Health data drives startup opportunities

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The Daily Pitch: VC

August 27, 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.

KKR-backed Axel Springer has agreed to purchase news site Politico in a deal that could reportedly be valued at over $1 billion.

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 recent 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 that can be monetized the most, such as those targeting illnesses that attract large investments.

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KKR's Axel Springer locks down deal for Politico

(Mohd Azri Suratmin/Getty Images)

KKR-backed Axel Springer has agreed to purchase Politico in a deal that's reportedly valued at over $1 billion, as private equity firms continue to grow their media industry influence.

Reports emerged last week that the German publisher was exploring an investment in or full buyout of Politico. A $1 billion deal would amount to five times the news site's yearly revenue figure of $200 million, The New York Times reported.

Founded in 2007 by Robert Allbritton, Politico employs a team of 700 individuals in North America, with some 200 employees working for its Europe edition, Politico Europe.

Politico and Axel Springer first joined forces in 2014 when they launched Politico Europe. As part of the new deal, the German media company will acquire tech news site Protocol and the remaining 50% stake it doesn't own in Politico Europe. Axel Springer's media portfolio already includes Insider and Morning Brew.

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A message from Affinity

A CRM built for VCs: Five customer stories

Affinity is a customer relationship management tool designed to help operate complex deal flow pipelines by automating manual processes such as data entry and contact management. By consolidating deal flow management and relationship network management in one place, teams can focus on making new connections and driving new deals without losing track of valuable information.

Using relationship intelligence algorithms and enriched datasets, investment professionals can gain a better understanding of how their team is connected. Read on to learn how VCs are leveraging Affinity to discover new opportunities, gain new insights and close more deals.

A CRM built for VCs: Five customer stories

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Recommended Reads

Traditional forecasts based on historical data are no longer effective at predicting wildfires, so startups are turning to AI to cope with climate change. [Bloomberg]

Research shows that over the past decade it paid off to go big in the private markets, as larger allocations typically resulted in higher returns. [Institutional Investor]

How the pandemic made a complete mess of the world's intricate global supply chains, explained using a hot tub. [The Wall Street Journal]

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Quick Takes


	The Daily Benchmark
	2018 Vintage North American PE Funds
	VC Deals
	Defense-focused Shield AI raises $210M
	Picsart lands $130M
	DealerPolicy banks $110M
	Energy Vault picks up $100M Series C
	Workstream collects $48M in Series B
	Elixiron Immunotherapeutics secures $27M
	Exits & IPOs
	NuBank eyes IPO at $55B+ valuation
	Forbes to go public via SPAC

The Daily Benchmark

2018 Vintage North American PE Funds

Median IRR

11.72%

Top Quartile IRR Hurdle Rate

21.07%

1.12x

Median TVPI

Select top performers

SSC Partners I

Oaktree Special Situations Fund II

Merida Capital Partners

*IRR: net of fees

102 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Defense-focused Shield AI raises $210M

Shield AI, a defense technology startup developing AI and self-driving technologies for aircraft, has raised a $210 million Series D at a valuation of over $1 billion. The round was led by Disruptive, a late-stage technology investor, and joined by others including Point72 Ventures. Shield AI's management expects to secure an additional $15 million in equity and $75 million in debt in the coming weeks. The San Diego-based startup's products are currently in the field supporting US Department of Defense operations.

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Picsart lands $130M

Picsart has raised a $130 million Series C at a valuation of more than $1 billion. The round was led by SoftBank Vision Fund 2 with participation from Sequoia, DCM, G Squared and others. The San Francisco-based company's application offers tools and templates for photo and video editing.

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DealerPolicy banks $110M

DealerPolicy has raised a $110 million Series C led by Goldman Sachs Asset Management with participation from 3L Capital and Hudson Structured Capital Management. The company runs an auto insurance marketplace that connects dealerships and their customers with insurance agencies.

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Energy Vault picks up $100M Series C

Energy Vault, a developer of renewable energy storage systems, has raised $100 million in a round led by Prime Movers Lab. The Swiss company was valued at $220 million in January, according to PitchBook data.

Select Additional Investors:

Crexa Capital Advisors, Pickering Energy Partners, Saudi Aramco Energy Ventures, SoftBank

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Workstream collects $48M in Series B

Workstream, the San Francisco-based developer of a hiring and onboarding platform, has raised $48 million in Series B financing. The deal was led by Bond Capital and Coatue and was joined by Jay-Z's RocNation with participation from existing investor Founders Fund and others including Zoom CEO Eric Yuan, DoorDash CEO Tony Xu and Qualtrics founder Ryan Smith. Workstream has also added Bond general partner Jay Simons as a board observer.

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Elixiron Immunotherapeutics secures $27M

Elixiron Immunotherapeutics has raised $27 million in a Series A1 round co-led by Pangu Capital and Taiwania Capital. The Taipei, Taiwan-based company is the developer of immunotherapies intended to help patients suffering from cancer, neurological diseases and inflammatory disorders.

Select Additional Investors:

DCI Partners, Fubon Financial Holdings, Mega International Commercial Bank

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Exits & IPOs

NuBank eyes IPO at $55B+ valuation

NuBank, a Brazil-based digital banking specialist, is planning an IPO in the US at a valuation of over $55 billion, Reuters reported. The company was previously valued at a reported $30 billion when it raised a $1.15 billion round led by Warren Buffett's Berkshire Hathaway in June.

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Forbes to go public via SPAC

Business media brand Forbes has struck a deal to go public by merging with blank-check company Magnum Opus Acquisition Limited. The $600 million deal gives Forbes an enterprise value of $630 million and is expected to provide it with up to $145 million in cash. Integrated Whale Media acquired a majority stake in Forbes in 2014.

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Chart of the Day

"Going forward, the outlook for inflation may provide a tailwind for real assets fundraising. The US consumer price index (CPI) ticked up at the highest rate in 13 years, while China's factory gate inflation is also at a 13-year high as imported commodity prices continue to skyrocket."

Source: PitchBook's Q1 2021 Real Assets Report