Health data drives startup opportunities

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The Daily Pitch: VC

August 17, 2021

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

In today's Daily Pitch, you'll find:

An analysis of how startups are charting new opportunities with the collection of real-time health data.

A new episode of "In Visible Capital," featuring Allocate's Samir Kaji and his take on the shakeup in VC fundraising.

An exploration of trends in the debt ecosystem through the first half of 2021.

Today's Top Stories

Emergence of real-time health data drives startup opportunities

(Andrey Suslov/Getty Images)

The proliferation of mobile health apps, biometric trackers and remote patient-monitoring devices has given rise to large quantities of healthcare data. This can provide real-world evidence that could be used across the healthcare ecosystem for clinical trials, evaluating treatment outcomes and monitoring safety after medical procedures.

Our latest Emerging Tech Research analyst note examines the regulatory landscape, use cases and emerging opportunities for startups focused on such real-world evidence. Key takeaways include:

In all, 57 startups developing RWE-based solutions have raised $1.8 billion in VC funding since 2019.

Startup opportunities in this area include building proprietary datasets, developing analytical tools, and creating data standardization and management solutions.

Over the short term, RWE startups will likely focus on datasets than can be monetized the most, such as those targeting illnesses that attract large investments.

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On the podcast: The venture ecosystem's fundraising shakeup

A new class of investors spanning family offices and wealthy individuals are venture capitalists' limited partners of the future—and their emergence promises to shake things up, says Samir Kaji, a veteran Silicon Valley VC fundraising adviser.

On the latest episode of "In Visible Capital," Kaji tells PitchBook editor-in-chief Alexander Davis that venture capitalists increasingly are opening up their fundraising beyond big institutional partners like pensions and endowments.

In recent years, the market has undergone a massive shift, as family offices, individuals and independent asset managers move into the venture asset class.

Kaji, who just launched his own VC-investing marketplace, discusses this growing segment of the private market and its consequences for reshaping the venture ecosystem.

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A message from SS&C Intralinks

Bridging the data gap: How LPs and GPs are (finally) connecting on reporting

The divide was deep and growing worse. Investors were requesting ever more data and transparency into fund activity, while fund managers were struggling under the weight of investors' increasing demands for more frequent reporting and custom data requests.

Intralinks' new white paper, 4 Keys to Better Investor Reporting and Transparency, shows how successful GPs are now leveraging technology innovations and new industry standardized reporting formats to satisfy LPs data requests—all while streamlining processes and saving time and effort. This new paper explores:

Adopting ILPA templates
PDF versus Excel reporting formats
Standardization of environmental, social and governance metrics
How to drive tech-enabled reporting adoption among LPs

Bridge the data gap. Download this white paper now.

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Private debt market remains buoyant after COVID-19 setbacks

(Peter Schreiber/Getty Images)

Private debt fundraising declined across the globe last year during the height of the COVID-19 pandemic, but the 2021 rebound has been swift thanks to a surging economy, liquidity in the credit markets and businesses avoiding default.

Sponsored by the American Investment Council and UMB Fund Services, PitchBook's H1 Global Private Debt Report explores those trends in an analysis of an oft-overlooked alternative asset strategy.

The report includes:

A breakdown of private debt fundraising by fund type, including direct lending and distressed debt.
A deep dive into the venture debt ecosystem, looking specifically at how venture debt has increasingly emerged as an alternative form of financing for startups over the past decade.
An analysis of private debt performance, dissecting the rebound of various sub-strategies following the dip in Q2 2020.

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Recommended Reads

After a dismal decade, the pandemic has given hedge funds a much-needed boost—but will the revival last? [Financial Times]

More and more millennials are turning to farming, introducing new technology to an age-old business. [The Wall Street Journal]

How one of crypto's busiest VCs operates—with no full-time staff. [Forbes]

Since yesterday, the PitchBook Platform added:

30

VC valuations

1383

People

381

Companies

23

Funds

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Quick Takes


	The Daily Benchmark
	2019 Vintage European PE Funds
	VC Deals
	Oslo's Gelato hits unicorn status with $240M round
	Marketing analytics startup Adverity pockets $120M Series D
	Bike taxi startup rides off with $52M
	Tropic grabs $25M
	Baffle brings in $20M Series B

The Daily Benchmark

2019 Vintage European PE Funds

Median IRR

2.11%

Top Quartile IRR Hurdle Rate

18.54%

0.90x

Median TVPI

Select top performers

Apax X

Carlyle Europe Technology Partners IV

KKR European Fund V

*IRR: net of fees

30 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Oslo's Gelato hits unicorn status with $240M round

Insight Partners has led a $240 million investment in Gelato. The startup's platform allows users to make and ship customized products. Reuters reported that the round values it at over $1 billion. Gelato will use the funds to enter new markets, as well as to expand its local production hubs and products, including 3D printing.

Select Additional Investors:

Dawn Capital, Goldman Sachs, SEB Pension Fund, SoftBank

View round

View 3 competitors »

Marketing analytics startup Adverity pockets $120M Series D

Vienna-based Adverity has raised $120 million in a round led by SoftBank's Vision Fund 2, with support from Sapphire Ventures. The startup's data and analytics platform provides insights into a company's marketing, sales and ecommerce performance. The new round brings Adverity's total funding to over $165 million.

View round

View 69 competitors »

Bike taxi startup rides off with $52M

Indian bike taxi startup Rapido has reportedly collected $52 million in Series C funding from Shell Ventures, Yamaha, Westbridge, Nexus Venture Partners and others. The round values the company at $235 million, according to The Economic Times. Founded in 2015, Rapido has more than 25 million app downloads and operates out of over 100 cities.

Additional Investors:

Everblue Management, Positive Moves, QED Innovation Labs

View round

View 1 competitors »

Tropic grabs $25M

Tropic has raised a $25 million Series A led by Canaan Partners, with participation from Founder Collective and Shine Capital. The New York City-based startup helps companies buy and renew software contracts. Over the last year, Tropic has added over 60 customers including Qualtrics, Vimeo, Zapier and Intercom.

View round

View 2 competitors »

Baffle brings in $20M Series B

Baffle has raised $20 million in a round led by Celesta Capital. The Santa Clara, Calif.-based company uses encryption to provide protection for sensitive cloud-based data at all points in the processing timeline.

Additional Investors:

Lytical Ventures, National Grid Partners, Nepenthe Capital

View round

View 40 competitors »

Chart of the Day

"Over the longer term, the oil and gas space certainly faces challenging prospects. Electric cars could potentially reduce crude oil demand by 25 million barrels per day as internal combustion engine-powered vehicles are replaced. There is also a broad push to move away from single-use plastics."

Source: PitchBook's Q1 2021 Real Assets Report