PitchBook News - Lab-grown meat: Still a distant meal

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The Daily Pitch: VC

September 23, 2020

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Today's Top Stories

Lab-grown meat: The promising alternative that may be years away from appearing on dinner plates

(Julia Midkiff/PitchBook)

The recent pandemic-induced panic around meat production could have posed a unique opportunity for many cell-based meat startups to make their way into the industry limelight as viable protein alternatives.

But many of those startups are still a long way from delivering lab-grown chorizo or cultured salmon to consumers' dinner plates.

What's holding them back?

Recommended Reads

The Trump administration has moved aggressively to block Chinese students and researchers from US university campuses because of espionage concerns, but the crackdown's effectiveness is in question. [The Economist]

Startups used to be fond of making their pitch as "the Uber of (fill in the blank)." Now even companies competing in ridehailing make a point of showing how philosophically different they are from Uber. [San Francisco Chronicle]

Struggling to preserve its ancient monuments, the cash-strapped city of Rome is turning to an unlikely partner program for help: sponsorships from corporate brands. [CityLab]

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Quick Takes


	The Daily Benchmark
	2011 Vintage US PE Funds
	Webinar Promo
	PitchBook Webinar: The ins and outs of fund terms and fees
	People
	Libra co-founder joins NFX as GP
	VC Deals
	Paris-based Mirakl hits $1.5B valuation
	WM Motor secures $1.4B+ in Series D
	Bright Health shines with $500M Series E
	AI company Beyond Limits lands $133M
	Papa raises $18M to fight social isolation
	Exits & IPOs
	Freshly looks toward 2021 IPO
	Mission Produce sets IPO terms
	Fundraising
	Sequoia China eyes close of yuan-denominated fund

The Daily Benchmark

2011 Vintage US PE Funds

Median IRR

15.00%

Top Quartile IRR Hurdle Rate

22.50%

1.65x

Median TVPI

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Shamrock Capital Growth Fund III

Monomoy Capital Partners II

Carousel Capital Partners IV

*IRR: net of fees

57 Funds in Benchmark »

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People

Libra co-founder joins NFX as GP

Early-stage VC firm NFX has brought on Morgan Beller as a general partner. Beller is a co-founder of Facebook's digital currency, Libra, and has also had stints at Medium, where she led corporate development, and at Andreessen Horowitz, where she was previously a partner. Beller plans to keep an eye on blockchain technology in her new role, but is open to investing in other types of tech as well, according to CNBC.

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VC Deals

Paris-based Mirakl hits $1.5B valuation

Mirakl has raised $300 million in a round led by Permira, with support from 83North, Bain Capital Ventures, Elaia Partners and Felix Capital. The funding values the Paris-based company at $1.5 billion. Working with more than 300 customers throughout 40 countries, Mirakl is the developer of a SaaS platform that helps B2B and B2C companies launch and grow their marketplaces. The startup raised a $70 million round in February 2019.

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WM Motor secures $1.4B+ in Series D

Electric vehicle maker WM Motor has reportedly raised 10 billion yuan (about $1.47 billion) from a Shanghai state-owned group of investors including SAIC Motor. Baidu and Susquehanna International Group also participated in the round, according to the South China Morning Post. The company is preparing to go public on Shanghai's STAR market, according to a Bloomberg report from July. WM Motor is believed to have technology partnerships with Baidu, Qualcomm and others.

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Bright Health shines with $500M Series E

Insurtech specialist Bright Health has raised $500 million in Series E funding from Tiger Global, T. Rowe Price and Blackstone, among others. The Minneapolis-based company was co-founded in 2016 by former UnitedHealthcare CEO Bob Sheehy and has taken in more than $1.5 billion in funding to date.

Additional Investors:

NEA, Bessemer Venture Partners, Greenspring Associates

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AI company Beyond Limits lands $133M

Artificial intelligence startup Beyond Limits has raised a $133 million Series C led by AI company Group 42 and BP Ventures. It plans to use the capital to expand its operations around the globe, which includes setting up a regional headquarters in Singapore. Beyond Limits uses technology initially developed at Caltech to come up with AI solutions for companies in sectors such as energy, utilities and healthcare.

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Papa raises $18M to fight social isolation

Papa, the developer of an on-demand platform that provides assistance and companionship for older adults and families, has raised $18 million in Series B funding led by Comcast Ventures. Launched in 2018, the Miami-based company operates in 17 states and plans to use the financing in part to continue expanding across the US. Papa has now raised more than $30 million in total funding.

Additional Investors:

Canaan Partners, Initialized Capital, Magnify Ventures, Pivotal Ventures, Scott Belsky, Sound Ventures, Operator Partners

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Exits & IPOs

Freshly looks toward 2021 IPO

Freshly, the provider of a subscription service that delivers prepared meals to consumers, is working with advisers on a public debut that could occur as soon as 2021, according to Bloomberg. The Arizona-based company is reportedly seeking a valuation of more than $1 billion in the offering. Freshly has received funding from Nestlé, Insight Partners and others, reaching a valuation of $400 million in 2018, according to PitchBook data.

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Mission Produce sets IPO terms

Fresh avocado supplier Mission Produce has set the terms for its initial public offering. The Oxnard, Calif.-based company plans to sell 6.3 million shares at $15 to $17 apiece, with stockholders selling an additional 3.1 million of their shares. Based on the company's outstanding shares, Mission Produce could have an initial market value of up to $1.18 billion.

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Fundraising

Sequoia China eyes close of yuan-denominated fund

Sequoia China is raising 15 billion yuan (about $2.2 billion) for its sixth fund, with plans to bring in as much as 18 billion yuan before the vehicle's closing in the coming weeks, according to Reuters. The yuan-denominated fund is reportedly expected to target sectors including industrial technology, healthcare and media. Earlier this month, The Wall Street Journal reported that Sequoia China had established a hedge fund arm with at least $300 million in initial capital.

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