PitchBook News - Retail healthtech charts new highs

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The Daily Pitch: VC

March 9, 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 2021 Annual Retail Healthtech Report dives into market segments such as clinical care, biometric wearables, supplements and more.

After a dip in 2020, the good times are back for VC and PE first-time fundraising.

DaGrosa Capital Partners founder Joseph DaGrosa plans to launch a new private markets platform—part of a wider trend toward the democratization of private equity.

Today's Top Stories

Telehealth and digital therapeutics push retail healthtech deals to record highs

Retail healthtech startups strive to improve personal health and wellness at a lower cost and higher quality than traditional alternatives. The burgeoning vertical relies largely on tech that enables convenient at-home or mobile use, the ability to integrate with other services and large-scale data collection to help drive personalized offerings.

In 2021, global retail healthtech companies raised $18.3 billion across 537 venture capital deals, a 106% year-over-year deal value increase.

Our 2021 Annual Retail Healthtech Report deep dives into the industry's investment activity and trends, comprehensively assessing emerging opportunities and industry drivers across market segments such as clinical care, biometric wearables, dietary supplements and personalized medicines.

read the preview

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First-time funds bounce back from pandemic lows

(VectorMine/Getty Images)

After a dip in 2020, the good times are back for first-time fundraising as VC and PE fund activity has returned to pre-pandemic levels—and in some cases set new records.

Up-and-coming managers struggled to raise funds both due to the challenges of networking under lockdowns and LPs' tendency to stick with firms they know during uncertain times. But now, first-time funds are benefiting from broad growth in VC and PE fundraising led by the largest firms.

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A message from the National Science Foundation

Invention to impact

Startup JuneBrain is developing a wearable retinal imaging device that looks like a VR headset and enables early detection and treatment of retinal and neurological diseases, including multiple sclerosis.

JuneBrain (NSF-2053315) is one of hundreds of deep-tech startups annually funded by the NSF, a government agency that plays a central role in accelerating discoveries into the marketplace.

Each startup can receive up to $2 million to support translational R&D. By annually investing roughly $200 million in startups, NSF helps teams navigate the earliest stages of technology translation. In the past five years, these companies have gone on to raise billions in follow-on capital, and the portfolio has had 200-plus exits.

Learn more about NSF funding at seedfund.nsf.gov

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Five questions on Black investors for Cynthia Muller of W.K. Kellogg Foundation

Cynthia Muller leads mission-driven investment at the W.K. Kellogg Foundation. (Courtesy of W.K. Kellogg Foundation)

Gaps that Black investors face in working with limited partners was a central theme of a recent study produced by the industry group BLCK.VC.

PitchBook wanted to get the LP perspective on these issues, so we reached out to Cynthia Muller, head of mission-driven investment for the W.K. Kellogg Foundation, whose endowment is committed to promoting equitable outcomes in the private market.

Recommended Reads

The cryptocurrency boom has spawned enterprises democratically governed by a community of users—in theory. Making it work has been much messier. [The New York Times]

More and more white-collar professionals, including many bankers, are abandoning Hong Kong as Beijing and COVID-19 remake the city. [Bloomberg]

What happens when managers get rewarded for good performance—but not punished for losses? [Institutional Investor]

Since yesterday, the PitchBook Platform added:

18

VC valuations

1917

People

471

Companies

28

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2013 Vintage Global Real Assets Funds
	A message from Allvue Systems
	Family offices: What's on their minds?
	VC Deals
	Stax picks up $245M
	Axonius nabs $2.6B valuation
	Swiftly locks in $100M
	Creyon Bio secures $40M
	Findem raises $30M Series B
	Exits & IPOs
	LanzaTech to go public via SPAC
	Fundraising
	Bain Capital Ventures raises $560M crypto fund

The Daily Benchmark

2013 Vintage Global Real Assets Funds

Median IRR

4.58%

Top Quartile IRR

9.99%

1.26x

Median TVPI

Select top performers

EQT Infrastructure Fund II

Grain Infrastructure Fund II

Rockland Power Partners II

*IRR: net of fees

35 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from Allvue Systems

Family offices: What's on their minds?

In its new infographic, Allvue Systems looks closely at the top concerns for family offices in 2022 and identifies key trends, including:

Average share of portfolio allocated to alternative investments.
Whether there is renewed interest in ESG investing.
Cybersecurity and online privacy concerns.
How they are meeting today's demands.

Read it here

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VC Deals

Stax picks up $245M

Stax has raised $245 million at a more than $1 billion valuation from investors including Greater Sum Ventures, HarbourVest Partners and Blue Star Innovation Partners. Based on Orlando, Stax offers a subscription-based payments platform intended to help businesses manage digital transactions.

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View 54 competitors »

Axonius nabs $2.6B valuation

Axonius has raised a $200 million Series E at a $2.6 billion valuation. Accel led the round for the cybersecurity-asset-management platform developer.

View round

View 95 competitors »

Swiftly locks in $100M

Swiftly has raised a $100 million Series B led by Wormhole Capital. The company is the developer of a digital platform designed to help brick-and-mortar retailers manage customer experiences.

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Creyon Bio secures $40M

Creyon Bio has raised $40 million in seed and Series A financing co-led by DCVC Bio and Lux Capital. The company engineers RNA-based medicines and their components.

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Findem raises $30M Series B

Findem has raised $30 million in a round co-led by Four Rivers and Quarry Capital Management. The California-based company is the developer of a recruiting platform that uses AI to discover and hire talent.

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View similar company »

Don't miss our upcoming webinar on women in VC

Join PitchBook on March 16 for a webinar on women in the VC and startup ecosystems. Our panel of experts will examine the continued increase of female founders and angel investors, boardroom equity, obstacles exacerbated by COVID-19 and other timely developments. Key topics will include:

Applying PitchBook-tracked data to examine the ratio of female funding compared to the overall market.

Why female GPs are a catalyst for increasing the number of female founders.

Covering PitchBook's female founder data surrounding fintech, biotech & pharma, cleantech, digital health and software.

Appointing existing female employees to boards as window dressing versus retaining independent directors willing to challenge the status quo.

Register today to secure your spot

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Exits & IPOs

LanzaTech to go public via SPAC

LanzaTech plans to go public via a merger with blank-check company AMCI Acquisition Corp. II in a deal that values the carbon-capture specialist at about $2.2 billion, The Wall Street Journal reported. The merger includes a $125 million PIPE deal with investors including ArcelorMittal, BASF Venture Capital and Khosla Ventures.

View details

View 2 competitors »

Fundraising

Bain Capital Ventures raises $560M crypto fund

Bain Capital Ventures has raised a $560M fund focused on cryptocurrency-related investments, Bloomberg reported. The firm has already invested about $100 million from the vehicle, the report said.

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View 382 investments »