PitchBook News - Flo adds to femtech frenzy

Mixed results for emerging fund managers; Japanese biotech Spiber lands $312M; Aviatrix raises $200M; Egyptian payments startup banks $120M
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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
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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.
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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.
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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.

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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.
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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]
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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
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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 »
 
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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.
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View 21 investments »
 
Chart of the Day
Source: PitchBook's Q2 2021 US PE Breakdown
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