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In today's Daily Pitch, you'll find: - An analysis of where the top VCs focused their technology investments in the second quarter of 2021.
- Why pet-related startups are fetching a record amount of VC backing in Silicon Valley.
- How seed and anchor commitments can help accelerate fundraising for first-time managers.
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| Fintech garners the most attention from top VCs in Q2 | | Our Emerging Tech Indicator report provides a quarterly overview of startups receiving seed and early-stage investments from a select group of top-performing VC firms, and is meant to offer perspective on the products and technologies driving growth opportunities.
In the second quarter of 2021, our analysts tracked 211 such deals involving the top 15 VC firms. Key takeaways from the report include: - The top five areas of technology investment in Q2 included fintech at $920 million, followed by enterprise SaaS, health and wellness tech, decentralized finance, and ecommerce.
- ETI deal activity reached $5 billion across the 211 deals, compared with the $6 billion raised across 197 deals in Q1.
- Our analysts recorded eight ETI deals of over $100 million in Q2, compared with 12 in the previous quarter. The largest deal in Q2 was a $185 million Series A for Forte, the developer of a blockchain-based economic platform.
| | | | | | | | | | Pandemic puppy boom fetches deals in Silicon Valley | |  | | (Julia Midkiff/PitchBook News) | | | Pet startups have snatched up more than $1.1 billion of venture capital investment so far this year, easily surpassing a high-water mark set in 2019. - The pandemic added to a banner year for new pets: About one in five US households took in a dog or cat between March 2020 and May 2021. Pet-crazy millennials are also driving a long-running trend of more—and more expensive—pet ownership.
- Pet insurance is a particularly hot category. London-based Bought By Many raised $350 million in the largest pet-related VC deal of 2021.
- Don't call it a blip: Investors believe that demographic forces and shifting consumer preferences spell robust growth for pet startups.
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| A message from Elements Global Services | | |
| The past year has made the M&A space more exciting and dynamic than ever | | M&A is on the rise and providing a home for businesses amid the uncertainty, volatility and disruption surrounding global markets. Organizations are focusing on stability and growth when looking at their strategic goals.
Many business processes can be outsourced, allowing the key players to focus on the core objective of a merger or acquisition. These include customer service, accounting, payroll, human resources management and compliance.
Read Elements Global Services' new white paper, BPO in Mergers & Acquisitions, to gain a better understanding of these points: - M&A in today's modern market
- The benefits of business process outsourcing for M&A
- BPO in global mobility and compliance
This white paper offers insight into how to successfully maneuver M&A with BPO in over 135 countries.
Download the white paper | | | | | | | |
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| Seeding and anchoring: Options for accelerating the first-time fundraise | |  | | (Matthias Kulka/Getty Images) | | | Competition to raise a new PE fund has never been fiercer. Despite the quality of new managers seeking capital, first-time vehicles as a proportion of closed PE funds declined in 2020 and again in H1 2021.
PitchBook's recent analyst note breaks down how seed and anchor commitments can help accelerate fundraising processes for new managers. A few key takeaways include: - An anchor is a large LP commitment accompanied by fee-and-carry discounts. In a seed deal, in exchange for a substantial fund commitment and, in some cases, providing operating capital, the seeder receives an economic share in the GP, the management company or both.
- Most LPs that seed or anchor first-time funds fall into one of five categories: sponsors, large institutional LPs, funds-of-funds, family offices or endowments.
- The decision to take a seed or anchor is unique to each manager. First-time fund managers need to weigh the economics they'll be giving up against the potential benefits. Seeders must be highly selective in the managers they choose to back in order to avoid adverse selection effects.
| | | | | | | | | | Upwork CEO Hayden Brown shares her thoughts on how freelancing is changing the world of work. [The New York Times]
How can we protect outdoor workers facing heat, smoke and humidity? Technology might have the answer. [BBC News]
How following the venture capital dollars provides insight on the next big real estate booms. [Forbes] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 9 Deals | 128 People | 35 Companies | | | | | | |
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| 2015 Vintage North American Real Estate Funds | | | | | | |
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| 2021 sees record pace for digital health investment | | During the COVID-19 pandemic, digital health tools became imperative to meet health care needs. In response, the digital health ecosystem grew significantly as virtual care proliferated and digitization proceeded rapidly across back ends.
