Mar 16, 2021

Axios Pro Rata

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Top of the Morning

Illustration: Eniola Odetunde/Axios

The percentage of female decision-makers at U.S. venture capital firms continues to climb, albeit slowly, according to a new Axios analysis.

By the numbers: 243 of 1,716 decision-makers are women, or nearly 14.2%.

  • Past marks were 12.4% (2020), 9.7% (2019), 8.9% (2018), 7% (2017), and 5.7% (2016).
  • 61% of the analyzed firms did not have any female decision-makers, which is similar to last year's figure.
  • The percentage of firms with two or more female decision-makers rose from 9.7% to 11.6%, although it's 26.6% for firms that raised $1 billion or more between 2015 and 2020.

Methodology: As in the past, we asked PitchBook for a list of all U.S.-based venture funds that had raised at least one fund of at least $100 million in the past five years (2015–2020). We then examined the current websites of those firms to determine decision-makers — rather than simply counting anyone listed as "partner."

  • For supplemental data we used SEC filings and PitchBook.
  • We excluded administrative partners, including CFOs and heads of IR and marketing.

The good news is that the percentage of female decision-makers has more than doubled in five years. And it may be even better if we included smaller funds.

The bad news is that the industry isn't close to parity, even in terms of new hires. We identified around 697 more decision-makers than we did five years ago, with women representing just 24.5% of the increase — in an era when many VC firms talk a big game about the value of gender diversification.

The bottom line is the same as last year's: Venture capital is doing better — but it's not doing well.


Illustration: Sarah Grillo/Axios

eToro, a London-based no-fee trading app, agreed to go public at an implied $10.4 billion valuation, via acquisition by FinTech Acquisition Corp. V (Nasdaq: FTCV).

  • Why it's the BFD: This could help set an IPO price range for rival Robinhood, whose filing was temporarily delayed by February's GameStop debacle. eToro, a 13-year-old company that expanded into the U.S. in 2018, claims to have more "registered users" than Robinhood has "customers," but we don't yet have active user comps.
  • Details: FTCV, chaired by Betsy Cohen, will contribute $250 million. The deal also includes a $650 million PIPE from ION Investment Group, SoftBank, Third Point, Fidelity and Wellington Management.
  • History: eToro raised around $150 million in VC funding, from firms like Spark Capital, China Minsheng Financial, SBI Holdings, Bracket Capital, Korea Investment Partners, DCG, Ping An Insurance, Anthemis Group and CommerzVentures.
  • Bottom line: "Just like its rivals, it offers zero-commission trading. Unlike U.S. firms, eToro doesn’t make money by selling its trading data to hedge funds in a business called payment-for-order flow, a practice that is prohibited in Europe. Instead, eToro primarily pockets a spread between the price its pays for securities and the price it passes along to customers." — Crystal Tse, Bloomberg
Venture Capital Deals

Airtable, a San Francisco-based no-code relational database, raised $270 million in Series E funding at a $5.8 billion post-money valuation. Greenoaks Capital led, and was joined by WndrCo and insiders Caffeinated Capital, CRV and Thrive Capital.

🐼 Bitpanda, an Austrian neobroker, raised $170 million in Series B funding at a $1.2 billion valuation. Valar Ventures led, and was joined by DST Global partners.

🚑 Unite Us, a New York-based connected care platform, raised $150 million. Iconiq Growth led, and was joined by Emerson Collective, Optum Ventures, Transformation Capital Partners, Define Ventures, Salesforce Ventures and Town Hall Ventures.

🚑 Strive Health, a Denver-based kidney care startup, raised $140 million in Series B funding. CapitalG led, and was joined by Redpoint Ventures and insiders NEA, Town Hall Ventures, Ascension Ventures and Echo Ventures.

🚑 Clarify Health, a San Francisco-based provider of analytics to healthcare organizations, raised $115 million in Series C funding. Insight Partners led, and was joined by Spark Capital, Concord Health Partners, HWVP, Rivas Capital, Sigmas Group and KKR.

Appfire, a Burlington, Mass.-based provider of apps for software dev teams, raised $100 million from TA Associates.

