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In today's Daily Pitch, you'll find: - Supply chain tech saw another strong quarter of VC investment in Q3, as startups seek to bring order to the highly fragmented space.
- As investors weigh how to navigate China's new regulatory regime, one strategy is taking shape: cleantech.
- The UK government has rejected a proposed change in capital gains rates that would have taken a bigger bite out of private equity profits.
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| Supply chain tech seeks order in the chaos | | An abrupt shift in buying patterns stemming from the pandemic has caused havoc up and down the supply chain, and startups are pouncing on the opportunity.
Our latest installment of Emerging Tech Research explores how venture capital is chasing solutions that bring order to the highly fragmented ecosystem of supply chain tech. Key insights include: - VC investment into the space posted another strong quarter, with $7.8 billion added in Q3.
- VC investment in maritime tech startups is on the rise as the industry races to fill its technology gap.
- We see an opportunity in freight and delivery aggregators that provide booking platforms for shippers and carriers.
- Other startups are helping global corporations assess and improve the sustainability of their supply chains.
| | | | | | | | | | China's VC giants take aim at climate tech | |  | | (zhihao/Getty Images) | | | The Chinese arms of venture capital powerhouses Lightspeed and Sequoia are prioritizing climate-friendly startups as investors seek safety from Beijing's regulatory wrath.
The firms have raised large funds that seek to power the transition to the green economy—adding fuel to an ongoing rebound in deals for Chinese cleantech startups. | | | | | | | |
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| A message from SS&C Intralinks | | |
| Greenlit or gridlocked? A new report reveals the pivotal role of ESG in M&A | | In a seismic shift to green, ESG factors are now key criteria for whether a deal goes forward or goes south. The good news is that boards are beginning to see the value of good stewardship—and are willing to pay for it.
Download How Top M&A Professionals Are Embracing ESG in the Deal Process, produced in association with Transaction Advisors, featuring insights from interviews with six seasoned M&A experts on how to successfully ride the ESG trend. Topics include: - The companies leading the ESG charge.
- How ESG infiltrates M&A and accelerates deals.
- The influence of millennials on ESG adoption.
- How successful firms are building ESG into their M&A playbooks.
Download this new report to keep your deals green—and greenlit. | | | | | | | |
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| Investors bet big on nuclear fusion becoming a reality | |  | | (Aitor Diago/Getty Images) | | | | | | | | | | | | UK drops plans for tax hike on PE profits | |  | | (Peter Dazeley/Getty Images) | | | The UK government has turned down a proposed change in capital gains rates that would have taken a bigger chunk of private equity profits.
The decision—a relief for some in the industry—was a response to a review of the capital gains tax system that was commissioned by UK finance minister Rishi Sunak in July 2020.
Had the government accepted the recommendations, private equity investors would have seen the capital gains tax on their carried interest become more closely aligned with income tax. | | | | | | | | | | When shipping containers are abandoned, the cargo sometimes becomes a mystery prize. [Bloomberg]
After years of less than ideal working conditions and unreliable pay, burned out ridesharing drivers fled during the pandemic. How companies like Uber and Lyft could use transparency to get them back. [The Information]
A look inside Austin's Texas-sized luxury housing boom. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 390 Deals | 1520 People | 482 Companies | 39 Funds | | | | | | |
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| 2019 Vintage Global Venture Funds with more than $250M | | | | | | |
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| A message from Allvue Systems | | |
| Four big quarter-end reporting mistakes and how to avoid them | | Quarter's end can be notoriously painful for emerging venture capital and private equity firms, which are taking on the impossible task of trying to keep up with increasing investor demands on a limited budget and headcount. Add to that meeting a rush of deadlines—especially during a holiday season, when staff may be reduced and out-of-office replies increase—and it is easy to see why many emerging managers are seeking ways to improve their processes.
In the new and timely infographic, 4 Big Quarter-End Reporting Mistakes and How to Avoid Them, Allvue Systems addresses some of the most common mistakes and offers solutions for ways to streamline and better manage this quarterly process. Read it here | | | | | | | |
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| General Atlantic taps Ajay Banga as vice chairman | | | | | | |
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| Better lands $750M from SPAC, SoftBank | | | Digital mortgage lender Better will receive $750 million from SoftBank and a SPAC, Aurora Acquisition Corp., TechCrunch reported. The backers are delivering half of the $1.5 billion they committed to the company this past May, when it was announced Better would merge with Aurora and go public at a $7.7 billion valuation. | | | | | | | | CyCognito brings in $100M Series C | | | Cybersecurity startup CyCognito has raised a $100 million round led by The Westly Group, with support from Thomvest Ventures, The Heritage Group and several existing backers. The Palo Alto-based startup is the creator of an external attack surface management platform that helps users prioritize, investigate and respond to potential cyber-risks. CyCognito raised a $30 million Series B in July 2020. | | | | | | | | Australian AI healthcare specialist banks $92M | | | | | | | | | CertiK nears unicorn valuation with latest funding | | | Sequoia has led an $80 million Series B2 round for CertiK, a New York-based blockchain security startup. Tiger Global, Coatue and GL Ventures also supported the financing. CertiK uses AI to monitor blockchain protocols and smart contracts, allowing applications to be built correctly and securely. The startup, which was founded in 2018 by Yale University and Columbia University computer science professors, is now valued at nearly $1 billion. | | | | | | | | Curie Therapeutics collects $75M to develop radiopharmaceuticals | | | | | | | | | Jazz Venture Partners leads $30M round for Sounding Board | | | | | | | | | Goalsetter snaps up $15M to improve access to financial education | | | | | | | | | Steven Cohen's Point72 Ventures backs trading platform | | | 24 Exchange, the developer of a multi-asset trading platform, has raised a $14.25 million round led by Point72 Ventures. The funding will help the startup's continued expansion as it seeks to encompass other asset classes like equities and cryptocurrencies. Point72 Ventures is the VC arm of global asset manager Point72, which is headed by New York Mets owner Steven Cohen. | | | | | |
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| LLCP sells lawyer ranking service | | | | | | | | | Stone Point Capital backs Businessolver | | | | | | | | | York Capital supports FireKing Safety and Security add-on | | | | | | | | | Blue Point acquires traffic safety sign maker | | | Blue Point Capital Partners has acquired Brimar Industries, a New Jersey-based manufacturer of safety signs, pipe markers, valve tags and parking and traffic signs. Brimar primarily sells its industrial safety products through proprietary ecommerce websites. | | | | | |
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| IOP sells iron castings company Aarrowcast | | | | | | |
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| Excellere closes fourth fund at $875M | | | Denver-based Excellere Partners has closed its fourth flagship fund at $875 million. Excellere specializes in recapitalization partnerships with entrepreneurs and management teams based in North America. The firm closed its third namesake fund at $625 million in 2015. | | | | | | | | Costanoa Ventures announces $340M worth of new fund commitments | | | Costanoa Ventures has closed its fourth flagship early-stage fund on $225 million and its second opportunity fund on $115 million. The new capital brings the firm's total commitments to date to more than $900 million. Based in California, Costanoa typically targets seed and Series A investments in enterprise software companies that focus on applied AI, SaaS, fintech, security, DevOps and data infrastructure. | | | | | |
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"Despite the pandemic, a few other investment themes became apparent in 2021. Bolt-on volume momentum accelerated due to sponsors prioritizing M&A as a viable path to growth. 375 bolt-ons closed in H1, more than in all previous years' first halves. In addition, the deal type is poised to hit a new annual record by a staggering 46% from 2020's peak."
Source: PitchBook's 2021 France & Benelux Private Capital Breakdown | | | | | |
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