| |
In today's Daily Pitch, you'll find: - How the recent stock market sell-off is impacting late-stage funding and the secondary market.
- US PE deal value totaled $1.2 trillion in 2021, marking one of the most dramatic records in an astonishing year.
- Plenty is the latest vertical farming startup to raise new funding, as companies in the sector work to address food shortages.
| | | | | |
|
| |
| Stock market sell-off is already taking a toll on pre-IPO valuations | |  | | Traders on the floor of the NYSE (Timothy A. Clary/Getty Images) | | | The recent stock market sell-off has been so severe that it's impacting late-stage funding rounds and the trading of secondary stakes. - Growth-stage investors are pausing or slowing down their investment pace and, in some cases, even repricing deals, sources tell PitchBook.
- Meanwhile, many investors looking to buy secondary stakes in pre-IPO companies are pulling their offers or asking to buy at lower prices.
| | | | | | | | | | Breaking down US PE's trillion-dollar year | | US PE deal value totaled $1.2 trillion in 2021, as the blistering pace of activity helped drive a boom across all deal sizes, sectors and types. The potential for a wild ride was evident early, and by midyear the question had become not if records would be broken, but how quickly—and by how much.
Our 2021 Annual US PE Breakdown, sponsored by Bridge Bank, Golub Capital and Baker Tilly, has the final figures from an astounding year. The report is twice the size of the previous annual edition and features deep dives into healthcare, technology, sports, GP stakes and more. Among the takeaways: - The $1.2 trillion in deal value is 64% higher than the previous record from 2019. At over 8,600, deal count topped 2019's record by 50%.
- A red-hot exit environment culminated in over 1,700 exits totaling more than $850 billion, as exit activity benefited from elevated transaction multiples and lofty public market multiples.
- 2021 was perhaps the best year yet to raise a fund, and 2022 may be even better. LPs continue to lift their private market allocations, a shift reinforced by the expectation of lower public equity returns beginning in 2022.
- Firms have hastened to make ESG commitments amid a heightened interest in sustainable investing, but a scarcity of expertise and lack of consensus on reporting standards complicate the adoption of the strategy.
| | | | | | | | | | Plenty blooms with $400M as vertical farming startups address food shortages | |  | | (Courtesy of Plenty) | | | As the ongoing pandemic and recent climate catastrophes threaten to worsen existing food shortages, indoor farming startups are bringing in more VC funding than ever and partnering with retailers to achieve economies of scale.
The latest to do so is Plenty, which announced Tuesday that it has raised $400 million and teamed up with Walmart to provide leafy greens to the retail giant's California stores this year. | | | | | | | | | | Wandelbots' $84M+ Series C marks latest round in robotics boom | |  | | (Westend61/Getty Images) | | | Germany-based Wandelbots has raised an $84 million-plus Series C amid a global boom in robotics. - Worldwide, around $560 million in VC funding, not including Wandelbots' latest round, has been poured into robotics and drone startups in 2022, according to PitchBook data. Last year saw a global record total of $14.9 billion invested in the space.
- The sector is experiencing wider adoption and more venture investment due to a range of factors. Advances in computing and the internet of things, for example, have combined with labor shortages and the pandemic-driven ecommerce boom to create more need for automation.
- Insight Partners led the round for Wandelbots, whose no-code platform is designed to make it easier for non-programmers to teach industrial robots how to do specific tasks. The funding was supported by existing backers 83North, Microsoft, Next47, Paua, Atlantic Labs and EQT.
- Wandelbots will use the new capital to build a developer community on its platform for users to create their own teaching applications. It will also expand its operations in the US and Asia.
| | | | | | | | | | Why VC titan NEA decided to place its bets on a three-person esports company. [Fast Company]
How one 40-year-old hedge fund is reinventing itself around technology, transparency and alternative strategies. [Institutional Investor]
NASA's newest spinoff tech is coming back home to Earth—in the form of everything from robot gloves to vertical farming. [Wired] | | | | | |
|
| |
| | Since yesterday, the PitchBook Platform added: | | 527 Deals | 1485 People | 475 Companies | 28 Funds | | | | | | |
| |
| |
| |
| |
| |
| |
| 2018 Vintage Global Real Estate Funds | | | | | | |
|
| |
| |
| Metagenomi raises $175M Series B | | | | | | | | | SparkCognition nabs $123M Series D | | | SparkCognition has raised $123 million at a valuation of more than $1.4 billion from investors including March Capital and Doha Venture Capital. The Austin-based company is a developer of AI-based software that helps businesses predict future outcomes, optimize processes and prevent cyberattacks. | | | | | | | | InstaDeep picks up $100M Series B | | | | | | | | | Darwinbox secures $72M for HR tech | | | Darwinbox has raised $72 million at a more than $1 billion valuation in a round led by TCV. Founded in 2015, the company offers an HR tech platform for recruiting, onboarding and more. | | | | | | | | | | | | | | | Addionics raises $27M Series A | | | Addionics has raised $27 million in a round led by Deep Insight. The UK- and Israel-based company uses 3D electrode structures to develop rechargeable batteries for electric vehicles. | | | | | |
|
| |
| HarbourView Equity buys Luis Fonsi music catalog | | | HarbourView Equity Partners has acquired the music catalog of Puerto Rican singer Luis Fonsi, whose albums have reached gold, platinum and diamond status multiple times. Launched in 2021, HarbourView focuses on investments in the media and entertainment space and has a strategic relationship with Apollo Global Management. | | | | | | | | PE-backed SK AeroSafety Group lands aviation specialist | | | | | | | | | TA-backed PDQ.com acquires SmartDeploy | | | TA Associates-backed IT asset management software provider PDQ.com has acquired SmartDeploy. The Seattle-based company provides remote computer management services for Windows devices to more than 3,800 organizations. | | | | | | | | MoneyGram receives takeover interest from PE trio | | | | | | |
|
| |
| Centerbridge raises $2.3B for second real estate fund | | | Centerbridge Partners has closed its second real estate fund at $2.3 billion. The fund will target opportunities in the self-storage and specialized storage, digital real estate, industrial and logistics, and residential real estate sectors. Centerbridge closed its first real estate fund at over $894 million in 2019. | | | | | | | | Castlelake grabs $1.6B for aviation fund | | | Minneapolis-based Castlelake has closed its fourth aviation fund at roughly $1.6 billion. The vehicle will focus on younger mid-life aircraft and related aviation assets. Castlelake closed its third aviation fund at $1 billion in 2017. | | | | | | | | Hidden Harbor closes Fund II at $450M | | | Boca Raton, Fla.-based Hidden Harbor Capital Partners has wrapped up its second namesake fund on $450 million. The firm targets North American companies in the industrials and business services sectors. Hidden Harbor closed its debut flagship fund at more than $265 million in 2019. | | | | | |
|
| |
| Nvidia prepares to ax $40B Arm deal | | | Multinational technology company Nvidia is preparing to cancel its buyout of British chip design specialist Arm from SoftBank Group due to regulatory opposition, Bloomberg reported. The deal was to be valued at $40 billion. SoftBank has now stepped up plans to take Arm public through an IPO, the report said. | | | | | |
|
| |
"In fact, core real estate has only garnered 0.6% of commitments in 2021 thus far, down from 9.9% in 2020 and 24.0% in 2019. Seeing a boost was value-add, which grew from 18.5% in 2019 to 33.8% in 2020 to 47.9% in 2021, as investors saw a need to repurpose real estate assets to accommodate new realities."
Source: PitchBook's Q3 2021 Private Fund Strategies Report | | | | | |
|
No comments:
Post a Comment