PitchBook News - TikTok strikes back at Facebook

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The Daily Pitch: VC

July 30, 2020

Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A

Today's Top Stories

TikTok strikes back at Facebook as big tech faces lawmaker scrutiny

(Graeme Jennings/Getty Images)

After weeks of politically charged criticism, TikTok caught a breather Wednesday when US lawmakers grilled the heads of Alphabet, Amazon, Apple and Facebook.

TikTok's newly minted CEO, former Disney executive Kevin Mayer, seized the moment to lay out his own complaints against Facebook. He also welcomed heightened oversight at a time when Congress and the White House are considering bans on the Chinese-owned social media app:

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A trio of private equity firms are set to be major beneficiaries of Ant's plans for a massive dual listing in Shanghai and Hong Kong. [Bloomberg]

Just like the rest of us, America's greatest wedding band can't wait for life to get a little bit closer to normal. [GQ]

Black Americans are 75% more likely than others to live near facilities that produce hazardous waste. Can a grassroots environmental-justice movement make a difference? [The New York Times]

Since yesterday, the PitchBook Platform added:

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VC valuations

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People

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Funds

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Quick Takes


	The Daily Benchmark
	2015 Vintage US PE Funds
	People
	Alan Patricof launches VC firm to focus on older adults
	VC Deals
	Thrive Earlier Detection snags $257M for biopsy testing
	Heal brings in $100M Series D
	Guideline secures $80M
	Nura Bio launches with $73M
	Home fitness startup Tempo gets $60M
	Ermetic secures $17M+
	Portfolio Companies
	Tulco sells AI insurance business
	Exits & IPOs
	BigCommerce sets terms for public debut

The Daily Benchmark

2015 Vintage US PE Funds

Median IRR

14.33%

Top Quartile IRR Hurdle Rate

21.93%

1.32x

Median TVPI

Select top performers

Centana Growth Partners

Brookfield Capital Partners IV

Gridiron Capital Fund III

*IRR: net of fees

86 Funds in Benchmark »

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People

Alan Patricof launches VC firm to focus on older adults

Veteran venture capitalist Alan Patricof has launched a new venture capital firm aimed at backing technologies for older adults. The founder of Apax Partners and Greycroft teamed with former ThriveGlobal president Abby Miller Levy to start the firm, named Primetime Partners. Primetime's first fund will make seed and early-stage investments of between $250,000 and $1 million. The firm counts NBA star and Thirtyfive Ventures co-founder Kevin Durant as an investor; it also has a host of advisers including Welltower CEO Tom DeRosa and Linda Fried, dean of the Columbia School of Public Health.

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VC Deals

Thrive Earlier Detection snags $257M for biopsy testing

Thrive Earlier Detection has raised $257 million in a Series B led by Casdin Capital and Section 32. Other investors including Bain Capital, Janus Henderson, T. Rowe Price and Lux Capital also supported the round. The funds will help advance the company's development of a liquid biopsy test designed to detect multiple types of cancer in the early stages. Thrive raised $110 million at a $165 million valuation in May 2019, according to PitchBook data.

Additional Investors:

Brown Advisory, Driehaus Capital Management, Intermountain Ventures, Moore Strategic Ventures, Perceptive Advisors, Rock Springs Capital, Sands Capital Ventures

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Heal brings in $100M Series D

Heal, the operator of an on-demand primary healthcare platform, has raised $100 million from health insurance company Humana. Heal, which also offers digital monitoring services, plans to use the funding to expand to markets including Chicago and Houston.

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Guideline secures $80M

Guideline, which offers investment software for retirement planning, has raised $80 million in a round co-led by Generation Investment Management and Greyhound. The Bay Area-based company raised $35 million in 2018 at a $170 million valuation, according to PitchBook data. Existing investors Tiger Global, Felicis Ventures, Propel Venture Partners, Lerer Hippeau, Xfund and BoxGroup also participated in the latest funding.

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Nura Bio launches with $73M

Nura Bio, a developer of therapies for patients with acute and chronic neurological diseases, has officially launched. Created in 2018, the Bay Area company has also raised a $73 million Series A led by The Column Group, with participation from Samsara BioCapital and Euclidean Capital.

Home fitness startup Tempo gets $60M

San Francisco-based Tempo has raised a $60 million Series B co-led by Norwest Venture Partners and General Catalyst. Tempo is the developer of a smart home gym that uses 3D sensors and AI to detect motion and provide real-time fitness analytics and feedback from trainers. Existing investors DCM, Bling Capital, SignalFire, Founders Fund and Y Combinator also participated in the funding.

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Ermetic secures $17M+

Ermetic has raised a $17.25 million Series A led by Accel, with participation from Glilot Capital Partners, Norwest Venture Partners and Target Global. Based out of Palo Alto, Ermetic is a developer of risk security technology that prevents data breaches on cloud platforms such as Azure and Google Cloud. Accel partner Andrei Brasoveanu has joined the company's board.

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Portfolio Companies

Tulco sells AI insurance business

PE-backed insurance broker Acrisure has acquired Tulco LLC's artificial intelligence insurance practice in a deal Bloomberg reported is worth $400 million. The stock-for-stock transaction makes Tulco a significant minority shareholder in Acrisure; as part of the deal, Tulco CEO Thomas Tull will be chairman of the newly formed Acrisure Technology Group. Boston-based Raptor Group invested in Tulco in 2017 alongside Fidelity Investments.

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Exits & IPOs

BigCommerce sets terms for public debut

BigCommerce has established a price range for its upcoming IPO on the Nasdaq, with plans to offer 6.85 million shares at between $18 and $20 apiece. At the midpoint of that range, the Austin-based developer of a cloud ecommerce platform would raise more than $130 million. BigCommerce was valued at $514 million in 2018, according to PitchBook data; it has received prior funding from investors including General Catalyst (17.4% pre-IPO stake), Revolution (12%) and GGV (5.2%).

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Chart of the Day

"While venture fundraising had been strong in the UK & Ireland in the last decade, we believe COVID-19 will dampen efforts considerably. Prior to the crisis, LPs had been eager to commit to the asset class. As a result, fund and deal sizes swelled across the continent, but we'll likely see an end to those gargantuan vehicles and financings as LPs shift priorities."

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