PitchBook News - Cleantech and SPACs: A love story

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The Daily Pitch: VC

October 26, 2020

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Today's Top Stories

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(Our panelists, from left: Matheny, Eggers, Muller, Lambert)

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What's electrifying the romance between SPACs and cleantech?

Los Angeles-based Canoo is among the US cleantech companies that have sealed SPAC deals so far this year. (Courtesy of Canoo)

So far this year, a dozen US-based companies that develop electric vehicles, batteries and autonomous driving technology have teamed with SPACs to go public through reverse mergers.

The deal activity is being fueled by a mix of public investor demand for cleantech companies and the cash needs of these R&D-heavy startups. There's arguably never been a better time for unprofitable companies in the sector to strike up a partnership to go public:

Recommended Reads

When it comes to pushing for increased diversity in the money management industry, famed Yale endowment chief David Swensen is putting his money where his mouth is. [The Wall Street Journal]

As American life has grown more comfortable over the decades, on average, the country's citizens have grown less happy. Why? [The Atlantic]

Companies in a wide array of industries are trying to use machine learning to better anticipate the future. But as sci-fi tales have warned us for decades, predictive technology comes with potential pitfalls. [Harvard Business Review]

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Quick Takes


	The Daily Benchmark
	2018 Vintage Global Funds-of-Funds
	VC Deals
	Sirnaomics collects $105M
	Allonnia launches with $40M Series A
	Portfolio Companies
	Ripple weighs London move over US regulations
	Exits & IPOs
	Brightstar buys Brightstar

The Daily Benchmark

2018 Vintage Global Funds-of-Funds

Median IRR

12.33%

Top Quartile IRR Hurdle Rate

19.06%

1.05x

Median TVPI

Select top performers

Industry Ventures Partnership Holdings V

Top Tier Venture Velocity Fund 2

Aberdeen US Private Equity VII

*IRR: net of fees

34 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Sirnaomics collects $105M

Sirnaomics has secured a $105 million Series D co-led by Rotating Boulder Fund, Walvax Biotechnology and Sunshine Riverhead Capital. The Maryland-based company creates RNA therapies designed to treat cancer, viral infections and other disorders.

Additional Investors:

Alpha Win Capital, Hongtao Capital, Longmen Capital, Sangel Capital

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View 51 competitors »

Allonnia launches with $40M Series A

Allonnia, a developer of waste remediation technologies intended to reduce environmental contaminants, has raised $40 million. The Boston-based company is backed by investors including Ginkgo Bioworks, General Atlantic and Viking Global Investors.

Portfolio Companies

Ripple weighs London move over US regulations

Cryptocurrency company Ripple is considering a move to London after facing several regulatory roadblocks in the US, according to CNBC. At issue is whether the San Francisco-based company's cryptocurrency XRP is a security or a currency. The UK would characterize XRP as a currency, making it more advantageous for Ripple to operate across the pond, according to the report. Ripple has also reportedly considered Switzerland, the UAE, Singapore and Japan for a potential move abroad.

View details

View 50 competitors »

Exits & IPOs

Brightstar buys Brightstar

Brightstar Capital Partners has acquired a 75% stake in Brightstar, a Miami-based provider of wireless services for mobile carriers, from SoftBank, which will retain the remaining 25% stake in the business. SoftBank originally acquired a majority stake in Brightstar for around $1.3 billion in 2014.

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View 12 competitors »