Good day. Blending virtual and in-person healthcare is becoming
more popular among patients. It's also making for far better
business models, says Carolyn Witte, co-founder and chief executive
of Tia Inc., which operates a network of clinics for women. Tia
announced a $100 million Series B financing led by Lone Pine
Capital today.
The company has been using telehealth as a means to explore and
prime new markets for its future physical locations, Ms. Witte
says.
Before opening a new clinic in Los Angeles this year, for
example, Tia signed up hundreds of customers locally for its
telehealth services. About 70% of its L.A. members have had a
virtual visit by the time the clinic opened, Ms. Witte says. That
allowed Tia to generate demand and revenue while collecting
building permits and coping with the rest of the slog that opening
a new health facility requires.
"Brick and mortar is slow. It's expensive, and it's slow," Ms.
Witte says, adding the process of getting a clinic off the ground
can take nine to 12 months. "It's a huge barrier to growth," she
adds.
Yet, Tia needs to operate such locations because they are key to
the care it provides -- the company offers primary care,
gynecology, acupuncture and mental health services. "You can't get
your blood drawn on the Internet, you can't get an [intrauterine
device] on the internet, " Ms. Witte says.
Today, Tia has clinics in New York and L.A. Its Phoenix-area
clinic is due to open in November. Meantime, local customers can
sign up for virtual care. It also plans to launch telehealth for
San Francisco customers this year, ahead of opening a clinic in the
city in 2022.
And now on to the news...
Top News
Healthcare venture fund. Lightstone Ventures has raised $375
million for its largest venture-capital fund, a pool that will
enable it to place bigger bets on biotechnology and
medical-technology startups, WSJ Pro's Brian Gormley reports.
Lightstone beat its $350 million fundraising goal. Several
Lightstone portfolio companies have gone public or been acquired,
which helped the firm attract investors. They include cancer
drugmaker ALX Oncology Holdings Inc., which went public in 2020,
and neurology-focused biotech Disarm Therapeutics Inc., purchased
by Eli Lilly & Co. last year.
Neurological diseases are one area of focus because of the need
for new drugs and promising startups the team is seeing.
Lightstone's new vehicle is one of several healthcare
venture-capital funds closed this year. Other medical investors
raising new funds recently include Vida Ventures and venBio.
'We believe that's where the opportunity is, to take on those
hard diseases.'
-- Jason Lettmann, general partner at Lightstone Ventures, which
has focused on neurological diseases
Pre-IPO Marketplace Forge Global to Go Public in $2 Billion SPAC
Deal
Forge Global Inc., an online marketplace for buying and selling
shares of private firms, plans to go public by merging with a
special-purpose acquisition company, The Wall Street Journal's
Alexander Osipovich reports. The deal with Motive Capital Corp.
values the resulting company at $2 billion, the companies said. If
completed, the transaction would make Forge the first dedicated
trading platform for private shares to become a public company.
Trading in private shares has heated up in recent years as startups
have waited longer to hold initial public offerings. Such trading
allows employees to cash out of their shares and lets some
investors get early access to potentially fast-growing technology
startups.
SpaceX Seeks Next Space Milestone With Launch This Week
Elon Musk's SpaceX is aiming to cement its position as a leading
space enterprise with a mission this week that seeks to deliver
four civilians to orbit for several days and then return them to
Earth, WSJ reports. The Inspiration4 flight, which could launch as
soon as Wednesday, is a more ambitious and technically difficult
one than those conducted over the summer by space companies founded
by Jeff Bezos and Richard Branson, according to industry executives
and consultants. It is the first taking only commercial astronauts,
or those flying without government backing, to orbit, SpaceX has
said.
Why Rivian's Electric R1T Pickup (And Its IPO) Are Making
Waves
Electric-truck maker Rivian plans to go public in the fall and
is seeking a valuation in the tens of billions. But why are
investors excited for this IPO and what makes their offering
different from other EV startups? WSJ's George Downs explains.
Industry News
People
San Francisco-based Piva Capital, which invests in sectors
including agriculture, manufacturing, chemicals, transportation and
energy, appointed Mark Gudiksen as managing partner and Roxanne
Tully as an investor. Mr. Gudiksen was most recently a co-founder
and partner of Circularis Partners. Before Piva, Ms. Tully spent
four years with BioLite.
H1 Inc., which provides a database of healthcare professionals
to drug and medtech companies, added Karen Moran as chief financial
officer and Mayur Thakur as chief data officer. Ms. Moran was most
recently senior vice president of strategic finance at Alteryx. Mr.
Thakur was previously head of surveillance engineering at Goldman
Sachs. Last year, New York-based H1 raised a $58 million Series B
round led by IVP and Menlo Ventures.
Life insurance startup Ethos promoted Vipul Sharma to chief
technology officer and named co-founder Lingke Wang to the post of
president. Mr. Sharma previously held engineering leadership
positions at Indeed and Eventbrite. Ethos has raised over $400
million to date from Softbank Vision Fund 2, Sequoia Capital,
Accel, GV, General Catalyst, Jay-Z's Roc Nation and others.
Alternative protein producer Calysta Inc. appointed Keysha
Bailey as chief financial officer. She was most recently CFO at
Rocketship Education. San Mateo, Calif.-based Calysta is backed by
investors including BP Ventures.
