Venture backed exits remain soft in third quarter with 90 acquisitions and 13 IPOs

Venture backed exits remain soft in third quarter with 90 acquisitions and 13 IPOs

Venture-backed exits remained soft in the third quarter with 90 M&A deals and 13 IPOs in the United States, according to a report by Thomson Reuters and the National Venture Capital Association. Twenty of the 90 deals reported an aggregate deal value of $5.1 billion, which was up 39 percent from the second quarter and marked the strongest quarter for M&A exits with a disclosed value this year. The 13 IPOs raised $1.7 billion. This was a 55 percent decrease in the number of offerings from the second quarter and a 54 percent decline in total amount of dollars raised, the report found. PRESS RELEASE M&A Value Hits $5.1 billion for Strongest Quarter This Year Market Volatility Drags Down Venture-Backed IPO Activity in Third Quarter NEW YORK, NY – Ninety venture-backed M&A deals were reported in the third quarter, 20 of which had an aggregate deal value of $5.1 billion, increasing 39 percent compared to the second quarter and marking the strongest quarter for M&A exits with disclosed value this year, according to the Exit Poll Report by Thomson Reuters and the National Venture Capital Association (NVCA). Thirteen venture-backed initial public offerings (IPOs) raised $1.7 billion during the third quarter of 2015, a 55 percent decrease, by number of offerings, from the second quarter of this year and 54 percent decline in total amount of dollars raised during the previous three-month period. “While the number of companies making a public offering during the third quarter was down as a result of market volatility, M&A activity was robust, marking the strongest quarter by disclosed deal value this year. Of the thirteen companies that did make an IPO, more than two-thirds are currently trading above their offering price in the middle of a choppy market, a strong indicator of the quality of venture-backed IPOs,” said Bobby Franklin, President and CEO of NVCA. “In addition to market volatility weighing down IPOs, another recent and important trend that has impacted the venture-backed IPO market is the increased activity of both VCs and non-traditional investors making late-stage investments into private companies that might otherwise file for an IPO. While these so-called ‘private IPOs’ are weighing down the current IPO market, it also means the venture-backed IPO pipeline is deep and we are hopeful exit activity picks up steam in future quarters.” IPO Activity Overview There were 13 venture-backed IPOs valued at $1.7 billion in the third quarter of 2015. By number of deals, quarterly volume decreased 55 percent from the second quarter of this year and registered a 54 percent decrease, by dollars, compared to the previous quarter. Led by the biotechnology sectors, ten of the 12 offerings during the quarter were life sciences IPOs, representing more than three-quarters of the total listings in the third quarter. By location, 11 of the quarter’s 12 IPOs were from U.S.-based companies. In the only non-U.S. offering of the quarter, Austria-based Nabriva Therapeutics AG (NBRV) raised $92.3 million on the NASDAQ stock exchange on September 17th. In the largest IPO of the quarter, Sunrun Inc (RUN), a San Francisco, California-based provider of solar energy, raised $250.6 million and began trading on the NASDAQ stock exchange on August 4th. The company is currently trading 26 percent below its $14 offering price. Eleven companies listed on the NASDAQ stock exchange during the third quarter, while two listed on the New York Stock Exchange. Nine of the 13 companies brought to market this quarter are currently trading at or above their offering price. There are 50 venture-backed companies currently filed publicly for IPO with the SEC. This figure does not include confidential registrations filed under the JOBS Act, where many observers believe the majority of venture-backed companies now file. Mergers and Acquisitions Overview As of September 30th, 90 venture-backed M&A deals were reported for the third quarter of 2015, 20 of which had an aggregate deal value of $5.1 billion, a 42 percent uptick compared to the overall number of deals reported during the second quarter of this year, and a 39 percent increase, by disclosed deal value. The information technology sector led the venture-backed M&A landscape with 69 of the 90 deals of the quarter and had a disclosed total dollar value of $3.4 billion. Within this sector, Computer Software and Services and Internet Specific deals accounted for the bulk of the targets with 47 and 17 transactions, respectively, across these sector subsets. The largest venture-backed M&A transaction during the third quarter was EMC Corp’s $1.2 billion million purchase of Virtustream, a Bethesda, Maryland-based provider of enterprise cloud solutions. Infor Inc’s $675 million acquisition of Oakland, California-based Gt Nexus Inc ranked as the second largest venture-backed M&A deal during the quarter.

