Skillz today announced it’s going public through a quick initial public offering process, raising an estimated $849 million in cash from investors.
Daily Insights: September 02, 2020
Cyndx Insights is your daily window to the business world, focusing primarily on M&A activities, capital markets, and important technology trends.
Daily Insights reports and categorizes financial news from U.S., Europe and Asia for full global insights.
Cyndx News - U.S. & Canada
Image courtesy of Skillz Competitive Mobile Game Maker Skillz Will Do a Quick IPO at $3.5 Billion Valuation
Skillz has announced it is going public through a quick initial public offering process, raising an estimated $849 million in cash from investors at a $3.5 billion pre-money valuation. This valuation is 6.3 times the company’s projected revenue for 2022.
Peshkova / Shutterstock.com U.S. Companies Leap Over Low Profit Hurdle in Coronavirus-Hit Quarter
A record high percentage of U.S. companies are beating analysts’ forecasts this earnings season, giving investors a glimmer of hope in what is still expected to be the slowest profit period since the financial crisis. More than halfway through second-quarter earnings, 82.1% of companies reporting have surpassed profit expectations.
WHYFRAME / Shutterstock.com New Data: The Role of Touchless Payments in Shaping Consumer Merchant Choice
Consumers have been moving their daily activities away from the physical world and toward conducting them digitally even before the pandemic. Twelve percent of all U.S. consumers had shifted from shopping for retail goods in-store to shopping for them online on March 6. This number rose to 40 percent by June
YTD 2020, Cyndx identified $153.2bn in recorded capital investments, down 10% vs prior year. The number of deals transacted also saw a -35% decline, to 12,753 deals for the year, to date.
Cyndx is happy to send you a summary of YTD August 2020 capital raising activity, globally. Just request a free demo of the Cyndx platform and we will provide you your report.
Image courtesy of LPL Financial, Factset This Stock-Market Metric has Correctly Predicted Presidential elections Results Since 1984
LPL financial chief market strategist Ryan Detrick says that a simple equity-market chart has been the best predictor of U.S. presidential elections since 1984, proving 100% accurate—and is 87% accurate since 1928. See its prediction for this Presidential race...
janews / Shutterstock.com Point72 Ventures Launches Healthcare Investing Business
Point72 Ventures, an early-stage venture capital firm, has launched a new investment team focused on Healthcare. Led by seasoned investor Scott Barclay, Point72 Ventures’ new Healthcare team will invest globally in early-stage founders trying to impact healthcare at scale.
Boxed, the U.S. online wholesale retailer of fresh groceries, office supplies and more, sometimes called “Costco for millennials,” is seeking a buyer, Reuters reported. The company is exploring options including a sale or going public via a merger with a blank-check acquisition company that could put its value at around $1 billion, the report stated.
jamesteohart / Shutterstock.com The Wisdom of $100 Billion in Fintech
Projecting out from the $21 billion already invested in fintech this year, more than $100 billion will have been invested in fintech in just the past three years. Here are four lessons that VCs and fintech entrepreneurs have learned—or should have learned—after all this investment:
Javier Brosch / Shutterstock.com Rise in Pandemic-Driven Dog and Cat Adoptions Attracts Petmate and Other M&A Buyers
The pet supply sector is soaring during the pandemic, as demand for companion animals, particularly dogs and cats, is rising with people turning to comfort while quarantined. Consumers continue to spend more money on their pets even while cutting back in other areas, and are treating pets as family members.
Maxx-Studio / Shutterstock.com U.S. Factory Activity Accelerates as Orders Jump To More Than 16 1/2 Year High
U.S. manufacturing activity increased more than expected in August as new orders surged to their highest level in over 16-1/2 years, but employment at factories continued to lag amid safety restrictions intended to slow the spread of COVID-19.
II.Studio / Shutterstock.com E-commerce Startup Wish Files Confidentially to Go Public
E-commerce platform Wish said Monday that it confidentially filed an S-1 registration document with the United States Securities and Exchange Commission to go public. Wish has previously raised $1.6 billion in total funding from investors including General Atlantic, Founders Fund and GGV Capital.