Genesis, a London-based low-code platform for fintechs, raised $45 million in Series B funding. Accel led, and was joined by GV, Salesforce Ventures and insiders Citi, Illuminate Financial and Tribeca Venture Partners.

SafeGraph, a San Francisco-based geospatial data startup, raised $45 million in Series B funding. Sapphire Ventures led, and was joined by insiders Alex Rosen, DNX Ventures and Peter Thiel.

Flowspace, a Los Angeles-based on-demand warehouse fulfillment startup, raised $31 million in Series B funding. BuildGroup led, while insiders include Canvas Ventures, Industrious Ventures, Moment Ventures, 1984 Ventures, eGateway Capital and YC.

Cyware, a New York-based "virtual cyber fusion" platform, raised $30 million in Series B funding. Advent International led, and was joined by Ten Eleven Ventures and insiders Prelude Fund, Emerald Development Managers, Great Road Holdings and Zscaler.

🚑 Glooko, a Palo Alto-based provider of remote patient monitoring and chronic care management for diabetes, raised $30 million in Series D funding. Health Catalyst Capital led, and was joined by insiders Canaan Partners, Georgian Partners, Novo Nordisk, Insulet and Mayo Clinic.

Fridge No More, a New York-based "cloud grocery" startup, raised $15.4 million in Series A funding. Insight Partners led, and was joined by Altair Capital.

Noogata, an Israeli provider of no-code AI data an analytics for enterprises, raised $12 million in seed funding. Team8 led, and was joined by Skylake Capital.

Sherpa, a Spanish provider of B2B federated learning services, raised $8.5 million from Mundi Ventures, Ekarpen, Marcelo Gigliani (Apax Digital) and Alex Cruz (British Airways).

Fondeadora, a Mexico City-based challenger bank, raised $14 million in new Series A funding (round total $28M). Portag3 led, and was joined by insider Gradient Ventures.

Trullion (fka SMRT), a New York-based financial workflow automation platform, raised $3.5 million. Greycroft and Aleph co-led, and were joined by Verissimo Ventures and angels like Bob Mylod and Artie Minson.

UpCodes, a San Francisco-based provider of code compliance tools, raised $3.4 million in seed funding led by Point Nine Capital.

CRED, an Indian bill payment and rewards platform, is in talks to raise $200 million from insiders at around a $2 billion valuation, per TechCrunch. Shareholders include Sequoia Capital, Ribbit Capital, Tiger Global and General Catalyst.

Private Equity Deals

BC Partners is in talks to buy Davies, a London-based insurance services firm, at around a £1.2 billion valuation, per Bloomberg.

Clayton, Dubilier & Rice acquired S&S Activewear, a Bolingbrook, Ill.-based distributor of imprintable T-shirts and fleeces that generates around $1.5 billion in annual sales.

Clearlake Capital Group invested in Bedford, Mass.-based cybersecurity and governance software company RSA Security, which had been acquired in 2020 by Symphony Technology Group and Ontario Teachers. Clearlake and STG now become equal holders, while Ontario retains a minority stake.

🚑 CVC Capital Partners is among those circling a $5 billion portfolio of women’s drugs being shopped by AbbVie (NYSE: ABBV), including the Lo Loestrin Fe birth control pill, per Reuters. Morgan Stanley is managing the process.

Endicott Growth Equity Partners invested in GovSpend, a Deerfield Beach, Fla.-based provider of government spend intelligence solutions that was acquired earlier this year by Thompson Street Capital Partners.

Imaweb, a Madrid-based portfolio company of PSG, acquired Stampyt, a French remarketing software provider.

MBK Partners, SK Telecom and retailer Shinsegae Group are among those that submitted nonbinding bids for eBay’s (Nasdaq: EBAY) South Korean unit, per Reuters.

Nautic Partners acquired VC3, a Columbia, S.C.-based provider of managed IT services to municipal and commercial customers, from WestView Capital Partners.

Peloton Capital acquired shareholder proxy firm Glass Lewis from Ontario Teachers’ and Alberta Investment Management Corp.