Here is the original post:
Venture backed exits remain soft in third quarter with 90 acquisitions and 13 IPOs

Base snaps up $30 mln in Tenaya Capital-led round

Mountain View, California-based Base, a next-generation sales platform, has raised $30 million in Series C funding. Tenaya Capital led the round with participation from other investors that included Index Ventures. PRESS RELEASE MOUNTAIN VIEW, CA, Sep 29, 2015 (Marketwired via COMTEX) — Base, a leading next-generation sales platform, today announced $30 million in round C funding. This comes in the wake of Base’s remarkable market expansion over the last year. The new funding will allow Base to both keep pace with growing demand and also invest aggressively in expanding the platform’s sales intelligence capabilities. “We are focused on building a product that revolutionizes the way companies sell,” said Uzi Shmilovici, CEO of Base. “Our mission is clear — provide sales teams with an all-in-one platform to dramatically improve productivity through data-driven insights.” Tenaya Capital led the round with participation from Index Ventures and previous investors. “We believe that Base is the future sales platform for data driven sales teams. Intelligence and usability is becoming a major competitive advantage in enterprise software,” said Stewart Gollmer, Managing Director with Tenaya Capital. “Base has proven itself as a leader in this transition and is rapidly building an impressive list of customers. Tenaya Capital is pleased to be an investor in this exciting company.” Base’s revenue has grown exponentially since their last round of funding in 2014. Similarly, Base has doubled its number of employees over the past year to keep up with growing demand. Today, more than 6,500 businesses worldwide run their sales teams on Base. Companies like Dow, Cisco, Jet.com, Sartorius and more are moving away from legacy CRM in favor of a modern, data-driven approach to sales. With over half a million mobile app downloads, Base has solidified its spot as a trailblazer in an outdated and traditional industry. Base’s continued growth and commitment to innovation has also led to recognition by Gartner, who in 2015 selected Base as a promising and powerful vendor in the Sales Force Automation Magic Quadrant. Waging a war to overthrow legacy CRM “It’s time to give sales teams everything they need in one place. The era of outdated charts, siloed data and stitched together point solutions is over. We’re here to bring new levels of productivity to sales teams while providing them with powerful data-driven insights,” says Base CEO, Uzi Shmilovici. Traditional legacy CRMs have continuously failed to meet the evolving needs of their customers, costing businesses millions in lost sales opportunities and expensive implementation costs. Such losses highlight the many shortcomings of legacy CRM in today’s market, and have further fueled the transition into a new age of sales. Base provides integrated sales productivity tools that visualize the sales experience. Base also boasts the #1 ranked mobile CRM app available on the market. As the industry’s leading next-generation sales platform, Base is reestablishing the importance of transparency, usability and simplicity in the CRM space. By building a complete platform that marries productivity and intelligence, Base is spearheading the long-awaited transformation of the CRM category. “Businesses worldwide are fed up with their legacy CRM vendors from the nineties,” says Base CEO, Uzi Shmilovici. “This frustration is what drives Base to create a revolutionary product that is easy to implement and that guarantees adoption rates otherwise unheard of with legacy vendors.” Over the past year, Base has experienced a growing roster of enterprise customers and champions. “Our growth in 2015 is a direct result of our customers’ success,” said Shmilovici. “That’s why we’re committed to building the most powerful, yet easy to use platform on the market. This new round of funding demonstrates how we are changing the face of CRM forever.” About Base Base is the industry’s leading next-generation sales platform. Unlike legacy cloud CRM and Sales Force Automation systems, Base leverages big data, mobility and real-time computing to help sales teams close more deals faster, while providing sales leaders with accurate forecasting and unprecedented visibility into their sales pipeline. With remarkably easy to use, yet robust web and mobile apps, Base is designed for the new way people work. More than 6,500 customers including Stryker, Jet.com, Dow and Cisco use Base to successfully manage their sales organizations. Base is headquartered in Mountain View, California and is backed by top tier venture firms. For more information please visit www.getbase.com.

Here is the original post:
Base snaps up $30 mln in Tenaya Capital-led round

Replimune reels in $30 mln Series A

UK-based Replimune, a developer of oncolytic immunotherapy, has secured $30 million in Series A funding. Atlas Venture led the round with participation from return backers Forbion Capital Partners and Omega Funds. In addition to the funding, Jason Rhodes of Atlas, Otello Stampacchia of Omega and Sander Slootweg of Forbion have been added to Replimune’s board. PRESS RELEASE OXFORD, England, September 24, 2015 /PRNewswire/ –Replimune Ltd (Replimune) today announced the closing of a $30 million Series A financing led by Atlas Venture (Atlas). Atlas joins previous seed investors Forbion Capital Partners (Forbion) and Omega Funds (Omega) as investors in this funding round. Replimune, headquartered in Oxford UK and with a significant presence in Cambridge, MA, was founded in April 2015 to develop the next generation of ‘oncolytic immunotherapies’ for the treatment of cancer. Jason Rhodes, Partner at Atlas, will join the board of Replimune together with Otello Stampacchia and Sander Slootweg of Omega and Forbion, respectively. Oncolytic immunotherapy is an emerging class of cancer therapeutics which exploit the ability of viruses to selectively replicate in and kill tumor tissue, while at the same time inducing a potent, patient-specific, anti-tumor immune response. Oncolytic viruses have the unique ability to generate an autologous immune response to the patient’s particular complement of tumor antigens, including neoantigens, with a truly off-the-shelf approach. While clear single agent clinical activity has been achieved with oncolytic immunotherapy, it is anticipated that particular synergy may be observed in combination with immune checkpoint blockade and other immune-modulatory approaches. Immune checkpoint blockade relies on a pre-existing inflamed tumor microenvironment and a pre-existing immune response to tumor neoantigens for clinical activity, which are only present in some patients. Oncolytic immunotherapy can provide both of these and therefore combination of these two proven modalities is particularly logical and attractive. Replimune is developing novel, proprietary oncolytic immunotherapies intended to improve both the direct anti-tumor effects of selective virus replication and the potency of the immune response to the tumor antigens released. Replimune intends to progress these rapidly through clinical trials and to combine these with checkpoint blockade at an early stage of clinical development. “We are at the beginning of the age of immune-oncology and believe that oncolytic viruses will be a powerful component of this emerging therapeutic approach,” said Jason Rhodes, Partner at Atlas, “Atlas is very pleased to be working with the exceptional and experienced team at Replimune.” Robert Coffin, Replimune CEO (and previously Founder and CSO of BioVex Inc) said “Replimune is excited to be at the forefront of oncolytic immunotherapy, and to partner with leading healthcare investors such as Atlas, Forbion and Omega in this funding round. The funds raised will allow us to progress our next generation approach through to clinical data in multiple cancer indications, including in combination with checkpoint blockade.” In addition to stand-alone product development, Replimune will pursue a partnering strategy with companies with promising approved or experimental checkpoint blockade or other complementary immuno-oncology drugs.

