Crista Galli Ventures, an early-stage health tech fund in Europe, is officially launching today. The firm offers “patient capital” — with only a single LP (the Danish family office IPQ Capital) — and promises to provide portfolio companies with deep healthcare expertise and the extra runway needed to get over regulatory and efficacy hurdles and to the next stage.
Companies already backed by Crista Galli Ventures (CGV) include Skin Analytics, which is using AI to improve diagnosis of skin cancer; Quibim, which is applying AI to the field of radiomics; and Ampersand Health, which is developing digital therapies for patients with inflammatory conditions such as Crohn’s disease, to name just three out of 15.
Led by consultant radiologist Dr. Fiona Pathiraja, and with offices in London and Copenhagen, CGV operates as an “evergreen” fund, meaning it doesn’t follow traditional five-year VC fundraising cycles. Initially, the VC firm has $65 million in deployable — so called — patient capital.
“We like to invest across the broad areas of deep tech, digital health and personalised healthcare,” Pathiraja tells TechCrunch. “We prefer technology solutions that make the lives of patients easier and better and, in some cases, that help support people’s health before they become patients. Part of our remit is also for tech solutions within the healthcare industry that improve efficiency and productivity of providers.”
Alongside the main fund, CGV is also unveiling Crista Galli LABS, which, in part, aims for greater diversity in health tech by backing founders from underrepresented backgrounds at the pre-seed stage. In addition to pre-seed investment, startups accepted into the program have access to mentoring and coaching from the CGV team.
“When I was in hospital, there were people from all backgrounds there and this was the norm… [but] this really wasn’t my experience when I started investing,” explains Pathiraja. “I am struck by how homogeneous both founder teams and investment teams can be. Whilst our core investment focus is seed and Series A, Crista Galli LABS invests smaller ticket sizes in outstanding pre-seed founders and ensures that at least 50% of these are from under-represented backgrounds. This means those who are female, BAME, LGBT to start with.”
Unity Software has strong opening, gaining 31% after pricing above its raised range
Whoever said you can’t make money playing video games clearly hasn’t taken a look at Unity Software’s stock price.
On its first official day of trading, the company rose more than 31%, opening at $75 per share before closing the day at $68.35. Unity’s share price gains came after last night’s pricing of the company’s stock at $52 per share, well above the range of $44 to $48 which was itself an upward revision of the company’s initial target.
Games like “Pokémon GO” and “Iron Man VR” rely on the company’s software, as do untold numbers of other mobile gaming applications that use the company’s toolkit for support. The company’s customers range from small gaming publishers to large gaming giants like Electronic Arts, Niantic, Ubisoft and Tencent.
Unity’s IPO comes on the heels of other well-received debuts, including Sumo Logic, Snowflake and JFrog .
TechCrunch caught up with Unity’s CFO, Kim Jabal, after-hours today to dig in a bit on the transaction.
According to Jabal, hosting her company’s roadshow over Zoom had some advantages, as her team didn’t have to focus on tackling a single geography per day, allowing Unity to “optimize” its time based on who the company wanted to meet, instead, of say, whomever was free in Boston or Chicago on a particular Tuesday morning.
Jabal’s comments aren’t the first that TechCrunch has heard regarding roadshows going well in a digital format instead of as an in-person presentation. If the old-school roadshow survives, we’ll be surprised, though private jet companies will miss the business.
Talking about the transaction itself, Jabal stressed the connection between her company’s employees, value and their access to that same value. Unity’s IPO was unique in that existing and former employees were able to trade 15% of their vested holdings in the company on day one, excluding “current executive officers and directors,” per SEC filings.
That act does not seemed to have dampened enthusiasm for the company’s shares, and could have helped boost early float, allowing for the two sides of the supply and demand curves to more quickly meet close to the company’s real value, instead of a scarcity-driven, more artificial figure.