Image courtesy of oaklandblackbusinessfund.org Oakland Black Business Fund Launches Investment Platform For Black-Owned Businesses
Two community leaders from Oakland, California launched a new investment platform, Oakland Black Business Fund, to raise a $10 million relief fund to provide capital and technical assistance to Black-owned businesses. Current capital partners and technical assistance providers include Alliance for Community Development, The Clorox Company and Okta.
The following capital raises were reported yesterday and this morning:
Sarcos Robotics, a startup developing robots for industrial and defense applications, today nabbed $40 million in a Series C equity financing round led by Rotor Capital. Venturebeat.com
Climax Foods, the data science company innovating the future of food, has raised $7.5 million in an over-subscribed seed funding. Venturebeat.com
FireMon, a Dallas, TX-based network security policy management company that brings visibility, control, agility and automation to enterprise cloud and hybrid network infrastructure, secured a debt financing of $40m provided by Silicon Valley Bank. Finsmes.com
Lumen Bioscience, a Seattle, WA-based clinical-stage biopharma company developing biologic drugs for highly prevalent diseases, closed a $16m Series B financing, co-led by new investor WestRiver Management and returning investor Bioeconomy Capital. Finsmes.com
PicnicHealth, a San Francisco, CA-based startup that gives patients access to their medical records and the ability to contribute to scientific research, raised $35m in equity financing. Finsmes.com
Acerta Analytics, a Kitchener, Ontario-based Automotive Intelligence company, raised USD $7m (CAD $9m) in Series A funding, led by Omers Ventures.Finsmes.com
Owl Ventures, a San Francisco, CA-based education technology venture capital firm, closed two new funds totalling $585m. The firm closed $415m for its fourth fund, and $170m for its first Opportunity Fund. Finsmes.com
CUDDLY, a mission-driven fundraising platform dedicated to helping animal welfare organizations worldwide, has closed a $4 million Series A round, led by Lead Edge Capital. VCNewsdaily.com
Cloud Agronomics, an enterprise technology startup founded in 2018, announced the closing of its Seed funding round, led by SineWave Ventures. VCNewsdaily.com
Honey Mama's, the better-for-you indulgence brand, has completed a $4.5 million Series A round of funding led by Amberstone Ventures. VCNewsdaily.com
Patreon, whose platform lets creators earn money from fans through subscriptions, has raised $90 million in Series E funding round co-led by New Enterprise Associates and Wellington Management. Finance.yahoo.com
Aqua Medical closed its Series A-3 equity financing totaling $8.2 million, led by ShangBay Capital LLC, with ShangBay's founding managing partner William Dai joining Aqua Medical's Board of Directors. VCAOnline.com
Dark3, Inc., an Alexandria, VA-based Software as a Service (SaaS) cybersecurity platform provider, closed its Series A financing. The round – of undisclosed amount – was led by Option3Ventures. Finsmes.com
U.S. Deals of the Day: M&A and Strategic Investments
The following bids, mergers, acquisitions and disposals were reported yesterday and this morning:
InCountry, a data residency-as-a-service platform provider, has announced a strategic investment from Accenture Ventures. VCNewsdaily.com
AT&T Inc is exploring a sale of its advertising unit Xandr, as it appears to reverse expensive plans to transform from a wireless carrier to media powerhouse. Financialnewsletter.com
Schlumberger, the Oilfield services firm agreed to sell its North American shale fracking business to rival Liberty Oilfield Services, unloading a unit that underperformed during the shale bust. Financialnewsletter.com
mLogica, Inc., a Henderson, NV-based provider of enterprise Cloud modernization solutions, received a strategic investment from SHI International and a PE firm based in St. Louis, MO. Finsmes.com
Cisco(NASDAQ: CSCO) is to acquire BabbleLabs, Inc., a Campbell, CA-based unwanted background noise deletion company. The amount of the deal was not disclosed. Finsmes.com
Avalon.ai, a NYC-based AI-based enterprise software and data analytics company, closed a $1.5m seed funding round. The round was led by pharmaceutical company Pacira BioSciences. Finsmes.com
Cyndx International News - Europe & Asia
Katherine Welles / Shutterstock.com JPMorgan to Exit Private Banking Business in Brazil, Bradesco Says
JPMorgan Chase & Co has reached an agreement with Brazil’s Banco Bradesco SA to potentially transfer its private banking clients to the Brazilian lender, according to a document filed by Bradesco. JPMorgan has roughly 20 billion reais ($3.71 billion) under management in its Brazilian private banking unit.
ventdusud / Shutterstock.com Israel, UAE Will Cooperate on Financial Services, Investment
Israel and the United Arab Emirates agreed on Tuesday to set up a joint committee to cooperate on financial services, aiming to promote investment between the two countries, an Israeli statement said.
