PitchBook News - VC's gut check

SoftBank backs disruptive financing startup; Circle signs SPAC deal at $4.5B valuation; H Venture Partners closes new vehicle; Glossier gets $80M
Read online | Don't want to receive these emails? Manage your subscription.
PitchBook
Log in
The Daily Pitch: VC
July 9, 2021
Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A
Today's Top Stories
Gut health research opens market opportunities
(Anna Galkovskaya/Getty Images)
Microbiome research is at a nascent stage, but startups are already applying the insights discovered by academic institutions, government organizations and pharmaceutical companies to conduct proprietary research and develop direct-to-consumer wellness solutions.

PitchBook's recent analyst note examines how gut health research has opened emerging opportunities for VC-backed startups, and why some investors are wary despite the rise in government funding for microbiome research. Key takeaways include:
  • Positive research could dramatically increase the size of the market, but there is no clear timeline for when or if such findings may occur. In the meantime, the industry may struggle to gain mainstream traction.

  • At-home gut-health test providers inform consumers which bacteria inhabit their gut. But gut microbiomes can vary 100% person-to-person, creating research barriers for companies looking to delve into the space.

  • Probiotic supplement providers stand to benefit from increased awareness and research related to the microbiome's impact. But if research shows they aren't helpful, the market could dissipate.
read it now
 
Share:   Email    LinkedIn    Twitter    Facebook
Clearco grabs $215M for alternative financing in SoftBank-led round
(PM Images/Getty Images)

Clearco, a Toronto-based startup that offers non-dilutive capital and data insights to e-commerce startups, mobile apps and SaaS businesses, has raised $215 million in funding led by SoftBank's Vision Fund 2.

  • This financing comes less than three months after Clearco's $100 million Series C, which valued the company at $2 billion.

  • Clearco, which rebranded from Clearbanc in April, is a provider of revenue-based financing, which offers subscription companies an advance on their monthly revenue and an alternative to traditional venture capital. The company's offerings also include insights and valuation tools that identify sales and marketing performance metrics and recommendations.

  • While this financing method may be disruptive to the venture capital model, some VCs see an opportunity in backing startups that provide cash upfront at a discount to future contractual revenue.

  • Capchase, a provider of non-dilutive capital that was founded last year, closed a $125 million Series A last month led by QED Investors. Meanwhile, Pipe, the creator of a trading platform for recurring revenue, raised $250 million at a $2 billion valuation in May.

  • Clearco, which has invested over $2.4 billion in more than 5,500 businesses, will use the latest capital infusion to accelerate its international expansion and further develop its product suite.
Share:   Email    LinkedIn    Twitter    Facebook
A message from CohnReznick
11 key infrastructure risks to mitigate in public-private partnerships
Public-private partnerships (P3s) can help bridge the gap between an infrastructure project's true cost and the public funding allotted for it. If managed carefully, they can offer investors stable returns on projects that make a difference. Effectively mitigating these projects' risks is key to profitability.

In the design and build phase, fraud, waste, and abuse can account for up to 20% of a project's cost. In the finance phase, it's possible to leave money on the table without maximizing applicable tax credit programs. And when it comes to operating and maintaining the project, a lack of contingency planning could affect future revenue.

In the infographic, 11 Key Infrastructure Risks to Mitigate Across the P3 Lifecycle, Jeremy Swan from CohnReznick advises private equity investors on how to successfully navigate P3s.

Download the infographic now
Share:   Email    LinkedIn    Twitter    Facebook
Bonus payouts: Another sign of VC, PE firms' bounty in 2020
(Nuthawut Somsuk/Getty Images)
The venture capital industry delivered robust results in 2020, contrary to dark expectations during the pandemic's chaotic early phase.

Many VC firms paid out bonuses in addition to keeping pay packages steady and increasing salaries in an otherwise tumultuous year—an indication of the stiff competition for retaining talent.
  • According to the J.Thelander-PitchBook survey, there was little to no change in the median bonus figures paid to associates and analysts at venture capital and private equity firms last year.