Continued here:
Replimune reels in $30 mln Series A

Din cooks up $3 mln seed

San Mateo, California-based Din, a recipe subscription service, has raised $3 million in seed funding. The investors were Accel Partners, Collaborative Fund, Built By Girls Fund, Harrison Metal, Slow Ventures and Lowercase Capital. PRESS RELEASE Din (formerly called Forage), founded by second­time food and tech entrepreneurs Emily Olson LaFave and Rob LaFave, have closed $3 Million in Seed Funding from Accel Partners, Collaborative Fund, Built By Girls Fund (Susan Lyne), Harrison Metal, Slow Ventures, and Lowercase Capital. Din has recently expanded their production into a 12k sq ft culinary facility, and is poised for rapid expansion. Din helps you cook like your favorite restaurant at home in 20 min. Din partners with notable restaurants and chefs like Bar Tartine, Tacolicious, and James Beard 2015 Rising Star Chef Jessica Largey to deliver everything you need to recreate their dishes at home. Din’s team, led by Michelin Star veteran Stephen Beaumier formerly of Cyrus, Quince and Restaurant Noma, does much of the time­intensive prep work for you, like braising meats and creating complex sauces, so you can finish the dish in under 20 minutes, as quickly as a restaurant can fire a dish. Then they deliver the prepped and whole ingredients in an insulated, reusable tote to your home. This week, Din launches courier deliveries in Los Angeles, expanding their courier deliveries beyond the San Francisco market. Their local delivery system is built on top of Sidecar’s on­demand network ­ leveraging the cars simultaneously for delivery of Sidecar riders and Din’s packages ­ and now accounts for 80% of Din’s total deliveries. This change to local delivery reduces 70% of the packaging waste per order. In an effort to provide a more sustainable experience with less packaging waste, each delivery is sent in a reusable tote that can be returned to Din with dry ice that disappears shortly after receipt. Entering the Los Angeles market, Din has expanded their restaurant partnerships to local favorites, and this week features recipes from former French Laundry Chef Timothy Hollingsworth, currently chef of Barrel & Ashes, who is soon to open his next restaurant, Otium, in LA. Customers who order by 12 Midnight PST on Wednesday, September 23 can cook his recipes for Half Chicken with Fennel, Pears, Smoked Sunflower and Watercress or Pork Belly with Cauliflower, Thompson Grapes and Kanzuri. Next week, Chef Michael Hung formerly of Flower & Ashes shares two recipes from his restaurant Viviane opening this fall in Beverly Hills Avalon Hotel: Quail with Asian Dirty Rice, Lapsong Sausage and Mustard Greens, and a Pork and Apple Salad with Rainbow Beets and a Pumpernickel Crisp. All first­time customers of Din will receive their first order free at din.co. Din has recruited top food and tech talent into its leadership team. Stephen Beaumier, Executive Chef hails previously from Quince, Cyrus and Restaurant Noma. Jen Pelka, Head of Marketing, led OpenTable’s restaurant marketing? Justin Flores, Head of Operations, led Google Express’ warehouse operations? and Cameron Walters, Head of Engineering, was a founding team member at Square.

The rest is here:
Din cooks up $3 mln seed

Prosper Marketplace buys VC-backed BillGuard

According to a blog post on its site, Prosper Marketplace has acquired Israel-based personal finance company BillGuard. No financial terms were disclosed. BillGuard’s backers included Khosla Ventures, Founders Fund, Innovation Endeavors, Bessemer Venture Partners and IA Ventures.

Read more:
Prosper Marketplace buys VC-backed BillGuard