PitchBook News - GPs, LPs pursue pandemic balancing act

OurCrowd raises $100M for pandemic deals; Nextdoor co-founder joins Unusual Ventures; Vacasa nets $108M from Silver Lake; Robotics startup grabs $40M
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PitchBook
The Daily Pitch: VC
June 3, 2020
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Today's Top Stories
The nation in turmoil
Protests, violence and soul-searching have gripped the US from coast to coast, and the business world is wrestling with this fraught moment.

PitchBook News wants to hear our readers' views about it. What is your reaction to the turbulence? Share your thoughts by emailing us at press@pitchbook.com.
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Creative capital: How cash-strapped funds can bridge the liquidity gap
(z_wei/iStock/Getty Images Plus)
As the pandemic plunges the global economy into crisis, general partners need capital not only to support their ailing portfolio investments but also to pursue new opportunities. At the same time, their investors are becoming increasingly capital constrained.

To balance the needs of their limited partners along with their portfolio companies, fund managers are turning to a range of financing tools like subscription credit lines to bridge the fund financing gap:
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More coronavirus news: Continuing coverage from PitchBook
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A message from SS&C Intralinks
Restructure faster. Reorganize smarter. Reemerge better.
Intralinks
While few saw COVID-19 coming, even fewer can predict the full extent of the pandemic's impact on global industry. For many companies, restructuring is the smartest move—but time is of the essence, and there is zero room for a wrong turn.

SS&C Intralinks' new whitepaper, The Golden Rules of Corporate Restructuring During COVID-19, can help. Inside you'll find a concise snapshot of the current landscape, plus six actions you can take right now to navigate through to a successful restructuring.

So far, no one has a guide for dealing with COVID-19. But here is one for dealing with its effects.

Get it now
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OurCrowd collects $100M for pandemic-related deals
Digital health is a key area of investment for the Pandemic Innovation Fund. (Thana Prasongsin/Getty Images)
Equity crowdfunding platform OurCrowd has launched its Pandemic Innovation Fund, planning to raise $100 million to invest in tech startups aiming to tackle the medical, social, educational and business problems that arise from pandemics and other large-scale health emergencies. The fund will focus on sectors including vaccines, diagnostics, digital health and distance learning.

The vehicle will be used to back new startups, as well as companies in OurCrowd's portfolio. The Israel-based investor already backs more than 20 businesses actively tackling the coronavirus crisis, including vaccine developer MigVax, telehealth startup TytoCare and Sight Diagnostics, the creator of a blood count analyzer for diagnostic testing.
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Recommended Reads
After being left out of most formal pandemic relief programs, healthcare companies owned by KKR, Apollo Global Management and Cerberus Global Management have found backdoor access to federal funding. [Bloomberg]

Which tech giant will dominate your work computer? Microsoft is taking no prisoners in its battle for market share with names such as Slack and Zoom. [The Wall Street Journal]

In the US, the market for coronavirus masks has devolved into a chaotic scene ruled by oddballs and a shadowy network of investors. [ProPublica]
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Quick Takes
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  Nextdoor co-founder joins Unusual Ventures  
  VC Deals  
  Silver Lake leads $108M round for Vacasa  
  Locus Robotics grabs $40M  
  Manufacturing automation startup lands $28M  
  SoftBank leads $23M round for Brazil's Cortex  
  Home cooking startup Tovala serves up $20M Series B  
 
 
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Nextdoor co-founder joins Unusual Ventures
Sarah Leary, co-founder of neighborhood social media startup Nextdoor, has joined Unusual Ventures as a venture partner. Leary will focus on consumer startup investments at the Bay Area-based firm, which raised $400 million for its second fund last year.
View details
 
View 66 investments »
 
VC Deals
Silver Lake leads $108M round for Vacasa
Vacasa, which operates a vacation rental platform, has raised a $108 million Series D led by Silver Lake. Existing investors including Riverwood Capital and Level Equity also participated in the funding. The Oregon-based company raised a $319 million round in October at a $1 billion valuation, according to a PitchBook estimate.
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View 7 competitors »
 
Locus Robotics grabs $40M
Locus Robotics, a developer of autonomous robots for fulfillment warehouses and ecommerce operations, has raised a $40 million Series D led by Zebra Ventures. Founded in 2014, the company was valued at $184 million in April 2019, according to PitchBook data.
Additional Investor:
Scale Venture Partners
View round
 
View 20 competitors »
 
Manufacturing automation startup lands $28M
Vention has raised C$38 million (around $28 million) in a Series B led by Georgian Partners, with participation from existing backers Bain Capital Ventures and White Star Capital. The Montreal-based company is a developer of manufacturing automation tech for industrial equipment. Vention raised a C$17 million round in January 2019.
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View 29 competitors »
 
SoftBank leads $23M round for Brazil's Cortex
Cortex, a Brazilian big data startup, has raised 120 million reais (about $23 million) in a round led by SoftBank's Latin America Fund. Redpoint Eventures and Endeavor Catalyst also contributed to the funding. Cortex's platform provides data intelligence for users' communications, marketing and sales teams. The startup's clients include Unilever, Fiat Chrysler and L'Oréal.
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View similar company »
 
Home cooking startup Tovala serves up $20M Series B
Foodtech startup Tovala has raised $20 million in a round led by Finistere Ventures, with participation from Comcast Ventures, OurCrowd and others. The Chicago-based business makes smart ovens that are designed to cook the company's prepared meals.
Additional Investors:
Gordon Segal, New Stack Ventures, Origin Ventures, Pritzker Group Venture Capital, Rich Products Ventures, University of Chicago
View round
 
View 4 competitors »
 
Chart of the Day
Source: PitchBook's Q1 2020 European VC Valuations Report
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