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The Daily Pitch: VC

May 17, 2021

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Today's Top Stories

As the US SPAC boom cools, Europe's is just heating up

SPACs have proven themselves to be largely a US phenomenon, but Europe is starting to see more activity.
(Vectorios2016/Getty Images)

Europe has been slow to catch on to the boom in blank-check companies, but signs of oversaturation in the US suggest the continent's turn is coming.

So far this year, 293 SPACs have gone public in the US, raising a total of €15.8 billion (around $19.2 billion), according to PitchBook data. Europe has logged 17 listings in 2021, but that figure represents an increase from 12 deals last year and just one the year prior.

European sponsors have previously been more inclined to set up SPACs in the US, but regulatory scrutiny is making Europe a more attractive destination.

The European SPAC market is expected to see more growth, but not all stock exchanges will benefit equally.

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In 2002, utility company American Electric Power bought the town of Cheshire, Ohio, for $20 million. Now, a once-bustling community is a ghost town. [BBC]

At the start of last year, 4.5 million people worked in 21 central business districts in the world's largest cities. What's next for these signature downtown neighborhoods? [Bloomberg]

The entertainment industry has been battered by the pandemic. But Disney's decision to bring back movies exclusively to theaters is a strong sign of recovery. [The Washington Post]

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People

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Quick Takes


	The Daily Benchmark
	2015 Vintage Global Funds-of-Funds
	People
	Andreessen elevates Chris Lyons to GP
	VC Deals
	Waybridge takes in $30M
	Morressier pulls in $18M Series A
	Authomize secures $16M
	Portfolio Companies
	Tiger Global-backed Cedar to buy Ooda Health
	Exits & IPOs
	Guru inks agreement to acquire fintech startup Oval
	Fundraising
	Top Tier Capital pulls in $310M for European fund-of-funds

The Daily Benchmark

2015 Vintage Global Funds-of-Funds

Median IRR

15.25%

Top Quartile IRR Hurdle Rate

19.27%

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Median TVPI

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HarbourVest Partners X-Venture

HarbourVest Partners X-Combined

Commonfund Capital Venture Partners XI

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People

Andreessen elevates Chris Lyons to GP

Andreessen Horowitz has promoted Chris Lyons to general partner. Lyons joined the Silicon Valley firm in 2013 as chief of staff to co-founder Ben Horowitz. He currently oversees the firm's Cultural Leadership Fund, which he launched in 2018 to support Black creators in the technology industry. Limited partners in the fund are exclusively cultural leaders, including Shonda Rhimes, Kevin Durant and Quincy Jones.

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VC Deals

Waybridge takes in $30M

Waybridge, the developer of a platform that manages the supply chain of physical commodities, has secured a $30 million Series B co-led by Craft Ventures and Rucker Park Capital, with the participation of Venrock, according to reports. The round brings the New York-based company's total capital raised to $40 million.

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Morressier pulls in $18M Series A

Morressier, the developer of a virtual conference and publishing platform, has secured $18 million in a round led by Owl Ventures. Berlin-based Morressier will use the Series A funds to launch new community and analytics features, as well as to grow its team.

Additional Investors:

Cherry Ventures, Redalpine Venture Partners

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Authomize secures $16M

Identity verification startup Authomize has raised a $16 million Series A led by Innovation Endeavors. Blumberg Capital, Entree Capital and M12 also participated in the round. Innovation Endeavors partner Harpinder Singh will join the board of the Tel Aviv-based company.

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Portfolio Companies

Tiger Global-backed Cedar to buy Ooda Health

Cedar, the developer of a healthcare fintech platform, has agreed to buy Ooda Health for $425 million. San Francisco-based Ooda, which creates technology to enable real-time interaction between healthcare consumers, providers and payers, has previously raised funding from investors including Threshold Ventures and Optum Ventures. In March, Cedar received $200 million in Series D funding led by Tiger Global at a valuation of $3.2 billion.

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Exits & IPOs

Guru inks agreement to acquire fintech startup Oval

Guru Capital has signed a deal for its portfolio company ETX Capital to acquire Oval Money and integrate it into ETX's online broker. UK-based Oval is the provider of a mobile app that helps users save and invest automatically. The startup has previously raised venture funding from investors including Patha Capital and Boost Heroes.

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Fundraising

Top Tier Capital pulls in $310M for European fund-of-funds

San Francisco-based Top Tier Capital Partners has raised nearly €260 million (about $310 million) for a dedicated European VC fund-of-funds. The vehicle, which had a target of €250 million, will focus primarily on European funds and startups, with some deals in Israel. The firm will also participate in strategic secondaries and co-investments. The fund marks Top Tier Capital's first dedicated European vehicle.

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