Menopause market draws growing VC interest

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PitchBook

The Daily Pitch: VC

May 28, 2020

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Narrative change: VCs are finally ready to talk about menopause

The femtech boom of the past few years hasn't extended to startups focused on menopause. But that might be starting to change.
(Carol Yepes/Getty Images)

VC investors have poured millions into startups that bring technological solutions to problems related to women's health. Much of the focus, however, has been on menstruation and pregnancy, with menopause startups continuing to face societal stigma.

But with 1.1 billion women throughout the world estimated to become postmenopausal by 2025, the vast size of the market is becoming an opportunity that investors can't ignore:

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Quick Takes


	The Daily Benchmark
	2003 Vintage Global PE Funds
	VC Deals
	AbCellera lands $105M as it chases coronavirus treatment
	Voice platform developer collects $65M Series C
	SmartRent snags $60M Series C
	Gatsby picks up $28M
	Kentik secures $23.5M in debt and equity
	Exits
	Amazon could be nearing purchase of VC-backed Zoox
	Fundraising
	BEA Systems co-founder launches venture fund
	Investors
	SoftBank plans Vision Fund job cuts

The Daily Benchmark

2003 Vintage Global PE Funds

Median IRR

14.46%

Top Quartile IRR Hurdle Rate

26.84%

1.71x

Median TVPI

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Rhone Capital II

Genstar Capital Partners III

Onex Partners I

*IRR: net of fees

22 Funds in Benchmark »

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VC Deals

AbCellera lands $105M as it chases coronavirus treatment

Canadian biotech company AbCellera has closed a $105 million Series B co-led by OrbiMed and DCVC Bio. The funds will be used to grow AbCellera's capacity and invest in its antibody discovery technology, which is being used to create therapies for COVID-19 in partnership with Eli Lilly. In early May, the Canadian government committed up to C$175.6 million (around $127.4 million at today's conversion rate) to fund AbCellera's coronavirus efforts.

Additional Investors:

Eli Lilly, Founders Fund, Peter Thiel, Presight Capital, University of Minnesota Endowment, Viking Global Investors

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Voice platform developer collects $65M Series C

Aircall, the developer of a cloud-based phone system for businesses, has raised $65 million in a round led by DTCP, with backing from other investors including Swisscom Ventures and Adams Street. Founded in 2014, the New York-based company has now raised more than $100 million in VC financing.

Additional Investors:

eFounders, Draper Esprit, Balderton Capital, Next World Capital

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SmartRent snags $60M Series C

SmartRent, a provider of home automation solutions, has secured $60 million in a round led by Spark Capital. Fifth Wall, Energy Impact Partners, Amazon Alexa Fund, Bain Capital Ventures and RET Ventures also participated in the funding. The Arizona-based startup was last valued at $120 million after a funding round in June, according to PitchBook data.

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Gatsby picks up $28M

Index Ventures has led a $28 million Series B for Gatsby, which provides open-source tools designed to help developers create and maintain apps and websites. Existing investors CRV and Trinity Ventures also participated in the funding. Founded in 2017 and based in Berkeley, Calif., Gatsby is used by clients including DraftKings, IBM and Impossible Foods.

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Kentik secures $23.5M in debt and equity

Kentik, the developer of a network intelligence platform designed to provide data insights and manage traffic in real time, has raised $23.5 million in a round led by Vistara Capital Partners. Existing backers DCVC, August Capital, Third Point Ventures and Tahoma Ventures also participated in the funding. Kentik was valued at $78.6 million in 2016, according to PitchBook data.

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Exits

Amazon could be nearing purchase of VC-backed Zoox

Self-driving vehicle startup Zoox is in advanced talks to be acquired by Amazon, with a deal likely valuing the company below the $3.2 billion it was worth in 2018, according to multiple reports. The news comes after reports earlier this month that the California-based startup was looking for a buyer. Zoox has raised VC from investors including Blackbird Ventures, Threshold Ventures and IDG Capital. The company is believed to have laid off around 100 employees in April.

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Fundraising

BEA Systems co-founder launches venture fund

More than a decade after selling BEA Systems to Oracle for $8.5 billion, Alfred Chuang has launched Race Capital, an early-stage venture capital fund. Joining Chuang as partners in the fund are Edith Yeung, Chris McCann and Phil Chen, who previously led the blockchain-focused firm Proof of Capital. The team plans to raise between $125 million and $150 million for the fund, according to Business Insider.

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Investors

SoftBank plans Vision Fund job cuts

Job cuts within SoftBank's Vision Fund could affect some 10% of the 500 employees in its London, San Francisco and Tokyo offices, according to Bloomberg. The layoffs will reportedly impact all levels of staff. Earlier this month, the Vision Fund reported a loss of 1.9 trillion yen (about $17.7 billion) for its last fiscal year, much of which was attributed to the Japanese conglomerate's Uber and WeWork investments.

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Chart of the Day

"A contraction of valuations will likely be seen across venture stages as the looming economic recession digs deeper and drags on further. However, at the angel and seed stages of financing, the rout will be determined more by how market investors react to the risks of these stages, rather than by the comparison of these companies to the public markets and near-term growth prospects, as will be the case with the later stages."

Source: PitchBook's Q1 2020 US VC Valuations Report