Menopause market draws growing VC interest

Amazon talks takeover of Zoox; SoftBank plans Vision Fund job cuts; TikTok boosts ByteDance profit to $3B; Shared mobility adjusts to consumer shifts
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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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More coronavirus news: Continuing coverage from PitchBook
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How shifting consumer behavior could shape the future of shared mobility
E-scooter startup Lime received emergency funding from Uber at an 80% valuation drop. (Sean Gallup/Getty Images)
The coronavirus outbreak has severely affected the transportation industry, with demand plummeting amid lockdowns. Yet if the new normal drives persistent changes in behavior, the shared mobility space may see a market expansion in the long term. Our latest emerging technology research note explores this possibility in depth. Key takeaways include:
  • Micromobility is likely to play a role as cities face the dual challenges of social distancing and commuter congestion

  • Success indicators will include exposure to delivery, public-private partnerships and the ability to scale down efficiently

  • Investors and tech companies could pick up deals at attractive valuations as incumbent automakers are under pressure
We'll delve more deeply into these topics at 1 p.m. EDT/10 a.m. PDT today in our shared mobility webinar, which will feature PitchBook analysts Paul Condra and Asad Hussain, as well as Zoba co-founder Daniel Brennan.
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TikTok parent posted $3B net profit last year
ByteDance, the Chinese owner of video-sharing service TikTok, posted a $3 billion net profit last year as revenue more than doubled to $17 billion, according to Bloomberg.

TikTok was downloaded more than 315 million times in the first quarter of 2020, the most quarterly downloads of any app ever, according to Sensor Tower data. ByteDance's family of apps, which includes TikTok's Chinese counterpart Douyin and news provider Toutiao, reportedly attracted 1.5 billion monthly active users last year.

As it has exploded in popularity, TikTok has faced widespread skepticism in the US due to national security risks, and many US military personnel are banned from using the app.

But TikTok has been making moves to shore up its reputation in the states. ByteDance recently hired former Disney exec Kevin Mayer as CEO of TikTok. It also launched a "transparency center" in Los Angeles to allow experts to observe the company's content moderation, and has said that US user data is not stored on servers in China.
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Recommended Reads
As an art thief named Octave Durham knows, sometimes stealing a masterpiece is the easy part. Figuring out what to do with it next is when things get tough. [The New York Times]

From an economic perspective, millennials might be the unluckiest generation in American history. [The Washington Post]

Estonia already lives online. Will the coronavirus crisis inspire other countries to follow suit? [The Atlantic]
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  AbCellera lands $105M as it chases coronavirus treatment  
  Voice platform developer collects $65M Series C  
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  Gatsby picks up $28M  
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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
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