Regarding Unity’s IPO pricing, Jabal discussed what she called a “very data-driven process.” The result of that process was an IPO price that came in above its raised range, and still rose during its first day’s trading, but less than 50%. That’s about as good an outcome as you can hope for in an IPO.
One final thing for the SaaS nerds out there. Unity’s “dollar-based net expansion rate” went from very good to outstanding in 2020, or in the words of the S-1/A:
Our dollar-based net expansion rate, which measures expansion in existing customers’ revenue over a trailing 12-month period, grew from 124% as of December 31, 2018 to 133% as of December 31, 2019, and from 129% as of June 30, 2019 to 142% as of June 30, 2020, demonstrating the power of this strategy.
We had to ask. And the answer, per Jabal, was a combination of the company’s platform strength and how customers tend to use more of Unity’s services over time, which she described as growing with their customers. And the second key element was 2020’s unique dynamics that gave Unity a “tailwind” thanks to “increased usage, particularly in gaming.”
Looking at our own gaming levels in 2020 compared to 2019, that checks out.
This post closes the book on this week’s IPO class. Tired yet? Don’t be. Palantir is up next, and then Asana .
Conan O’Brien on how to embrace an ever-changing media landscape
“Like most of the best things in my life,” Conan O’Brien explains, with a wry smile, “the success of the podcast was a complete surprise.” The answer is a typically self-effacing one from the comedian. Since launching “Conan O’Brien Needs a Friend” nearly two years ago, the show has quickly risen up the podcasting charts to become one of the country’s most popular.
For those who have followed his 30-odd-year career in entertainment, it’s easy to see why. Quick-witted and almost superhumanly affable, the transition to podcasting seems almost a given in retrospect. After all, hosting a series of late-night network talk shows for decades isn’t exactly starting from scratch when it comes to launching a new entertainment venture. Nor, for that matter, is having tens of millions of Twitter followers and your own online media company, Team Coco.
Not that things have always been easy. A long-promised Tonight Show slot wasn’t all he’d hoped for, leading to a very public exit from the most-coveted show in late night after just under eight months. It was the shortest tenure in the series’ history, culminating in a televised “exit interview” with Steve Carrell that found The Office star shredding his NBC badge. But O’Brien’s late-night hiatus was short-lived. Later that year, he returned with TBS’ Conan, which will celebrate its 10th year on the air in November (and is renewed at least through 2022).
The 2018 launch of “Conan O’Brien Needs a Friend” found the comedian embracing the new-found freedom of podcasting.
“There are a couple of things about doing podcasts that are superior or more fun than doing a talk show,” a quarantine-haired O’Brien said in an interview at TechCrunch Disrupt this week. “When I’m doing the traditional talk show, I’m limited. For years and years and years, when it was on network television, I had to take six- and seven-minute turns, which mean I’m having a conversation with you or I’m having a conversation with someone I’ve always dreamed of talking to, whether it’s Tom Hanks or Jim Carrey or Robin Williams. Then after six or seven minutes, there has to be a laugh and we’ll take a break and we’ll be right back.
“That’s not a natural conversational flow,” he continues. “What you can do with a podcast is really incredible. I can talk to someone for an hour and 15 minutes. We try and trim them back, but for the most part, people let their guard down. The other thing I prefer: no hair and makeup. It sounds like I’m kidding. But after almost 30 years of people caking my very white face with makeup so that I look like I’m still alive.”
Team Coco has produced 10 shows in all, including shows from longtime sidekick Andy Richter and actor Rob Lowe, writers Mike Sweeney and Jessie Gaskel’s intimately titled Inside Conan and a six-part mini-series interview with SNL alum, Dana Carvey.
“I don’t want to set a number goal,” O’Brien says. “I’m amazed — in two years, we’ve rolled out 10 different podcasts, some of them unscripted, but some scripted ones, as well. I’m not sitting around saying, ‘hey, we’ve got to get to 35 podcasts by this point.’ Because I’d like them to be good.”
