45 million Series D in June 2020. | | | | | | | | People.ai hits $1.1B valuation | | | | | | | | | Mahana Therapeutics raises $61M Series B to help IBS patients | | | Mahana Therapeutics has raised $61 million in a round co-led by Jazz Venture Partners and Gurnet Point Capital. The San Francisco-based company is the developer of an online platform that provides cognitive behavioral therapy to patients suffering from irritable bowel syndrome and other chronic health conditions. | | | | | | | | | AviaGames has raised $40 million from investors including ACME Capital, Washington Harbour Partners and Powerhouse Capital. Founded in 2017, the Mountain View, Calif.-based company is the developer of a skill-based gaming platform that allows players to win cash prizes. Hany Nada, co-founder of ACME Capital, has joined the company's board. AviaGames was valued at $33 million in 2020, according to PitchBook data. | | | | | |
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| PE-backed Service Champions conducts add-on deal | | | | | | | | | Long Ridge backs SoftWorks AI | | | Long Ridge Equity Partners has purchased a minority stake in SoftWorks AI, the Forest Hills, N.Y.-based creator of a mortgage automation platform. The platform uses AI and machine learning to automate classification of documents, extraction of critical information for downstream processing and cross-validation for data consistency. | | | | | |
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As you work your way through the course modules, access the PitchBook Platform to see comprehensive private and public market data in action. With detailed data at your fingertips, explore PitchBook's tools for understanding valuations, such as M&A comps, venture valuation comps, public comps and fund data.
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| Nanox inks $100M+ deal for VC-backed Zebra Medical Vision | | | Nanox has agreed to acquire medical imaging and analytics platform Zebra Medical Vision. The US group will spend up to $200 million for the Israeli company, with $100 million to be paid up front and the potential for another $100 million to be paid out as specific milestones are met. Zebra-Med is backed by investors including Khosla Ventures, Dolby Ventures and OurCrowd. The company has raised $52 million in funding to date. | | | | | |
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| BlackRock leads investment in Abu Dhabi | | | A BlackRock-led consortium has made a $400 million investment into the investment arm of Abu Dhabi's sovereign wealth fund, Mubadala. The commitment was made to Mubadala's third private equity fund, which recently held its final close at $1.6 billion, Reuters reported. | | | | | |
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| NortonLifeLock to pick up Europe's Avast | | | NortonLifeLock has agreed to buy cybersecurity group Avast. The cash-and-stock deal values Prague-based, UK-listed Avast at between $8.1 billion and $8.6 billion, depending on its shareholders' elections. The combined company will be listed on the Nasdaq and have 500 million customers. The transaction is expected to deliver around $280 million of annual cost savings. | | | | | |
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"Fundraising activity in the upper-middle-market (funds sized between €500.0 million and €1.0 billion) has had a spectacular H1 2021. The first half of the year saw 12 funds close, amassing €8.2 billion, which is just shy of 2020's annual fund count and capital raised total. LPs are attracted to the potential of outsized returns from Europe's middle-market funds due to the intense fragmentation and wide opportunity set within Europe's SMEs."
Source: PitchBook's Q2 2021 European PE Breakdown | | | | | |
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