Mapping the pandemic's effect on US VC funding

Real estate fund sizes set records in 2021; SXSW returns, and so does a sense of normalcy; ConsenSys banks $450M for crypto infrastructure

Read online | Don't want to receive these emails? Manage your subscription. PitchBook Log in The Daily Pitch: VC, PE and M&A March 16, 2022 Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A In today's Daily Pitch, you'll find: SXSW is back after a two-year hiatus, bringing with it music, tech and a sense of normalcy. Did the Silicon Valley "techodus" result in a flood of capital to the rest of the US? In some places, yes. Our H2 2021 Global Real Estate Report tracks the pandemic rebound and how the real estate investing landscape may change in an evolving market. Today's Top Stories Mapping the pandemic's effect on venture funding in US states (Klaus Vedfelt/Getty Images) Did the Silicon Valley "techodus" result in a flood of capital to the rest of the US? In some places, yes. The two years since the pandemic's onset saw most states grow, some shrink and the dominant markets retain their position. see the map   Share:            Specter of inflation driving real estate out of pandemic funk Real estate funds raised $152.7 billion in 2021, a year-over-year increase of 6%, as capital committed bounced back only modestly from the dip wrought by COVID-19. Rising inflation may reshape the future of real estate funds, as the strategy is one of the asset classes expected to provide a hedge. Our H2 2021 Global Real Estate Report tracks the pandemic rebound and how the real estate investing landscape may change in an evolving market. Key takeaways include: Allocations to real estate are likely to increase amid inflation, with signaled rate hikes dictating which strategies benefit and potentially driving capital to lower-risk areas. Median and average real estate fund sizes set records in 2021, but funds over $5 billion, which dominate other strategies, remain rare. The pandemic has redirected capital into sectors including logistics, industrial and life sciences at the expense of retail and hospitality investments. The share of funding going to emerging managers continues to fall as LPs favor experienced managers and as real estate fund management remains difficult to enter. read it now   Share:            A message from Altvia PE technology: free benchmark assessment Technology is coming for private equity and venture capital the same way it's coming for every industry on the planet. Use Altvia's Private Equity Tech Adoption Survey to determine your firm's technology IQ and reveal opportunities from fundraising to communicating performance and everything in between. Assess how far your organization must go to unlock its full potential and how it stacks up to other firms in the industry. This eight-question assessment takes only three minutes and outlines the key components to review as fund managers make investments in technology. Find the answer to, "Is my organization on track with technology?" Get started Share:            A sobered, reflective SXSW returns, and so does sense of normalcy (Alexander Davis/PitchBook News) The throngs of conferencegoers from around the world are here, lining the streets and dodging food trucks and scooters surrounding the convention center in downtown Austin. So are the marketers and event planners, who occupy dozens of hotels and restaurants as meeting venues to spread their message. And of course there is the almost ever-present pulsing sound of live music blaring from bars and street corners. SXSW is back—and this time in person. read more   Share:            London Stock Exchange expands beyond public markets with platform deal (Waltraud Grubitzsch/Getty Images) London Stock Exchange Group has teamed up with Floww, a digital investment platform provider. The group plans to use the platform to help unlisted companies raise capital as it moves to be one of the first exchanges to straddle both public and private markets. The move is part of a broader strategy to modernize London's capital markets and comes hot on the heels of efforts by the UK government to reform listing rules to attract more tech startups to the city post-Brexit. read more   Share:            Recommended Reads SoftBank's net debt is becoming unwieldy relative to the equity value of its holdings—and Masayoshi Son's personal fortune isn't faring much better. [Bloomberg] America's downtowns have not recovered from the pandemic, and they'll need to change to survive. [The Atlantic] Crypto may not be useful for dodging sanctions, but it could aid in Ukraine's fundraising efforts. [The Economist] Since yesterday, the PitchBook Platform added: 486 Deals 1818 People 550 Companies 23 Funds See what our data software can do   Quick Takes   The Daily Benchmark     2017 Vintage Global Debt Funds     VC Deals     ConsenSys banks $450M for crypto infrastructure     Akeneo collects $135M Series D     Staffbase hits unicorn valuation     Amplience scores $100M Series D     Bear Robotics bags $81M     Infant formula startup Bobbie secures $50M     PE Deals     Brookfield joins Nielsen take-private consortium     Crosspoint Capital backs RSA Conference     Court Square backs Power Digital     IMB Partners to back electrical contractor     Exits & IPOs     Local Bounti to pick up indoor farming peer Pete's     SentinelOne to acquire Attivo Networks     GoTo pushes ahead with Indonesian