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The Daily Pitch: VC

June 29, 2021

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

Today's Top Stories

Surging demand creates 'Wild West' of rapid grocery delivery startups

(Julia Midkiff/PitchBook News)

A growing reliance on delivery services caused by the past year of lockdowns has led to an urban industry of rapid delivery e-grocers that are now competing for investment and market share.

Grocery delivery companies like Getir and Gopuff have seen their valuations skyrocket this year as they've hauled in mega-rounds of $100 million or more.

With the influx of VC money into the space, many markets are reaching the point of saturation. "It's still very early days, but in the long-term, the market probably can't maintain as many players as there are right now," said Steve O'Hear, VP of strategy at London e-grocer Zapp.

Recommended Reads

The World Happiness Report launched in 2012, and since then, Finland, Denmark, Norway and Switzerland have all been crowned the happiest country in the world. What lessons should other nations be taking from them? [The Atlantic]

As restaurants reopen and adapt to changing capacity restrictions and heightened demand, the reservation platforms helping them are thriving. [Fortune]

After generations of hauling water, a corner of Appalachia still waits for a better future. [The Washington Post]

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Quick Takes


	The Daily Benchmark
	2010 Vintage Global Buyout Funds
	Partner Perspectives
	The future of private debt
	VC Deals
	UK robot maker CMR Surgical secures $600M
	HealthVerity lands $100M
	Alto drives home with $45M Series B
	Wellthy snags $35M for healthcare platform
	Bowery Valuation brings home $35M

The Daily Benchmark

2010 Vintage Global Buyout Funds

Median IRR

9.84%

Top Quartile IRR Hurdle Rate

18.88%

1.43x

Median TVPI

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Ticonderoga KI

Seaport Capital Partners IV

UFG Private Equity Fund II

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Partner Perspectives

The future of private debt

Even in the face of all the changes wrought by the COVID-19 pandemic, the private debt ecosystem continued to mature and expand, with fund managers opportunistically aiding challenged companies and others continuing to fuel a flurry of buyouts. Akin Gump's latest in-depth report, developed in partnership with PitchBook, explores these trends and what lies in store for the private debt universe, with highlights including:

Analysis of the private debt capital overhang
A comprehensive Q&A with Akin Gump experts on key risks in the market
Datasets on private debt cash flows, fundraising by type and more

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VC Deals

UK robot maker CMR Surgical secures $600M

CMR Surgical has been valued at $3 billion with a $600 million Series D co-led by SoftBank's Vision Fund 2 and Ally Bridge Group. The UK-based startup will use the funds to commercialize Versius, a robotic system for minimally invasive surgery. CMR Surgical was valued at $1.15 billion in 2019, according to PitchBook data.

Select Additional Investors:

Cambridge Innovation Capital, Chimera Investments, GE Healthcare, LGT Group, PFM Health Sciences, Tencent

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HealthVerity lands $100M

HealthVerity, the developer of a healthcare data platform, has closed a $100 million Series D led by Durable Capital Partners. Other participants in the round included existing backers Flare Capital Partners, Foresite Capital and Greycroft. The funding will help the startup scale its platform capabilities.

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Alto drives home with $45M Series B

Alto, a ridehailing startup that employs professional drivers and manages a dedicated car fleet, has raised a $45 million Series B co-led by Tuesday Capital and Goff Capital. Other investors in the round included Franklin Templeton and Alumni Ventures. The company, which operates in Dallas, Houston and Los Angeles, will use the new funding to expand across the US and transition to an electric vehicle fleet.

Select Additional Investors:

Senterra, Green Park & Golf Ventures

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Wellthy snags $35M for healthcare platform

Wellthy, which provides a caregiving concierge service for families managing complex, chronic and ongoing healthcare needs, has raised $35 million in a Series B. The funds will be used to expand outside the US to Canada and the UK. Rethink Impact, a venture firm that backs female-led tech startups, was the lead investor of the round, which also saw support from Hearst, Polaris Partners and Eldridge. New York-based Wellthy's tech is used by employers like Facebook, Salesforce and Accenture.

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Bowery Valuation brings home $35M

Bowery Valuation, the developer of a cloud-based appraisal platform for commercial real estate, has raised a $35 million Series B led by the growth equity unit of Goldman Sachs, with participation from Capital One Ventures, Builders VC and others. The New York-based company was valued at $90 million in 2019, according to PitchBook data.

Additional Investors:

Alpaca VC, Fika Ventures, Greenspring Associates, Navitas Capital, Camber Creek, Nine Four Ventures

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