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PitchBook

The Daily Pitch: VC

May 21, 2020

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

Today's Top Stories

Ask PitchBook: Has private investor lobbying for pandemic loans been successful?

(Doug Armand/Getty Images)

Over the past couple months, the US government has unleashed hundreds of billions of dollars in federal stimulus money to help companies and individuals impacted by the COVID-19 pandemic.

For the second iteration of "Ask PitchBook," a new feature that aims to answer reader inquiries, venture capital reporter James Thorne and private equity reporter Adam Lewis took a closer look at how trade organizations have lobbied to get privately backed companies access to loans in a time of need:

Recommended Reads

The inside scoop on Clubhouse, a new social media startup that has parlayed serious investor interest from across Silicon Valley into a new valuation of nearly $100 million. [The New York Times]

Few founders in recent history have a fan base as devoted as that of Elon Musk. Amid the pandemic, though, he has begun to alienate more and more true believers. [The Atlantic]

Some of the biggest names in VC are coming around to the once-strange idea of writing a multimillion-dollar check for a founder they have never met in person. [The Wall Street Journal]

Since yesterday, the PitchBook Platform added:

8

VC valuations

1316

People

390

Companies

17

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2007 Vintage Global Real Assets Funds
	VC Deals
	Atea picks up $215M for treatment of COVID-19, other viral infections
	Amwell closes $194M funding round
	Rapid Micro Biosystems snags $120M
	Coalition brings in $90M Series C
	Imperfect Foods grabs $72M
	Portfolio Companies
	SoftBank-backed Ola to lay off 1,400

The Daily Benchmark

2007 Vintage Global Real Assets Funds

Median IRR

3.76%

Top Quartile IRR Hurdle Rate

10.45%

1.15x

Median TVPI

Select top performers

Energy & Minerals Group Fund I

Penwood Select Industrial Partners II

EnCap Energy Capital Fund VII

*IRR: net of fees

67 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

Webinar: Shared mobility

Join us on May 28 at 10 a.m. PDT/1 p.m. EDT for a conversation about shared mobility—including ridesharing, car-sharing and micromobility—and the post-pandemic future of collective transportation.

During the discussion, PitchBook analysts and Zoba co-founder Daniel Brennan will explore:

The latest data on shared mobility, including recent investments and deals

The near- and long-term future of this space

Insights from Daniel Brennan, whose company works closely with shared mobility startups

Register now

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VC Deals

Atea picks up $215M for treatment of COVID-19, other viral infections

Atea Pharmaceuticals, a developer of therapies for severe viral diseases, has raised a $215 million Series D led by Bain Capital Life Sciences, with participation from investors including Morningside Ventures, T. Rowe Price, Rock Springs Capital and Omega Fund. Part of the capital will be used for the clinical development of an antiviral medicine to treat COVID-19. Atea was valued at $237.6 million in 2018, according to PitchBook data.

Additional Investors:

Adage Capital Management, Ally Bridge Group, Cormorant Asset Management, Perceptive Advisors, RA Capital Management, Redmile Group, Sectoral Asset Management

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Amwell closes $194M funding round

Telehealth startup Amwell has closed a $194 million Series C from investors including Allianz X and Takeda. The Boston-based company has seen its business boom during the pandemic, facilitating up to 45,000 telehealth visits per day on its platform. Amwell was valued at about $972 million in 2018, according to PitchBook data.

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View 43 competitors »

Rapid Micro Biosystems snags $120M

Rapid Micro Biosystems has raised $120 million in debt and equity financing. Ally Bridge Group led the equity portion, while Kennedy Lewis Investment Management provided senior debt financing. The company helps to detect microbial contamination across a variety of biopharmaceutical products, including drugs and vaccines.

Additional Investors:

Asahi Kasei Medical, Bain Capital Life Sciences, Endeavour Vision, Longitude Capital, Xeraya Capital

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View 13 competitors »

Coalition brings in $90M Series C

Valor Equity Partners has led a $90 million Series C for Coalition, the developer of a cybersecurity and cyber insurance platform. The funding values the San Francisco-based company at $900 million, up from a valuation of $260.5 million a year ago, according to PitchBook data. Investors including Felicis Ventures and Greyhound Capital also participated in the funding.

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View 55 competitors »

Imperfect Foods grabs $72M

Imperfect Foods, a grocery delivery startup specializing in food rejected by supermarkets, has raised $72 million in a Series C led by Insight Partners. The capital will help the San Francisco-based company expand its services and boost fulfillment capacity. Imperfect Foods has raised $119 million to date.

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View 8 competitors »

Portfolio Companies

SoftBank-backed Ola to lay off 1,400

Ola has announced plans to let go of 1,400 employees, citing "unprecedented economic and social destruction" due to the coronavirus outbreak. Based in Bengaluru, the ridehailing company is backed by investors including SoftBank, Tiger Global and Tencent.

View details

View 46 competitors »

Chart of the Day

"Since the financial crisis, private debt has generally produced a one-year horizon IRR in the range of 7% to 12%. For three quarters in a row, returns of assets invested in private debt have been near the bottom end of that range. Defaults of US high-yield bonds were on the rise in 2019, reaching a new high for the post-2008 crisis era. More downward pressure on returns could be coming, as there are concerns about the combination of loose lending covenants, overleveraged companies and the possibility of an economic downturn."

Source: PitchBook's Global Fund Performance Report as of Q2 2019