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| | Our team will be taking a break over the holiday weekend, so no newsletter tomorrow.
In the meantime, you can catch up on our featured content on News & Analysis. | | | | | |
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| Data privacy startups see demand spike as California enforces law | |  | | (Unsplash) | | | The California Consumer Privacy Act has been in effect since the beginning of the year. But as of July 1, the state's attorney general, Xavier Becerra, can take direct action against companies that violate the regulations. - From April to June, data privacy startup Ethyca recorded a 150% month-over-month increase in demand, a sign that many businesses were scrambling to prepare for when the CCPA would be enforced.
- As a growing number of states like Nevada and Maine adopt some form of data privacy laws, startups seeking to raise capital are likely to face additional due diligence from investors.
| | | | | | | | | | Dun & Bradstreet stock jumps after a $1.7B IPO | |  | | Foot traffic remains sparse, but IPO activity on Wall Street is heating back up. (Spencer Platt/Getty Images) | | | Stock in Dun & Bradstreet surged more than 15% on its first day of trading on the NYSE, capping a quick and lucrative turnaround for the company's consortium of private backers.
The New Jersey-based business intelligence specialist raised around $1.7 billion in its IPO by offering 78.3 million shares for $22 apiece, up from its initial expected range of $19 to $21 per share. Dun & Bradstreet stock closed Wednesday at $25.35, resulting in a market cap of about $10 billion.
The listing came less than a year and a half after an investor group including Thomas H. Lee Partners, Cannae and CC Capital took Dun & Bradstreet private for $6.9 billion. THL owned a 33.2% pre-IPO stake in the company, according to an SEC filing, while Cannae maintained a 21.5% interest.
The listing is the latest sign of a resurgence in the IPO market after activity came to a standstill in the immediate wake of the coronavirus crisis, as companies and investors alike have begun to adapt to the realities of going virtual. Earlier this week, Jamf, a cloud software company backed by Vista Equity Partners, filed with the SEC for an IPO of its own. | | | | | | | | | | Some thoughts on the Black Lives Matter movement from Raymond McGuire, a vice chairman at Citigroup who may be the longest-serving Black investment banker on Wall Street—and who might also be a candidate for New York City's next mayor. [Vanity Fair]
Nile Niami wants to be the mega-mansion king of Los Angeles. But the plentiful financing that fueled his rise isn't so plentiful anymore. [The Wall Street Journal]
In 2000, Canadian telecom company Nortel was a $250 billion behemoth. Less than a decade later, it was bankrupt. What happened? Two things: a hack, and the rise of Huawei. [Bloomberg] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 9 VC valuations | 1302 People | 374 Companies | 35 Funds | | | | | | |
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| 2009 Vintage Global Buyout Funds | | | | | | |
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| Cherry Ventures adds Sophia Bendz as partner | | | Cherry Ventures has hired Sophia Bendz as a partner based in Stockholm, effective Sept. 1, according to a post on Medium. She is currently a partner at Atomico and previously worked at Spotify as global marketing director. Based in Berlin, Cherry Ventures targets pre-seed and seed investments in a variety of sectors. | | | | | |
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| Defense startup Anduril hits $1.9B valuation | | | Andreessen Horowitz has led a $200 million Series C for Anduril, a defense technology startup founded by former Palantir employees. The new funding vaults the company to a $1.9 billion valuation, up from $1.03 billion last September. Anduril makes surveillance software and hardware, including drones, for the military. | | | | | | | | B Capital leads $45M Series D for Evidation Health | | | | | | | | | Amylyx Pharmaceuticals secures $30M | | | Morningside Ventures has led a $30 million Series B for Amylyx Pharmaceuticals, which is developing treatments for Alzheimer's disease and other neurogenerative disorders. Based in the Boston area, the company plans to use the funding in part to develop lead product candidates. | | | | | | | | Fauna rounds up $27M, adds new CEO | | | Fauna, a provider of data application programming interface software, has raised $27 million in a round led by Madrona Venture Group, with Addition, CRV, Quest Ventures and GV also participating. The San Francisco-based startup has also added former Okta executive Eric Berg as CEO and former Snowflake CEO Bob Muglia as executive chair and investor. Fauna was valued at around $100 million with a $25 million round in 2018, according to PitchBook data. | | | | | | | | The Mom Project lands $25M Series B | | | The Mom Project, which operates a platform to help moms find work, has raised $25 million in a Series B led by 7GC. The new funding values the Chicago-based company at $85 million, according to PitchBook data. The Mom Project counts Serena Williams as a strategic adviser and its technology is used by companies including Gap, Apple and Nike. | | | | | | | | | | | | |
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| Lemonade brings home $319M in IPO | | | Insurance tech startup Lemonade has raised $319 million in its IPO after selling 11 million shares at $29 each, above the top of its expected range. The IPO gave the startup an initial market capitalization of about $1.59 billion. Lemonade was valued at $2.1 billion after a Series D in 2019, according to PitchBook data. It begins trading today on the NYSE under the ticker symbol LMND. | | | | | |
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| Lee Fixel collects $1.3B for new VC firm | | | Former Tiger Global Management partner Lee Fixel has brought in $1.3 billion for a new VC firm named Addition, according to Forbes. The firm will reportedly invest a third of the capital in early-stage companies, with the remainder going to growth-stage businesses. Addition plans to use the funds, in which Fixel is the largest investor, over the next 18 to 24 months, according to the report. | | | | | |
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"On the mix of funds, we predict a disproportionate shift from buyout vehicles to growth equity and turnaround vehicles. Prior to the crisis, buyout funds were becoming prohibitively competitive and expensive. Sponsors were looking to expand their portfolio of offerings into areas such as growth equity and distressed to capture LP interest and drive returns as a downturn loomed."
Source: PitchBook's 2020 UK & Ireland Private Capital Breakdown | | | | | |
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