  • Jody Thelander, founder and CEO of the namesake consulting firm, said that venture firm positions continue to be in high demand and recruiting is as competitive as ever.
read more
 
Share:   Email    LinkedIn    Twitter    Facebook
Recommended Reads
In recent years, top universities like Columbia have awarded thousands of master's degrees to graduates. But those graduates aren't making enough to keep up with six-figure loans. [The Wall Street Journal]

A quarter of homes in the UK sit above abandoned coal mines that have flooded with water. Now, the mines are being put to a new, zero-carbon use. [BBC]

The life and suspicious death of Cachou, a 6-year-old brown bear inhabiting Spain's Aran Valley that conservationists saw as a symbol of hope. [Bloomberg]
Since yesterday, the PitchBook Platform added:
29
VC valuations
1757
People
576
Companies
17
Funds
See what our data software can do
 
Quick Takes
  The Daily Benchmark  
  2016 Vintage European Real Estate Funds  
  A message from Yieldstreet  
  Private debt and equity offerings with target returns of 8% to 16%  
  VC Deals  
  Glossier lands $80M Series E  
  Arianna Huffington's Thrive Global nabs $80M  
  Instawork raises $60M  
  Benchmark leads Series A for Popshop Live  
  Fundraising  
  Zell Capital launches new fund class, offers access to non-accredited investors  
  H Venture Partners closes debut fund  
 
 
The Daily Benchmark
2016 Vintage European Real Estate Funds
Median IRR
9.29%
Top Quartile IRR Hurdle Rate
15.52%
1.28x
Median TVPI
Select top performers
Bensell Host US Fund
NREP Nordic Strategies Fund II
Benson Elliot Real Estate Partners IV
*IRR: net of fees
10 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
A message from Yieldstreet
Private debt and equity offerings with target returns of 8% to 16%
Access to private debt and equity investments has historically required investment minimums of approximately $250,000. Often, exposure to these asset classes has been via a long-duration fund or, in some instances, an opportunistic one-off investment. The fintech revolution is providing investors with greater opportunities to add alternative investments to their portfolios at lower investment minimums and with shorter durations than traditional alternatives funds.

With bond yields at historically low levels and equity markets seeing stretched valuations relative to their historical averages, adding alternatives such as real estate, supply chain financing, and art and legal finance has become even more important. Some of these benefits include:
  • Short durations (three months to five years)
  • Low minimums (<$10,000 per investment)
  • Target annual returns from 8% to 16%
Learn more about alternative investing at Yieldstreet.com
Share:   Email    LinkedIn    Twitter    Facebook
VC Deals
Glossier lands $80M Series E
Glossier has raised $80 million in a round led by Lone Pine Capital, with participation from Forerunner Ventures, Index Ventures, IVP, Sequoia and Thrive Capital. The New York-based company is a provider of skincare and makeup products. The funding values Glossier at $1.8 billion, according to PitchBook data.
View round
 
View 35 competitors »
 
Arianna Huffington's Thrive Global nabs $80M
Thrive Global, the behavioral change company founded by Arianna Huffington, has raised an $80 million Series C co-led by Kleiner Perkins and Owl Ventures. The funding values the New York-based startup at $700 million, according to a PitchBook estimate. Thrive offers technology and tools that help individuals enhance their mental and physical well-being and performance. Kleiner Perkins partner Mamoon Hamid, and Ian Chiu, managing director at Owl Ventures, will join the company's board.
Additional Investors:
Jazz Venture Partners, IVP, Goldman Sachs Asset Management
View round
View similar company »
Instawork raises $60M
Craft Ventures has led a $60 million Series C for Instawork, the creator of a flexible staffing platform that connects local businesses with hourly employees. Spark Capital, SV Angel and others also participated in the financing. Founded in 2016, the San Francisco-based company was valued at $50 million in May 2020, according to PitchBook data.
Additional Investors:
Benchmark, Burst Capital, Corner Ventures, Four Rivers Group, GV, Greylock Partners, WndrCo
View round
 
View 9 competitors »
 
Benchmark leads Series A for Popshop Live
Popshop Live has raised a funding round led by Benchmark that values the company at $100 million. Based in the Los Angeles area, the startup provides an interactive livestream shopping community designed to help sellers increase customer engagement. Floodgate, Abstract Ventures, SV Angel and TQ Ventures also participated in the funding, among others. Former Instagram exec Bangaly Kaba and former Uber Eats exec Jason Droege have also joined the company.
Additional Investors:
Mantis VC, Access Industries, Long Journey Ventures
View round
 
View similar company »
 
