PitchBook News - VCs extend ID verification hot streak

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The Daily Pitch: VC

June 8, 2021

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

Today's Top Stories

Trulioo valued at $1.75B in ID verification hot streak

Canada-based Trulioo has raised $394 million at a $1.75 billion valuation, the latest in a string of high-profile deals for digital identity verification companies.

ID verification heavyweight Auth0 was acquired by Okta for $6.5 billion in a deal that closed last month. Other competitors in the space including Socure, ID.me, Jumio and JumpCloud have closed venture capital rounds worth $100 million or more this year.

TCV led Trulioo's financing, with support from Amex Ventures, Citi Ventures, Mouro Capital and Blumberg Capital. TCV is also an investor in cybersecurity startups OneTrust and Vectra.

The Series D makes Trulioo the third-most valuable VC-backed company in Canada, according to PitchBook data. It raised $52.8 million in 2019. Based in Vancouver, Trulioo provides a platform that verifies 330 million businesses through an ID verification API.

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Private equity brushes off past club deal woes with $34B Medline buyout

US private equity firms have amassed record levels of dry powder. And now they're spending it. (John Lund/Getty Images)

Private equity's biggest guns are once again showing they can have record-setting buyout firepower when they work as a team.

After recently backing away from so-called club deals that bring together multiple firms, the industry now has its largest acquisition in years.

Blackstone, The Carlyle Group and Hellman & Friedman have joined forces to acquire Medline in a deal reportedly worth around $34 billion, including debt.
The transaction marks the largest private equity buyout by value in at least a decade, according to PitchBook data.
It also may signal that club deals involving multiple buyout shops are returning after falling out of favor following a series of high-profile flops in the wake of the 2008 financial crisis.

Recommended Reads

How the Salinas Valley went from a COVID-19 hot spot to a model for vaccination and safety. [The Washington Post]

First-time homebuyers in the US may think they've got it bad. But those in Australia may have it even worse. [Insider]

One New Jersey business has gone from being an unassuming sandwich shop to having a soaring stock price. Inside the mystery of the $113 million deli. [The New York Times]

Since yesterday, the PitchBook Platform added:

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VC valuations

1518

People

438

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Funds

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Quick Takes


	A message from RBC Capital Markets
	What's driving M&A and SPACs today?
	The Daily Benchmark
	2013 Vintage European Real Estate Funds
	VC Deals
	Eloomi books $55M
	Helix grabs $50M for genomics
	Grabango picks up $39M
	TailorMed collects $20M
	Exits & IPOs
	Banking app creator Dave to go public via SPAC
	Investors
	SoftBank invests $150M in GBM

A message from RBC Capital Markets

What's driving M&A and SPACs today?

There has been an unprecedented level of M&A activity since mid-year 2020 as markets continue to recover post-COVID-19. SPACs accounted for roughly 20% of all M&A volume in the US in the first four months of 2021, and these vehicles have approximately $700 billion to $1 trillion of buying power.

But will SPAC activity continue to grow given the recent regulatory focus? RBC Capital Markets' M&A experts believe regulation will be a long-term positive for SPACs, and that SPACs will continue to be significant M&A players going forward.

See what's moving M&A and get insights from RBC's experts on key opportunities likely to emerge.

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The Daily Benchmark

2013 Vintage European Real Estate Funds

Median IRR

8.15%

Top Quartile IRR Hurdle Rate

9.65%

1.47x

Median TVPI

Select top performers

Blackstone Real Estate Partners Europe IV

InfraRed Active Real Estate Fund III

Partners Group Global Real Estate 2014

*IRR: net of fees

6 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

PitchBook Webinar: A look at biotech and pharma's biggest year ever

Though the past year has been fraught with challenges and unknowns, the biotech and pharmaceutical industries have risen to the occasion with new technology and unprecedented VC funding.

Learn more about recent innovations, the potential for market growth and what the future holds for this vertical in our upcoming webinar. PitchBook analysts Joshua Chao and Kaia Colban will bring their expertise in pharma, biotech, digital health and wellness tech as they discuss the growth of these sectors in 2020 and their potential in 2021.

Sign up here to join us Wednesday, June 9 at 10 a.m. PT.

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VC Deals

Eloomi books $55M

Great Hill Partners has invested $55 million in Eloomi, the provider of a cloud-based performance management platform that helps companies manage employee learning and productivity. Founded in 2015, the Copenhagen-based company has more than 500 customers in over 25 countries.

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Helix grabs $50M for genomics

Helix, a DNA sequencing company, has raised a $50 million Series C led by Warburg Pincus, DFJ Growth, Kleiner Perkins, Mayo Clinic and Temasek. The San Mateo, Calif.-based company will use the funds to accelerate the integration of genomic data into clinical care and develop its COVID-19 testing efforts.

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Grabango picks up $39M

Grabango has raised $39 million in a round led by Commerce Ventures, with participation from Founders Fund, Unilever Ventures, Honeywell Ventures and Wind Ventures. Founded in 2016, the Berkeley, Calif.-based company is a creator of cashierless shopping software designed for existing grocery and convenience stores.

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TailorMed collects $20M

TailorMed has raised $20 million in a round led by Providence Ventures. The New York-based company offers a healthtech platform to help patients cover treatment costs via co-pay assistance programs, among other resources.

Select Additional Investors:

Accelmed Ventures, Almeda Ventures, Discount Capital, Triventures, UnityPoint Health Ventures

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Exits & IPOs

Banking app creator Dave to go public via SPAC

Dave, the developer of a banking app that's backed by billionaire Mark Cuban, has announced plans to merge with blank-check company VPC Impact Acquisition Holdings III in a deal that is expected to give it a fully-diluted equity value of around $4 billion. Dave stands to receive $254 million from VPC, and an additional $210 million through a PIPE led by Tiger Global, with participation from Wellington Management and Corbin Capital Partners. The Los Angeles-based fintech startup was valued at $1 billion in 2019, according to PitchBook data. It's also backed by Norwest, Section32 and Capital One, among others.

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Investors

SoftBank invests $150M in GBM

SoftBank's Latin America fund is investing as much as $150 million in a subsidiary of Grupo Bursátil Mexicano, a decades-old Mexico City-based investment platform and brokerage firm that's publicly traded. The deal values the subsidiary at over $1 billion. The funding will be used in part to expand into new verticals.

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Chart of the Day

"Since 2016, only 3.2% of PE funds raised fit into the mega-fund category, but the dollars they garnered amounted to 43.3% of assets raised. In the five calendar years prior to 2016, mega-funds represented 1.4% of fund count and 25.5% of capital raised."

Source: PitchBook's Q1 2021 Private Fund Strategies Report