Alfa Photo / Shutterstock.com The Buyout Brigade Leaves Sorry Saga For Others to Fix
There are countless examples of big companies that have emerged from private equity ownership in poorer shape than when they were taken over, bequeathed by pile of debts.
Michael715 / Shutterstock.com Ireland's Dalata Raises 94 Million Euros to Fuel UK Hotel Growth
Ireland’s largest hotel operator Dalata Hotel Group (DHG.I) on Tuesday raised 94.4 million euros(84.02 million pounds) via a share placement to take advantage of opportunities arising from COVID-19 disruption, particularly in the United Kingdom.
Clavivs / Shutterstock.com Telefonica Launches 5G Network Across Spain
Spain’s Telefonica (TEF.MC) launched its national 5G network on Tuesday, promising to bring the the next-generation mobile internet service to 75% of the population this year.
Shuang Li / Shutterstock.com Australia's AMP Sparks Buyout Talk with Companywide Review
Australian financial planning giant AMP Ltd (AMP.AX) said on Wednesday it was putting all its assets under review, setting in motion a potential sale or break-up of a company that has seen its profit and reputation weakened by years of scandals.
Delbo Andrea / Shutterstock.com Dutch Court Blocks Mediaset Merger in Vivendi Spat
A Dutch court on Tuesday blocked a proposed merger between Mediaset, controlled by former Italian Prime Minister Silvio Berlusconi, and its Spanish arm into a single company in the Netherlands.
360b / Shutterstock.com Start-Up Factory Rocket Internet to Delist, Six Years After Going Public
German tech investment firm Rocket Internet is set to delist, the company announced Tuesday, around six years after it went public on the Frankfurt Stock Exchange. Rocket Internet said it was “better positioned as a company not listed on a stock exchange”.
balajisrinivasan / Shutterstock.com 3one4 Capital Launches $100M Fund to Back Early-Stage Startups in India
3one4 Capital, a venture capital firm in India, today announced a $100 million fund as the young investment firm looks to back more early-stage startups in the world’s second largest internet market. The new fund, third for the five-year-old Bangalore-headquartered investment firm, has already secured $40 million from new and existing investors
Image courtesy of flickr.com India's Online Learning Platform Unacademy Raises $150 Million at $1.45 Billion Valuation
India has a new unicorn startup. On Wednesday, Bangalore-based online learning startup announced it has raised $150 million in a new financing round that valued the Facebook-backed firm at $1.45 billion (post-money). SoftBank Group — through its Vision Fund 2 — led Unacademy’s Series F financing round
Download the paper here Techcrunch.com
nito / Shutterstock.com Europe Dips Into Deflation Amid Covid Hit
Eurozone inflation turned negative last month for the first time since May 2016, raising chances that the European Central Bank will have to inject yet more stimulus to generate price growth. Annual inflation in the 19 countries sharing the euro fell to minus 0.2pc in August from 0.4pc in July.
William Potter / Shutterstock.com Australia's Economy Goes Down Under With Record, Virus-Led Slump
Australia's gross domestic product shrank by 7 percent in the three months to end-June compared with the previous quarter, coming in worse than analysts' forecasts. That followed a 0.3-percent contraction in the March quarter, effectively plunging Australia into a recession.
