Market map: Startups scale to secure the cloud

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The Daily Pitch: VC

February 4, 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 information security market map explores how startups are scaling to secure the cloud.

Our latest Global M&A Report breaks down the trends driving last year's records and explores the headwinds that could shape the market in 2022.

Spanish soccer authority RFEF has joined the lawsuit against CVC Capital Partners and La Liga's proposed partnership.

Today's Top Stories

Infosec Market Map: Startups scale to secure the cloud

(Mara Potter/PitchBook News)

The information security segment is changing, fast. Blame the cloud.

Enterprises are ramping up their spending to keep cloud-based assets safe, and venture capitalists are boosting the valuations of the cloud security sector's leaders.

Check out our information security market map to explore where investors have placed their bets.

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Global M&A rockets to nearly $5T in 2021

Global M&A flourished in 2021, as the unprecedented depth, breadth and velocity of the market sent total deal value past $4.9 trillion. The growing number of public companies, which are more acquisitive than their private counterparts, reverses a nearly 20-year trend and bodes well for future M&A activity.

Our 2021 Annual Global M&A Report, sponsored by Liberty GTS, breaks down the trends driving last year's records and explores the headwinds that might shape the market in the months to come. Takeaways include:

Economic resurgence paved the way for record activity in both North America and Europe, with aggregate deal value sitting at $2.8 trillion and $1.8 trillion, respectively.

Healthcare M&A activity continued its multiyear growth trajectory, with two of the sector's largest deals underscoring the shift of healthcare IT toward cloud integration.

Despite the sustained recovery in oil prices, energy dealmaking recovered only modestly, as the industry grappled with factors such as fuel shortages and the global energy transition.

Tech ended the year at a frenetic pace, with deal value up more than 50% over 2020, yet looming regulatory scrutiny could complicate future dealmaking in the industry.

read it now

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Spanish soccer joins lawsuit against $2.3B CVC Capital, La Liga deal

(Francis Gonzalez/Getty Images)

A blockbuster legal battle between private equity and soccer clubs is escalating in Spain.

The governing body of Spanish soccer has joined a lawsuit led by clubs Barcelona, Real Madrid and Athletic Bilbao against a proposed €2 billion (about $2.3 billion) partnership between La Liga, Spain's topflight soccer league, and CVC Capital Partners, saying in a statement that "incalculable damage is being caused to Spanish football."

Recommended Reads

A growing number of influential investors plan to rely on their distinct brands and deep networks to raise individual funds as they call it quits at some of the most respected venture firms. [Business Insider]

One investment adviser's take on why this might not be the moment to begin investing in venture and buyout funds. [The Wall Street Journal]

The startups hoping to retrofit the funeral industry for the direct-to-consumer era. [The New York Times]

Since yesterday, the PitchBook Platform added:

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VC valuations

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People

575

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24

Funds

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Quick Takes


	The Daily Benchmark
	2017 Vintage Global PE Funds between $250M-$500M
	VC Deals
	Founders Fund values Ramp at $8B
	Dewpoint bags $150M in SoftBank-led round
	Productboard pulls in $125M
	At-home care provider wraps $105M round
	Colombian fintech startup nails down $55M
	Koya Medical picks up $26M Series B
	Exits & IPOs
	Wag to take $300M valuation haircut in upcoming SPAC deal
	Fundraising
	Artisanal Ventures brings in $62M for debut effort

The Daily Benchmark

2017 Vintage Global PE Funds between $250M-$500M

Median IRR

16.29%

Top Quartile IRR

29.25%

1.47x

Median TVPI

Select top performers

Falfurrias Capital Partners Fund III

Frontenac XI Private Capital

Clarion Investors III

*IRR: net of fees

27 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Founders Fund values Ramp at $8B

New York-based fintech specialist Ramp has raised a new round of at least $200 million from Founders Fund at a valuation of $8 billion, The Information reported. The company, which is the creator of a corporate credit card and spend management platform, was believed to be valued at $3.9 billion in August.

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Dewpoint bags $150M in SoftBank-led round

Dewpoint Therapeutics has raised a $150 million Series C led by SoftBank. General Catalyst, Mubadala, 3E Bioventures, Mirae Asset Capital, NS Investment and others also participated. The Boston-based startup is using condensate biology to create treatments for cancer, neuromuscular diseases, viruses and more.

Additional Investors:

Arch Venture Partners, EcoR1 Capital, Leaps by Bayer, Maverick Ventures, Polaris Partners, Samsara BioCapital

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Productboard pulls in $125M

Productboard, the provider of a customer-focused product management platform, has raised a $125 million Series D led by Dragoneer Investment Group and Tiger Global. Other backers including Bessemer Venture Partners, Sequoia and Kleiner Perkins also supported the round, which values the San Francisco-based startup at over $1.7 billion.

Additional Investors:

Credo Ventures, Index Ventures

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At-home care provider wraps $105M round

ConcertoCare, a provider of virtual and at-home care for seniors and other adults with unmet health and social needs, has raised a $105 million Series B led by Wells Fargo Strategic Capital. The New York-based company has also announced its acquisition of Crown Health, a home-based primary care practice serving the Pacific Northwest.

Additional Investors:

The Schusterman Family Foundation, Deerfield Management, Obvious Ventures, Pennington Partners, SteelSky Ventures, Vast Ventures

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Colombian fintech startup nails down $55M

Bold, the provider of an electronic payments platform, has raised a $55 million Series B led by Tiger Global, with support from General Atlantic, Endeavor Catalyst, Piton Capital, GFC and others. Founded in 2019, Bold provides a point-of-sale terminal and app to more than 100,000 merchants across Colombia.

Additional Investors:

Amador, Grupo Auteco, Condor Inverlink, InQlab, Kingsway Capital, Solid Ventures

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Koya Medical picks up $26M Series B

Koya Medical has raised a $26 million round led by 3x5 Partners, with support from Asahi Kasei Ventures and Cadence Healthcare Ventures. Founded in 2018, the Oakland, Calif.-based company is a developer of therapeutics for lymphedema and venous diseases.

Additional Investors:

Arboretum Ventures, Scientific Health Development

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View 5 competitors »

Exits & IPOs

Wag to take $300M valuation haircut in upcoming SPAC deal

Wag, the operator of a pet services marketplace, has agreed to go public on the Nasdaq through a combination with blank-check company CHW Acquisition Corporation, valuing the combined entity at $350 million. Wag was valued at $650 million in 2018 and later bought back a nearly 50% stake in itself from SoftBank, according to reports. The company also received prior backing from investors such as General Catalyst and Greylock Partners.

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View 6 competitors »

Fundraising

Artisanal Ventures brings in $62M for debut effort

Artisanal Ventures has collected $62 million in commitments for its inaugural namesake fund. The firm targets B2B cloud companies in sectors such as SaaS, AI and machine learning, making investments of up to $3.5 million. Artisanal's portfolio includes Transmit Security, a provider of passwordless authentication tech, and Benchling, the creator of an informatics platform for the life sciences industry.

View details

View 3 investments »