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The Daily Pitch: VC

March 19, 2021

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

Today's Top Stories

LeBron James' Red Sox deal points to private equity's future as a pro sports owner

NBA superstar LeBron James was part of RedBird Capital's deal to purchase a minority stake in Fenway Sports Group.
(Meg Oliphant/Getty Images)

Professional sports leagues like the NBA and MLB have spent the past few years loosening ownership rules to allow private equity investments in individual franchises.

Now LeBron James and an upstart New York firm have done a deal that provides a glimpse into a future where private equity funds could become a feature of pro sports ownership in the US.

Earlier this week, RedBird Capital Partners agreed to acquire an 11% stake in Fenway Sports Group, which owns the Boston Red Sox and Premier League's Liverpool, in a deal that reportedly values Fenway Sports at around $7.3 billion.

James, who's often spotted wearing a New York Yankees cap, will own a roughly 1% stake in Fenway Sports and, by extension, a piece of the Red Sox.

Recommended Reads

In 2019, a facial-recognition app was used to solve a child-exploitation case. While catching sexual abusers is a worthy cause, the ethics of Clearview AI remain in question. [The New York Times]

New surveys reveal how the COVID-19 pandemic has affected US adults' mental health, from sleep quality to substance use to depression. Is a "second pandemic" coming? [Psychology Today]

A pastry shop in Japan used a particular type of AI to distinguish a bear claw from a croissant. Turns out, the technology is capable of a lot more. [The New Yorker]

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Quick Takes


	The Daily Benchmark
	2009 Vintage Global Real Assets Funds
	Partner Perspectives
	Amazon Launchpad unveils its first Innovation Awards in Europe
	VC Deals
	Yotpo raises $230M at $1.4B valuation
	Cybersecurity rating startup collects $180M
	Blockchain security specialist Fireblocks lands $133M
	Happify Health raises $73M
	Aktis Oncology launches with $72M
	General Catalyst leads round for grocery tech startup aiming to reduce food waste
	Exits & IPOs
	Fifth Wall launches another SPAC
	Next Caller gets snapped up by rival Pindrop
	Golden Gate seals deal for Securly
	China's Tuya soars in US stock market debut

The Daily Benchmark

2009 Vintage Global Real Assets Funds

Median IRR

2.33%

Top Quartile IRR Hurdle Rate

12.01%

1.21x

Median TVPI

Select top performers

Minería Activa I

EnCap Flatrock Midstream Fund I

ORM Timber Fund II

*IRR: net of fees

16 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

Partner Perspectives

Amazon Launchpad unveils its first Innovation Awards in Europe

Amazon Launchpad's first Innovation Awards will grant the top five pioneering startups a cash prize of €10,000 and free access to Amazon Launchpad for a year. On top of that, the startup that gets the most public votes will be crowned Startup of the Year and win an extra €90,000.  

The event brings together an experienced panel of judges, including Jamie Siminoff, founder of smart home security firm Ring, as well as Andy Fishburn, Virgin StartUp managing director.

Applications for the awards opened on March 1 and will close on March 28.

Apply today

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VC Deals

Yotpo raises $230M at $1.4B valuation

Yotpo, the developer of an ecommerce marketing platform, has raised a $230 million Series F valuing the company at $1.4 billion. Led by Bessemer Venture Partners and Tiger Global, the new capital will allow the startup to double its product and R&D team. Yotpo has recorded over $100 million in annual recurring revenue and serves more than 30,000 customers.

Select Additional Investors:

ClalTech, Coin Ventures, Hanaco, Vintage Investment Partners

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Cybersecurity rating startup collects $180M

SecurityScorecard, the developer of a cybersecurity rating system that helps companies identify their vulnerabilities, has closed a $180 million Series E. In 2019, it raised a $50 million Series D at a $410 million valuation, according to PitchBook data. Investors like T. Rowe Price, Kayne Anderson Rudnick, GV, Boldstart Ventures and Intel Capital took part in the new financing. The round brings SecurityScorecard's total funding to over $290 million.

Additional Investors:

Silver Lake Management, Fitch Ventures, Evolution Equity Partners, Accomplice VC, Riverwood Capital, NGP Capital, AXA Venture Partners

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Blockchain security specialist Fireblocks lands $133M

Fireblocks, the developer of a blockchain security platform, has secured $133 million in Series C financing. Coatue, Ribbit Capital and Stripes led the round, with banks such as BNY Mellon and SVB also participating. The startup has raised a total of $179 million to date.

Select Additional Investors:

Galaxy Digital Partners, Swisscom Ventures, Tenaya Capital

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Happify Health raises $73M

Happify Health, the provider of a platform designed to improve users' mental and physical health, has raised a $73 million Series D. The round was led by Deerfield Management and included participation from Omega Capital Partners, ION Crossover Partners and existing investors. The New York-based startup was valued at $170 million in 2019, according to PitchBook data.

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Aktis Oncology launches with $72M

Biotech startup Aktis Oncology has secured $72 million in Series A financing. The company was founded by and then spun out of MPM Capital, which also co-led the round with EcoR1 Capital and Vida Ventures. Based in Cambridge, Mass., the startup aims to develop new radiotherapies to treat tumors.

Additional Investors:

Octagon Capital, TCG Crossover, Novartis, Bristol-Myers Squibb

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General Catalyst leads round for grocery tech startup aiming to reduce food waste

General Catalyst has led a $41 million Series B for Shelf Engine, a provider of grocery supply-chain technology. Other investors like GGV Capital, Initialized Capital and Foundation Capital also took part in the funding round, which brings Shelf Engine's total private funding to $58 million. The Seattle-based company's tech helps businesses increase sales and reduce food waste by predicting the right amount of perishable goods to order.

Additional Investors:

1984 Ventures, Correlation Ventures, Firebolt Ventures, Founders' Co-op, Soma Capital

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Exits & IPOs

Fifth Wall launches another SPAC

Fifth Wall, a VC firm focused on investing in property tech, has launched its second blank-check company. Fifth Wall Acquisition Corp. II filed to raise $150 million in an initial public offering. The Los Angeles-based firm's first SPAC went public last month in a $345 million IPO.

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Next Caller gets snapped up by rival Pindrop

Next Caller, a provider of call verification and fraud detection services, has been bought by Pindrop. Next Caller had previously been backed by investors like CRCM Ventures, Pegasus Tech Ventures and Y Combinator. In 2017, the startup was valued at $29.4 million, according to PitchBook data. Pindrop, another call security startup, has raised funding from investors including Andreessen Horowitz, IVP and GV.

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Golden Gate seals deal for Securly

Golden Gate Capital has agreed to acquire San Jose-based Securly from shareholders including co-founder Vinay Mahadik, Defy Partners and Owl Ventures. Co-founder and CEO Bharath Madhusudan will continue to lead the company after the deal. Securly provides a safety and device management platform for K-12 students. It was valued at $82.7 million last August, according to PitchBook data.

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China's Tuya soars in US stock market debut

Shares in Tuya rose more than 19% in the Chinese software company's NYSE trading debut Thursday, closing the day at $25 each. The company raised $915.4 million in its IPO after it priced 43.6 million American depositary shares at $21 apiece. Tuya had raised funding from backers including NEA, Tencent and the Australia Future Fund.

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