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The Daily Pitch: VC

January 25, 2022

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:

Our analysts explore the rise of subscription healthcare and the venture-backed companies involved in the space.

A Place for Mom has raised $175 million in funding as the elder care industry grows alongside an aging population.

As PE firms navigate the ever-changing employment field, Vista Equity Partners has invested $200 million in remote team-building platform Globalization Partners at a $4.2 billion value.

Today's Top Stories

Subscription healthcare gains traction

(CreativaImages/Getty Images)

To improve the patient experience and reduce costs, a new crop of healthcare startups are offering membership-based payment structures rather than the traditional fee-for-service-based billing method.

Several venture-backed companies in the niche sub-segment of the primary and specialty care landscape are investing in proprietary technologies, including member engagement software, risk prediction techniques, remote patient-monitoring devices and home visits.

Our latest analyst note on the topic explores VC activity in the space, key direct-to-consumer providers and why scalability will play a crucial role in how the business model generates profits.

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A Place for Mom secures $175M as elder care industry grows

(smartboy10/Getty Images)

A Place for Mom, a Seattle-based company that connects families to senior care services across North America, has raised a $175 million growth round led by Insight Partners, with support from General Atlantic and Silver Lake.

VC-backed elder tech startups are increasingly capitalizing on an aging population and the need for unique offerings that comes with that demographic trend. By 2030, all baby boomers will be older than age 65 and account for one in every five residents, according to the US Census Bureau's 2017 National Population Projections.

Other notable startups in the elder care space include Papa, a Miami-based provider of assistance and companionship that raised $150 million in November. There's also Devoted Health, which helps older adults buy health insurance and find healthcare and was valued at $12.7 billion in September, according to PitchBook data.

In 2020, veteran venture capitalist Alan Patricof launched Primetime Partners with a goal of backing companies that improve quality of life for older adults. The early-stage VC firm's portfolio includes Bold and Carewell.

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A message from Allvue Systems

Six private equity trends to watch in 2022

Private equity has quickly rebounded from its slight pandemic-related dip, but COVID-19 has still left its mark on the asset class.

In the new infographic 6 Private Equity Trends to Watch in 2022, Allvue Systems takes a closer look at the private equity trajectory for 2022, identifying key areas of focus including:

How ESG is increasingly becoming an integral part of strategies.
Why more contracts are including material adverse change clauses.

Read it here

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Vista backs Globalization Partners at $4B+ valuation amid PE software push

(Tarik Kizilkaya/Getty Images)

Vista Equity Partners has invested $200 million in software-focused employment company Globalization Partners at a $4.2 billion valuation, as private equity firms continue to focus on software businesses while navigating the ever-changing employment field.

Boston-based Globalization Partners offers an employment platform for remote team building. The company serves customers including CoinDesk, TaylorMade and Chime.

Vista is picking up where it left off in 2021 in terms of software-focused investments. The Austin-based firm completed a $3.5 billion buyout of workforce development software company Pluralsight last year, representing the fifth-largest software buyout in 2021, according to PitchBook data.

Recommended Reads

Silicon Valley is still running on ideas developed over a decade ago. So, why is the tech industry still waiting for the next big thing? [The New York Times]

The clean-energy revolution has unleashed commercial interest in the Idaho Cobalt Belt. [The Atlantic]

Some of Canada's most valuable tech titans have had a rocky history. Does Shopify have staying power? [Bloomberg]

Since yesterday, the PitchBook Platform added:

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Quick Takes


	The Daily Benchmark
	2014 Vintage Global Funds-of-Funds
	VC Deals
	Swiggy hits $10.7B valuation
	Ola Electric nabs $200M
	Spectrum Labs picks up $32M Series B
	Klarity books $18M for document processing tech
	Fundraising
	Blockchain Founders Fund raises $75M

The Daily Benchmark

2014 Vintage Global Funds-of-Funds

Median IRR

22.90%

Top Quartile IRR

25.54%

1.85x

Median TVPI

Select top performers

Union Grove Partners Direct Venture Fund

SVB Strategic Investors Fund VII

Franklin Park Venture Fund Series 2014

*IRR: net of fees

52 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Swiggy hits $10.7B valuation

Swiggy has raised $700 million at a $10.7 billion valuation in a round led by Invesco. The Bengaluru-based food delivery company is planning to use the funds in part to expand its express grocery delivery operations.

Select Additional Investors:

Alpha Wave Global, Baron Capital Group, Prosus Ventures, Segantii Capital, Sixteenth Street Capital, Qatar Investment Authority, Sumeru Ventures

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View 33 competitors »

Ola Electric nabs $200M

Ola Electric has reportedly raised $200 million at a $5 billion valuation from investors including Tekne, Alpine Opportunity Fund and Edelweiss. The Bengaluru-based developer of electric vehicles was valued at $3 billion in September.

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View 7 competitors »

Spectrum Labs picks up $32M Series B

Spectrum Labs has raised $32 million in a round led by Intel Capital. The San Francisco-based company offers a content-moderation platform to detect hate speech and more. Spectrum was valued at $30 million in 2020, according to PitchBook data.

Select Additional Investors:

Global Founders Capital, Greycroft, Munich Re Ventures, Ridge Ventures, Wing Venture Capital

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Klarity books $18M for document processing tech

Klarity has raised an $18 million Series A led by Tola Capital. Based in the Bay Area and founded in 2017, the company is a developer of AI-based document processing software that's designed for finance and accounting teams.

Additional Investors:

Invus Opportunities, Picus Capital

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View similar company »

Fundraising

Blockchain Founders Fund raises $75M

Singapore-based Blockchain Founders Fund has raised $75 million for its sophomore fund. The early-stage VC firm focuses on blockchain, crypto, web3 and metaverse startups.

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View 57 investments »