Data privacy startups are in the spotlight

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PitchBook

The Daily Pitch: VC

July 2, 2020

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Editor's Note

Our team will be taking a break over the holiday weekend, so no newsletter tomorrow.

In the meantime, you can catch up on our featured content on News & Analysis.

Today's Top Stories

Data privacy startups see demand spike as California enforces law

(Unsplash)

The California Consumer Privacy Act has been in effect since the beginning of the year. But as of July 1, the state's attorney general, Xavier Becerra, can take direct action against companies that violate the regulations.

From April to June, data privacy startup Ethyca recorded a 150% month-over-month increase in demand, a sign that many businesses were scrambling to prepare for when the CCPA would be enforced.

As a growing number of states like Nevada and Maine adopt some form of data privacy laws, startups seeking to raise capital are likely to face additional due diligence from investors.

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Dun & Bradstreet stock jumps after a $1.7B IPO

Foot traffic remains sparse, but IPO activity on Wall Street is heating back up. (Spencer Platt/Getty Images)

Stock in Dun & Bradstreet surged more than 15% on its first day of trading on the NYSE, capping a quick and lucrative turnaround for the company's consortium of private backers.

The New Jersey-based business intelligence specialist raised around $1.7 billion in its IPO by offering 78.3 million shares for $22 apiece, up from its initial expected range of $19 to $21 per share. Dun & Bradstreet stock closed Wednesday at $25.35, resulting in a market cap of about $10 billion.

The listing came less than a year and a half after an investor group including Thomas H. Lee Partners, Cannae and CC Capital took Dun & Bradstreet private for $6.9 billion. THL owned a 33.2% pre-IPO stake in the company, according to an SEC filing, while Cannae maintained a 21.5% interest.

The listing is the latest sign of a resurgence in the IPO market after activity came to a standstill in the immediate wake of the coronavirus crisis, as companies and investors alike have begun to adapt to the realities of going virtual. Earlier this week, Jamf, a cloud software company backed by Vista Equity Partners, filed with the SEC for an IPO of its own.

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Recommended Reads

Some thoughts on the Black Lives Matter movement from Raymond McGuire, a vice chairman at Citigroup who may be the longest-serving Black investment banker on Wall Street—and who might also be a candidate for New York City's next mayor. [Vanity Fair]

Nile Niami wants to be the mega-mansion king of Los Angeles. But the plentiful financing that fueled his rise isn't so plentiful anymore. [The Wall Street Journal]

In 2000, Canadian telecom company Nortel was a $250 billion behemoth. Less than a decade later, it was bankrupt. What happened? Two things: a hack, and the rise of Huawei. [Bloomberg]

Since yesterday, the PitchBook Platform added:

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VC valuations

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People

374

Companies

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Funds

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Quick Takes


	The Daily Benchmark
	2009 Vintage Global Buyout Funds
	People
	Cherry Ventures adds Sophia Bendz as partner
	VC Deals
	Defense startup Anduril hits $1.9B valuation
	B Capital leads $45M Series D for Evidation Health
	Amylyx Pharmaceuticals secures $30M
	Fauna rounds up $27M, adds new CEO
	The Mom Project lands $25M Series B
	Curv grabs $23M Series A
	Exits
	Lemonade brings home $319M in IPO
	Fundraising
	Lee Fixel collects $1.3B for new VC firm

The Daily Benchmark

2009 Vintage Global Buyout Funds

Median IRR

15.65%

Top Quartile IRR Hurdle Rate

23.37%

1.72x

Median TVPI

Select top performers

Sentinel Capital Partners IV

Vista Foundation Fund 1

K3

*IRR: net of fees

38 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

Cherry Ventures adds Sophia Bendz as partner

Cherry Ventures has hired Sophia Bendz as a partner based in Stockholm, effective Sept. 1, according to a post on Medium. She is currently a partner at Atomico and previously worked at Spotify as global marketing director. Based in Berlin, Cherry Ventures targets pre-seed and seed investments in a variety of sectors.

