Live coronavirus updates: Coronavirus effects on private markets

Outdoor dining remains open in California, but as coronavirus infections soar, the state has closed bars, zoos, malls and museums, and about 80% of the state has also shuttered worship services, gyms and hair salons, among other businesses. (Justin Sullivan/Getty Images)​​​​​​

PitchBook is providing ongoing coverage of the coronavirus outbreak and its effects across the private markets and the economy.

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  • Latest news on the coronavirus In case you missed it:

  • Over 8,000 privately backed companies got billions in PPP loans, SBA data shows
  • Farmers seek help from startups after food supply chain disruption
  • Not all VC investors are being slowed down by the pandemic
  • Digital pharmacy Medly raises $100M Amid increased demand for digital healthcare services during the pandemic, Medly Pharmacy has closed $100 million in Series B funding. Volition Capital and Greycroft co-led the financing, with support from Horsley Bridge and Lerer Hippeau. Launched in 2017, the startup operates an online pharmacy that serves around 50,000 users in New York and New Jersey. —James Thorne, 11:32 a.m. PDT Coronavirus effects on venture capital Robinhood more than doubles Series F to $600M Robinhood has extended its Series F by an additional $320 million, bringing the total amount raised to $600 million and its valuation to $8.6 billion. TSG Consumer Partners and IVP joined new and existing investors in the round.

    The company has seen its online brokerage platform soar in popularity during the coronavirus pandemic and ensuing stock market volatility, adding about 3 million new accounts in the first four months of the year. The new round is being used to expand the platform.

    In recent weeks, Robinhood has taken heat after the suicide of Alex Kearns, a customer who reportedly believed he owed $730,000 as a result of options trades. Critics say the company's app makes it too easy for novice investors to dabble in margin trading and complex instruments like derivatives. Robinhood responded by adding educational material, making user interface changes and donating $250,000 to the American Foundation for Suicide Prevention. It is also considering increasing eligibility requirements for certain complex trades. —James Thorne, 10:11 a.m. PDT, July 14 UiPath hits $10.2B valuation with new funding UiPath has raised $225 million in a Series E led by Alkeon. The funding values the company, which develops robotic process automation software, at $10.2 billion. Existing investors including Sequoia, Accel, Madrona Venture Group and IVP also participated in the round.

    In response to the pandemic, the New York-based company has used its tech to help collate the data of patients being tested for the virus, track unemployment benefits and deploy contact tracing solutions. The company was last valued at $7.1 billion in 2019, according to PitchBook data. —Priyamvada Mathur, 10:00 a.m. PDT, July 14 Coronavirus effects on private equity As games resume, sports media tries to rebound from advertising 'wasteland' The COVID-19 pandemic has put live sports in the US on pause for more than four months, creating an unexpected challenge for sports media companies that were searching to find viable business models. But with MLS returning last week, MLB beginning a 60-game season July 23 and the NBA returning July 30, there will soon be an avalanche of games to cover, unless the now-surging virus prompts another shutdown.

    The last few months have already resulted in lost advertisers, layoffs and other cost-cutting measures at Sports Illustrated and The Athletic, two of the industry's biggest names—one an iconic brand that dates back 66 years, the other a brash newcomer that has emerged as perhaps sportswriting's best hope for a sustainable future. — Adam Lewis, 4:10 p.m. PDT, July 13 PitchBook reports on the coronavirus impact on private markets Venture activity adapts in a landscape of lockdowns Venture capital is a people business. But the board meetings, industry conferences, coffee meet-ups and elevator pitches that typically grease Silicon Valley's dealmaking skids were absent during the second quarter of the year, as the pandemic continued to change the ways the industry operates—both in terms of relationships and the kinds of deals still getting done.

    There were certainly shifts in the venture scene during the first full quarter dominated by the coronavirus crisis. But none were seismic, according to the Q2 2020 PitchBook-NVCA Venture Monitor. The report examines why VC investment has already begun to pick up again and offers several other key takeaways, including:

  • VC-backed exits are on pace for their lowest annual total in nearly a decade
  • Firms' desire to protect existing investments helped late-stage deal counts rise above early-stage transactions in Q2
  • A series of mega-funds have boosted overall fundraising totals
  • —Nizar Tarhuni, James Gelfer, Cameron Stanfill, Kyle Stanford, Joshua Chao and Van Le, 10:13 a.m. PDT, July 14 PE strategies shift in Q2 as the pandemic persists During the first six months of 2020, private equity deal value in the US was down nearly 20% from the first half of last year, a stark sign of how the pandemic has transformed the industry landscape. Firms have sought to back out of some deals and passed on others, shifting their focus away from traditional buyouts and toward add-ons, PIPE deals and other strategies.

    The changes extend into every nook and cranny of the PE industry, including exits and fundraising. PitchBook's Q2 US PE Breakdown has the data behind all the developments, with other key takeaways including:

  • Median buyout size has declined in 2020 for the first time in five years
  • Exit activity collapsed in Q2, with firms opting to hold marked-down assets rather than sell at a discount
  • A few mega-funds buoyed fundraising activity, although last year's record amount of capital raised will likely remain out of reach
  • —Wylie Fernyhough and Andrew Akers, 12:35 p.m. PDT, July 13

    Did you miss any of our continuing coverage of COVID-19? Find our previous updates below:

  • Coronavirus effects on private markets (July 6-July 12)
  • Coronavirus effects on private markets (June 29-July 5)
  • Coronavirus effects on private markets (June 22-June 28)
  • Coronavirus effects on private markets (June 15-June 21)
  • Coronavirus effects on private markets (June 8-June 14)
  • Coronavirus effects on private markets (June 1-June 7)
  • Coronavirus effects on private markets (May 25-May 31)
  • Coronavirus effects on private markets (May 18-May 24)
  • Coronavirus effects on private markets (May 11-May 17)
  • Coronavirus effects on private markets (May 4-May 10)
  • Coronavirus effects on private markets (April 27-May 3)
  • Coronavirus effects on private markets (April 20-April 26)
  • Coronavirus effects on private markets (April 13-April 19)
  • Coronavirus effects on private markets (April 6-April 12)
  • Coronavirus effects on private markets (March 30-April 5)
  • Coronavirus effects on private markets (March 23-March 29)
  • Coronavirus effects on private markets (March 4-March 22)