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VCs aim to address diversity, inequality

Startups seek to aid the unemployed; Legend Biotech stock soars after IPO; Fivetran seeks unicorn valuation; Exploring shadow capital's place in VC
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PitchBook
The Daily Pitch: VC
June 8, 2020
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Today's Top Stories
Funds, recruiting and support: VCs address diversity and inequality
Co-founder Alexis Ohanian resigned from Reddit's board and called on the company to appoint a black candidate in his place.
(Hannah Peters/Getty Images)
Amid broad social upheaval, venture capitalists are beginning to confront the industry's stark inequalities.

Prominent investors have publicly promised to fund more black entrepreneurs and hire more black investors. SoftBank and Andreessen Horowitz have rapidly rolled out funds for underrepresented investors.

To advocates, these early actions are encouraging. But lasting change could require a degree of transparency and accountability rarely seen in private markets:
read more
 
More coronavirus news: Continuing coverage from PitchBook
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Struggling to find a role in racism debate
Hundreds gathered at the National Mall on Sunday for the 13th day of protests across the US. (Tasos Katopodis/Getty Images)
A flood of outrage over systemic racism and violence suffered by black people has overtaken the business world. 
  • It will be some time before we know whether this high-stakes moment will amount to just another tense period or a watershed event that ushers in true change.

  • Meanwhile, there are signs everywhere that public anger over injustice and inequity has led to an extraordinary—and anguished—wave of introspection in many quarters. What can we do, many are asking, to take measure of social wrongs and to try to make things right?

  • Inevitably, corporate and financial players who grapple with that must also tackle a daunting question that, in a sign of the changing times, takes on special urgency today: Exactly what responsibility do they have in this struggle?
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A message from Ansarada
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Ansarada's secure, AI-powered M&A toolset draws on critical business information from 35,000-plus transactions to uncover risks and opportunities, and empower financial advisors, investors and companies alike to increase value, eliminate risks, and accelerate deals.

Now you can know what the future holds—while there's still time to change the outcome.

Learn more about AI's impact on the M&A industry and how you can benefit with Ansarada's virtual data room tools.

Download the AI-powered deal guide here
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Moral marketing: Startups offer free services to the unemployed
About 13% of Americans have been left unemployed amid the COVID-19 crisis. (Joe Raedle/Getty Images)
A handful of startups have begun offering free or discounted services to people laid off amid the coronavirus pandemic.

What began with a sense of moral duty has also turned out to be a smart marketing move:
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Shedding light on shadow capital
(Anass Bachar/EyeEm/Getty Images)
Determining the true extent to which nontraditional investors participate in venture capital can be challenging. Yet the magnitude of their impact makes doing so important. The latest research note from our venture analysts explores this lesser-known market segment, assessing nontraditional players' capital availability, the true degree of their participation across different stages of the investment cycle, and potential implications:
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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 than 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
When it comes to corporate activism, Ben & Jerry's has long been ahead of the curve. [The Wall Street Journal]

Three years ago, Ryan Cohen sold Chewy.com for $3.35 billion. He promptly proceeded to plow nearly his entire new fortune into just two stocks. [Bloomberg]

Examining how protests have changed the pandemic. [The New Yorker]
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Quick Takes
  The Daily Benchmark  
  2009 Vintage Global Buyout Funds  
  People  
  WeWork co-founder McKelvey to leave company  
  VC Deals  
  Fivetran seeks unicorn valuation  
  Atom Power raises $17.7M+ for digital circuit breakers  
  Exits  
  Legend Biotech stock soars 61% on first day  
  Fundraising  
  Atlas Venture closes $400M fund  
 
 
The Daily Benchmark
2009 Vintage Global Buyout Funds
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Webinar: How are private debt markets responding to the COVID-19 slowdown?
Join PitchBook analysts on Tuesday, June 9, at 10 a.m. PT as they cover the entire private debt market landscape, including direct lending, venture debt, special situations and distressed debt.

They'll dissect data from early 2020 and provide an outlook for each strategy, given current market dynamics.

The webinar will address:
  • Which investors were first to act on the new wave of distressed opportunities, and why is this time different from the global financial crisis?