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VC Deals

Defense startup Anduril hits $1.9B valuation

Andreessen Horowitz has led a $200 million Series C for Anduril, a defense technology startup founded by former Palantir employees. The new funding vaults the company to a $1.9 billion valuation, up from $1.03 billion last September. Anduril makes surveillance software and hardware, including drones, for the military.

Additional Investors:

General Catalyst, Valor Equity Partners, Lux Capital Management, Founders Fund, 8VC, Human Capital, Elad Gil

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B Capital leads $45M Series D for Evidation Health

Evidation Health, the creator of a health data analytics platform, has raised $45 million in a round led by B Capital Group. McKesson Ventures, Section 32, Rethink Impact, Revelation Partners and SV Health Investors also supported the funding, which will help the San Mateo, Calif.-based company develop virtual health programs. Evidation Health was valued at $190 million in 2018, according to PitchBook data.

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Amylyx Pharmaceuticals secures $30M

Morningside Ventures has led a $30 million Series B for Amylyx Pharmaceuticals, which is developing treatments for Alzheimer's disease and other neurogenerative disorders. Based in the Boston area, the company plans to use the funding in part to develop lead product candidates.

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Fauna rounds up $27M, adds new CEO

Fauna, a provider of data application programming interface software, has raised $27 million in a round led by Madrona Venture Group, with Addition, CRV, Quest Ventures and GV also participating. The San Francisco-based startup has also added former Okta executive Eric Berg as CEO and former Snowflake CEO Bob Muglia as executive chair and investor. Fauna was valued at around $100 million with a $25 million round in 2018, according to PitchBook data.

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The Mom Project lands $25M Series B

The Mom Project, which operates a platform to help moms find work, has raised $25 million in a Series B led by 7GC. The new funding values the Chicago-based company at $85 million, according to PitchBook data. The Mom Project counts Serena Williams as a strategic adviser and its technology is used by companies including Gap, Apple and Nike.

Select Additional Investors:

Synchrony Ventures, Citi Ventures, Initialized Capital Management, Silicon Valley Bank, OCA Ventures, Grotech Ventures, Aspect Ventures

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Curv grabs $23M Series A

Curv, a developer of cloud-based digital asset security technology, has raised $23 million in new funding from CommerzVentures, Coinbase Ventures, Digital Currency Group, Team8 and Digital Garage Lab Fund. Curv landed a $6.5 million seed fund at a valuation of $11.9 million in February 2019, according to PitchBook data. Founded in 2018, the startup is based out of New York, with R&D offices in Tel Aviv.

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Exits

Lemonade brings home $319M in IPO

Insurance tech startup Lemonade has raised $319 million in its IPO after selling 11 million shares at $29 each, above the top of its expected range. The IPO gave the startup an initial market capitalization of about $1.59 billion. Lemonade was valued at $2.1 billion after a Series D in 2019, according to PitchBook data. It begins trading today on the NYSE under the ticker symbol LMND.

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Fundraising

Lee Fixel collects $1.3B for new VC firm

Former Tiger Global Management partner Lee Fixel has brought in $1.3 billion for a new VC firm named Addition, according to Forbes. The firm will reportedly invest a third of the capital in early-stage companies, with the remainder going to growth-stage businesses. Addition plans to use the funds, in which Fixel is the largest investor, over the next 18 to 24 months, according to the report.

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Chart of the Day

"On the mix of funds, we predict a disproportionate shift from buyout vehicles to growth equity and turnaround vehicles. Prior to the crisis, buyout funds were becoming prohibitively competitive and expensive. Sponsors were looking to expand their portfolio of offerings into areas such as growth equity and distressed to capture LP interest and drive returns as a downturn loomed."

Source: PitchBook's 2020 UK & Ireland Private Capital Breakdown