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Introducing our Allocator Solutions report

Proposed SEC rules would upend SPACs; investors back future of mental health care; Neuron23 nabs $100M; robotic beehive specialist lands $80M
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The Daily Pitch: VC
March 31, 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 new Allocator Solutions report, introducing methodologies to help LPs forecast cash flows and pace capital commitments.

  • In an effort to make SPACs more like IPOs, the SEC has proposed rules that could add further pain to an already downtrodden market for blank-check deals.

  • Virtual behavioral health treatment is likely here to stay, as is investor interest in the startups that make it possible.
Today's Top Stories
Cash Flow Forecasting and Commitment Pacing: Introducing Allocator Solutions
While the prospect of differentiated returns is enticing, introducing private fund structures to a portfolio can leave allocators with many unanswered questions. Pacing commitments and managing liquidity are just two of the complications LPs must navigate.

In our new Allocator Solutions report, we provide an answer to these challenges through the introduction of the Cash Flow Forecasting and Commitment Pacing methodologies. The report features a deep dive from PitchBook analysts into the models they use to help LP clients build and maintain private market allocations, leveraging historical data to build probabilistic forecasts and scenario analysis tailored to unique portfolios.
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Proposed SEC rules would upend SPACs' special status
SEC Chairman Gary Gensler (Evelyn Hockstein/Getty Images)
In an effort to make SPACs more like IPOs, the SEC has proposed rules that could add further pain to an already downtrodden market for blank-check deals.

The regulator's complaints closely resemble longstanding gripes of the industry's critics—that blank-check deals are replete with misaligned interests, misleading information and heaps of dilution.

The proposed rules aim to correct those perceived shortcomings with a laundry list of new disclosures and limits on the legal protections that blank-check mergers have thus far enjoyed.
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Investors back virtual future for mental health care
(Ponomariova_Maria/Getty Images)
VC funding for behavioral health startups skyrocketed during the pandemic. Not only did the crisis expose the need for these services, but people were more willing than ever to meet with providers online.

Though COVID-19 appears to be winding down, telemedicine usage for behavioral health is likely here to stay, and so is investor interest in the startups that make it possible.
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Smart homes and connected vehicles drive IoT VC funding to new highs
End-user spending for internet-of-things technology hit an estimated $423.4 billion in 2021, including high market sizes for use cases across manufacturing, supply chain and connected vehicles.

VC funding growth for IoT startups was muted in 2021, increasing nearly 76% to $33.5 billion. For context, US software VC funding grew 130% during the past year.

Our 2021 Annual IoT Report breaks down the key trends behind the maturing vertical across our comprehensive taxonomy of product segments like hardware, networking and connected buildings.
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Recommended Reads
Meet Starling Lab, a moonshot project that's using the blockchain to preserve the world's most important information. [Fast Company]

The sports-card industry is undergoing a tech revolution. Why one company wants to lead the charge. [Forbes]

A growing number of solo venture capitalists are raising bigger funds and writing larger checks. [The Information]
Since yesterday, the PitchBook Platform added:
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Quick Takes
  The Daily Benchmark  
  2014 Vintage Global Real Assets Funds  
  VC Deals  
  Cross River raises $620M  
  Neuron23 nabs $100M in SoftBank-led round  
  Beewise buzzes off with $80M  
  Modern Treasury lands $50M  
  Founders Fund leads $25M round for Mosaic  
  Fundraising  
  Gumi Cryptos Capital closes $110M fund  
 
 
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VC Deals
Cross River raises $620M
Cross River Bank, a provider of financial services, has raised $620 million in a round co-led by Andreessen Horowitz and Eldridge. The company plans to use the funding in part to further develop its embedded payments, cards, lending and crypto solutions.
View round
 
View 10 competitors »
 
Neuron23 nabs $100M in SoftBank-led round
Neuron23 has raised a $100 million Series C led by SoftBank's Vision Fund 2. Based in the Bay Area, the company is developing precision medicines for genetically defined neurological and immunological diseases.
View round
 
View 4 competitors »
 
Beewise buzzes off with $80M
Insight Partners has led a $80 million Series C funding round for Beewise, a climate tech precision robotics company that aims to protect the bee population. Beewise's technology works to increase pollination capacity and honey production while detecting threats such as pesticides and pests.
View round
 
View 2 competitors »
 
Modern Treasury lands $50M
Modern Treasury has raised an additional $50 million for its Series C from SVB Capital and Salesforce Ventures, following an $85 million first close in 2021. Based in San Francisco, the company's payments software helps organizations manage and track transactions.
View round
 
View 3 competitors »
 
Founders Fund leads $25M round for Mosaic
Mosaic has raised a $25 million Series B led by Founders Fund. Based in the San Diego area, the company's financial analytics platform provides predictive reporting tools.
View round
 
View similar company »
 
Fundraising
Gumi Cryptos Capital closes $110M fund
Gumi Cryptos Capital has raised $110 million for its sophomore fund, which will support early-stage startups in the blockchain sector. The vehicle's predecessor raised $21 million to back seed-stage investments.
View fund
 
View 42 investments »
 
Chart of the Day
"Capital invested into startups reached a record high in 2021, and GPs will be keen to raise fresh capital to ensure they are well equipped to compete for larger rounds. Given the challenges facing wider financial products during COVID-19, LPs will be eager to pump capital into investment strategies that can deliver returns."

Source: PitchBook's 2021 Annual European Venture Report
Who's in the newsletter today?
Companies
Beewise
Cross River Bank
Modern Treasury
Mosaic
Neuron23
Investors
Andreessen Horowitz
Eldridge
Founders Fund
Gumi Cryptos Capital
Insight Partners
SVB Capital
Salesforce Ventures
SoftBank
 
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