IPO     JP Morgan inks Global Shares deal       The Daily Benchmark 2017 Vintage Global Debt Funds Median IRR 9.90% Top Quartile IRR 13.05% 1.16x Median TVPI Select top performers 400 Capital Asset Based Term Fund I Glendon Opportunities Fund II Inveready Convertible Finance I *IRR: net of fees 82 Funds in Benchmark » Check out the latest version of PitchBook Benchmarks VC Deals ConsenSys banks $450M for crypto infrastructure ConsenSys has raised $450 million at a more than $7 billion valuation in a round led by ParaFi. The New York-based company is a developer of ethereum blockchain software for enterprise and government applications. View round   View 20 competitors »   Akeneo collects $135M Series D Summit Partners has led a $135 million round for France's Akeneo, a product experience and product information management startup. Alven and Partech also took part in the funding. View round   View 101 competitors »   Staffbase hits unicorn valuation Staffbase has raised a $115 million Series E led by General Atlantic and joined by Insight Partners. The round values the German company, a provider of employee communications software, at $1.1 billion. View round   View 54 competitors »   Amplience scores $100M Series D Amplience has raised $100 million comprising an equity investment from Farview Equity Partners and growth funding from Sixth Street. Octopus Ventures also joined the Series D for London-based Amplience, which provides a digital commerce experience platform. View round   View 139 competitors »   Bear Robotics bags $81M Bear Robotics has raised an $81 million Series B led by IMM, with participation from Cleveland Avenue. The company is a developer of autonomous mobile robots designed for the hospitality industry, including restaurants, corporate campuses and hotels. View round   View similar company »   Infant formula startup Bobbie secures $50M Bobbie has raised a $50 million Series B led by Park West. Based in San Francisco, the direct-to-consumer company offers infant formula products through a subscription service. View round   View 3 competitors »   PE Deals Brookfield joins Nielsen take-private consortium Brookfield Asset Management is part of the PE consortium, which also includes Elliott Management, that is nearing a $15 billion takeover deal, including debt, for TV-ratings company Nielsen Holdings, Bloomberg reported. View deal   View 25 competitors »   Crosspoint Capital backs RSA Conference Crosspoint Capital Partners has led the acquisition of a signification stake in RSA Conference from affiliates of RSA Security. RSA Conference offers global events and year-round resources for the cybersecurity industry. View deal   View similar company »   Court Square backs Power Digital Court Square Capital Partners has invested in Power Digital, a marketing services company. Power Digital managed nearly $600 million in advertising spending in 2021. View deal   View 18 competitors »   IMB Partners to back electrical contractor IMB Partners has agreed to invest in Carr & Duff. Founded in 1958, the Pennsylvania-based company provides electrical construction services. View deal   View similar company »   Exits & IPOs Local Bounti to pick up indoor farming peer Pete's Indoor-agriculture company Local Bounti has agreed to acquire Hollandia Produce Group, which operates under the name Pete's, for $122.5 million in cash and stock. Pete's has raised capital from True West Capital Partners and Mosaic Capital Partners. View details   View 2 competitors »   SentinelOne to acquire Attivo Networks SentinelOne has agreed to pay $616.5 million in cash and stock to acquire Attivo Networks, the developer of an autonomous cybersecurity platform. Based in California, Attivo has raised funds from investors including Bain Capital Ventures and ForgePoint Capital. View details   View 46 competitors »   GoTo pushes ahead with Indonesian IPO GoTo Group, formed in 2021 via the merger of Indonesian startups Gojek and Tokopedia, is moving ahead with an initial public offering that could value the ridehailing and ecommerce giant at as much as $28.8 billion, Bloomberg reported. View details   View 17 competitors »   JP Morgan inks Global Shares deal JP Morgan has agreed to acquire Global Shares, which provides cloud-based software to manage share plans. The Irish company has been backed by Motive Partners since 2018. View details   View 13 competitors »   Chart of the Day Source: PitchBook's 2021 Annual US PE Breakdown   Who's in the newsletter today? Companies Akeneo Amplience Attivo Networks Bear Robotics Bobbie Carr & Duff ConsenSys Global Shares GoTo Group Hollandia Produce Group Nielsen Holdings Power Digital RSA Conference Staffbase Investors Alven Bain Capital Ventures Brookfield Asset Management Cleveland Avenue Court Square Capital Partners Crosspoint Capital Partners Elliott Management Farview Equity Partners ForgePoint Capital General Atlantic IMB Partners IMM Insight Partners JP Morgan Local Bounti Mosaic Capital Partners Motive Partners Octopus Ventures ParaFi Park West Partech RSA Security SentinelOne Sixth Street Summit Partners True West Capital Partners     About PitchBook | Terms of use | Advertise with us | Contact Follow us:       This email was sent to pitchbook@quicklydone.com via the PitchBook Platform. Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here. © 2022 PitchBook Data. All rights reserved. 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