PitchBook News - Flo adds to femtech frenzy

Read online | Don't want to receive these emails? Manage your subscription.

PitchBook

Log in

The Daily Pitch: VC

September 9, 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 US PE emerging fund managers have performed, and what LPs should expect when they turn to these lesser-established players.

Period-tracking startup Flo has raised a new $50 million round as VC funding in the femtech sector soars.

Today's Top Stories

US PE emerging fund managers post mixed results

(MicroStockHub/Getty Images)

LPs have increasingly turned to emerging fund managers in hopes of finding investors who are hungry to outperform their respective benchmarks. But our latest analyst note paints a more nuanced picture of what LPs should expect when they look to private equity's lesser-established players. Among the takeaways:

US PE emerging fund managers have not consistently outperformed established managers, especially in their second vintage. The most variation in performance is typically found in debut funds.

Specialist emerging fund managers have outperformed generalists since the global financial crisis.

At each stage from their debut fund to a fourth vehicle, about one-third of emerging managers don't raise the subsequent fund—often due to portfolio losses or personnel turnover.

read it now

Share:

Flo raises millions as femtech frenzy continues

(kanyakits/Getty Images)

Flo, the creator of a period-tracking app, has secured $50 million in a round co-led by VNV Global and Target Global, valuing the London-based company at $800 million.

Flo is part of a new generation of startups that have launched affordable and sophisticated female-focused digital tools—attracting mainstream investors to the burgeoning femtech industry.

2021 is a landmark year for femtech startups, with global VC funding crossing the $1 billion mark for the first time, according to PitchBook data. Investment isn't skyrocketing in comparison to the broader health and fitness sector, however, and investor diversity is still a concern.

keep reading

Share:

A message from Abacus Finance Group

How much longer can this private equity bull market run?

Over the past 18 months, the US has faced a pandemic, fires, hurricanes, and political unrest, yet public and private market M&A activity remains strong. According to PitchBook, Q1 2021 saw robust middle-market activity, with deal count and value exceeding pre-pandemic levels. Also in Q1, US PE firms notched the second-highest quarterly deal value figure on record.

For 10 years, Abacus Finance Group has been a cash flow senior debt lender to the PE asset class. The Abacus team has committed to over $2.5 billion in loans across nearly 90 portfolio companies in the lower middle market.

The Abacus fact sheet provides information on the company and the services offered. Please reach out to learn how Abacus can support your next transaction.

Download the fact sheet

Share:

Startups in Latin America grab record sums of venture capital

(Matthias Kulka/Getty Images)

VCs are clamoring for Latin American digital transformation opportunities at an unprecedented pace.

Investors have already deployed at least $8.8 billion into the region this year, which is more than the capital invested in 2019 and 2020 combined, according to PitchBook data.

Opportunities in Latin America are massive because whole sectors, such as proptech, are available for disruption.

Brazil's Nuvemshop, also known by its Spanish name Tiendanube, is one of the latest startups to achieve unicorn status.

Recommended Reads

The pandemic has resulted in a surge of tech that some companies are using to monitor employees' online activity. Is workplace surveillance here to stay? [The Guardian]

The Bay Area beats all other regions of the US when it comes to AI research and investment activity, but such an overconcentration could prove to be a weakness in the long run. [Wired]

Recruiters have learned to develop savvy solutions when looking for top tech talent—including a hybrid recruiting-investment model. [Institutional Investor]

Since yesterday, the PitchBook Platform added:

21

VC valuations

2090

People

576

Companies

29

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2019 Vintage North American Funds-of-Funds
	VC Deals
	Japanese biotech Spiber lands $312M
	Aviatrix raises $200M
	Egyptian payments startup collects $120M
	InBrace cleans up with $102M Series D
	TrueFort banks $30M Series B
	Fundraising
	TrueBridge Capital closes $170M FoF

The Daily Benchmark

2019 Vintage North American Funds-of-Funds

Median IRR

9.90%

Top Quartile IRR Hurdle Rate

24.33%

1.09x

Median TVPI

Select top performers

Adams Street 2019 Global Fund

Moonrise Venture Partners II

Accolade Partners Growth I

*IRR: net of fees

17 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Japanese biotech Spiber lands $312M

PE giant The Carlyle Group's Japanese arm has led a 34.4 billion yen (about $312 million) minority investment into Japan-based Spiber and joined the company's board. Fidelity Investments and Baillie Gifford also participated in the round, which valued Spiber at 135 billion yen. The company makes animal-free synthetic proteins that are used to create fabrics and other materials.

View round

View 3 competitors »

Aviatrix raises $200M

Cloud networking startup Aviatrix has raised $200 million at a $2 billion valuation, more than double the $775 million valuation it received earlier this year, according to PitchBook data. TCV led the Series E with participation from Insight Partners and Tiger Global. Santa Clara, Calif.-based Aviatrix makes enterprise software to manage networking and security across multiple clouds.

