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'Free speech' network Parler struggles after being booted
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| (Hollie Adams/Getty Images) |
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Parler, the angel-backed social media app popular with supporters of President Trump, is struggling to rebound from being forced offline after losing the support of Google, Apple and Amazon over the network's lack of violent-content moderation.
Extremists who stormed the US Capitol reportedly used the app to spread hate speech, make threats and encourage last week's riots. PitchBook data shows that Parler's investors include Robert Mercer and Rebekah Mercer, the conservative political donors who backed Breitbart News.
Now Parler is fighting back against the decision by Amazon Web Services, the cloud-hosting giant, to suspend its account. |
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Soaring PE deal value in Q4 could set the stage for 2021
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In the second quarter of 2020, private equity deal value in the US sunk to its lowest point in seven years. By Q4, that figure had more than doubled, as the industry recorded its highest quarterly deal value in at least a decade.
With firms still sitting on piles of dry powder and plenty of major deals in the pipeline, that impressive recovery from the doldrums of the pandemic could be a sign of even more robust dealmaking to come in 2021. Sponsored by Grant Thornton, PitchBook's 2020 Annual US PE Breakdown has more on last year's second-half surge and the other twists and turns that defined the PE market in a year unlike any other. Other key takeaways include:
- The exit market defied expectations, with 2020's annual exit value increasing over 2019
- The PE industry set annual records for both growth equity deal value and add-on rate
- Thematic funds targeting tech, longer investment horizons and other strategies continued to raise ample capital
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AMP Robotics applies artificial intelligence and robotics to modernize recycling, sorting commodities and waste more safely at scale. The Denver-based company recently raised $55 million.
AMP Robotics (NSF-1448221) is one of hundreds of deep tech startups funded annually by the National Science Foundation, a government agency that plays a central role in accelerating discoveries into the marketplace.
Each startup can receive up to $1.75 million to support translational R&D. NSF helps teams navigate the earliest stages of technology translation, investing roughly $200 million annually in startups. In the last five years, these companies have gone on to raise billions in follow-on capital, and the portfolio has had 100-plus exits.
Learn more about NSF funding for startups at seedfund.nsf.gov. |
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On the podcast: The post-pandemic future of foodtech
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This week on "In Visible Capital," we chat with REEF Technology VP Felix Gonzalez Roson and Creating Culinary Communities COO Brad Reynolds about the evolution of foodtech and how COVID-era shifts might permanently reshape our dining experiences. Joined by host Lee Gibbs and PitchBook senior analyst Alex Frederick, they discuss topics including:
- The growth of food delivery apps and how to address the remaining barriers to profitability
- Innovative ghost kitchen models, from virtual neighborhood kitchens to full-service food halls
- A future foodtech landscape in which robots play an increasing role
Subscribe to "In Visible Capital" wherever you get your podcasts, and look for new episodes every Tuesday. |
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Permira-backed Dr. Martens plans London IPO
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| (Courtesy of Dr. Martens) |
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Dr. Martens, the British bootmaker backed by Permira, is planning to go public on the London Stock Exchange in what would be one of the UK's first major IPOs of 2021. The company will float at least 25% of its stock in the offering, which Reuters reported could potentially value Dr. Martens at over £2 billion (around $2.7 billion).
The listing represents a partial exit for Permira, which bought the company in 2014 for €380 million (around $462 million today). No new shares are to be issued. Founded in 1947 by an army doctor and a mechanical engineer, Dr. Martens has achieved cult-like status worldwide for its signature yellow-stitched boots. The company sold more than 11 million pairs of shoes across 60-plus countries in the year ended March 31, 2020, generating revenue of £672 million. |
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Define Ventures closes on $200M for second digital health fund
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Former Kleiner Perkins investor Lynne O'Keefe, who debuted an independent VC fund last year, has closed a second fund with $200 million in commitments to back her firm's digital health strategy.
- With Kleiner, O'Keefe backed Livongo, a diabetes-monitoring startup that went public in 2019 and was acquired in November by Teladoc for $18.5 billion. She went on to found Define Ventures, which closed fundraising for its second fund at its hard cap after setting out to raise $150 million.
