PitchBook News - Startups gear up for a hiring spree

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The Daily Pitch: VC

January 25, 2021

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

Today's Top Stories

Job market outlook for 2021: More hiring and more remote workers

(Julia Midkiff/PitchBook News)

It's been almost a year since many companies pivoted to a remote workforce. Now, they're preparing for a hiring spree that is expected to be a blend of remote and on-premises employees.

Of the more than 200 respondents to a new J.Thelander Consulting-PitchBook survey, almost 90% of private companies said they are hiring this year. As the labor market shifts along with changing attitudes about work from home, employers large and small are looking at a host of new recruitment tactics to compete for top talent.

Recommended Reads

After a 40-year career, Vicki Hollub became the most powerful woman in the US oil industry. Then, the $39 billion deal that was supposed to be her coronation turned into a nightmare. [Texas Monthly]

Australia wants Google to pay for the journalism that is integral to its search services. Google's latest response in the saga is a threat to go scorched earth. [The New York Times]

Amateur financial advisers on Reddit, TikTok and other social platforms continue to drive a market in which stocks seem to only go up. And the investment establishment isn't happy about it. [Vice]

Since yesterday, the PitchBook Platform added:

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VC valuations

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People

38

Companies

1

Funds

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Quick Takes


	The Daily Benchmark
	2013 Vintage Global Secondaries Funds
	VC Deals
	Imperfect Foods pulls in $95M
	MotoRefi fuels up with $10M
	Exits & IPOs
	Chinese e-cigarette company soars in market debut
	EVgo to merge with SPAC
	Boston Scientific could pay $1B+ for Preventice
	Fundraising
	Crosslink grabs $350M for latest fund

The Daily Benchmark

2013 Vintage Global Secondaries Funds

Median IRR

13.60%

Top Quartile IRR Hurdle Rate

15.61%

1.38x

Median TVPI

Select top performers

Industry Ventures Special Opportunities Fund II

Verdane Capital VIII

NB Secondary Opportunities Fund III

*IRR: net of fees

18 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Imperfect Foods pulls in $95M

Imperfect Foods has raised a $95 million Series D co-led by Insight Partners and Norwest Venture Partners. The funding values the company at $700 million, according to a PitchBook estimate. Founded in 2015, Imperfect Foods is the developer a grocery delivery platform specializing in produce and other foods rejected by supermarkets.

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MotoRefi fuels up with $10M

MotoRefi has raised $10 million in a Series A1 round led by Moderne Ventures. The Arlington, Va.-based company is a provider of auto refinancing services. In February 2020, the company was valued at $33.6 million, according to PitchBook data.

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View 3 competitors »

Exits & IPOs

Chinese e-cigarette company soars in market debut

Shares of Chinese e-cigarette maker RLX Technology made their debut Friday on the NYSE, surging about 146%. The company raised $1.4 billion in its IPO, which priced at $12 per share, above the expected $8 to $10 range. RLX is backed by investors that include Sequoia China, IDG Capital and Cambium Grove Capital.

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EVgo to merge with SPAC

Electric vehicle charging company EVgo plans to go public through a reverse merger with Climate Change Crisis Real Impact I, a blank-check company. The combined business will be valued at $2.6 billion in the deal, which is expected to provide EVgo with $575 million to fund an expansion of its fast-charging network. Los Angeles-based EVgo was acquired by PE firm LS Power last year.

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Boston Scientific could pay $1B+ for Preventice

Boston Scientific has agreed to acquire Preventice Solutions, a provider of mobile heart monitors and related services. The deal includes a $925 million cash payment and the possibility of $300 million more if certain milestones are met. Before the deal, Boston Scientific held a 22% stake in Houston-based Preventice, which has also received backing from Arthur Ventures, Telescope Partners and Merck.

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View 20 competitors »

Fundraising

Crosslink grabs $350M for latest fund

Crosslink Capital has closed its ninth flagship fund on $350 million. The firm plans to continue to invest in early-stage technology companies. Crosslink's portfolio includes Chime, Molekule and Weave.

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View 275 investments »