PitchBook News - Biotech stock pops after rare IPO

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The Daily Pitch: VC

April 9, 2020

Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A

Editor's Note

Our team will be taking a break over the holiday weekend, so no newsletter tomorrow.

In the meantime, you can catch up on our featured content on News & Analysis.

Today's Top Stories

Keros cuts through market headwinds with biotech's latest IPO

(serezniy/iStock/Getty Images Plus)

On Wednesday, Keros Therapeutics became the latest biotech startup to pull off a public debut.

The company's shares opened on the Nasdaq at $20.85, a gain of 30.3%; they closed the day at $20.08, giving Keros a first-day market cap of about $385 million

Biotech and drug discovery companies accounted for 80% of US IPOs during Q1, but most of those occurred before the stock markets tanked in early March

Recommended Reads

This was supposed to be the year of Airbnb's coronation. Now, things are looking more uncertain than ever for one of the most valuable VC-backed companies in the world. [The Wall Street Journal]

VCs and tech executives are adjusting to work-from-home life. For one investor, that means daily "board meetings" with one of the greatest athletes of all time. [Protocol]

How does a professional video game streamer feel about a new reality where nobody leaves the house? "I feel like I've been preparing for this moment my whole life." [The New York Times]

What does the coronavirus outbreak have to do with humanity's ongoing destruction of wildlife habitats? More than you might think. [Bloomberg]

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Today's Headlines


	The Daily Benchmark
	2016 Vintage Global Secondaries Funds
	VC Deals
	On-demand healthcare provider picks up $50M
	Shippo grabs $30M Series C
	Athlete engagement startup Teamworks scores $25M
	SilverCloud floats off with $16M
	Portfolio Companies
	SoftBank-backed Oyo furloughs thousands
	WeWork halts some rent payments

The Daily Benchmark

2016 Vintage Global Secondaries Funds

Median IRR

23.09%

Top Quartile IRR Hurdle Rate

31.67%

1.3x

Median TVPI

Select top performers

Industry Ventures Secondary VIII

Greenspring Secondaries Fund II

Timber Bay Fund I

*IRR: net of fees

16 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

On-demand healthcare provider picks up $50M

Tyto Care, the developer of a teleheath platform and app that helps patients diagnose and monitor health conditions from home, has raised $50 million in new funding co-led by Insight Partners, Olive Tree Ventures and Qualcomm Ventures, according to reports. Based in New York, the startup has an additional office in Israel, where patients are using its device for self-examinations during the coronavirus outbreak.

Additional Investors:

OrbiMed, Echo Health Ventures, Qure Ventures, Teuza

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Shippo grabs $30M Series C

D1 Capital Partners has led a $30 million round for Shippo, the provider of an ecommerce shipping platform for more than 35,000 brands. Bessemer Venture Partners, Union Square Ventures, Uncork Capital and Version One Ventures also participated in the financing. Based in San Francisco and founded in 2013, Shippo was valued at $80 million in 2017, according to PitchBook data.

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Athlete engagement startup Teamworks scores $25M

While sports teams are effectively barred from practicing and competing, Teamworks, which operates a platform used by organizations to communicate and coordinate, has raised a $25 million Series C led by Delta-v Capital. The Durham, N.C.-based startup's software, which is used by more than 2,000 NCAA Division I teams, is being offered for free through the end of May to support athletes during the pandemic.

Select Additional Investors:

General Catalyst, Seaport Capital, Dumac Business Systems, Afia Capital, Stadia Ventures

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SilverCloud floats off with $16M

SilverCloud Health, the provider of a digital mental health platform for more than 350,000 users, has raised $16 million for its Series B. The round was led by MemorialCare Innovation Fund, with participation from LRVHealth, OSF Ventures and UnityPoint Health Ventures, as well as existing investors. Based in Boston and founded in 2011, the startup works with global healthcare providers, health plans and employers.

Additional Investors:

Act Venture Capital, B Capital Group

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View 16 competitors »

Portfolio Companies

SoftBank-backed Oyo furloughs thousands

Hotel chain Oyo has furloughed thousands of employees globally for at least two months to cut costs amid the coronavirus outbreak, according to multiple reports. The India-based company has seen its revenue and occupancy rates fall by more than half, CEO Ritesh Agarwal said in a video statement. Oyo has reportedly raised more than $2.5 billion across two SoftBank-led rounds since 2018 and was valued at an estimated $10 billion in December, according to PitchBook data.

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WeWork halts some rent payments

WeWork has yet to pay April rent at some of its co-working locations as it seeks to cut costs by renegotiating with landlords, according to reports. The company reportedly hired brokerage firms JLL and Newmark Knight Frank to help it secure rent relief, profit-sharing agreements and other lease changes. WeWork has kept locations across Europe and the US open despite broad restrictions on nonessential business activity in many of its core markets.

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View 18 competitors »

Chart of the Day

"The current crisis could catalyze long-term investment into emerging supply chain technologies as companies seek to diversify their value chains and mitigate the risk of future supply chain shocks."

Source: PitchBook analyst note about pandemic-induced supply chain disruptions