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PitchBook News - Edtech pays off in IPO boom

VCs double down on EV; Impossible Foods eyes $7B valuation; Market Kurly plans to go public; Magnus Medical lands $25M for depression treatment
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The Daily Pitch: VC
November 1, 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:
  • A series of edtech startups are going public as the pandemic-fueled need for online learning pays off.

  • A year ago, SPAC dealmakers created a whirlwind of excitement for electric vehicle makers. Now venture capitalists are leading a new kind of EV charge.

  • Our analysts explore private equity healthcare deals and key considerations for avoiding regulatory and bottom-line risk.
Today's Top Stories
Edtech backers rewarded as IPO pipeline heats up
(vladwel/Getty Images)
Edtech company IPOs used to be practically nonexistent—until this year. Coursera, Duolingo and Udemy all debuted on public markets, each with a multibillion-dollar market capitalization.

These are significant outcomes for any newcomers to Wall Street, but especially for a sector that sometimes struggled to gain wide acceptance among venture capitalists before the pandemic.

Edtech continues to boom now that most schools and universities are again meeting in person. During the first 10 months of 2021, VCs have funneled more capital into the sector than in 2020, signaling that more edtech names could soon enter the IPO pipeline.
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As EV blank-check boom fades, VCs double down on electrification startups
(Marija Obradovic/Getty Images)
A year ago, SPAC dealmakers created a furor of excitement for electric vehicle makers, striking pacts to take more than a half-dozen companies public with dizzying speed. Now venture capitalists are leading a new kind of EV charge.
  • VC investment in the EV sector hit $17.8 billion in the first nine months of 2021, up from $10.6 billion for all of last year.

  • It's no longer about finding the next Tesla—much of the money is going to startups that support electrification in ways other than making vehicles.

  • Many new EV stocks have performed poorly, but they have also driven new deals by giving VCs a clearer line of sight to future exits.
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A message from RSM
Assess your SPAC readiness: Guide to nine critical business areas for going public
Preparing to go public is complex under any circumstance. A SPAC merger compresses the timing of the process, making it even more challenging. Most companies don't have all the resources and expertise in-house to effectively navigate the process.

Read RSM's SPAC mergers: Guide to 9 critical business areas for going public for direction for several key business areas, including:
  • Financial planning and analysis: Prepare to provide accurate expectations to the marketplace.
  • Taxes: Maximize your tax benefits and minimize tax risks.
  • Internal audit, controls and risk: Lay the groundwork for SOX compliance and more.
Find out what you need to know to ensure the success of your transition to a public company.

Download the guide
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Understanding the nuts and bolts of private equity healthcare deals
(Ivan-balvan/Getty Images)
Healthcare providers have become a prime target for private equity firms, which view the highly fragmented landscape as a ripe opportunity to unlock returns through multiple approaches.

But healthcare providers are unlike any other type of PE investment. To avoid significant regulatory and bottom-line risk, firms must navigate a fluid landscape of legal restrictions, payer relationships and more.

Our recent analyst note details key considerations for private equity healthcare transactions, including:
  • Who can own healthcare practices, and how these restrictions affect the structure of private equity-backed healthcare providers.

  • What firms should look out for with healthcare provider acquisitions, including violations of anti-kickback and self-referral laws.

  • How different transaction structures can affect insurance payer contracts and taxation.
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Recommended Reads
Writer Ethan Zuckerman discusses the history of the metaverse and why he's not so impressed with Mark Zuckerberg's newest iteration. [The Atlantic]

The pandemic may have made big tech giants even bigger, but smaller companies are putting up a fight. [The Economist]

Peter Thiel has long attracted devoted fans and followers. Is it his mystique, philosophy, or simply his billions of venture capital dollars? [The New Yorker]
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Quick Takes
  The Daily Benchmark  
  2015 Vintage Global VC Funds-of-Funds  
  A message from Allvue Systems  
  How to complete a capital call in 10 minutes or less  
  VC Deals  
  Impossible Foods eyes $7B valuation  
  ProLogium Technology drives off with $326M  
  ClickHouse hauls in $250M Series B  
  Magnus Medical lands $25M Series A  
  Exits & IPOs  
  Korean grocery startup Market Kurly plans to go public  
 
 
The Daily Benchmark
2015 Vintage Global VC Funds-of-Funds
Median IRR
25.25%
Top Quartile IRR 
31.33%
2.04x
Median TVPI
Select top performers
HarbourVest Partners X-Venture
Hamilton Lane Venture Capital Fund (Series 2015)
Commonfund Capital Venture Partners XI
*IRR: net of fees
7 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
A message from Allvue Systems
How to complete a capital call in 10 minutes or less
Completing a capital call doesn't need to be a process that eats up hours or days of your team's time.

You can drastically simplify and streamline the process into just five easy steps, with data that seamlessly flows throughout the stages of the investment lifecycle by leveraging straight-through processing. In fact, you can go from determining allocations to blasting out notices in mere minutes.

In a new infographic from Allvue Systems, you'll learn how to reduce the capital call process from an average of 10 hours to 10 minutes—all without sacrificing quality or control.

Get the infographic here
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VC Deals
Impossible Foods eyes $7B valuation
Plant-based meat creator Impossible Foods is planning to raise about $500 million at a $7 billion valuation, Bloomberg reported. The California-based company raised a $200 million Series G led by Coatue in August.
View round
View 24 competitors »
ProLogium Technology drives off with $326M
ProLogium Technology has raised $326 million from investors including Primavera Capital and SBCVC. The Taiwanese company is a developer of solid-state lithium ceramic batteries intended for use in vehicle, consumer and industry applications.
View round
 
View 16 competitors »
 
ClickHouse hauls in $250M Series B
ClickHouse has raised $250 million at a $2 billion valuation in a round co-led by Altimeter Capital Management and Coatue. The company offers a database management system designed to generate real-time analytics using SQL queries.
Select Additional Investors:
Almaz Capital, Benchmark, FirstMark Capital, Index Ventures, Lead Edge Capital, Lightspeed, Redpoint Ventures
View round
 
View 42 competitors »
 
Magnus Medical lands $25M Series A
Magnus Medical has raised $25 million in a round co-led by JAZZ Venture Partners and Red Tree Venture Capital. The California-based company is developing non-invasive neurostimulation technology designed to help people with treatment-resistant depression.
View round
 
View similar company »
 
Exits & IPOs
Korean grocery startup Market Kurly plans to go public
Market Kurly, which operates a fresh food delivery platform across South Korea, is planning to go public in the domestic market in 2022, according to reports. The company is backed by investors including DST Global, Sequoia and Fuse Venture Partners.
View details
 
View similar company »
 
Chart of the Day
Source: Q3 2021 PitchBook-NVCA Venture Monitor
Who's in the newsletter today?
Investors
Almaz Capital
Altimeter Capital Management
Benchmark
Coatue
DST Global
FirstMark Capital
Fuse Venture Partners
Index Ventures
JAZZ Venture Partners
Lead Edge Capital
Lightspeed
Primavera Capital
Red Tree Venture Capital
Redpoint Ventures
SBCVC
Sequoia
Companies
ClickHouse
Impossible Foods
Magnus Medical
Market Kurly
ProLogium Technology
 
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