Market Insights

A Big Deal (or Two): Friday Dealbook for 6/19/2020

Our featured companies really knocked it out of the park this week, with a whopping $100 million funding round by Payfone and an eye-watering $1 billion IPO filing by Dun & Bradstreet. Additionally, Ethyca raised $13.5 million for its data privacy platform, while Unum ID won $2 million for its shared and verified identity platform.

Our current virtual work environments and stay-at-home habits have rejuvenated tech IPOs, accelerating adoption of eCommerce, virtual learning, streaming, telehealth, and delivery. As the country slowly rolls out re-opening plans, will this trend falter? Or could a potential second wave drive continued growth?

Tell us what IPO you’re most excited about!

The Top Deals Covered by OWI this Week

Ethyca \ ethyca.com \ Founded in 2018

Developer of data privacy platform intended to automate user data privacy management. The company’s self-service privacy cloud can be integrated with SaaS applications to automate data mapping and subject request management and their privacy infrastructure can be implemented throughout an enterprise’s end-to-end data privacy as code, enabling businesses of every size to have data privacy without the need for humans, consultants, risks or wasted time.

The company raised $13.5 million of Series A venture funding in a deal led by IA Ventures on June 11, 2020. Abstract Ventures, Michael Ovitz, Neil Blumenthal, David Gilboa, Jeff Raider, Joey Zwillinger, Scott Belsky, DJ Patil, Lachy Groom, SciFi VC and Other undisclosed investors also participated in the round. The funds will be used to continue to expand operations and its business reach.

Dun & Bradstreet \ dnb.com \ Founded in 1841

Dun & Bradstreet Corp operates as a source of commercial data, analytics, and insight on businesses. Its business record is used by its customers for risk management, researching sales prospects, and generating direct mailing lists. The company operates through two segments namely Americas, which consists of its operations in the United States and Canada, and Non-Americas, which consists of its operations in the United Kingdom, Greater China, India, and its European and Asia Pacific Worldwide Networks. The company generates the majority of its revenue from the US.

The company filed to go public on the New York Stock Exchange under the ticker symbol DNB on June 9, 2020. The expected offering amount is $1 billion.

Unum ID \ unumid.org \ Founded in 2018

Developer of a platform intended to provide a shared and verified identity. The company’s single identity software links together many verifications about a user into one identity that’s shared across companies, thereby enabling businesses to end passwords with a single identity for everything, online and offline.

The company closed a $2M seed round on June 17, 2020. Draper Associates led the investment, with participation from Tappan Hill Ventures, Wedbush Ventures, Hard Yaka, and a number of angel investors. The investment brings Unum ID’s total funding since launch to $3.2M and will help the company accelerate sales and product development efforts.

Payfone \ payfone.com \ Founded in 2008

Developer of an identity-verification software designed to protect against identity theft and social engineering attacks from professional attackers. The company’s identity-verification software removes friction, drives engagement and fights fraud with instant mobile authentication, enabling businesses to enhance the customer experience while lowering the risk friction and fraud. 

The company raised $100 million in a deal led by the Apax Digital Fund on June 18, 2020. Joining the investment round are new investors Sandbox Insurtech Ventures and Ralph de la Vega, the former Vice Chairman of AT&T. Existing investors MassMutual Ventures, Synchrony, Blue Venture Fund, Wellington Management LLP, and former CEO of LexisNexis Andrew Prozes also participated. The funds will be used to acquire strategic assets, further strengthen the company’s machine learning capabilities, and build a cross-industry consortium to secure digital transactions and experiences.

Become an OWI Member and receive daily insights, behind-the-scenes deal info, access to research, exclusive events, and much more.

Investor Highlight

Abstract Ventures \ abstractvc.com \ Founded in 2016

Founded in 2016, Abstract Ventures is a venture capital firm based in San Francisco, California. The firm specializes in early-stage investments in biotech, crypto-blockchain, and frontier tech industries.

Active Portfolio – 81

Investments (TTM) – 21

Med. Round Amount – $5.00M 

Med. Valuation – $19.77M

Exits – 7

Deal History

In the past year, Abstract Ventures has invested in the following 4 identity companies:

Crediwatch

Ethyca

Kikoff

Lightning Labs

*Source: PitchBook Data Inc. with proprietary keyword searches set by OWI Analysts