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PitchBook News - Blood tests draw in VC

Q&A: Communities offer new exit strategy; a fresh look at fund performance; Google weighs Cohere deal; Odyssey hauls in $19M
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The Daily Pitch: VC
October 24, 2022
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In today's Daily Pitch, you'll find:
 
Today's Top Stories  
VCs move beyond Theranos 'bad blood' as liquid biopsy startups flourish
Theranos' downfall struck many as a swift end to the promise of blood-based testing, but researchers and startups haven't given up on its future. While it may take more than a decade for liquid biopsies—diagnostic blood tests that can be an accessible alternative to more invasive tissue biopsies—to reach their full market potential, they're here to stay.

PitchBook and Morningstar analysts estimate the global addressable market for liquid biopsies could exceed $100 billion in the long term, as the tests become commonplace in annual physicals and replace existing cancer screening methods.

Our latest analyst note dives into the VC landscape for blood-based testing and unpacks the main challenges to widespread liquid biopsy adoption, with a spotlight on new Swiss startup Hedera Dx.
read it now
 
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Q&A: An 'exit to community' offers startups a different path
(Green Color/Shutterstock)
Academics are touting "exit to community" as an alternative exit strategy for founders. The idea is to transfer the ownership of their startups to the people who helped built them, instead of outside investors.

We spoke with MEDLab director Nathan Schneider about how he thinks the option can be viable for founders.
Schneider
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A message from Founder Shield  
How to de-risk the IPO process in a market downturn
Initial public offerings (IPO) for tech companies have hit the brakes recently—but going public isn't going out of style anytime soon. Making strategic moves now is critical to a successful IPO in 2023 and beyond.

Founder Shield's ebook will be your guide to de-risking the IPO process with 90+ pages and 9 different case studies featuring advice from risk management experts, CFOs, lawyers, investment bankers, and consulting firms who have already seen success in going public. An array of resources are included, such as a critical pre-going public checklist, IPO timelines, going public alternatives, and a required regulatory filings checklist.

Whether you're still planning your IPO or revisiting your strategy, this roadmap will help you at every step of your journey. Download your copy.
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PitchBook Benchmarks for PE, VC and more
Given the largely opaque nature of the private markets, finding transparent fund performance information can be a challenge. Adding to that, fund strategies have expanded over the past decade, alongside the increasing capital allocated to alternative assets.

PitchBook Benchmarks provide a detailed snapshot on the latest data for closed-end fund returns across strategies and vintage years. The new edition is now available, updated through Q1 2022 with preliminary data for Q2. It features downloadable XLS tables, data visualizations and PDFs that slice the data by fund type and geography.
see the data
 
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Govtech startups reimagine software for a post-pandemic future
(jabiru/Shutterstock)
Digital transformation by local governments has led to new opportunities for govtech startups creating SaaS tools that engage communities, schedule virtual town hall meetings, mitigate ransomware attacks and more.

Here's a closer look at notable govtech deals since the beginning of 2020.
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Recommended Reads
Will generative AI replace crypto and the metaverse as Silicon Valley's next big thing? [The New York Times]

The world mined 2.8 billion tons of metals in 2021. Here's a breakdown of the different varieties and their most common end uses. [Visual Capitalist]

Why Peter Thiel's venture capital-style political strategy is yielding low returns. [Financial Times]
 
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Quick Takes  
  The Daily Benchmark  
  2010 Vintage Global PE Funds  
  VC Deals  
  Game developer Odyssey hauls in $19M  
  Breezeway raises $15M  
  Shopping rewards startup Kudos secures $7M  
  Storyfit raises $5.5M  
  Workforce management company Voila! takes in $10M+  
  Portfolio Companies  
  Google weighs $200M Cohere deal  
 
 
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The Daily Benchmark  
2010 Vintage Global PE Funds
Median IRR
13.20%
Top Quartile IRR
23.21%
1.60x
Median TVPI
Select top performers
Southern Cross Latin America Private Equity Fund IV
Ascent India Fund III
Riverside Micro-Cap Fund II
*IRR: net of fees
70 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
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VC Deals  
Game developer Odyssey hauls in $19M
Odyssey Interactive has raised a $19 million Series A led by Makers Fund. The Canadian game development studio will use the funds to launch its first title, "Omega Strikers." Andreessen Horowitz, which led the company's seed round in 2020, also participated.
View round
 
View similar company »
 
Breezeway raises $15M
Breezeway, a vacation property management platform, has raised a $15 million Series B led by growth equity firm Catalyst Investors and with participation from existing backer Schooner Capital, according to reports.
View round
 
View 22 competitors »
 
Shopping rewards startup Kudos secures $7M
Kudos has raised $7 million in seed funding led by Patron. The company's browser extension helps customers maximize credit card rewards when shopping online.
View details
 
View 14 investments »
 
Storyfit raises $5.5M
Storyfit has raised a $5.5 million Series A led by Refinery Ventures. The company uses natural language processing and machine learning to deliver predictive audience insights for the entertainment and publishing industries.
View round
 
View 46 competitors »
 
Workforce management company Voila! takes in $10M+
Voila!, a workforce management platform, has raised C$13.75 million (about $10.1 million). The Series A was led by Walter Ventures, with participation from Desjardins Capital and Investissement Quebec.
View round
 
View 63 competitors »
 
 
PitchBook webinar: The state of sustainable investing
Join PitchBook to discuss the findings from our 2022 Sustainable Investment Survey. Analysts Hilary Wiek and Annika Villegas will touch on report insights, including the politicization of ESG, the increasing popularity of impact investing and challenges in the sustainable investing ecosystem. Key topics include:
  • The politicization surrounding ESG in 2021 and 2022 has had far-reaching impacts on investors and service providers with US-based investments, clients and stakeholders.

  • Investors and advisers seeking to incorporate ESG into their portfolios have varying goals and philosophies, leading to the proliferation of greenwashing allegations.

  • How the lack of clarity around defining and measuring impact outcomes and difficulty benchmarking nonfinancial goals were both frequently cited among the top challenges of sustainable investing.
Register now to secure your spot.
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Portfolio Companies  
Google weighs $200M Cohere deal
Cohere, a developer of natural language processing software, is in talks to raise $200 million from Alphabet's Google, The Wall Street Journal reported. The Toronto-based company raised a $125 million Series B led by Tiger Global in February.
View details
 
View similar company »
 
 
Chart of the Day  
Source: PitchBook's H1 2022 Greater China Venture Report
 
Who's in the newsletter today?
Investors
Alphabet
Andreessen Horowitz
Catalyst Investors
Desjardins Capital
Investissement Quebec
Makers Fund
Patron
Refinery Ventures
Schooner Capital
Tiger Global
Walter Ventures
Companies
Breezeway
Cohere
Odyssey Interactive
Storyfit
Voila!
 
 
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