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The Daily Pitch: VC

February 10, 2021

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Today's Top Stories

Digital prescriptions, pandemic mitigation and the future of enterprise healthtech

The enterprise health & wellness tech sector ended 2020 on a high note, increasing its capital raised by 60% in Q4 over Q3. The $3.2 billion in venture funding marked the largest quarterly figure of the last five years, and it brought the year's total VC funding for the sector to $8.3 billion—up nearly 70% year-over-year despite a relatively flat deal count.

Venture activity has spiked as the push for patient-driven care accelerates digital adoption, and the size of the enterprise healthtech industry is projected to reach $1.3 trillion by 2025, according to our latest Emerging Tech Research report. Other highlights include:

The largest share of VC funding in 2020 went to the operations and care management segment, which raised $5.3 billion

Prescription tech is the fastest-growing segment of enterprise health & wellness, driven by better digital infrastructure, rising demand and the need to reduce medication errors

The venture ecosystem will be a vital incubator for tech that can help mitigate the impacts of future pandemics, a mission that governments and NGOs are expected to prioritize

read the preview

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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-site 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.

More than 80% of US employers said the shift to remote work has been successful for their company.

Many startups could face an upheaval later this year, as employees seek out jobs with companies that allow remote or more flexible work models.

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Recommended Reads

Several major private equity investors were set to cash in on Ant Group's mega-IPO. But after the listing was called off, those firms are left to play the waiting game. [The Wall Street Journal]

China's Great Firewall is probably the world's most sophisticated online censorship system. But for a few brief days, Clubhouse was able to break through. [The New York Times]

How the COVID-19 pandemic broke Nextdoor. [Recode]

Since yesterday, the PitchBook Platform added:

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VC valuations

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People

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Funds

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Quick Takes


	The Daily Benchmark
	2015 Vintage Global Venture Funds
	VC Deals
	Branded brings in $150M
	GrubMarket picks up $90M
	Emergency response startup RapidSOS secures $85M
	Jüsto raises $65M
	Drug Farm collects $56M
	Exits & IPOs
	Fuel-cell startup Hyzon strikes SPAC deal
	LiveRamp set to acquire VC-backed cloud data startup
	SentinelOne to purchase Scalyr
	Fundraising
	Eniac Ventures lands $125M for Fund V

The Daily Benchmark

2015 Vintage Global Venture Funds

Median IRR

15.99%

Top Quartile IRR Hurdle Rate

21.73%

1.44x

Median TVPI

Select top performers

PICO Opportunity Fund I

Vertical Venture Partners Fund I

PICO Venture Partners

*IRR: net of fees

65 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Branded brings in $150M

Ecommerce startup Branded has raised $150 million in a round led by Target Global, with participation from investors including Declaration Partners, Tiger Global and Kreos Capital. Founded in 2020, the Berlin-based startup provides a consumer products platform that partners with third-party seller brands on Amazon and other online marketplaces. Branded focuses on products in the home, lifestyle and leisure sectors.

Additional Investors:

Kima Ventures, Lurra Capital, Regah Ventures, Vine Ventures

View similar company »

GrubMarket picks up $90M

GrubMarket has raised a $90 million Series D from investors including BlackRock, Trinity Capital Investment, Madison Bay Capital Partners, Marubeni Ventures and GGV. The San Francisco-based startup offers an online marketplace for farm-fresh food; it plans to use the funding in part to expand across North America.

Select Additional Investors:

Celtic House Venture Partners, Reimagined Ventures, Sixty Degree Capital

View 13 competitors »

Emergency response startup RapidSOS secures $85M

RapidSOS has raised an $85 million Series C led by Insight Partners. The New York-based company is the developer of an emergency response data platform designed to connect citizens with first responders and manage cases in real time.

View 17 competitors »

Jüsto raises $65M

Jüsto has secured a $65 million Series A led by General Atlantic, with participation from investors including Foundation Capital and Mountain Nazca. The company operates an online supermarket offering grocery delivery to customers throughout Mexico and Latin America.

View similar company »

Drug Farm collects $56M

Biotech startup Drug Farm has raised $56 million ahead of clinical trials for its treatment of hepatitis B and other liver diseases. The company, which has dual headquarters in the US and China, is backed by investors including BioVeda China Fund, WuXi AppTec, South China Venture Capital, Detong Capital and Zhejiang United Investment Group.

View similar company »

Exits & IPOs

Fuel-cell startup Hyzon strikes SPAC deal

Hyzon Motors, a developer of commercial vehicles powered by hydrogen fuel cells, has agreed to merge with a SPAC called Decarbonization Plus Acquisition, giving the New York-based startup an enterprise value of $2.1 billion. Hyzon raised a funding round last October that was led by French energy giant Total.

View similar company »

LiveRamp set to acquire VC-backed cloud data startup

Data connectivity specialist LiveRamp has agreed to buy DataFleets, the provider of a cloud data platform that provides analysis tools and data silo unification. Based in Palo Alto, DataFleets has raised prior funding from investors that include Lightspeed, LG Technology Ventures and Morado Ventures.

View similar company »

SentinelOne to purchase Scalyr

Cybersecurity company SentinelOne has agreed to buy Scalyr for $155 million in stock and cash. San Mateo, Calif.-based Scalyr was last valued at $155.5 million following a fundraising round in 2018, according to PitchBook data. The startup provides a cloud-based log analytics platform and has previously received backing from Shasta Ventures, Bloomberg Beta and Susa Ventures, among others.

View 37 competitors »

Fundraising

Eniac Ventures lands $125M for Fund V

Seed-stage tech investor Eniac Ventures has raised $125 million in commitments for its fifth flagship fund. The VC firm plans to add six more members to its team in 2021. Operating out of New York and San Francisco, Eniac recently made investments in edtech startup Brightwheel, identity verification company Alloy, and Attentive, which makes software for text message marketing. Eniac raised $100 million for its fourth namesake fund in 2017.

View 146 investments »

Chart of the Day

Source: PitchBook's Q3 2020 US PE Middle Market Report

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