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In today's Daily Pitch, you'll find: - Our latest Quantitative Perspectives report
- A feature on a new fintech frontier: Africa
- A midyear check of our 2021 predictions about Europe's private markets
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| Measuring VC's pandemic resilience | | Despite the challenges posed by the pandemic, the US venture capital industry set several records in the past year and has continued its robust performance in 2021.
PitchBook's latest Quantitative Perspectives report provides a data-driven analysis on how the industry is charging full steam ahead, including insights on the correlation between public and private markets, mounting optimism from nontraditional investors and why the SPAC market has yet to establish itself as a game-changing exit route. Highlights from the report include: - With large tech stocks including Amazon and Netflix driving the market upward, institutional investors are increasingly seeking value in the next crop of VC-backed tech companies.
- Investors have concentrated their capital into fewer industries over the past 15 years. IT hardware and energy are among the sectors seeing the largest reduction in capital investment.
- Already in 2021, mega-funds have nearly eclipsed 2020's annual record. With the supply of capital higher than estimated demand, companies are securing funding more quickly than expected.
- In recent months, de-SPACing activity seems unable to keep up with SPAC announcements. This could indicate a lack of worthy SPAC targets, and that capital may be returned in the coming year as many SPACs come up against the two-year deadline to deploy capital.
| | | | | | | | | | Is Africa fintech's next frontier? | |  | | (Kypros/Getty Images) | | | Africa's fintech sector is witnessing unprecedented growth as foreign investors try to get in on the ground floor of an ecosystem ripe for innovation. - Fintech startups in Africa secured around $330.5 million in H1 2021, more than double the amount raised the entire year before, according to data from Disrupt Africa, a tech-focused research and news organization.
- The sheer size of the market and recent startup success stories have made Africa increasingly attractive to foreign investors.
- African startups may be undervalued due to various risks, but firms entering the market earlier stand to make solid returns as the ecosystem matures.
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| A message from SS&C Intralinks | | |
| Going public: This new report highlights six key trends driving the IPO surge | | While we've all been shut indoors for a year and a half, quite the opposite has been happening with the public markets. IPOs grew 51% in 2020, and the trend is continuing into 2021 as worldwide exchanges flash new ticker symbols of recently minted publicly traded companies.
Intralinks' new report, What's Driving the IPO Explosion, highlights six key trends that will shape the IPO marketplace and guide investment in the coming year: - Inclusion of environmental, social and governance strategies in IPO offerings
- The rise and regulation of SPACs
- A spike in Asia-Pacific IPOs
- The ascent of Europe's exchanges
- Booms in tech and health & wellness
- Post-pandemic market confidence
Be ready to capitalize on the IPO surge. Download this report now. | | | | | | | |
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| Assessing PitchBook's 2021 predictions for Europe's private markets | |  | | (Sylvain Sonnet/Getty Images) | | | Midway through the year, our analysts revisit their predictions in the 2021 European Private Capital Outlook: H1 Follow-Up. In January, we forecast that PE deal activity in the region would top a record €480 billion in 2021. Already, dealmaking is set to march past that—and perhaps beyond €500 billion—thanks in part to rising middle-market and micro-cap activity.
As expected, VC activity has been equally buoyant, shrugging off the dual headwinds of the pandemic and Brexit. How have our other forecasts fared? In the report, we review 2021 predictions including: - SPAC listings in Europe will reach double digits.
- Fundraising for distressed and restructuring strategies will hit record highs.