Fundraising
Zell Capital launches new fund class, offers access to non-accredited investors
Zell Capital, a Columbus, Ohio-based investment company, has joined forces with US Bank Global Fund Services to launch a class of funds that make venture capital available to all investors. Traditionally, investing in VC has only been an option for institutions and wealthy accredited investors. By registering under the 1940 Investment Company Act, Zell created a new class of funds called Access Funds. The company will invest between $250,000 and $2 million in startups at the seed and Series A stages.
View details
View investment »
H Venture Partners closes debut fund
Cincinnati-based H Venture Partners has raised more than $10 million for its debut fund. Established in 2017, the female-founded VC firm targets science-based consumer brands that are focused on improving human health and the planet. H Ventures' portfolio includes holistic primary care startup Parsley Health and Naza Beauty, the operator of a salon specializing in afro-textured hair.
View fund
 
View 13 investments »
 
Chart of the Day
Source: PitchBook's Q1 2021 US VC Valuations Report
About PitchBook | Terms of use | Advertise with us | Contact

Follow us:   in   twtr   fb

This email was sent to you via the PitchBook Platform.

Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here.

© 2021 PitchBook Data. All rights reserved.
Venture capital, private equity and M&A financial information technology provider.

Older messages

Real estate tech bounces back

Tuesday, July 6, 2021

India's Cars24 eyes $2B valuation; Grocery delivery startup snags $192M; Nigeria's FairMoney nabs $42M; Parkway Venture Capital nears $60M fund Read online | Don't want to receive these

Robotaxis' unit economics problem

Saturday, July 3, 2021

Also: Gut health research opens market opportunities; Europe's up-and-coming tech hub; exploring global PE multiples by sector; brand-new Benchmarks! Read online | Don't want to receive these

Robinhood sees growth rocket

Friday, July 2, 2021

SoftBank backs crypto exchange; Edtech startup Paper books $100M; Karat Financial banks $26M; Osmind secures $15M Read online | Don't want to receive these emails? Manage your subscription.

Real estate tech startup Tomo lands $70M

Thursday, July 1, 2021

A fresh look at fund performance; Robinhood hit with $70M fine; Luxury travel startup to go public via SPAC; Sword Health draws $85 million Read online | Don't want to receive these emails? Manage

Bonuses point to VC firms' bounty

Wednesday, June 30, 2021

Gympass secures $220M; Accel raises $3B+ across three funds; ShipBob bags $200M; Zencity picks up $30M Read online | Don't want to receive these emails? Manage your subscription. PitchBook Log in

You Might Also Like

The Home Depot rebrands its retail media network in pitch for ad dollars

Friday, March 29, 2024

The Home Depot hosted its inaugural InFront, a play on the television industry's UpFronts or NewFronts, digital media's answer to the upfronts, for its retail media offering. March 29, 2024 The

Caliplay dispute eclipses Playtech’s progress

Friday, March 29, 2024

Playtech earnings review, 888's US B2C sale, sector leaders take bad news hit +More ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Overcoming ads blindness

Friday, March 29, 2024

Today's hack Why not switching from usual ads to converting your audience into email subscribers in exchange for rewards? What are you willing to see more in banner ads? 1. Sales pitches. 2. Brands

Ambani, Adani join hands in power move

Friday, March 29, 2024

Also in today's edition: India's auto export weakness; No one wants CXOs ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

It's Time to Unlock the Vault

Friday, March 29, 2024

The ability to shortcut your way to profits is finally here View in browser ClickBank Hand holding a microphone You need to know this, There is an opportunity to shortcut your way to profits as an

🔍 Ryan Trahan & Joyride's Launch Playbook

Friday, March 29, 2024

What they did. How they did it. And what to learn from it. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Help Micronesian Seminar

Friday, March 29, 2024

Weekender #43 ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

🎙️ New Episode of The Dime Todd Harrison: Chewing Through Noise in The Cannabis Industry with a Focus on Catalysts

Thursday, March 28, 2024

​ Listen here 🎙️ Todd Harrison: Chewing Through Noise in The Cannabis Industry with a Focus on Catalysts​ Imagine this: warm, sunny Florida. Rescheduling has just been announced, and you're eager

Wealthy people don't cover their windows

Thursday, March 28, 2024

Plus the real cost of self funded searches, the math behind renting vs buying & more. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

🤯 [$50 an hour] Remote Flutter Jobs, Zapier Freelancer, Junior Dev Jobs and more!

Thursday, March 28, 2024

March 28, 2024 | Read Online 🤯 [$50 an hour] Remote Flutter Jobs, Zapier Freelancer, Junior Dev Jobs and more! fb tw in email Welcome to another CrackedDevs Daily, this time with some hot new jobs! 🚀 1