Select Additional Investors:

General Catalyst, CRV, Ignition Partners, Meritech Capital Partners, Greenspring Associates, Formation 8

View details

View 30 competitors »

Egyptian payments startup collects $120M

Egyptian fintech startup MNT-Halan has taken in $120 million to grow its payment services for unbanked and underserved consumers and merchants. Apis, Development Partners International, Lorax Capital Partners and other investors backed the round. MNT-Halan previously raised $45 million from Africa-focused PE firm DPI in 2018.

Additional Investors:

Disrupt, Endeavor Catalyst, Middle East Venture Partners

View round

View similar company »

InBrace cleans up with $102M Series D

InBrace, a developer of orthodontic devices, has raised $102 million in a round co-led by Farallon Capital Management and Marshall Wace. The Irvine, Calif.-based company raised $45 million at a $110 million valuation in 2019, according to PitchBook data.

Select Additional Investors:

BlackRock, Endeavour Vision, Novo Ventures, RTW Investments, Soleus Capital

View round

View 7 competitors »

TrueFort banks $30M Series B

TrueFort has raised a $30 million Series B led by Shasta Ventures with participation from other investors including Canaan and Lytical Ventures. The Weehawken, N.J.-based startup manages a cybersecurity platform that leverages behavioral analysis and machine intelligence.

View round

View 2 competitors »

PitchBook has partnered with Wall Street Prep, the trusted training provider for the world's top I-banks, PE firms, Fortune 1000 companies and business schools, to help you get into the data when you enroll in their Premium Financial Modeling package.

As you work your way through the course modules, access the PitchBook Platform to see comprehensive private and public market data in action. With detailed data at your fingertips, explore PitchBook's tools for understanding valuations, such as M&A comps, venture valuation comps, public comps and fund data.

Learn more

Share:

Fundraising

TrueBridge Capital closes $170M FoF

Tech-focused venture firm TrueBridge Capital Partners has closed its latest VC fund-of-funds at $170 million. The new vehicle will target seed and micro-VC firms that are raising funds of $200 million or less and backing companies at the earliest stages. Chapel Hill, N.C.-based TrueBridge manages more than $4 billion in assets and has raised six flagship VC funds-of-funds and two direct investment funds.

View fund

View 21 investments »

Chart of the Day

Source: PitchBook's Q2 2021 US PE Breakdown

About PitchBook | Terms of use | Advertise with us | Contact

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.

Charting PE's march on VC

Wednesday, September 8, 2021

GP style and PE fund performance; VW plans $355M+ decarbonization fund; Senegal's Wave catches $200M; Emulate picks up $82M Read online | Don't want to receive these emails? Manage your

Assessing SoftBank's Vision Funds

Tuesday, September 7, 2021

'Earned wage' startups winning over VCs; Real estate tech startup snags $363M; Disc Medicine gathers $90M; Corelight lands $75M Read online | Don't want to receive these emails? Manage your

Editor's choice: Our top summer reads

Sunday, September 5, 2021

Visualizing 2021 for female founders; emerging ESG standards; pandemic puppies and more Read online | Don't want to receive these emails? Manage your subscription. PitchBook Log in The Weekend

What you need to know: DeFi, China VC

Saturday, September 4, 2021

Also: VC, PE fund performance stands out in 2020; Series A performance distances from later rounds; New agtech, retail health research shows strength Read online | Don't want to receive these

Sizing up VC returns by series

Friday, September 3, 2021

Why US VC valuations are soaring; ProbablyMonsters snags $200M; Carbon Robotics grabs $27M; Plantible cooks up $21M+ Read online | Don't want to receive these emails? Manage your subscription.

I launched the ULTIMATE seo chrome extension (free)

Sunday, March 9, 2025

You are so very welcome ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Trump’s Bitcoin Reserve, Tokyo Beast’s $1M Championship & King of Destiny’s 2M $GOD Showdown – Your Ultimate Crypto & Gaming Update!

Sunday, March 9, 2025

PlayToEarn Newsletter #263 - Your weekly web3 gaming news ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

PitchBook News - Flo adds to femtech frenzy

Older messages

Charting PE's march on VC

Assessing SoftBank's Vision Funds

Editor's choice: Our top summer reads

What you need to know: DeFi, China VC

Sizing up VC returns by series

You Might Also Like

I launched the ULTIMATE seo chrome extension (free)

Trump’s Bitcoin Reserve, Tokyo Beast’s $1M Championship & King of Destiny’s 2M $GOD Showdown – Your Ultimate Crypto & Gaming Update!

The Profile: The man who wants to know everything & the med spas offering balding treatments

Marketing Weekly #222

Why The Per-Seat Model Isn’t Dead (Yet)

Startups gear up for EU defense surge

Sunday Thinking ― 3.9.25

🚨 Weekend Wrap-Up: Chatbots Are Stealing 96% Of Your Clicks

🦄 How to create a unicorn

Brain Food: Guts Over Brains