- Portfolio companies in the firm's maiden fund include Hims, best known for men's health products; Lightship, a decentralized clinical drug testing startup; and Unite Us, a data platform specializing in what O'Keefe calls "social determinants" of public health trends.
- While the first fund focused on seed tghrough Series A deals, O'Keefe said the second fund will do the same and also fund Series B rounds with checks of $1 million to $15 million.
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A different breed of trader is helping drive a wave of new interest in public stocks. And it might not be happening without social networks like TikTok and Discord. [The Wall Street Journal]
With CRISPR technology, humans are gaining the ability to rewrite the genomes of animals that have caused extinctions and other ecological crises. But should we use it? [The New Yorker]
The Paycheck Protection Program was a godsend for many small businesses. But for the chiropractor in Texas who received a loan of $1? Not so much. [The New York Times] |
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Since yesterday, the PitchBook Platform added:
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21
VC valuations
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1706
People
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437
Companies
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25
Funds
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2015 Vintage Global Debt Funds
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Madrona promotes two to partner
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Affordable drug developer EQRx lands $500M
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| EQRx has raised $500 million in a Series B, bringing the company's total fundraising to about $750 million. All of the startup's Series A investors, which include GV, Andreessen Horowitz and Arch Venture Partners, contributed to the new round. Last year, EQRx was valued at $300 million after raising its Series A, according to PitchBook data. |
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SoftBank leads $360M round for Chinese workout app
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| SoftBank's Vision Fund has led a $360 million round for Keep, with support from investors including Hillhouse Capital and Tencent, according to reports. Based in Beijing, Keep is the developer of an app that allows users to access workouts and share their progress. The company, which could go public sometime this year, is valued at $2 billion with the new funding, Bloomberg reported. |
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Enfusion pulls in $150M at $1.5B valuation
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| Enfusion, a provider of investment management technology and services, has picked up a $150 million investment from Iconiq Capital, valuing the company at $1.5 billion. Enfusion's other backers include FTV Capital and Hillhouse Capital. Based out of Chicago, the company currently serves more than 550 clients across the world. |
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Biotech startup launches with $110M
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| Atalanta Therapeutics, a Boston-based developer of treatments for neurodegenerative diseases, has launched with a $110 million Series A from F-Prime Capital. The startup has also teamed up with fellow biotech companies Biogen and Genentech to develop drugs for certain diseases including Huntington's, Parkinson's and Alzheimer's. |
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| Affirm has raised the target price range for its upcoming IPO to between $41 and $44 per share, implying a fully diluted value of around $13 billion at the midpoint price. The fintech company, which provides "buy now, pay later" services for ecommerce companies, previously expected to sell shares for $33 to $38 apiece. |
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Crypto exchange Bakkt to go public in $2.1B SPAC deal
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EV maker Lucid Motors eyes SPAC merger
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Faraday in talks to go public via SPAC
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| Electric vehicle startup Faraday Future is considering a merger with blank-check company Property Solutions Acquisition, Bloomberg reported. The SPAC is said to be seeking over $400 million to help complete the deal, which could value the combined company at some $3 billion. Property Solutions Acquisition was formed by Benchmark Real Estate, with initial plans to target the real estate industry. |
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Walmart, Ribbit Capital to roll out fintech startup
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| Walmart is partnering with VC firm Ribbit Capital to launch a yet-to-be-named startup that will offer financial services to the retailer's customers and employees. Ribbit has backed leading fintech providers including Robinhood, Credit Karma and Affirm. Walmart will take a majority stake in the new company and Walmart CEO John Furner will serve on its board. |
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Former WWE executives turn to investing
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| Isos Capital Management has launched as a new firm that will pursue early-stage, late-stage and growth deals across the media, sports and entertainment sectors. Based in Connecticut, the firm will be led by co-CEOs George Barrios and Michelle Wilson, both of whom were former co-presidents and board members of Vince McMahon's WWE. The two left the wrestling company early last year. |
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