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PitchBook News - Playground Global bets on future tech

VCs rush to nab NFT startups; Adona Medical brings in $37.5M; Vanilla raises $30M; Ictero Medical picks up $6M
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The Daily Pitch: VC
May 2, 2022
Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A
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In today's Daily Pitch, you'll find:
  • A consortium including Clearlake Capital is nearing the goal line to buy Chelsea FC after emerging as the preferred bidder for what may be the most expensive acquisition of a sports franchise on record.

  • Peter Barrett of Playground Global discusses future technology, why a vast amount of late-stage capital will continue to exist for deep tech and which technologies he thinks are a waste for investors.

  • Our blockchain market map lays out the NFT landscape, its primary segments and most-well-funded companies.
Today's Top Stories
Playground Global bets on risky tech so late-stage investors can back the future
(Coneyl Jay/Getty Images)
Peter Barrett, a general partner with Playground Global, is one of few investors betting on startups focused on the transformative technologies that usually take years and a lot of capital to develop.

We discuss with Barrett what revolutionary technologies we will have a decade from now, why a vast amount of late-stage capital will continue to exist for deep tech and which cutting-edge technologies he thinks investors are wasting money on now.
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Market Map: VCs rush to collect NFT startups
(hapabapa/Getty Images)
First it was crypto trading, then decentralized finance, and now NFTs—venture capitalists can't seem to get enough of the next hot thing on the blockchain.

This market map lays out the NFT landscape, its primary segments and most-well-funded companies.
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A message from RBC Capital Markets
How is the balance of power evolving between corporates and PE in M&A dealmaking?
As the US regulatory landscape evolves, it has become clear that the current administration will challenge many corporate transactions. "One of the consequences is that private equity sponsors, who generally have lower market share than corporate competitors when trying to affect a given acquisition, will gain a competitive advantage over corporates in some deals. This new-found edge is enhanced by sponsors' added capacity to consider deals of significant scale," according to RBC Capital Markets' Deputy Chairman, Larry Grafstein.

What's next for PE mega funds? Where will they deploy capital to unlock value?

See what's ahead for PE in the M&A market with insights from RBC Capital Markets' experts.
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Boehly, Clearlake consortium enters exclusive talks for Chelsea FC
(Shannon Fagan/Getty Images)
A consortium led by Todd Boehly and Clearlake Capital has emerged as the preferred bidder for the Premier League's Chelsea Football Club. However, UK billionaire Jim Ratcliffe has made a last-ditch effort to land the team, potentially complicating the sale process.

Clearlake and Boehly have beat out rival bids from Bain Capital's Stephen Pagliuca and a consortium including Apollo Global Management co-founder Josh Harris and Blackstone's David Blitzer, according to reports.
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Recommended Reads
Even businesses that merged with "SPAC King" Chamath Palihapitiya's blank-check companies are feeling the effects of the latest SPAC market plunge, following a short-lived rebound. [Bloomberg]

Can institutional investors push companies to consider the long term? [Institutional Investor]

After decades of dispatching robots with cameras to show us what Mars looks like, scientists are turning to audio to help us learn about the red planet's surface. [The Atlantic]
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Quick Takes
  The Daily Benchmark  
  2010 Vintage Global Real Assets Funds  
  VC Deals  
  Adona Medical brings in $37.5M Series B  
  Vanilla raises $30M  
  Ictero Medical picks up $6M  
 
 
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The Daily Benchmark
2010 Vintage Global Real Assets Funds
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VC Deals
Adona Medical brings in $37.5M Series B
Adona Medical has raised $37.5 million in a round co-led by Cormorant Asset Management and The Capital Partnership. The company is a developer of interventional treatments for heart failure management.
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Vanilla raises $30M
Vanilla, the developer of an estate and wealth management platform, has raised a $30 million Series B led by Insight Partners. Venrock and Michael Jordan also participated in the funding, among others.
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Ictero Medical picks up $6M
Ictero Medical has raised a $6 million Series A from investors including MedTex Ventures and S3 Ventures. Based in Houston, the company is a developer of minimally invasive devices designed to treat gallstone disease.
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View similar company »
 
PitchBook Webinar: Q1 2022 Venture Monitor
Join PitchBook and industry experts from JP Morgan, Insperity and NVCA on May 5 for a webinar covering our Q1 2022 Venture Monitor Report. This webinar will discuss upcoming market changes brought about by factors such as interest rates and public market volatility.

Topics will include:
  • Stagnancy in deal activity and the stress it places on certain areas of the market.

  • The Q1 downturn in public listings, resulting in only 28 IPOs or deSPAC transactions, and how it affects high-value late-stage companies.

  • Back-to-back record quarters for dry powder as fundraising hit a new commitment record of $73 billion in Q1, following one of the best markets in 2021.
Register now to secure your spot
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Chart of the Day
"Despite the slow start to the year for take-privates, many sponsors are likely circling opportunities for several reasons. First, sponsors, flush with cash, are looking to deploy large sums; take-privates offer great opportunities. Second, pricing is favorable. The 8.7% drop in the Euro STOXX 50 in Q1 is providing compelling valuations for some public companies to be taken private."

Source: PitchBook's Q1 2022 European PE Breakdown
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Who's in the newsletter today?
Investors
Cormorant Asset Management
Insight Partners
MedTex Ventures
Michael Jordan
S3 Ventures
The Capital Partnership
Venrock
Companies
Adona Medical
Ictero Medical
Vanilla
 
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