PitchBook News - Crypto settlement signals an SEC shift

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The Daily Pitch: VC

August 30, 2024

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

In today's Daily Pitch, you'll find:

Our analysts map exit alternatives for investors navigating the VC liquidity drought

The co-founder of now-defunct crypto firm BKCoin Capital settles with the SEC

Codeium—AI's latest unicorn—scores a $1.25 billion valuation in the race to automate coding

Why PE investment in aerospace and defense is on the rise

VC-backed transit solutions have yet to hit the mark—what could solve the US' transportation problem?

Today's Top Stories

Exclusive: SEC settles with BKCoin Capital co-founder

SEC Chair Gary Gensler (Alex Wong/Getty Images)

Kevin Kang, the co-founder of now-defunct crypto investment manager BKCoin Capital who was accused of US federal fraud and embezzlement last year, settled with the SEC—an outcome underscoring the regulator's shifting crypto priorities in an election year.

Earlier this month, Kang settled with the SEC without confirming or denying guilt, PitchBook has learned. In doing so, he signed off on several conditions that restrict his ability to manage capital from limited partners.

LPs await the outcome of a court-appointed receiver, charged with accounting for outstanding assets. BKCoin, which managed about $150 million in April 2022, ran a liquid token strategy and had previously unreported plans for a $50 million venture fund.

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Since yesterday, the PitchBook Platform added:

13

VC valuations

1803

People

702

Companies

35

Funds

See what our data software can do

The Daily Benchmark:
2021 Vintage Global Funds-of-Funds

Median IRR

8.75%

Top Quartile IRR

13.42%

0.02x

Median DPI

Select top performers

Capital Dynamics Transaction Partners 2021

Franklin Park Corporate Finance Access Fund

HighVista Private Equity IX

*IRR: net of fees

36 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Magic, a startup developing AI-powered tools and models for software developers, raised a $320 million round from investors including Eric Schmidt, Jane Street and Sequoia.

Noetik, a biotech startup utilizing AI technology for cancer drug discovery, raised a $40 million Series A led by Polaris Partners.

Miris, a California-based company developing spatial streaming technology, raised a $26 million seed round led by IAG Capital Partners.

Swiss-Mile, a Zurich-based robot maker, closed a $22 million seed round led by Bezos Expeditions and HongShan.

Melodi Health, which focuses on breast reconstruction for cancer patients, raised a $10.75 million Series A from investors including HM Venture Partners, Engage Venture Partners and Southeast Minnesota Capital Fund.

Turntable, the company developing social media music streaming platform Hangout, raised an $8.2 million seed round from investors including Founders Fund, Elizabeth Street Ventures and 468 Capital.

Uniqkey, a Denmark-based cybersecurity startup, raised €5.35 million in a round led by BackingMinds.

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PE Deals

AS Equity Partners bought Hochdorf Swiss Nutrition, the operating subsidiary of Swiss food company Hochdorf, for around $98 million.

Abra Group, the owner of Brazilian airline Gol, is in talks to receive $1.3 billion from Castlelake. The firm would help Abra to refinance its secured bonds after the airline filed for Chapter 11 bankruptcy protection.

MoneyThumb, which offers automated financial accounting services, was acquired by an investment group led by Iron Creek Partners.

Trajectory RCS, a Kansas-based company specializing in revenue cycle management for healthcare providers, was acquired by MedHQ, a PE-backed healthcare administration company.

Minnesota-based concrete and construction specialist MD Concrete has been acquired by Concrete Science, which is backed by Lake Street Capital Partners.

Exits & IPOs

German food delivery company Delivery Hero is considering an IPO for its Middle Eastern unit Talabat, Bloomberg reported.

SimpleBet, a New York-based startup using machine learning models in a sports betting platform, has been acquired by Nasdaq-listed DraftKings.

Global Infrastructure Partners sold its stake in EnLink Midstream, an operator of natural gas pipelines and related assets, to Oneok for about $3.3 billion.

Fundraising

Veritas Capital is looking to raise $13 billion for its latest flagship fund, Private Equity International reported

Coller Capital launched a continuation fund for Abry Partners' Abry Advanced Securities Fund III with $1.6 billion in AUM. The vehicle will seed Abry's new private credit strategy.

NEA raised nearly $469 million for NEA Secondary Opportunity Fund, according to SEC filings.

Oslo-based Equip Capital raised €306 million for a continuation fund that will acquire two existing portfolio companies: trampoline park operator Rush and IT services provider Iteam.

Blue Cloud Ventures, a New York-based VC firm investing in cloud-based enterprise software companies, launched its latest fund targeted at $300 million, according to SEC filings.

Chart of the Day

Source: Q2 2024 PitchBook-NVCA Venture Monitor

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PitchBook News - Crypto settlement signals an SEC shift

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