PitchBook News - Healthtech for the LGBTQ community

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The Daily Pitch: VC

September 24, 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 leveraging healthtech to better serve the LGBTQ community.

UK-based biotech startups usually prefer to list in the US, but coronavirus test maker Oxford Nanopore is planning a London IPO.

PE firms have ramped up their participation in venture deals. What's driving the surge?

Today's Top Stories

How startups are improving healthcare options for the LGBTQ community

(sasirin pamai/Getty Images)

When it comes to receiving care for their physical and mental health needs, the LGBTQ community represents a largely underserved segment of the US population.

Our latest installment of Emerging Tech Research highlights key opportunities in the growing LGBTQ-focused healthtech sector, as well as emerging startups that exclusively provide gender-affirming treatments, mental healthcare and family-building services for the LGBTQ market. Key takeaways include:

Eleven startups in the space have raised a total of $48.7 million in VC funding over the past three years.

Our analysts expect incumbent health insurers will be slow to incorporate LGBTQ-focused benefits, but a growing near-term opportunity exists to help employers provide LGBTQ-tailored workplace benefits and help individuals find unbiased care.

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Coronavirus test maker Oxford Nanopore eyes $5.2B valuation in IPO

(OsakaWayne Studios/Getty Images)

Biotech startup Oxford Nanopore could hit a valuation of up to £3.8 billion (about $5.2 billion) when it goes public via a rare London IPO in October, according to reports.

The startup is planning to set a range of 375 pence to 450 pence per share, according to terms seen by Bloomberg, with a free float of at least 25%.

Oxford Nanopore is currently valued at around £2.5 billion and is backed by investors including IP Group and Tencent.

The IPO is a big win for London, as UK-based biotech and pharma startups traditionally favor the US as a listing destination.

Recommended Reads

Private equity firms may need to permanently adapt to the fast-paced dealmaking that has developed in the boom following last year's hiatus. [Bloomberg]

Even in the busiest year yet for US IPOs, bankers are still working with phone calls and pen and paper. Here's how one fintech company is hoping to bring IPOs into the 21st century. [The Wall Street Journal]

Why insects are the newest ingredient in pet food products hitting the market. [The Washington Post]

Since yesterday, the PitchBook Platform added:

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Funds

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Quick Takes


	The Daily Benchmark
	2005 Vintage Global PE Funds with more than $1B
	A message from McDermott Will & Emery
	Are you ready for the future of healthcare investing?
	People
	Venrock's Pakman jumps to CoinFund
	VC Deals
	Gorillas raises $950M
	Ocrolus nabs $80M Series C
	Iron Ox grabs $53M for automating farming
	Panorays lands $42M for third-party security tech
	Meru Health picks up $38M in debt and equity
	Exits & IPOs
	SoftBank-backed Oyo expected to file for IPO

The Daily Benchmark

2005 Vintage Global PE Funds with more than $1B

Median IRR

7.92%

Top Quartile IRR Hurdle Rate

13.01%

1.60x

Median TVPI

Select top performers

Advent Global Private Equity V

GS Capital Partners V

Spectrum Equity Investors V

*IRR: net of fees

37 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from McDermott Will & Emery

Are you ready for the future of healthcare investing?

The healthcare industry is seeing the most extraordinary pace of private equity transactions in recent history, with no slowdown in sight. As a result of the unprecedented deal volume, investors face new issues, including limited bandwidth among fund professionals and the need to modify transaction approaches for both buyers and sellers in order to succeed.

Taking place virtually on October 15, the HPE New York 2021 conference will bring together an elite faculty of PE leaders to discuss:

The Need for Speed: Critical Issues Facing Buyers
Supercharging Sellers' Strategies for Today's Market
Prepare for Tomorrow: How Government Actions Will Impact the Market

Register today

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People

Venrock's Pakman jumps to CoinFund

David Pakman, a veteran venture capitalist active in cryptocurrency investing, has left Venrock to join CoinFund as managing partner for the firm's growth-stage strategy. Brooklyn-based CoinFund and Venrock have been strategic partners since 2018 to back startups in the crypto ecosystem.

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VC Deals

Gorillas raises $950M

Gorillas, a Berlin-based grocery and home care products delivery startup, has finalized a $950 million Series C at a valuation of $3 billion, The Information reported. The round was led by Delivery Hero, a German delivery company, with participation from Tencent, Coatue, DST and A-Star Partners. The funding will be used for expanding in major European markets.

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Ocrolus nabs $80M Series C

Ocrolus has raised $80 million at a more than $500 million valuation in a round led by Fin VC. The New York-based company offers an automation platform to help customers such as Brex, Plaid and SoFi analyze financial documents.

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Iron Ox grabs $53M for automating farming

Iron Ox, an automated farming startup, has raised a $53 million Series C led by Breakthrough Energy Ventures with participation from other investors including I/O Ventures, ENIAC Ventures, and Y Combinator. The company uses robotics and AI to reduce the environmental impact of growing produce.

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Panorays lands $42M for third-party security tech

Panorays has raised a $42 million Series B led by Greenfield Partners. The company provides security risk management software that helps enterprise and mid-market customers in North America, the UK and Europe manage security risks with their third-party vendors. Based out of New York and Israel, the startup was valued at $78 million in 2018, according to PitchBook data.

Additional Investors:

Aleph, BlueRed Partners, Greenspring Associates, Moneta Venture Capital, Oak HC/FT

View round

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Meru Health picks up $38M in debt and equity

Meru Health has raised a $38 million Series B led by Industry Ventures. Founded in 2018, the Bay Area-based company offers a platform to help patients connect with mental health professionals.

Select Additional Investors:

Bold Capital Partners, Freestyle Capital

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View 7 competitors »

PitchBook Webinar: Q2 2021 EMEA Private Market Update

Don't miss our upcoming webinar. It will take place on Sept. 28 at 7 a.m. PDT/3 p.m. BST and will cover how European venture capital and private equity performed in Q2.

Our analysts will explore the records set throughout the first half of the year, despite lingering uncertainty around COVID-19 and macroeconomic volatility. Key statistics include:

VCs completed €47.1 billion worth of transactions in H1 2021, signaling that the VC dealmaking environment has never been stronger.

European PE posted its second-highest quarterly dealmaking total on record, thanks—in part—to growing vaccination rates and strong debt markets for leveraged buyouts.

Register here to secure your spot.

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Exits & IPOs

SoftBank-backed Oyo expected to file for IPO

SoftBank-backed Oyo is reportedly planning to file for an IPO next week that would raise around $1 billion for the Indian provider of a home and hotel room booking platform. Oyo was reportedly valued at some $9.6 billion in August after raising funding from Microsoft. SoftBank, which has backed Oyo since 2015, is said to own about 46% of the company.

View details

View 18 competitors »