Black founders, investors call for change

Unity Technologies mulls 2020 IPO; Alzheimer's drug developer raises $85M; Nikola taps SPAC to go public; Cullinan Oncology raises nearly $100M in VC
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PitchBook
The Daily Pitch: VC
June 5, 2020
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Today's Top Stories
Black founders say protest responses could affect future connections
Isa Watson, founder of Squad, said she'll consider investors' reactions to the current crisis. (Photo by Kwaku Alston)
The recent deaths of George Floyd and other black Americans at the hands of police have sparked an outpouring of support from businesses, founders and investors across the venture capital world, including promises of action to address systemic inequity.

Black entrepreneurs are paying close attention to the industry's responses and watching for genuine signs of commitment. While they're optimistic about the future, they see a long road ahead:
read more
 
More coronavirus news: Continuing coverage from PitchBook
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ZoomInfo stock soars after PE-backed debut
Stock in ZoomInfo opened its first day of trading on the Nasdaq at $40 per share, up 90% from its IPO price of $21. The company's shares slid back in the ensuing hours to close Thursday trading at $34 apiece. ZoomInfo, which provides business intelligence software, finished the day with a market cap of $13 billion.

Based in Vancouver, Wash., ZoomInfo received backing from The Carlyle Group and TA Associates last year when they acquired the company as an add-on to DiscoverOrg, another business intelligence specialist. In the days leading up to its IPO, ZoomInfo had raised its expected price range from $16 to $18 per share up to $19 to $20 apiece. The listing raised close to $935 million.
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A message from SS&C Intralinks
The opportunity in private credit
The 2010s were historic for private credit. In the COVID-19 era, credit markets are more complex and dynamic than ever. SS&C Intralinks' newest market brief explores the shifting balance between traditional lending and private credit as the economic fallout from the pandemic continues. With key datasets such as private debt fundraising by type and size, this brief also considers surges in distressed debt fundraising, opportunities in real estate and the maturation of direct lending.

Read it now
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Weekly VC Recap
In case you missed it:

• The pandemic has tested the resolve and optimism of venture capitalists. And for many, it's meant a new strategic approach as the US cautiously emerges from lockdown.

• The crisis has also disrupted the lives of student entrepreneurs, causing many to pivot their business plans.

• Funding for femtech startups has increased over the last several years, but one specific area of the sector has largely continued to face societal stigma. Could investors finally be ready to invest in menopause tech?
The femtech boom of the past few years hasn't yet extended to startups focused on menopause. But that might be starting to change. (Carol Yepes/Getty Images)
• After coming to a virtual stop in recent months, the US IPO market is revving back up again. But will the surge in public debuts last?

• The micromobility industry has suffered from reduced ridership amid lockdowns. But some investors are betting on a post-crisis rebound.
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Ask PitchBook
Wondering how the economy reopening will affect your segment of the private markets? Looking for insight into which industries are likely to bounce back faster that others? Curious about what's driving a new trend you've noticed?

Email us at ask@pitchbook.com, and the news team will choose a question and track down the answer.
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Recommended Reads
An in-depth look at what business leaders can do to build an actively anti-racist company. [Quartz]

In Florida, a billionaire is abandoning his previous anonymity in a bid to convince his peers that sustainable mega-mansions are the wave of the future. [Bloomberg]

How a small Spanish town became one of Europe's worst COVID-19 hotspots. [The Guardian]
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Quick Takes
  The Daily Benchmark  
  2014 Vintage Global Buyout Funds  
  VC Deals  
  Cullinan Oncology secures $98.5M  
  Alzheimer's drug developer scores $85M  
  Hyperscience raises $60M for automation platform  
  Insight Partners leads $20M round for Inky  
  Medical imaging startup pulls in $20M  
  Exits  
  Nikola goes public through a SPAC  
  Unity Technologies mulls 2020 IPO  
  VMware to buy cybersecurity startup Lastline  
  Fundraising  
  Mercato Partners wraps up $90M restaurant fund  
 
 
The Daily Benchmark
2014 Vintage Global Buyout Funds
Median IRR
17.00%
Top Quartile IRR Hurdle Rate
24.00%
1.45x
Median TVPI
Select top performers
Consonance Private Equity
BVIP Fund VIII
Ufenau IV German Asset Light
*IRR: net of fees
78 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals
Cullinan Oncology secures $98.5M
Cullinan Oncology has raised a $98.5 million Series B from investors including MPM Capital and F2 Ventures. Based in the Boston area, the company is developing therapeutics to treat cancer and other diseases. It raised a $150 million Series A in 2017.
View round
 
