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In today's Daily Pitch, you'll find: - Our new Global Markets Snapshot breaks down a month of private markets activity and trends in equity, debt and commodities.
- Supply chain tech saw another strong quarter of VC investment in Q4, as startups seek to bring consistency to the disrupted space.
- Mega-funds continued to dominate the private funding space for PE firms in 2021, and all signs are pointing toward the trend progressing this year.
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| Returns, commodities, unicorns and more: Introducing our Global Markets Snapshot | | This year got off to a wild start in the markets, with the S&P 500 falling 8% through February and energy markets surging, along with rocky post-IPO performance for venture-backed companies. The rapidly evolving conflict in Ukraine has increased market volatility around the world, putting stress on corporate-bond spreads, while commodity prices have continued to rise.
PitchBook's new Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets, tracking returns across a range of indexes and sectors. It also includes private markets activity, including major deals, PE- and VC-backed listings and unicorn creation by region. | | | | | | | | | | Investor confidence, deeper pockets spur strong outlook for PE mega-funds | |  | | (imaginima/Getty Images) | | | Mega-funds continued to dominate the private funding space for PE firms in 2021, and all signs are pointing toward the trend progressing this year.
Mega-funds—those with over $5 billion—made up 44% of fundraising totals among PE firms and accounted for $143.4 billion last year, boosting dry power to record levels as a result, according to our latest Private Fund Strategies Report. Analysts expect a positive outlook for PE mega-funds going forward.
Funds of all sizes have recorded strong performance, driven by the economic recovery since pandemic-induced lows, abundantly available capital and elevated investor confidence. | | | | | | | | | | Supply chain startups hauled in record VC funding in Q4 | | VC-backed companies were already working to smooth out the bumps in the supply chain ecosystem before demand for ecommerce exploded amid the pandemic.
Our latest Emerging Tech Research report focuses on startups working to automate logistics and bring more consistency to this space. Among the takeaways: - Supply chain startups landed a record $10.9 billion in VC investments in Q4, despite deal count continuing to fall.
- Valuations for early- and late-stage startups in the space increased in all four quarters of 2021—with median early-stage pre-money valuations reaching $30 million and late-stage valuations hitting $120 million.
- Areas such as warehousing, inventory management and last-mile delivery remain growth opportunities in the industry.
| | | | | | | | | | Netflix buys Finnish developer in cloud gaming push | |  | | (NurPhoto/Getty Images) | | | Netflix has agreed to acquire casual mobile game developer Next Games, as the streaming service provider expands into a gaming market dominated by the likes of Microsoft and Sony.
With its new gaming platform, Netflix is the latest in a series of tech giants buying up game developers to add beloved and new titles to their growing online libraries. | | | | | | | | | | Hackers are beginning to eye companies with private equity and venture capital ties as lucrative targets. [The Wall Street Journal]
After more than a decade of operation, Twitter is reversing course and pursuing the sort of decentralization some of its original developers envisioned. [The New York Times]
VCs and investors are giving billions to crypto founders, sometimes without any idea of who they actually are. [Fortune] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 515 Deals | 1757 People | 508 Companies | 29 Funds | | | | | | |
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| 2020 Vintage Global Funds-of-Funds | | | | | | |
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| Connecteam picks up $120M | | | Connecteam has raised a $120 million Series C co-led by Stripes and Insight Partners. The company is a developer of workforce software used to manage, train and communication with remote employees. | | | | | | | | 99minutos secures $82M Series C | | | 99minutos has raised $82 million in a round led by Oak HC/FT. Based in Mexico City, the company is a provider of shipping and logistics services for online retailers across Latin America. | | | | | | | | | CesiumAstro has raised a $60 million Series B co-led by Airbus Ventures and Forever Ventures. Founded in 2017 and based in Austin, the startup offers aerospace communication systems for commercial and defense applications. It has raised nearly $90 million in capital to date. | | | | | | | | | | | Tenderly, the provider of a blockchain-development platform for Web3 products, has raised a $40 million Series B led by Spark Capital. Founded in 2018, the company's developer platform processes more than 25 million transactions daily. | | | | | | | | Faros AI nabs $16M seed financing | | | | | | |
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| Fanatics hits $27B value with $1.5B fundraise | | | | | | | | | DCP Capital to take 51Job private at $4B+ valuation | | | A consortium led by DCP Capital has agreed to take human resources specialist 51Job private in a deal valued at $4.3 billion. The buyers, which also include Ocean Link Partners, had previously agreed to acquire the Chinese company at a roughly $5.7 billion valuation in June. | | | | | | | | Telecom Italia pushes KKR to drop takeover bid | | | Telecom Italia is pushing for KKR to abandon its takeover bid and to instead participate in a landline unit spinoff, according to reports. The Italian telecoms group reportedly views the buyout bid—which would value the company at around $37 billion—as too low. | | | | | | | | Thoma Bravo backs UX insights company | | | Thoma Bravo has invested in UserZoom at an $800 million value. UserZoom, which has over 1,000 clients globally, provides a digital user experience insights platform. Existing investor Sunstone Partners will retain a stake in the company. | | | | | | | | BCI stakes Geneva's Zedra | | | | | | | | | Morgan Stanley lands SpendMend | | | | | | |
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| Cornell Capital wraps $1.7B second fund | | | Cornell Capital has closed its second fund with $1.7 billion in capital commitments. The vehicle will continue the firm's strategy of investing in the consumer, financial, industrials and business services sectors. | | | | | | | | CBC Group collects $1.5B+ | | | Singapore-based CBC Group has raised nearly $1.59 billion for its fifth fund devoted to middle- and late-stage growth investments and buyouts in China and other parts of Asia, The Wall Street Journal reported. The firm plans to use the fund to make 10 to 14 equity investments in healthcare services, pharmaceutical and medical technology companies. | | | | | | | | Electric Capital raises $1B for crypto | | | Electric Capital has raised $1 billion for a pair of crypto funds: a $400 venture fund and a $600 million vehicle to be invested directly into crypto tokens, according to reports. Based in Palo Alto, the VC firm's portfolio includes crypto exchange operator Coinflex and Hyy.pe, the developer of an NFT-based social network. | | | | | | | | PA closes $673M across the two funds | | | North American middle-market investor PA Capital has closed its ninth flagship private equity fund on $473 million. The firm has also closed PA Small Company Co-investment Fund II on a $200 million hard cap. | | | | | |
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"We also saw 2021 post-money exit valuations via public listings across all quartiles notch numbers well above 2020 figures, with the median reaching €75.1 million. Public listings resurged in 2021, with 186 conducted that generated €113.7 billion in exit value."
Source: PitchBook's 2021 Annual European VC Valuations Report | | | | | |
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