IPO awaits for Chinese ridehailing startup

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The Daily Pitch: VC

October 12, 2020

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

Today's Top Stories

Retail bankruptcies are piling up—but private equity firms are still mining for deals

A group of private equity firms have made bets that JC Penney can rebound after the retailer filed for bankruptcy earlier this year.
(Drew Angerer/Getty Images)

Private equity and the retail industry have endured a turbulent relationship over the years. And the COVID-19 crisis has made matters more complicated.

A slowdown in consumer spending coupled with social distancing guidelines and lockdown orders have contributed to a batch of PE-backed bankruptcies in 2020, with more likely on the horizon.

But that doesn't mean some of private equity's big players aren't still striking deals in the space:

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Quick Takes


	The Daily Benchmark
	2016 Vintage Global Venture Funds
	VC Deals
	EverlyWell in talks to raise funds at $1B+ valuation
	France's Total backs Hyzon Motors
	Portfolio Companies
	Pakistan becomes latest to block TikTok
	Exits & IPOs
	Social Capital Hedosophia SPACs raise $2.1 billion
	Dida Chuxing files for IPO
	Kronos Bio stock jumps 50% in public debut
	Fundraising
	Former Airbnb, Blackstone CFO nears $750M

The Daily Benchmark

2016 Vintage Global Venture Funds

Median IRR

20.77%

Top Quartile IRR Hurdle Rate

30.78%

1.43x

Median TVPI

Select top performers

Advantech Capital

Joy Capital I

Mayfield Select

*IRR: net of fees

66 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

EverlyWell in talks to raise funds at $1B+ valuation

EverlyWell is planning to raise new funding that could value the healthtech startup at more than $1 billion, according to Bloomberg. Founded in 2015, the Austin-based company develops at-home diagnostic kits to test for conditions including food sensitivities and COVID-19. In April 2019, EverlyWell raised $50 million from investors including Goodwater Capital, SoGal Ventures and Next Coast Ventures.

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France's Total backs Hyzon Motors

Hyzon Motors, a maker of hydrogen-powered trucks and buses, has received a strategic investment led by French oil giant Total via its venture arm, Total Carbon Neutrality Ventures. The amount wasn't disclosed, but Bloomberg reported the startup pulled in more than $15 million at a $200 million valuation. Total, which has a goal of net-zero emissions by 2050, was joined by Ascent Hydrogen Fund, Hydrogen Capital Partners and Audacy Ventures. Based in New York, Hyzon also has operations in the Netherlands and China.

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Portfolio Companies

Pakistan becomes latest to block TikTok

Pakistan has banned TikTok over what regulators consider indecent content on the video-sharing app. The Pakistan Telecommunications Authority said it gave TikTok adequate time to address its concerns and moderate content on the platform, but the app provider failed to comply. India, Pakistan's eastern neighbor, banned TikTok in June along with 58 other Chinese apps.

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Exits & IPOs

Social Capital Hedosophia SPACs raise $2.1 billion

Chamath Palihapitiya's Social Capital Hedosophia has taken its next three blank-check companies public, raising $2.1 billion in a series of IPOs. The largest of the SPACs raised $1 billion; the other two took in $700 million and $400 million. The listings follow the recent merger deals of two other Social Capital SPACs with real estate tech company Opendoor and insurance startup Clover Health.

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Dida Chuxing files for IPO

Chinese ridehailing company Dida Chuxing has filed for an IPO and is expected to list in Hong Kong, according to reports. Not to be confused with rival Didi Chuxing, the company will reportedly seek between $300 million and $600 million in the offering. Beijing-based Dida Chuxing has received backing from investors including electric vehicle maker Nio, which reportedly holds a 17% stake, China Renaissance Capital and IDG.

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Kronos Bio stock jumps 50% in public debut

Kronos Bio, which is developing small-molecule modulators for use in cancer treatments, began trading Friday on the Nasdaq at $28.50 per share, up 50% from its IPO price of $19. The Bay Area-based startup has raised around $250.8 million in the listing. Kronos Bio is backed by investors including Omega Fund (10% pre-IPO stake) and Vida Ventures (6.9%).

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Fundraising

Former Airbnb, Blackstone CFO nears $750M

WestCap Investment Partners is approaching a $750 million close on a new fund that will invest in marketplace-focused tech companies, according to Bloomberg. WestCap is a San Francisco-based growth equity firm led by Laurence Tosi, who was previously the COO of Merrill Lynch for two years, CFO of Blackstone for seven years and CFO of Airbnb for nearly three years. He left the vacation rental company in 2018.

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Chart of the Day

"Across the private markets, more money is going to fewer and larger funds. Charting the overall figures by size bucket, we can see the magnitude of this phenomenon in greater detail. While only 19.5% of the funds raised in H1 2020 were $1 billion or larger, they represented 73.9% of dollars committed."

Source: PitchBook's Q2 2020 Private Fund Strategies Report