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The Daily Pitch: VC

June 11, 2020

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Today's Top Stories

PitchBook to launch podcast on June 16

For more than a decade, PitchBook's news team has covered all things venture capital, private equity and M&A through daily newsletters and articles on the News & Analysis website. Now, our team is expanding its offerings with "In Visible Capital," a podcast launching on June 16 that will cover major events and trends in the private markets.

Co-hosted by PitchBook financial writer Adam Lewis and vice president Adley Bowden, "In Visible Capital" will feature conversations with PitchBook analysts and journalists along with professionals across the industries we cover. Season 1 examines how the pandemic is affecting the private markets and where some of the biggest areas of disruption are surfacing.

Check out a trailer of the first five episodes

Listen and subscribe on Apple Podcasts, Spotify or Stitcher.

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YC's Michael Seibel replaces Alexis Ohanian on Reddit's board

Y Combinator CEO and partner Michael Seibel is an advocate for diversity in tech. (Kimberly White/Getty Images)

Y Combinator CEO and partner Michael Seibel has joined the board of directors at Reddit, just days after co-founder Alexis Ohanian resigned and called on the VC-backed company to appoint a black director in his place. Ohanian applauded the decision on Twitter.

Seibel leads the Y Combinator startup accelerator program and is a co-founder and former CEO of Justin.TV, a startup that later morphed into live-streaming platform Twitch. He also co-founded and led video sharing platform Socialcam, which Autodesk acquired for around $60 million in 2012. Y Combinator has backed Reddit, Justin.TV and Socialcam, according to PitchBook data.

An advocate for diversity in tech, Seibel wrote in a statement that he hopes to help Reddit "tackle the challenges of bringing community and belonging to a broader audience."

More coronavirus news: Continuing coverage from PitchBook

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Just Eat Takeaway to buy Grubhub for $7.3B

A multibillion-dollar deal sees Grubhub linking up with Just Eat Takeaway. (Courtesy of Grubhub)

Europe's Just Eat Takeaway.com has agreed to buy Grubhub in an all-stock transaction worth about $7.3 billion, a move the companies say will create the world's largest online food-delivery company outside of China in terms of revenue. The deal values Grubhub's shares at $75.15 apiece, a 27% premium to their Wednesday close. The combined entity will be headquartered in both Amsterdam and Chicago.

The massive tie-up comes as social distancing restrictions across the world begin to ease, a shift that will test whether an increase in the use of food-delivery apps during the pandemic will persist. It also comes less than two months after Just Eat and Takeaway.com won UK regulatory approval for a merger of the two companies reportedly worth £6.2 billion (about $7.9 billion at today's conversion rate).

Reports had surfaced last month that Uber was in pursuit of Grubhub, leading to antitrust concerns because of the two companies' relative dominance of the US market. Now, regulators will instead have a different deal to assess.

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Coming soon: The newest issue of our magazine

The latest edition of the quarterly PitchBook Private Market PlayBook will be released in early July, featuring articles on the pandemic's impacts on investment trends, a profile of an NBA star and his approach to VC, an essay on the responsibility of investors in the fight for social justice, and more.

If you'd like to start receiving the magazine or want your copy mailed to a different address, register here:

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Global private fund performance was already slipping in 2019

Any signs of a global calamity were still far in the future when last September came to an end. But already, private capital funds were beginning to lose their luster, according to PitchBook's latest Global Fund Performance Report.

The report examines the state of private fund performance as of the end of Q3 2019, deploying detailed data on IRR, cash flows and more from a diverse range of private-market strategies. A few key takeaways:

PE funds recorded a rolling one-year horizon IRR of 9.6%, compared to 14.5% on a 10-year horizon
The one-year horizon IRR for VC funds remained in the double digits, at 10.6%, but declined for the fifth straight quarter
Funds-of-funds were the top performing strategy for the preceding year, continuing a remarkable run of returns

read it now

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Recommended Reads

A survey of asset managers and allocators shows that investor optimism about the economy's recovery is surging. [Institutional Investor]

More and more tech workers are getting fed up with Facebook. But for many, taking a stand in Silicon Valley is easier said than done. [The Atlantic]

Mixed-use developments like New York's Hudson Yards have been a recent favorite of real estate developers. Will the pandemic change their tune? [The New York Times]

Since yesterday, the PitchBook Platform added:

4

VC valuations

1465

People

456

Companies

20

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2015 Vintage Global Buyout Funds
	VC Deals
	Fraud prevention startup locks down $123M
	Coronavirus test developer banks $100M
	Domino Data Lab picks up $43M
	Barbershop tech startup sweeps up $34M
	Virtual entertainment startup Wave brings in $30M
	Andreessen leads $20M Series A for Alpha Health

