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In today's Daily Pitch, you'll find: - TPG is seeking a valuation of up to $9.5 billion in its IPO, the latest in a trend of private equity firms going public.
- VCs invested nearly $15 billion in Latin American companies in 2021—more than the prior six years combined. What's driving the surge?
- From agtech M&A to supply chain tech going electric, what to expect in 11 sectors of emerging technology this year.
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| Why 2021 was a breakout year for Latin America's VC ecosystem | |  | | (blackdovfx/Getty Images) | | | Venture-backed companies in Latin America raised nearly $15 billion in 2021—more than the previous six years combined. What happened? - The most obvious catalyst was mass digitization under the pandemic, which helped push tens of millions of people into online banking and draw more investors to fintech startups in the region.
- The region's growth is likely to accelerate interest among international investors, who hope that the region could mimic Southeast Asia's startup success.
- Valuations are rising fast, but "it's still early innings," said a leading growth investor.
| | | | | | | | | | What's in store for emerging tech in 2022? | |  | | (imaginima/Getty Images) | | | 2021 was a year to remember for emerging technologies, as VCs set records for capital invested and startups pioneered solutions across a range of industries. The sheer volume of records broken raises the question: What's next?
Our 2022 Emerging Technology Outlook details PitchBook analysts' predictions across 11 sectors within emerging tech, including agtech, AI & machine learning, climate tech and information security. Among the predictions for this year: - Personalized medicine will set a record for VC funding, as a confluence of technologies helps advance the sector's capabilities.
- The IoT/OT security category will see a billion-dollar public listing, as pure-play internet of things and operational technology security companies capitalize on the surge in industrial ransomware attacks.
- M&A activity will rise in information security, insurtech and agtech, which will see record acquisitions in the precision ag sector.
- Carbon-negative technologies, especially direct air capture, will garner significant VC investment as the world confronts the climate crisis.
| | | | | | | | | | TPG eyes $9.5B valuation in IPO | |  | | (SOPA Images/Getty Images) | | | TPG has kicked off its IPO roadshow, with the private equity firm planning to sell 28.3 million shares of stock priced between $28 and $31 apiece. At the high end of the range, TPG would raise more than $877 million. The firm is seeking a valuation of up to $9.5 billion. - TPG is expected to begin trading on the Nasdaq next week, the latest in a trend of private equity public offerings. However, European firms have made up the majority of this current wave, including Paris-based Antin Infrastructure Partners and London-based Bridgepoint Advisers in 2021.
- In addition to being the first big IPO of 2022, TPG's offering is poised to be the largest in the current wave of PE firms going public.
- For TPG and other US firms, it's an appealing time to make such a move, based on the market performance of their peers, which have outperformed the S&P 500 considerably.
| | | | | | | | | | How the strong performance of tech giants in 2021 compounded a steady departure of hedge fund clients. [Financial Times]
How designers are working to retrofit the city skylines that are death traps for birds. [Bloomberg]
In hopes of a greener, faster alternative, crypto developers are still working to fully overcome the trade-offs inherent in the technology. [The Economist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 517 Deals | 1728 People | 407 Companies | 28 Funds | | | | | | |
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| 2017 Vintage Global Real Assets Funds | | | | | | |
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| OpenSea eyes new funding round at $13B valuation | | | OpenSea, a marketplace for NFT trading, is in discussions to raise a new funding round led by Coatue at a valuation of $13 billion, Newcomer reported. The crypto fund led by former Andreessen Horowitz general partner Katie Haun is reportedly also expected to participate in the deal. OpenSea raised a $100 million round at a valuation of $1.5 billion in July, according to PitchBook data. | | | | | | | | DNA Script closes $200M Series C | | | | | | | | | Atmosphere raises $100M in debt and equity | | | | | | | | | Liquid Death collects $75M for Series C | | | Liquid Death, a producer of canned mountain water, has raised $75 million at a $525 million valuation in a round led by startup studio Science, TechCrunch reported. Based in Los Angeles, the company was valued at $165 million in May, according to PitchBook data. | | | | | | | | Waymark picks up $45M Series A | | | Waymark has raised $45 million in a round co-led by Andreessen Horowitz and NEA. Founded in 2021, the San Francisco-based company aims to improve healthcare access among Medicaid beneficiaries. | | | | | | | | Steadview leads $40M round for Exotel | | | Exotel, the developer of a customer engagement platform, has raised a $40 million Series D led by Steadview Capital. The Bengaluru-based company plans to use the new funds in part to expand its operations in the Middle East and Southeast Asia. | | | | | |
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| Fanatics to acquire Topps' trading card business for $500M | | | PE-backed sports memorabilia company Fanatics has reportedly agreed to acquire the trading cards business of Topps for $500 million. Founded in 1938, Topps had agreed last year to go public through a reverse merger with SPAC Mudrick Capital Acquisition II at a $1.3 billion valuation, but the merger fell through after Topps lost an exclusive licensing deal with Major League Baseball to Fanatics. | | | | | | | | Silverfleet to sell gas systems maker CoreDux | | | Arcline Investment Management has agreed to acquire CoreDux, a Dutch company that makes high-pressure gas and fluid hoses, from Silverfleet Capital. The company's products have various uses in industries including semiconductor manufacturing, aerospace and electromobility. Silverfleet purchased a controlling stake in CoreDux in 2019. | | | | | | | | Odyssey offloads Addison to Trilantic | | | | | | | | | PE-backed BARBRI Global lands West Academic | | | | | | | | | Crestview takes over Emerald EMS | | | Crestview Partners has acquired Emerald EMS from New Water Capital. The company was formed in 2020 through a merger of DataED and Bestronics, both of which New Water acquired in 2019. Emerald provides engineering and design services to blue-chip equipment manufacturers. | | | | | | | | PE-backed Crosslake buys Renna Partners | | | Falfurrias Capital Partners-backed Crosslake Technologies has acquired Renna Partners. The Chicago-based company provides IT advisory services to middle-market and lower-middle-market investors and their portfolio businesses. Crosslake is a fellow provider of data-driven tech advisory services to PE firms and their portfolios that has been backed by Falfurrias since 2020. | | | | | |
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| Permira, Berkshire to exit Teraco in $3.5B deal | | | Digital Realty Trust has agreed to acquire a majority stake in Teraco Data Environments in a deal that values the South African data center operator at around $3.5 billion. PE firms Berkshire Partners and Permira are among Teraco's shareholders, having invested in 2019 and 2015, respectively. Berkshire is the company's largest stakeholder. Digital Realty is a publicly traded provider of cloud- and carrier-neutral data center, colocation and interconnection solutions. | | | | | | | | Google picks up VC-backed security company | | | Google has acquired Siemplify, a provider of cloud-native security orchestration, automation and response services. Reports indicate a purchase price of around $500 million. The New York-based startup will partner with Google Cloud's security team to help companies improve their threat responses. Founded in 2015, Siemplify has received prior backing from investors including 83North, G20 Ventures and Jump Capital. | | | | | |
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| Ohio-based Refinery Ventures closes sophomore fund | | | Refinery Ventures has raised $37 million for its second flagship fund. Founded in 2017, the Cincinnati-based firm invests in early-stage companies; its portfolio includes edtech and employee mentoring startup Torch, as well as Tealbook, the developer of a supplier data intelligence platform. | | | | | |
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