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Inside Venture Capital

Inside Venture Capital (Jun 18th, 2017)

--VC Reads--

-- VC Fund Differentiation *Should* Matter: Homebrew’s Hunter Walk discusses a contemporary, shallow use of the term, and how it causes the ecosystem to suffer.

-- What disruption looks like in 2017: Spark Capital’s John Melas-Kyriazi identifies an underlying factor of producing something tangible beyond software.

-- The Myth of the Millennial: Frontline Ventures partner Stephen McIntyre discusses misperceptions of the new generation and the implications for HR.

-- The trap of being driven solely by data: Daphni co-founder Willy Braun dissects the blind belief in data’s lack of bias and explains why it is misguided.

-- The Seduction of Pessimism: Morgan Housel, partner at Collaborative Fund, claims that the fragility of optimism makes it much more difficult to entertain.

-- At the Intersection of AI, Governments, and Google – Tim Hwang: YC interviews Google Global Policy Lead of AI and Machine Learning. (Podcast)

-- Winners and losers in Amazon’s $13.7B purchase of Whole Foods: TechCrunch reports.

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--Consumer Internet--

-- Mobike (China), bike-sharing service: $600M led by Tencent. Plans to expand to 200 cities by end of the year.

-- Gauzi (China), used car trading platform: $400M B from Sequoia, Matrix, BRV Aster, Hike, H Capital, New Trend, Beijing Jingxi Guigu, Dragoneer, et al.

-- Chezhihao (China), used car marketplace: $73M C+ from Youjin Capital, Jiangsu One Belt One Road.

-- ClassPass (New York, NY), subscription service to boutique fitness classes: $70M C led by Temasek, participation from Acequia, CRV, General Catalyst, GV, M13, Thrive, et al.

-- Common Networks (San Francisco, CA), software-driven high-speed last-mile wireless internet: $7M A from Eclipse Ventures, Lux Capital.

-- Fairy (San Francisco, CA), on-demand house cleaning service: $4.1M from CrunchFund, Naval Ravikant, Gil Penchina, Charles Songhurst, Cyan and Scott Bannister, James Tamplin, Andrew Lee.

--Biotech/Health--

-- Tisbury Pharmaceuticals (Boston, MA), glaucoma treatment: $32M A led by OrbiMed Israel, Clarus, HealthCap, participation from Pontifax.

-- Centogene (Rostock, Germany), rare disease diagnostics: $28M A led by TVM Capital Life Science, participation from DPE Deutsche, Careventures, CIC.

-- Checkmate Pharmaceuticals (Cambridge, MA), oligonucleotide to activate innate immune system via Toll-like receptor 9: $27M B led by F-Prime Capital Partners, participation from Sofinnova, venBio.

-- Mindstrong Health (Palo Alto, CA), mood and cognition biomarker for diagnostic purposes: $14M led by Foresite Capital, ARCH Venture Partners, participation from Optum, Berggruen, One Mind Brain.

-- Rythm (San Francisco, CA), sleep health tracker: $11M from Xavier Niel, Laurent Alexandre, MAIF, Innovation Commission 2030.

-- Tusker Medical (Menlo Park, CA), new technique for tympanostomies: $10M from undisclosed sources.

-- GreenBone Ortho (Farenza, Italy), treatments for severe bone disease: $9.5M from Helsinn, Invitalia, Innogest, Italian Angels for Growth, et al.

-- Evasc Neurovascular (Vancouver, Canada), endovascular treatments for cerebral aneurysms: $7.5M A led by Yonghua Investment Management.

-- Ocugen (Malvern, PA), treatments for sight-threatening diseases: $7.5M B from Abdi Ibrahim, JSC Lancaster Group, Frank Leo, John Zhang.

-- Cybrexa Therapeutics (New Haven, CT), small molecule DNA repair inhibitors for cancer treatment: $6M B from HighCape Partners, Connecticut Innovations, et al.

-- Regroup Therapy (Chicago, IL), virtual staffing of psychiatrists and mental health professionals: $6M A led by OSF Ventures, participation from Hyde Park Angels, OCA, HLM, Furthur Fund, Impact Engine.

--Gaming--

-- Scopely (Los Angeles, CA), free-to-play branded interactive entertainment network: $60M C led by Revolution Growth, participation from Greenspring, Sands, Cross Creek, Pritzker.

--Data/Analytics--

-- Conviva (Foster City, CA), enterprise-class big data processing platform for video viewing metrics: $40M led by Future Fund, participation from New Enterprise Associates, Foundation, Time Warner. CEO Hui Zhang is currently a professor of computer sciences at Carnegie Mellon.

-- Entelo (San Francisco, CA), data platform for recruitment: $20M C led by U.S. Venture Partners, participation from Battery, Shasta, Correlation. To invest in AI capabilities.

--Consumer Products--

-- Yes To (San Francisco, CA), natural beauty products: $56M Minority Investment from Viking Global Investors.

--Enterprise--

-- Culture Amp (Melbourne, Australia), employee feedback platform: $20M C led by Sapphire Ventures, participation from Index, Felicis, Blackbird.