Exits
Cyber-exposure company Tenable Inc. agreed to purchase Accurics
Inc., which delivers cloud-native security to both DevOps and
security teams, for about $160 million in cash. Pleasanton,
Calif.-based Accurics is backed by Intel Capital and ClearSky.
United Parcel Service Inc. is buying Roadie Inc., a platform
that uses gig workers to deliver items from retailers and other
shippers quickly, according to The Wall Street Journal. Terms
weren't disclosed. In 2019, Roadie raised a $37 million funding
round from investors including Home Depot Inc. and
TomorrowVentures.
New Money
SpotOn, a San Francisco startup offering payments software for
restaurants and retail businesses, grabbed $300 million in Series E
funding led by Andreessen Horowitz, increasing the company's
valuation to $3.15 billion. Returning backers including DST Global,
Dragoneer Investment Group, Franklin Templeton and Mubadala
Investment Co. also contributed to the round, along with new
investors Wellington Management and Coatue Management. The new
funding will be used to acquire Appetize, a digital and mobile
commerce platform for enterprise businesses including sports and
entertainment venues, theme parks, zoos and college campuses.
Appetize is backed by investors including Elysian Park Ventures,
Shamrock Capital Advisors and Silicon Valley Bank.
BitSight, a Boston-based cybersecurity startup, received a $250
million investment from Moody's Corp. The company also agreed to
acquire VisibleRisk, a cyber risk ratings joint venture created by
Moody's and Team8, a global venture group. Terms of the purchase
weren't disclosed. BitSight previously raised funding from
investors including Warburg Pincus, Menlo Ventures, GGV Capital and
Singtel Innov8.
Papaya Global, a Tel Aviv-based payroll and payment management
platform, scored $250 million in Series D funding, bringing the
company's valuation to $3.7 billion. Insight Partners led the
round, which included participation from Tiger Global Management,
Greenoaks Capital, IVP, Scale Venture Partners, Bessemer Venture
Partners, Alkeon Capital, Workday Ventures, Access Industries and
Group 11.
SellersFunding, a financial platform helping ecommerce sellers
to grow and scale their businesses, secured $166.5 million in
equity and debt funding. Northzone led the round, which included
additional support from Endeavor Catalyst and Fasanara Capital. The
company has offices in New York, London and Weston, Fla.
JumpCloud Inc., a Louisville, Colo.-based cloud directory
platform, raised $159 million in Series F funding led by Sapphire
Ventures. New investors Owl Rock Capital, Whale Rock Capital, Sands
Capital and Endeavor Catalyst also contributed to the round, along
with existing backers General Atlantic, funds and accounts managed
by BlackRock and H.I.G. Growth Partners. The new investment triples
JumpCloud's valuation to $2.56 billion since the company's Series E
round early this year.
Commercetools, a Munich-based enterprise commerce technology
provider, picked up $140 million in Series C financing. Lead
investor Accel was joined by Insight Partners and REWE Group in the
round.
Copado, a DevOps platform, raised $140 million in Series C
funding, bringing the company's valuation up to nearly $1.2
billion. Insight Partners led the investment, which included
participation from SoftBank Vision Fund 2, Declaration Partners, DG
Ventures, Salesforce Ventures, ISAI Cap Venture, Lead Edge Capital,
Perpetual Investors and IBM Ventures.
Pacaso, a San Francisco-based real estate platform that helps
people buy and co-own a second home, scored a $125 million Series C
round, giving the company a valuation of $1.5 billion. SoftBank
Vision Fund 2 led the funding, which included participation from
Fifth Wall, Greycroft, Global Founders Capital, Crosscut, 75 &
Sunny Ventures and Gaingels.
Grow Credit Inc., a Santa Monica, Calif.-based credit building
service, secured more than $90 million in seed funding, which
included debt financing. Investors in the round included Mucker
Capital and Commerce Ventures.
TreeFrog Therapeutics, a France-based developer of stem
cell-derived cell therapies, closed a $75 million Series B round.
Bpifrance Large Venture led the funding, which included support
from Leonard Green & Partners, Bristol Myers Squibb and XAnge.
In addition to the funding, Frederic Desdouits was appointed as
chief executive of the company. He was previously CEO of PCAS and
managing director at Seqens CDMO. Laurent Higueret of Bpifrance
Large Venture and Peter Zippelius of Leonard Green & Partners
will join the TreeFrog board.
Recur, a Miami-based NFT platform, collected $50 million in
Series A funding at a $333 million post-money valuation. Digital, a
metaverse investment platform, led the round. Previous investors
include Defi Alliance, Courtside VC, Volt Capital, Delphi Ventures
and JST Capital.
Walking Fish Therapeutics Inc., a South San Francisco,
Calif.-based startup that is developing B cell therapeutics for
oncology, rare disease, regenerative medicine, autoimmune disease
and recombinant antibody production, completed a $50 million Series
A round led by investors including Emerson Collective, Illumina
Ventures and Quan Capital.
Tech News
Facebook says its rules apply to all. Company documents reveal a
secret elite that's exempt.
Intuit agrees to buy Mailchimp for about $12 billion
Apple cyber flaw allows silent iPhone hack through iMessage
Fake Walmart news release spurs spike in little-used
cryptocurrency litecoin
Buyout firms pump up investment in military technology
Around the Web
A new company with a wild mission: Bring back the woolly mammoth
(New York Times)
Investors bet on the technologically unproven field of quantum
computing (PitchBook)
(END) Dow Jones Newswires
September 14, 2021 09:00 ET (13:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.