Explore how early- and growth-stage digital health companies can leverage current industry opportunities in a new report from Moss Adams created in partnership with PitchBook. The report details how key trends in venture financing are affecting prospects, with insights including: - How digital health companies can help bridge the gap between advanced technology and inexperienced users
- Best practices for securing information and mitigating cyber-risk
- Strategies companies should prioritize given the robust venture financing environment
Read the report | | | | | | | |
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| Ara hires Robert Bond, Adam Hodgson | | | | | | |
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| | | Chinese drug discovery startup XtalPi has raised $400 million at a roughly $2 billion valuation, DealStreet Asia reported. OrbiMed and Hopu Investments co-led the Series D funding round. The startup partners with drugmakers including Pfizer and uses its AI platform to identify molecular candidates that may be used in drug development. It raised $319 million last year from investors including SoftBank. | | | | | | | | Argentina's Ualá hits $2.5B valuation | | | Fintech startup Ualá has reportedly raised $350 million at a $2.45 billion valuation. Tencent and SoftBank led the Series D, with participation from George Soros, Goldman Sachs and others. Ualá is a leading provider of mobile and card-based payments in Argentina. | | | | | | | | Divvy Homes valued at $2B with Series D | | | Tiger Global and Caffeinated Capital have led a $200 million investment in Divvy Homes. The round values the real estate tech startup at about $2 billion, only six months after a Series C valuation of $490 million, according to PitchBook data. The San Francisco-based company buys properties on behalf of renters and sets up rent-to-own payment plans with the goal of broadening access to homeownership. | | | | | | | | Lidar startup Innovusion picks up $66M | | | Innovusion has raised $66 million in Series B Plus financing led by Guotai Junan International, with participation from Shunwei Capital and existing investors including Temasek. Innovusion develops light detection and ranging technology for autonomous vehicles. It concluded its $64 million Series B in April. | | | | | |
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| PitchBook Webinar: Security and sustainability through emerging tech | | So far, 2021 has been a breakout year for tech, with many sectors experiencing a convergence of increased VC activity, technical advances and new challenges.
Join our panel of experts on Wednesday, Aug. 18 at 10 a.m. PT/1 p.m. ET for an Emerging Technology Mid-Year Update, where they will detail key insights from the first half of the year and dive into the information security, mobility tech and foodtech sectors.
Register here to secure your spot. | | | | | | | |
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| Carta valued at $7B+ in Silver Lake-led round | | | Silver Lake has led a $500 million Series G for Carta, valuing the San Francisco-based fintech specialist at $7.4 billion, according to Axios. Carta provides software to investors and companies; it was valued at $3.1 billion last year, according to PitchBook data. | | | | | | | | L Catterton backs Beauty Industry Group | | | L Catterton has purchased a majority stake in Beauty Industry Group, a Salt Lake City-based provider of professionally-installed and DIY hair extension products. Founded in 2004, Beauty Industry Group currently serves more than 100,000 hair salons and stylists as well as millions of consumers across 165 countries. | | | | | | | | Kainos Capital acquires pet food maker | | | Kainos Capital has acquired Muenster Milling, a Muenster, Texas-based pet food and ingredient manufacturer. Established in 1932, Muenster Milling specializes in making freeze-dried and extruded dog food, cat food and horse feed. | | | | | | | | EQT to exit cybersecurity company Utimaco | | | EQT has agreed to sell Utimaco, a provider of cybersecurity and data intelligence services for the regulated critical infrastructure sector, to SGT Capital. EQT originally backed the German company in 2017 via its €1.6 billion (about $1.9 billion) European mid-market fund. Since the initial investment, Utimaco has nearly tripled its revenue and is expected to generate over €100 million for the 2022 fiscal year. | | | | | | | | PE-backed Merge lands Blue Moon | | | Keystone Capital-backed marketing and advertising agency Merge has acquired Blue Moon Digital, a Denver-based, data science-driven digital marketing consultancy. Blue Moon Digital serves retailers and direct-to-consumer online brands, and manages more than $1 billion in annual ecommerce revenue. | | | | | | | | Clearlake Capital invests in RSA Security | | | | | | |
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| Madero seeking $1.3B in IPO | | | The Carlyle Group-backed Brazilian restaurant chain Madero is eyeing a $1.3 billion valuation in its upcoming IPO, Bloomberg reported. Madero filed to be listed on Brazil's stock exchange earlier this month. | | | | | |
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| Lowercarbon Capital rakes in $800M | | | | | | |
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| Adidas to sell Reebok to Authentic Brands | | | German sportswear group Adidas has agreed to sell Reebok to BlackRock-backed Authentic Brands for up to €2.1 billion (about $2.5 billion). Adidas bought the shoe brand in 2006 for $3.8 billion, but has faced pressure from shareholders to divest the label due to performance. | | | | | |
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