The Daily Benchmark

2015 Vintage Global Buyout Funds

Median IRR

14.62%

Top Quartile IRR Hurdle Rate

20.13%

1.33x

Median TVPI

Select top performers

Gridiron Capital Fund III

Main Capital IV

Century Park Growth Fund & SPV Investments

*IRR: net of fees

95 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Fraud prevention startup locks down $123M

Lightspeed and Axa Venture Partners have co-led a $123 million Series A for NS8, the developer of a platform that uses behavioral analytics, real-time user scoring and monitoring to help online businesses prevent fraud. Founded in 2016 and based in Las Vegas, NS8 scored a $26 million round in March 2019.

View round

View 48 competitors »

Coronavirus test developer banks $100M

Cue Health has raised a $100 million Series C from Decheng Capital, Foresite Capital, Madrone Capital Partners, Johnson & Johnson Innovation and Acme Capital. The San Diego-based healthtech startup makes molecular diagnostic tests, including one for COVID-19 that's currently under review by the Food and Drug Administration. Cue Health was valued at $95 million after a $45 million funding in 2018, according to PitchBook data.

View round

View 6 competitors »

Domino Data Lab picks up $43M

Domino Data Lab has raised $43 million in a round led by Highland Capital, with participation from Dell Technologies Capital, Sequoia and Coatue Management. Founded in 2013, the San Francisco-based company is the developer of a data science management platform. Domino was valued at $260 million in 2018, according to PitchBook data.

View round

View 35 competitors »

Barbershop tech startup sweeps up $34M

Squire Technologies, a provider of management and point-of-sale system software for barbershops and men's salons, has raised a $34 million Series B led by CRV, with Tiger Global, The San Francisco 49ers and others also participating. The round consists of $27 million in equity funding and $7 million in debt financing. Based in New York, Squire also operates in Canada and the UK.

Additional Investors:

645 Ventures, Comcast Ventures, Trinity Ventures, Y Combinator

View round

View 2 competitors »

Virtual entertainment startup Wave brings in $30M

Los Angeles-based Wave has raised a $30 million Series B led by Maveron. Existing investors including RRE Ventures and Upfront Ventures also participated in the funding. The company is the developer of a virtual reality-based broadcasting platform intended to manage concerts and help users interact with music labels and independent artists.

Select Additional Investors:

Avex Ventures, Raised In Space Enterprises, Convivialité Ventures, The Venture Reality Fund, GFR Fund

View round

View 5 competitors »

Andreessen leads $20M Series A for Alpha Health

Alpha Health has raised $20 million in a round led by Andreessen Horowitz, with participation from Costanoa Ventures and former KKR head Jim Momtazee. The Bay Area-based startup makes revenue cycle management software for hospitals. The round valued the startup at $90 million, according to PitchBook data.

View round

View similar company »

Chart of the Day

"With VC, we see that SWFs tend to prefer software, mirroring the investment preferences of the wider VC market. SWFs' PE investments, however, exhibit wider variations from industry norms. In years past, SWFs had outsized involvement in energy PE deals, perhaps investing in the space since many of the energy-funded SWFs could access better information than most investors."

Source: PitchBook analyst note on sovereign wealth funds

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The IPO roadshow goes virtual

Wednesday, June 10, 2020

Vroom stock zooms up 118% after IPO; Snowflake files for public debut; SoftBank plans more job cuts at Vision Fund; DNAnexus raises $100M in VC Read online | Don't want to receive these emails?

Information security amid a pandemic

Tuesday, June 9, 2020

Airbnb keeps IPO hopes alive; Saudi Aramco leads $25M startup deal; Royalty Pharma could raise $2B in IPO; HistoSonics secures $40M from VCs Read online | Don't want to receive these emails? Manage

VCs aim to address diversity, inequality

Monday, June 8, 2020

Startups seek to aid the unemployed; Legend Biotech stock soars after IPO; Fivetran seeks unicorn valuation; Exploring shadow capital's place in VC Read online | Don't want to receive these

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

I launched the ULTIMATE seo chrome extension (free)

Sunday, March 9, 2025

You are so very welcome ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Trump’s Bitcoin Reserve, Tokyo Beast’s $1M Championship & King of Destiny’s 2M $GOD Showdown – Your Ultimate Crypto & Gaming Update!

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PlayToEarn Newsletter #263 - Your weekly web3 gaming news ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

PitchBook News - Reddit replaces Alexis Ohanian on board

Older messages

The IPO roadshow goes virtual

Information security amid a pandemic

VCs aim to address diversity, inequality

Amid heartbreak and horror, IPOs heat up

Black founders, investors call for change

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