-- Atrium LTS (San Francisco, CA), software for law firms: $10.5M led by General Catalyst, participation from 500 Startups, Founders Fund, SV Angel, New Enterprise Associates, et al. The round included almost 100 institutional investors. CEO Justin Kan is a serial entrepreneur and partner in YC.

-- Digital Global Systems (Beltsville, MD), Smart RF spectrum monitoring and management: $8.5M led by Ancora Advisors.

-- ZineOne (Milpitas, CA), brand-to-user customer engagement platform: $2.5M led by Hyderabad Angels, participation from Golden Seeds Angels.

--Adtech/Martech--

-- Highspot (Seattle, WA), AI-based sales engagement and enhancement platform: $15M B led by Shasta Ventures, participation from Salesforce, Madrona. CEO Robert Wahbe spent 16 years as a corporate vice president at Microsoft.

-- Buildout (Chicago, IL), marketing platform for real estate professionals: $8M A from Susquehanna Growth Equity.

-- Torchlite (Indianapolis, IN), platform to enact the ideas of marketing teams: $2M Seed from undisclosed sources. CEO Susan Marshall has served as senior product manager for both Salesforce and Apple.

--Industry4.0--

-- Pivotal Commware (Bellevue, WA), metamaterials antennae: $17M led by Thermo Companies, Globalstar, DIG Investment, participation from Barry Sternlicht, Bill Gates, Lux.

--AI/Machine Learning--

-- Snips (Paris, France), digital voice assistant to be integrated into other platforms: $13M from MAIF Avenir, BPI France, Eniac, et al.

--Cybersecurity--

-- Fortanix (Menlo Park, CA), encryption to protect apps from backdoors: $8M A from Foundation Capital, NeoTribe.

-- Fradscope (Atlanta, GA), SaaS intended to stop healthcare claims fraud and waste: $1.5M Seed from Spider Capital, GRA Venture Fund/ TechSquare, Mosley, Service Provider, Vijay Balasubramaniyan.

--Edtech--

-- Top Hat (Toronto, Canada), cloud-based teaching platform with content marketplace: $7.5M from Leaders Fund.

--Fintech--

-- Covr (Boise, ID), personal insurance products from providers for financial institutions and advisors: $5M from Nyca, Commerce, Connectivity, Contour.

--AR/VR--

-- Osso VR (Palo Alto, CA), virtual reality surgical training tech: $2M led by SignalFire, participation from Anorak.

--Foodtech--

-- Bright Greens (Battle Creek, MI), blender-free, plant-based frozen smoothies: $2M Seed led by eighteen94 capital/ Blu.

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The number of rounds recovered after appearing to begin to fall in late 2014, only to drop more than 50% between Q3'16 and now. The
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The average round declined from 2010 to 2013 after skyrocketing following another decline ending in late-2009. It has only marginally -
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The early use of debt drove up the average round, but the funding type has all but disappeared. Series A/B currently make up a strong
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Alternative forms of funding take up a lot of rounds, but as we have seen produce little actual funding. Angel/Seed rounds have
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While the general average round has not increased in a substantial way, it is clear that Series A/B have become twice as large on
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--Funding Breakdown--

--Consumer Internet--

6 Deals: $1,154,100,000

--Biotech/Health--

11 Deals: $158,500,000

--Gaming--

1 Deal: $60,000,000

--Data/Analytics--

2 Deals: $60,000,000

--Consumer Products--

1 Deal: $56,000,000

--Enterprise--

4 Deals: $41,500,000

--Adtech/Martech--

3 Deals: $25,000,000

--Industry4.0--

1 Deal: $17,000,000

--AI/Machine Learning--

1 Deal: $13,000,000

--Cybersecurity--

2 Deals: $9,500,000

--Edtech--

1 Deal: $7,500,000

--Fintech--

1 Deal: $5,000,000

--AR/VR--

1 Deal: $2,000,000

--Foodtech--

1 Deal: $2,000,000

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We can begin to identify an upward trend in funding beginning in mid-May.

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--New Funds--

-- Goldman Sachs reportedly raises for first buyout fund since the financial crisis: $7B.

-- Adelis Equity closes Fund II, nordic lower middle-market, $671.85M.

-- Carnelian Energy closes Fund II, lower middle-market energy: $600M.

-- Star Mountain closes Fund II, lower middle-market: $300M.

-- Luminate raises for maiden fund, enterprise software: $265M.

-- Centana closes maiden fund, $5M-$30M fintech: $250M.

-- Grove raises for maiden fund, Israeli early-stage: $76.8M on $100M goal.

-- MedMen closes maiden fund, legal marijuana: $60M on $100M goal.

-- NRV closes new fund, early-stage growth: $33M.

-- Intudo closes maiden fund, Indonesia early-stage: $10M.

-- Medicxi launches maiden late-stage fund, biotech: $300M.

-- Palo Alto Networks launches Fund II, early-stage and accelerator cybersecurity: $20M.

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