- The UK will remain the largest contributor to venture activity in Europe, with dealmaking surpassing €10 billion.
| | | | | | | | | | How Michael Dell turned his declining PC business into a $40 billion windfall. [Forbes]
One silver lining of the pandemic was the democratization of remote work access that it provided. An in-depth look at how a mishandling of the transition to a hybrid model may threaten that. [Harvard Business Review]
Since January, automakers and electronics producers have been dealing with a semiconductor shortage. Now the imbalance in supply and demand might be swinging the other way. [Fortune] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 413 Deals | 1398 People | 485 Companies | 17 Funds | | | | | | |
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| 2010 Vintage European Real Estate Funds | | | | | | |
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| TPG taps Jack Weingart for CFO role | | | TPG has named Jack Weingart chief financial officer to oversee the firm's finance, treasury and capital markets functions. Since joining the firm in 2006, Weingart has served as co-managing partner and as managing partner of TPG's funding group, which comprised fundraising and capital markets activities at the firm. | | | | | |
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| Dataiku hits $4.6B valuation | | | | | | | | | Edtech startup GoGuardian raises $200M from Tiger Global | | | GoGuardian was valued at more than $1 billion after raising $200 million from Tiger Global. The Los Angeles-based startup makes digital learning products for use in K-12 classrooms. GoGuardian has also been backed by Sumeru Equity Partners since 2018. | | | | | | | | Bluecore lands $125M Series E | | | Bluecore has raised $125 million at a $1 billion valuation in a round led by Georgian. The New York-based company is the developer of a marketing platform intended to help retail brands such as Express and Tommy Hilfiger personalize customer experiences. Bluecore raised $50 million at a $240 million valuation in May 2020, according to PitchBook data. | | | | | | | | Peruvian edtech startup books $70M | | | Crehana has raised $70 million in a Series B led by General Atlantic. The Peru-based edtech startup is the developer of an online learning platform that's geared toward career development in the Latin American workforce. Crehana, which recently raised a $13 million Series A extension, plans to use the new funding in part to launch operations in Brazil. | | | | | | | | | SentiLink, the developer of an identity verification platform for financial institutions, has raised a $70 million Series B led by Craft Ventures. Founded in 2017 and based in San Francisco, the company was valued at $40.1 million in 2019, according to PitchBook data. Felicis Ventures, Andreessen Horowitz and NYCA also participated in the round. | | | | | | | | Lucid Lane picks up $16M for telehealth platform | | | Accel has led a $16 million Series A for Lucid Lane, the developer of a personalized telehealth platform intended to help patients manage anxiety, depression, medication dependence and substance-use disorders. Accel partner Eric Wolford has joined the California-based company's board. | | | | | |
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| Brighton Park devotes $100M+ to Relatient, plans add-on | | | Brighton Park Capital has agreed to invest more than $100 million in Relatient, a Tennessee-based provider of healthcare patient engagement software. Some of the funds will go toward acquiring Radix Health, a fellow provider of such software. The combined company will operate under the Relatient brand. | | | | | | | | Alta Growth Capital, IFC invest $9.8M into Mexican higher education company | | | | | | | | | Government Brands strikes deal with new, existing backers | | | TPG and growth equity firm PSG have agreed to recapitalize Government Brands, a Georgia-based provider of government payment software. Greater Sum Ventures is exiting its ownership position as part of the deal. PSG will remain the company's majority shareholder, and TPG will own a significant minority stake in the business. | | | | | |
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| | | Boeing is partnering with AE Industrial Partners to spin off its venture capital arm, HorizonX, which was launched in 2017. The new firm, dubbed AEI HorizonX, will operate independently with Boeing as its anchor investor. AEI HorizonX plans to raise its first independent fund next year. | | | | | |
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| Penn National to buy TheScore for $2B | | | Sports-betting giant Penn National Gaming has agreed to acquire Toronto-based Score Media and Gaming (TheScore) for $2 billion in cash and stock. As part of the deal, TheScore shareholders will receive $17 and 0.2398 shares of Penn National common stock for each TheScore share owned. TheScore stock was up nearly 80% at market close Thursday following news of the deal. | | | | | |
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"Direct lending continues to be the standout strategy within the private debt market, accounting for a majority of capital raised in the space. After a middling 2020 in terms of fundraising, direct lenders picked up the pace in the first half of 2021. Managers raised $33.5 billion across 28 vehicles, already more than three-quarters of the amount they raised in the entirety of 2020."
Source: PitchBook's H1 2021 Global Private Debt Report | | | | | |
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