  • What happens to all the dry powder waiting to be deployed if there are fewer transactions for direct lenders?

  • How will founders, CEOs and lenders react to current conditions?
Register today to secure your spot.
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People
WeWork co-founder McKelvey to leave company
WeWork co-founder Miguel McKelvey is planning to depart the company, according to CNBC. McKelvey is the last remaining co-founder at the company since SoftBank took control last year. CEO and co-founder Adam Neumann stepped down last September.
View details
 
 
VC Deals
Fivetran seeks unicorn valuation
Data integration company Fivetran is in talks to raise funding from investors including General Catalyst and Andreessen Horowitz at a valuation north of $1 billion, according to Bloomberg. The company raised $44 million at a $254 million valuation in September, according to PitchBook data. Fivetran's customers include DocuSign, Talkdesk and Lime.
View round
View 97 competitors »
Atom Power raises $17.7M+ for digital circuit breakers
North Carolina-based startup Atom Power has landed $17.75 million in a Series B backed by Valor Equity Partners, Rockwell Automation, ABB Technology Ventures and Atreides Management. The company sells a digital circuit breaker and plans to use its technology to improve electric vehicle charging.
View round
 
View similar company »
 
Exits
Legend Biotech stock soars 61% on first day
Stock in Legend Biotech closed Friday trading at $37 per share, up nearly 61% during its first day on the Nasdaq under the LEGN symbol. The New Jersey-based company, which is developing cell therapies for oncology-related indications, offered 18.4 million American depository shares for $23 each in its IPO, raising $424 million. Stock in Legend, which is spinning out from GenScript, reached an intraday peak of $39.94.
View details
 
View similar company »
 
Fundraising
Atlas Venture closes $400M fund
Boston-based biotech investor Atlas Venture has closed its 12th flagship fund on $400 million. The early-stage firm closed its prior flagship fund on $350 million in 2017 and its first opportunities fund on $250 million in 2019. Atlas has also promoted Michael Gladstone, who first joined the firm in 2012, to partner.
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View 374 investments »
 
Chart of the Day
"For the second consecutive year—but also only the second time in the last decade—the bulk of Q1 exit value came from SBOs. In every other year in the decade, corporate acquisitions accounted for the lion's share of Q1 exit value. With global travel restrictions and work-from-home policies in place, we expect exit activity via strategics and sponsors to fall quickly within the next two quarters."

Source: PitchBook's Q1 2020 European PE Breakdown
Who's in the newsletter today?
People
Michael Gladstone
Miguel McKelvey
Investors
ABB Technology Ventures
Adam Neumann
Andreessen Horowitz
Atlas Venture
Atreides Management
General Catalyst
SoftBank
Valor Equity Partners
Companies
Atom Power
DocuSign
Fivetran
GenScript
Legend Biotech
Lime
Rockwell Automation
Talkdesk
WeWork
 
 
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Amid heartbreak and horror, IPOs heat up

Sunday, June 7, 2020

A stock market surging despite a nation in turmoil joins investor reckonings with race, a furor at Facebook and more in our recap of the week Read online | Don't want to receive these emails?

Black founders, investors call for change

Friday, June 5, 2020

Unity Technologies mulls 2020 IPO; Alzheimer's drug developer raises $85M; Nikola taps SPAC to go public; Cullinan Oncology raises nearly $100M in VC Read online | Don't want to receive these

SoftBank, a16z plan diversity-focused funds

Thursday, June 4, 2020

Varo raises $241M for digital banking; Quibi asks execs to take pay cuts; Pliant Therapeutics stock soars after IPO; Meritech banks $800M for VC deals Read online | Don't want to receive these

GPs, LPs pursue pandemic balancing act

Wednesday, June 3, 2020

OurCrowd raises $100M for pandemic deals; Nextdoor co-founder joins Unusual Ventures; Vacasa nets $108M from Silver Lake; Robotics startup grabs $40M Read online | Don't want to receive these

Inside VC's post-pandemic playbook

Tuesday, June 2, 2020

Jeff Bezos backs logistics startup; IPO market shows signs of bouncing back; VCs ink $1.8B gaming exit with Zynga; Vroom sets terms for coming IPO Read online | Don't want to receive these emails?

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