Quad-C Management acquired SEI Group, a Doraville, Ga.-based distributor and installer of residential building products, from Narrow Gauge Capital.

🚑 Virgin Pulse, a Providence-based portfolio company of Marlin Equity Partners, acquired Advanced Plan for Health, a Westlake, Texas-based population health analytics platform.

Public Offerings

COFCO, a Chinese food group, hired banks to help list its international trading arm, per Bloomberg.

Fortegra, a Jacksonville, Fla.-based specialty insurer, filed for a $100 million IPO. It plans to list on the NYSE (FRF) and reports $23 million of net income on $691 million in revenue for 2020.

SEMrush, a Boston-based digital marketing analytics platform, set IPO terms to 16.8 million shares at $14-$16. It would have a full diluted market value of $2.2 billion, were it to price in the middle, and plans to list on the NYSE (SEMR). The company reports a $7 million net loss on $125 million in revenue for 2020 and raised $47 million in VC funding from firms like Greycroft (9.4% pre-IPO stake), Siguler Guff, and Russia Partners.

SPAC Stuff

🚑 Procaps, a Colombian maker of softgel capsules, is in talks to go public at around a $1 billion valuation via purchase by Union Acquisition Corp II (Nasdaq: LATN), per Reuters.

BharCap Acquisition, a financial services and fintech SPAC formed by BharCap Partners, filed for a $250 million IPO.

DD3 Acquisition III, a SPAC formed by DD3 Capital Partners, filed for a $150 million IPO.

H.I.G. Acquisition II, TMT and healthcare SPAC formed by H.I.G. Capital, filed for a $300 million IPO.

Leo Holdings V, a consumer business SPAC formed by Lion Capital, filed for a $250 million IPO.

Reverence Acquisition, a fintech SPAC formed by Reverence Capital Partners, filed for a $300 million IPO.

True Wind Capital filed to raise its fifth and sixth tech SPACs, targeting $400 million (Mistico Acquisition) and $600 million (Brigantine Acquisition).

Vector Acquisition IV, a tech SPAC formed by Vector Capital, filed for a $350 million IPO.

Liquidity Events

Cruise, a self-driving subsidiary of GM (NYSE: GM), acquired Voyage, a Palo Alto-based autonomous vehicle startup that’s raised around $50 million from firms like Franklin Templeton, InMotion Ventures, MS&AD Ventures, Chevron Technology Ventures and Khosla Ventures.

GFL Environmental (NYSE: GFL) agreed to pay C$927.5 million to buy the solid waste and environmental solutions business of Terrapure Environmental, a Canadian portfolio company of Pamplona Capital Management.

Indigo Partners sold around half its 17.5% stake in low-cost Hungarian carrier Wizz Air (LSE: WIZZ) for around £400 million.

Kelso & Co. and Estancia Capital Management are seeking a buyer for Resolute Investment Managers, an Irving, Texas-based financial advisory that could fetch more than $1.5 billion, per Reuters.

SailPoint (NYSE: SAIL) acquired ERP Maestro, a Ft. Lauderdale, Fla.-based provider of governance, risk and compliance SaaS that had raised around $20 million (plus a PPP loan) from backers like Aspen Capital, AdvancedStage Capital and Shift4 Capital.


1984 Ventures, led by Ramy Adeeb, is raising $60 million for its second fund, per an SEC filing.

LongJump, a Chicago-based "first check" VC firm, is raising $10 million for its debut fund, per an SEC filing.

Inovia Capital of Montreal raised US$450 million for its second growth equity fund.

Insight Partners is raising $1.25 billion for a "follow-on" fund that will make new investments in portfolio companies from Insight Venture Partners X, a flagship vehicle raised in 2017.

Triton raised €815 million for its second small to midcap private equity fund.

It's Personnel

Jason Pontin joined DCVC as a partner. He previously was a senior partner with Flagship Pioneering and, before that, was editor-in-chief of the MIT Tech Review.

Final Numbers
Source: Refinitiv Deals Intelligence. Data through March 11, 2021.

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