PitchBook News - Alibaba share sale could spur SoftBank

SoftBank opts against WeWork deal; Collaboration startup Notion valued at $2B; How COVID-19 is impacting supply chains; Biotech startup eyes $75M IPO
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The Daily Pitch: VC
April 2, 2020
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Today's Top Stories
Why SoftBank is parceling off its most prized possession
(Carl Court/Getty Images News)
A $41 billion plan to restore investor faith in SoftBank may require the Japanese conglomerate to sell a chunk of its cherished stake in Alibaba.

The upcoming asset sale, of which a reported $15 billion could come from shares of the Chinese ecommerce giant, promises to reshape SoftBank's portfolio in a dramatic fashion:
read more
 
Coronavirus news: Continuing coverage from PitchBook
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Pandemic puts supply chain tech to the test
Amazon workers protested earlier this week over conditions at a distribution facility in New York. (Spencer Platt/Getty Images News)
Global supply chains are under extreme pressure. In a new research note PitchBook's emerging tech analysts detail the heightened importance of technology that can increase the visibility, flexibility and automation of supply chains. A few key takeaways:
  • Risk management and freight tech startups could improve management visibility into component sourcing and movement.
     
  • Mobile robots and automation tech enable cost savings and help maintain continuity of business operations.
     
  • Digital warehouse marketplaces and on-demand storage providers can help keep inventory stocked.
read it now
 
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Notion leaps to $2B valuation
Last year, Ivan Zhao's collaboration company Notion was a seed-stage startup that had raised around $17 million since it was founded in 2013.
  • Today, Notion sports a valuation of $2 billion following a fundraise that was wrapped up, the company told The New York Times, in just 36 hours, even as the pandemic was sending shockwaves through the global economy.

  • San Francisco-based Notion previously was valued at $800 million following its 2019 seed round.

  • In the latest funding, the company raised $50 million led by Index Ventures. Notion is also backed by firms including Sherpalo Ventures and First Round Capital, along with A-list Silicon Valley investors such as Elad Gil, Aydin Senkut, Mike Vernal and Josh Kopelman.
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Recommended Reads
Slashed costs. Mass layoffs. Worries about what's next. It's the new reality for many startups in a crisis one Silicon Valley consultant has deemed "the great unwinding." [The New York Times]

A wait of 12 to 18 months for a COVID-19 vaccine might sound interminable. In fact, that relatively rapid timeline is a testament to recent years of massive progress in the biotech industry. [The Guardian]

Bill Gates shares his thoughts on how the US can make up for lost time in its battle against the coronavirus. [The Washington Post]

An Australian astrophysicist tried to battle the coronavirus crisis by sticking magnets up his nose. It didn't work. But the idea of embracing creative experimentation might be worthwhile. [The Outline]
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Today's Headlines
  The Daily Benchmark  
  2014 Vintage Global Buyout Funds  
  People  
  Tim Draper-led firm adds venture partner  
  Grab brings on Peter Oey as CFO  
  VC Deals  
  Pandion Therapeutics lands $80M  
  Aspen Neuroscience picks up $70M  
  Vericool secures $19.1M Series A  
  Portfolio Companies  
  SoftBank opts against $3B WeWork bailout  
  Exits  
  Biotech startup eyes $75M IPO  
 
 
The Daily Benchmark
2014 Vintage Global Buyout Funds
Median IRR
17.00%
Top Quartile IRR Hurdle Rate
24.00%
1.45x
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Nautic Partners VII
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*IRR: net of fees
78 Funds in Benchmark »
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Webinar: Understanding cash flow management for the private markets
The latest installment of the PitchBook Benchmarks webinar series covers how to better manage uncalled commitments and overall allocation to the private markets.

Senior strategist James Gelfer and senior analyst Hilary Wiek will discuss a range of topics, including how large capital calls tend to be and how often they occur, whether capital calls become increasingly predictable as commitments are added and how LPs should build a private market allocation.

The webinar will be on April 7 at 12 p.m. ET/9 a.m. PT.

Register here
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People
Tim Draper-led firm adds venture partner
Draper Goren Holm has brought on Rodney Sampson as a venture partner. Sampson is a co-founder of Multicast Media Technologies and a former partner at TechSquare Labs. Based in Santa Monica, Calif., Draper Goren Holm was established as Goren Holm Ventures in 2018 and later rebranded with the addition of Tim Draper. The firm focuses on accelerating and incubating crypto and blockchain startups.
View details
 
 
Grab brings on Peter Oey as CFO
Singapore-based Grab has hired Peter Oey as CFO. Before joining the company, Oey held the same position at LegalZoom, which offers tech solutions for the legal industry, and MyLife.com, the provider of a reputation platform. Grab offers ridehailing, food delivery and financial services; it raised more than $850 million in February.
View details
 
 
VC Deals
Pandion Therapeutics lands $80M
Biotech startup Pandion Therapeutics has wrapped up an $80 million Series B led by Access Biotechnology and Boxer Capital. The Cambridge, Mass.-based company is working on therapies for autoimmune and inflammatory diseases and will use the funding in part to advance clinical-stage trials of its drug candidates. Pandion raised $58 million at a valuation of $68 million in 2018, according to PitchBook data.
Additional Investors:
RA Capital, OrbiMed, Polaris Partners, Versant Venture Management, Roche Venture Fund, SR One, T1D Fund, BioInnovation Capital
View round
 
View 50 competitors »
 
Aspen Neuroscience picks up $70M
Aspen Neuroscience has raised a $70 million Series A led by OrbiMed, with participation from Arch Venture Partners, Frazier Healthcare Partners, Domain Associates, Section 32 and Sam Altman. The San Diego-based company is developing cell therapies to treat Parkinson's disease.
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View similar company »
 
Vericool secures $19.1M Series A
Vericool has raised $19.1 million from investors including Radicle Impact, The Ecosystem Integrity Fund, ID8 Investments and AIIM Partners. The company offers packaging made from recycled paper fibers and plant-based materials.
View round
 
View 2 competitors »
 
Portfolio Companies
SoftBank opts against $3B WeWork bailout
SoftBank has decided not to complete a planned deal to buy a $3 billion secondary stake in WeWork, according to Bloomberg, about two weeks after reports first surfaced that the purchase was in peril. It's believed WeWork founder Adam Neumann and Benchmark were in line to be two of the biggest sellers in the deal. Terms of the transaction were originally agreed to in October.
View details
 
View 18 competitors »
 
Exits
Biotech startup eyes $75M IPO
Keros Therapeutics has set an initial price range of $14 to $16 per share for its upcoming public offering of 5 million shares on the Nasdaq, according to an SEC filing. A midpoint pricing would raise $75 million. Based in Massachusetts, Keros is a clinical-stage biotech startup developing treatments for blood and musculoskeletal disorders. Valued last month at $206 million, according to PitchBook data, the company has raised prior VC from firms including Pontifax (32.6% pre-IPO stake) and Arkin Bio-Ventures (14.4%).
View details
 
View 7 competitors »
 
Chart of the Day
"The median and top-quartile pre-money valuations at the late stage spiked in 2019. The top quartile surged 78.9% to €54.6 million, and the median rose 52.1% to €15.7 million. Both metrics highlight how late-stage capital is enabling companies to continue developing rather than seek liquidity from an exit."

Source: PitchBook's 2019 Annual European VC Valuations Report
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