View similar company »
 
Alzheimer's drug developer scores $85M
Athira Pharma, a developer of regenerative therapies designed to restore brain function, has raised $85 million in Series B financing led by Perceptive Advisors. RTW Investments, Viking Global Investors, Franklin Templeton, Logos Capital, Rock Springs Capital and others also participated in the round. The Seattle-based startup will use the funds in part to continue clinical trials for its lead drug candidate, which is intended to treat Alzheimer's disease.
Additional Investors:
Avidity Capital, Citadel, Highside Capital Management, Janus Henderson Investors, LifeSci Venture Partners, Sahsen Ventures, Sofinnova Investments, Venrock
View round
 
View 20 competitors »
 
Hyperscience raises $60M for automation platform
Process automation startup Hyperscience has raised a $60 million Series C led by Bessemer Venture Partners, with a significant investment from Tiger Global. The company offers a platform that extracts data from documents.
Additional Investors:
Stripes, FirstMark Capital, Battery Ventures, Felicis Ventures, Third Kind Venture Capital, Gaingels Syndicate
View round
 
View 31 competitors »
 
Insight Partners leads $20M round for Inky
Inky, the developer of a cybersecurity platform that helps combat phishing attacks, has raised a $20 million Series B led by Insight Partners. The Maryland-based company was valued at $31.6 million in November, according to PitchBook data.
View round
 
View 40 competitors »
 
Medical imaging startup pulls in $20M
Nanox, a provider of medical imaging technology intended to detect cancer and other diseases at an early stage, has secured a $20 million investment from SK Telecom. The Israeli company has also partnered with SK Telecom to deploy 2,500 imaging systems in South Korea and Vietnam. Nanox reportedly raised $26 million from investors including SK Telecom, Foxconn and Fujifilm in January.
View round
 
View similar company »
 
Exits
Nikola goes public through a SPAC
Electric vehicle startup Nikola has started trading on the Nasdaq after a reverse merger with VectoIQ Acquisition, a blank-check company led by former General Motors executive Stephen Girsky. Nikola raised $700 million through the transaction, which included a PIPE investment from Fidelity Management & Research Company, ValueAct and P. Schoenfeld Asset Management. The Phoenix-based business was valued at $3.25 billion in 2019, according to PitchBook data.
View details
 
View 35 competitors »
 
Unity Technologies mulls 2020 IPO
Unity Technologies, the San Francisco-based developer of a platform for designing and operating real-time 3D content, has enlisted Goldman Sachs to lead an IPO that could occur as soon as this fall, according to Bloomberg. Unity, which counts Sequoia and Silver Lake among its investors, was valued at $6.3 billion in May 2019, according to a PitchBook estimate.
View details
 
View 19 competitors »
 
VMware to buy cybersecurity startup Lastline
Software company VMware has agreed to acquire Lastline, a provider of AI-based cybersecurity services. VMware will lay off around 40% of Lastline's employees as part of the deal, according to TechCrunch. San Mateo, Calif.-based Lastline raised prior VC funding from Thomvest Ventures, Redpoint Ventures and Dell Technologies Capital. It was valued at $114 million in 2017, according to PitchBook data.
View details
 
View 35 competitors »
 
Fundraising
Mercato Partners wraps up $90M restaurant fund
Mercato Partners has closed Savory Fund I, a new vehicle that will invest in restaurant concepts, on $90 million. Andrew Smith, founder of the eponymous restaurant group, will serve as managing director of the fund. Based in the Salt Lake City area, Mercato targets businesses in the technology, branded consumer and food and beverage sectors. It has previously backed companies including business management services provider Domo and online lender Lendio.
View details
 
View 29 investments »
 
Chart of the Day
"Another major shift angel & seed investing has seen since the global financial crisis is an enormous growth in deal sizes, which occurred for several reasons. First, as we have often mentioned, companies are beginning to look for this form of capital later in their lifecycle. ... Another factor for the boost in deal sizes has been the increase in larger institutions vying for seed deals."

Source: Q1 2020 PitchBook-NVCA Venture Monitor
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