The following capital raises were reported yesterday and this morning:
Luca Science, a Tokyo, Japan-based company developing functional mitochondria as therapeutic agents, announced a $9.8m Series A financing, led by Axil Capital Partners. Finsmes.com
Lyfegen HealthTech AG, a Basel, Switzerland-based health technology company, raised CHF 2m in funding, completed by private investors and one of Switzerland’s largest banks. Finsmes.com
Cosmose AI, the platform that predicts and influences how 1 billion people shop offline, announced the completion of a €12.5 million Series A investment round, led by institutional capital from Tiga Investments, OTB Ventures and TDJ Pitango. Eu-Startups.com
PropertyGuru, Singapore-based online property marketplace, has snagged SG$300 million ($220.65 million) in its latest fundraising efforts led by TPG and KKR who have supported the company over the past five years and two years, respectively. ZDNet.com
PasarPolis, the Indonesian-based startup focused on making insurance policies more accessible in S.E. Asia, announced it closed a Series B round totaling $54 million. Investors include LeapFrog Investments and SBI Investment. Techcrunch.com
Bambuser, the Interactive live video streaming provider, announced that the company secured $34.5 million in funding from new and previous investors including New York-based VCs Harmony Partners and Tenth Avenue Holdings. VCAOnline.com
Earth Science Analytics, a Stavanger, Norway-based petroleum geoscience software provider, raised USD8.54M in funding. Backers included Equinor Ventures, Wintershall Dea Technology Ventures and Sumitomo Corporation. Finsmes.com
The Eruditus group, consisting of Eruditus Executive Education and its online division EMERITUS, completed its Series D funding totaling $113m.The round, (which included secondary sales), was led by Leeds Illuminate and Prosus Ventures. Finsmes.com
Planty, a UK vegan frozen meal home delivery service, has secured its first seed investment in round led by Veg Capital of around €180K. Eu-startups.com
Reachdesk, a direct mail and corporate gifting software platform for B2B companies, announces an approx. €5 million funding round led by Five Elms Capital. Eu-startups.com
InfoSum, a decentralized marketing infrastructure, has announced the completion of its Series A funding round, raising around €12.7 million. The investment was led by Upfront Ventures and IA Ventures. Eu-startups.com
Dalata, Ireland's biggest hotel chain, has raised more than €94m to strengthen its financial bulwark against the Covid pandemic. Dalata said it would sell shares equivalent to 19.9pc of its existing number of issued shares. Independent.ie
Toss Lab, the South Korea-based creator of enterprise collaboration platform JANDI, announced that it has raised a $13 million Series B led by SoftBank Ventures Asia. Techcrunch.com
European + Asian
Deals of the Day: M&A and Strategic Investments
Dusk Network, a Dutch fintech scale-up has secured an investment of over €835K from iFinex Inc. The collaboration paves the way to creating a regulated Security Token exchange. Eu-startups.com
CluePoints S.A., a provider of Risk-Based Study Execution and Data Quality Oversight software for clinical trials, announced a minority investment from Summit Partners, a global growth equity investor. VCAOnline.com
Yildiz Holding AS, The Turkish owner of Godiva chocolates and McVitie’s biscuits is placing on hold a plan to sell some of its assets and will instead increase food production to meet rising demand due to the coronavirus pandemic. Themiddlemarket.com
StoneCo Ltd, the Payments processor, raised its bid for Brazilian software company Linx SA by nearly 4% to 6.284 billion reais ($1.17 billion), topping a proposal from software firm Totvs SA last month. Reuters.com
Bertelsmann is interested in U.S. publisher Simon & Schuster and would be ready to put in a bid when its owner, ViacomCBS, moves ahead with a sale, CEO Thomas Rabe was quoted on Tuesday. Reuters.com
Making the News
The following stories have made financial news:
Calling the drama a "corporate soap opera," Vice Chancellor J. Travis Laster, of the Delaware Chancery Court, has decidedCigna (NYSE:CI) and Anthem (NYSE:ANTM) won't have to pay damages to one another over their failed $48B merger deal. Seekingalpha.com
Denmark’s financial watchdog has launched an investigation into how Danske Bank <DANSKE.CO> could wrongly collect debt from up to 106,000 customers since 2004, it said late on Tuesday. Financialnewsletter.com
India’s economy contracted by 23.9% in the April-June quarter, its worst performance in at least 24 years, the government announced Monday, as the coronavirus pandemic ravaged what was once the world's fastest growing major economy. USNews.com
