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In today's Daily Pitch, you'll find: - Five key charts that depict how startup valuations continued to show resiliency across the venture lifecycle in 2021.
- Our Healthtech Partnership Tracker dives into notable relationships between stakeholders and startups looking to forge favorable alliances.
- Amid steep competition for early-stage investments, European VCs are turning to scout networks to better identify promising startups.
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| Five charts that show US VC's record valuations in 2021 | |  | | (wimagine/Getty Images) | | | Valuations of VC-backed companies continued their dizzying climb as the venture ecosystem reveled in record levels of dry powder and the proliferation of nontraditional investors during the past year.
Here's a closer look at five key charts from our 2021 Annual US VC Valuations Report that depict how startup valuations continued to show resiliency across the venture lifecycle in 2021. | | | | | | | | | | Tracking healthtech startups' partnerships with corporations, agencies and more | |  | | (Mint Images/Getty Images) | | | Partnerships represent a key strategy for business development and can lend important insight relevant to market trends and growth opportunities. Our new Healthtech Partnership Tracker seeks to provide an extended list of recently announced partnerships between healthtech companies and other healthcare stakeholders, such as corporations, government agencies and insurers.
We also provide an overview of partnership trends with an analysis of key partnership types. | | | | | | | |
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| A message from BMO Sponsor Finance | | |
| Residential services, healthcare in the middle-market spotlight | | In the current issue of Transaction Trends, BMO Sponsor Finance provides insights and proprietary data to examine the trends driving middle-market deal flow in residential services, the impact of rising healthcare wages and the resiliency of the industrial distribution sector.
To learn more, download the full issue of Transaction Trends. You can also contact Stephen R. Isaacs, managing director and head of BMO Sponsor Finance, at stephen.isaacs@bmo.com. | | | | | | | |
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| PE fund performance rockets following pandemic lows, but threats loom | |  | | (shutter_m/Getty Images) | | | Private equity fund performance continued to climb in 2021, emerging from the fog of pandemic-induced lows.
Fund returns in Q2 2021 were nearly 55% higher than in the previous year, according to PitchBook's latest Global Fund Performance Report.
While performance is already beginning to normalize following the turbulence of late 2020 and early 2021, trend growth may continue as economic growth remains robust and consumer demand continues to drive the economy. However, interest rate hikes, a tight labor market and inflation pose threats to further fund prosperity. | | | | | | | | | | How VC scout networks are gaining traction in Europe | |  | | (TCmake_photo/Getty Images) | | | With more startups founded each year, venture capital investors can struggle to sort the wheat from the chaff. Many are turning to scout networks to better identify promising startups.
Marking a newer feature of the European startup ecosystem, more VCs are launching their own networks to help discover new investment opportunities, source deals and foster Europe's angel community. | | | | | | | | | | Portfolio manager Joe Fath is counting on emerging tech from the likes of Rivian, Microsoft and Snap in his mission to restore T. Rowe Price's oldest mutual fund to its former glory. [Forbes]
From Ring surveillance footage to TikTok videos, one writer's take on the technological productions playing out at our front doors. [The New York Times]
Will 2022 be the year that Elon Musk smooths out yet another kink in his deep-space enterprise, or could it be the year that his momentum stalls? [The Atlantic] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 52 Deals | 162 People | 64 Companies | | | | | | |
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| 2013 Vintage Global PE Funds with more than $1B | | | | | | |
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| NEA leads $300M round for Branch | | | Branch has raised $300 million at a $4 billion valuation in a round led by NEA. The company is the developer of a mobile linking and attribution platform designed to unify user experience and measurement across devices and channels. | | | | | | | | Salt Security raises $140M Series D | | | Salt Security has raised $140 million at a $1.4 billion valuation in a round led by CapitalG. Based in Palo Alto, the company offers protection against attacks on APIs. Salt Security was valued at $625 million in May, according to PitchBook data. | | | | | | | | Northspyre brings in $25M | | | | | | | | | | Foodtech startup Agot AI has raised $12 million from investors including Conti Ventures, Kitchen Fund, Grit Ventures and Yum! Brands. Based in Pittsburgh, the company offers AI-based software to help restaurants confirm order accuracy. | | | | | |
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| FNZ valued at $20B+ with PE backing | | | | | | | | | Zendesk rejects $17B takeover bid from PE consortium | | | Customer engagement software provider Zendesk has rejected a roughly $17 billion unsolicited takeover bid from a private equity consortium including Hellman & Friedman, Advent International and Permira, according to reports. The consortium offered $127 to $132 per Zendesk share. | | | | | | | | Apollo eyes Worldline's terminal business | | | | | | |
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| PitchBook Webinar: The Definitive Guide to GP Fundraising | | More than $1 trillion is committed to private market funds each year, yet much of this figure is represented by a handful of larger funds—while smaller and less developed funds struggle to get their footing.
In our GP fundraising webinar on Feb. 24, we'll explore how to navigate the current fundraising environment, with LP perspectives on what makes for an effective fund manager and how to stand out among the competition.
Register now | | | | | | | |
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| HarbourVest eyes $13B+ for secondaries | | | HarbourVest Partners is targeting $13.5 billion for its latest secondaries vehicle, according to a report from Secondaries Investor. At that size, Dover Street XI would be the third-largest secondaries fund ever, just behind two $14 billion funds raised by Ardian and Lexington Partners. | | | | | |
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| Apollo's AUM nears $500B in Q4 | | | Apollo Global Management has reported $612.5 million in net income in the fourth quarter of 2021, down from $1.1 billion in the fourth quarter of 2020, according to the firm's latest earnings release. Apollo's distributable earnings—the allocation of cash that can be returned to investors—rose to $483 million in the fourth quarter, up from $317 million in Q4 2020. The firm's assets under management increased to $498 billion. | | | | | |
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