The talk show has soldiered on, as well, undergoing its own transformations in the process.
In 2019, the program was retooled for a half-hour format. O’Brien dropped the desk and the suit, adopting a looser format perhaps inspired in part by the new freedoms afforded by his podcasting ventures. When COVID-19 made the in-person show an impossibility, he started working from home like so many others, switching to remote Zoom interviews. Throughout it all, “Conan O’Brien Needs a Friend” continued posting weekly interviews.
Asked whether he planned to continue his late-night show after the contract runs out in a couple of years, O’Brien seemed unsure.
“I think it’s a mistake to think of it as, will you stop doing the show, and only do the podcast? Or will you retire and then quietly work on your letters in a shack? I love to create things. I have a lot of energy. I love to try and make people laugh. And so I see All of this converging, I think the message that I would have for everybody watching TechCrunch Disrupt right now is that people need to open up their minds a little bit. If I’m making podcasts, it doesn’t prohibit me from also maybe do maybe doing something, it doesn’t have to necessarily be for Turner, it could be for anybody.”
Multiple decades of success, it seems, have put O’Brien in the relatively unique position of being able to be somewhat platform-agnostic. Not being tied to a single medium is a strong place to be when it comes to bracing oneself for the unexpected technological changes that will continue to disrupt and upend the entertainment industry.
“Five years from now our entertainment may come in pill form,” he says. “You could binge The Sopranos. You could just take a whole bottle of Sopranos and then just drink a lot of water and then, you know, just don’t need any red meat.
“This is gonna sound far-fetched, but I think this is the most excited I’ve been in my career, because there were so many ways to be creative. There are so many ways to make people laugh, and I enjoy these new opportunities. I think when you’re someone who has been around as long as I have, you have a choice. You can be afraid of change, or you can be delighted by it.”
Chamath launches SPAC, SPAC and SPAC as he SPACs the world with SPACs
SPACs are going to rule the world, or at least, Chamath’s future portfolio.
Chamath Palihapitiya, the founder of Social Capital, has already tripled down on SPACs, the so-called “blank check” vehicle that takes private companies and flips them onto the public markets. His first SPAC bought Virgin Galactic last year, and his second SPAC bought Opendoor this week in a blockbuster deal valuing the instant home sale platform at $4.8 billion, less cash. His third SPAC officially fundraised in April, and has yet to announce a deal.
Now, it looks like he’s going to double down on his triple down. After the bell rung on Wall Street this Friday, the venture capitalist filed three new SPAC vehicles with the SEC. Social Capital Hedosophia Holdings Corp. IV has a headline value of $350 million, Social Capital Hedosophia Holdings Corp. V has a headline value of $650 million and Social Capital Hedosophia Holdings Corp. VI has a headline value of $1 billion.
Those headline values are targets: each SPAC will need to go through an investor roadshow process and officially raise capital before they can begin trying to find an acquisition target. Each SPAC is independent, and may share investors or have entirely independent investors around the table.
The three new SPACs share similar managers: Palihapitiya himself; Ian Osborne, who manages Hedosophia; Steven Trieu, the CFO of Social Capital; and Simon Williams, the chief administration officer of Hedosophia.
However, each has a different fifth director, who perhaps sheds some light on how each SPAC differs in strategy. Nirav Tolia, a co-founder and CEO of popular social network Nextdoor, is joining the fourth SPAC. Jay Parikh, a former head of engineering at Facebook, who left earlier this year, is joining the fifth SPAC. And finally, Dick Costolo, the former CEO of Twitter and current venture capitalist, is joining the sixth SPAC.
We’ve been talking about the accelerating pace of SPACs this year, and that appears in microcosm here around these Social Capital vehicles. It seems as though Palihapitiya and Hedosophia not only have great ambitions for these vehicles, but are increasingly mechanizing the process of fundraising them and taking advantage of markets that seem excited for any avenue toward growth.
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