PitchBook News - Legislation could spark cannabis IPOs

NightDragon closes $750M cybersecurity fund; Paystand brings in $50M; Matterport debuts on Nasdaq via SPAC; Tovuti books $8M
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The Daily Pitch: VC
July 26, 2021
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Schumer's pot legislation could spark up cannabis IPOs on Wall Street
Sens. Chuck Schumer and Cory Booker have vowed to end marijuana prohibition. (Kevin Dietsch/Getty Images)
Wall Street has been home to opioid makers, Canadian cannabis companies and psychedelic stocks. It may also soon welcome America's homegrown weed industry.
  • Concerns around anti-money laundering laws have long kept US exchanges and other financial services out of reach for marijuana businesses.

  • New legislation, such as a bill proposed by Senate Majority Leader Chuck Schumer earlier this month, could open up the US IPO market. That would give companies a vital exit option and the capital to fund national expansions.

  • Canadian cannabis companies, private equity groups and other institutional investors are sizing up potential targets in anticipation of possible legalization.
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Big deals dominate as European VC continues at an unrelenting pace
The European venture capital industry has set a new annual record for deal value in just six months despite, continued uncertainty surrounding COVID-19 and macroeconomic volatility.

VCs completed €47.1 billion worth of transactions in H1 2021, according to PitchBook's Q2 2021 European Venture Report, signaling that the VC dealmaking environment has never been stronger. Other report highlights include:
  • Outsized deals are no longer outliers in Europe. They are buoyed by an increase in late-stage rounds, which now account for over 70% of all capital invested.

  • A frenzied exit environment produced a surge in public listings, as highly valued startups accelerated toward exits to take advantage of soaring valuations.

  • Founders and investors are looking toward less saturated European regions—like the Baltics—to increase growth prospects and possible returns.
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Former McAfee CEO ups the cybersecurity ante with $750M venture fund
(Colin Anderson Productions pty ltd/Getty Images)
The nature of cyber threats continues to change rapidly, and there are signs that investors are adapting accordingly.
  • Newly minted venture firm NightDragon has raised $750 million for its first fund, which will target growth-stage startups in cybersecurity and related fields.

  • It's the largest cybersecurity VC fund on record, according to PitchBook data, and a sign of how the once-niche sector now commands the spotlight.

  • NightDragon is led by Dave DeWalt, the former CEO of FireEye and McAfee. He believes some incumbents have been caught "flat-footed," creating an opportunity for disruptive startups.
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Recommended Reads
The post-pandemic return to the road is creating new business opportunities. And parking startups are cashing in. [Bloomberg]

The real estate market is rapidly evolving, and it's prompting the rise of a still-fledgling secondary market for private real estate funds. [Institutional Investor]

Over the past year, telemedicine has become a hit. Now, patients are feeling the growing pains. [Fortune]
Since yesterday, the PitchBook Platform added:
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VC valuations
488
People
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Funds
See what our data software can do
 
Quick Takes
  The Daily Benchmark  
  2012 Vintage Global Funds-of-Funds  
  A message from NetSuite and ContinuServe  
  NetSuite and ContinuServe team up to deliver a new carveout solution  
  VC Deals  
  Paystand brings in $50M  
  Continuous Composites lands $17M  
  Tovuti books $8M Series A  
  Exits & IPOs  
  Matterport debuts on Nasdaq via SPAC  
 
 
The Daily Benchmark
2012 Vintage Global Funds-of-Funds
Median IRR
13.74%
Top Quartile IRR Hurdle Rate
17.78%
1.57x
Median TVPI
Select top performers
Schroder Adveq Technology VII
Cendana Capital
SVB Strategic Investors Fund V-A Opportunity
*IRR: net of fees
49 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
A message from NetSuite and ContinuServe
NetSuite and ContinuServe team up to deliver a new carveout solution
ContinuServe uses NetSuite technology to deliver carveouts in a new solution that brings the leading cloud-based enterprise resource planning solution together with a premier business process outsourcing provider.

ContinuServe acquires NetSuite on behalf of the client and drives the technology carveout using proprietary tools to stand up a functional enterprise class NetSuite solution faster than comparable solutions.

Once the business is operational, ContinuServe seamlessly transitions ownership of the system without a need for reimplementation or data migration, reducing risk and financial strain on both the private equity firm and the carveout.

NetSuite's preconfigured industry-specific ERP solution is the leading cloud-native solution and the No. 1 solution for carveouts.

To learn more about this new solution and how it drives value, download this compelling white paper.
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VC Deals
Paystand brings in $50M
Paystand has raised a $50 million Series C led by NewView Capital, with participation from SoftBank's Opportunity Fund, King River Capital, Industrious Ventures and Transform Capital. Founded in 2013, the company is the creator of a blockchain-based payment network that authenticates and automates transactions for B2B customers. Paystand raised a $20 million Series B in February 2020.
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Continuous Composites lands $17M
Continuous Composites has raised a $17 million Series A led by B. Riley Venture Capital. Founded in 2012, the Idaho-based company is a provider of hardware, software and composite materials used to automate 3D-printing processes.
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Tovuti books $8M Series A
Blueprint Equity and ScOp Venture Capital have co-led an $8 million round for Tovuti. The Idaho-based company is the developer of a learning management platform designed to help organizations including HCL and Summit Mortgage implement learning programs and training for employees.
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Exits & IPOs
Matterport debuts on Nasdaq via SPAC
Matterport, a developer of subscription software that creates 3D digital versions of physical spaces, has made its debut on the Nasdaq following its merger with Gores Holdings VI, a SPAC backed by billionaire Alec Gores. As part of the deal, the VC-backed company has received $605 million in cash, including a $295 million PIPE led by a group of institutional investors such as Tiger Global, Dragoneer Investment Group and Gores Holdings VI. The SPAC merger valued Matterport at $2.9 billion.
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View 14 competitors »
 
Chart of the Day
Source: PitchBook's Q2 2021 US PE Breakdown
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