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In today's Daily Pitch, you'll find: - Our 2021 Annual Internet of Things Report dives into smart homes, connected vehicles and more as it breaks down the maturing vertical.
- Former Andreessen Horowitz GP Katie Haun has raised $1.5 billion for her new crypto-focused venture firm, the largest debut on record for vehicles led by a female GP, according to PitchBook data.
- Corporate card competition is heating up as startups like Jeeves vie to become the go-to bank for fast-growing companies.
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| Smart homes and connected vehicles drive IoT VC funding to new highs | | End-user spending for internet-of-things technology hit an estimated $423.4 billion in 2021, including high market sizes for use cases across manufacturing, supply chain and connected vehicles.
VC funding growth for IoT startups was muted in 2021, growing nearly 76% to $33.5 billion. In context, US software VC funding increased 130% in the past year.
Our 2021 Annual IoT Report breaks down the key trends behind the maturing vertical across our comprehensive taxonomy of product segments including hardware, networking and connected buildings. | | | | | | | | | | Crypto specialist Katie Haun raises $1.5B for debut funds | |  | | (Vitalij Sova/Getty Images) | | | Katie Haun, a former government prosecutor who recently departed from her role as a general partner at Andreessen Horowitz, has raised $1.5 billion for her newly launched, crypto-focused venture firm.
Haun Ventures' pair of funds represent the largest debut on record for vehicles led by a female GP, according to PitchBook data. That eclipses the $1.25 billion launch of Bond Ventures, the late-stage venture team led by Mary Meeker after the 2018 breakup of Kleiner Perkins. | | | | | | | |
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| The ultimate guide to capital markets relationship management | | Rising competition and pressure to deploy capital requires that private equity firms put their best foot forward to actively enhance the quantity and quality of deals entering their funnel. Dealmakers want to see every available deal, including add-on opportunities, co-investments, mergers, capital raises and more. The wider and stronger the relationships these dealmakers have—and the more intentionally they cultivate them—the better their market coverage.
DealCloud's new white paper explores the topic of relationship management in capital markets, including why relationship building is important, how to nurture key relationships with a healthy cadence of communication, how to identify opportunities for introductions to target companies using your relationship network and how to efficiently manage all the above.
Download the guide here | | | | | | | |
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| US PE mega-deals, exits rapidly gain steam | |  | | (Suppachok Nuthep/Getty Images) | | | In 2021, PE firms pursued massive deals fortified by low interest rates, an excess of dry powder and a growing crowd of mega-funds. Larger deals were pervasive, as mega-deals—transactions sized $1 billion or more—accounted for 32% of all US PE deal activity.
Simultaneously, PE firms exited portfolio companies at impressive values, thanks to elevated transaction multiples across sectors and cash-rich buyers.
What factors are driving the surge in PE mega-deals? Our recent analyst note breaks down the data behind the trend. | | | | | | | | | | Corporate card competition heats up as Jeeves notches $2.1B valuation | |  | | (Israel Sebastian/Getty Images) | | | International corporate card startup Jeeves has raised $180 million at a $2.1 billion valuation just a year after its launch. The funding follows a $750 million debt and equity round for Ramp, a US-based rival.
The next challenge for Jeeves and its ilk: How to go from a corporate card disruptor to the bank of record for fast-growing companies. | | | | | | | | | | 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. | | | | | | | | | | Even amid regulatory headwinds, venture capitalists didn't lose enthusiasm for China last year. Here's why 2022 could be different. [Institutional Investor]
Some forecast models predict the US housing boom will continue into 2023, while others suggest that the market will experience a significant cooling. Either way, the industry is entering uncharted waters. [Fortune]
Many tech companies are looking to put HR executives in the C-suite. The challenge is finding them in the first place. [The Information] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 446 Deals | 1943 People | 509 Companies | 50 Funds | | | | | | |
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| 2019 Vintage Global PE Funds with more than $1B | | | | | | |
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| Creator of Bored Ape NFTs valued at $4B | | | | | | | | | Capitolis picks up $110M Series D | | | Capitolis has raised $110 million at a $1.6 billion valuation in a round co-led by Canapi Ventures, 9Yards Capital and SVB Capital. Based in New York, the company's capital marketplace increases access to diversified capital by connecting banks, investors and institutional clients. | | | | | | | | Spot & Tango secures new funding | | | Spot & Tango has raised a $13.25 million Series A and $38.5 million in Series B financing led by Valor Equity. Founded in 2018, the New York-based company is a provider of direct-to-consumer food and wellness products for dogs. | | | | | | | | Lightlytics nabs $26M Series A | | | Lightlytics has raised $26 million in a round led by Energy Impact Partners. Based in Tel Aviv, the company offers a SaaS platform that's designed to help companies code and deploy configurations to the cloud. | | | | | | | | | Upshot has raised $22 million in Series A2 financing led by Polychain Capital. Based in Boston, the company operates a blockchain-based platform for appraising the value of NFTs and other digital assets. | | | | | | | | Learn In books $10M Series A | | | Learn In has raised $10 million in a round led by Firework Ventures. The Utah-based company is the developer of an upskilling platform for employees. | | | | | |
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| L Catterton to acquire HVAC, plumbing specialist from TSCP | | | L Catterton has agreed to purchase LTP Home Services Group, a residential plumbing and HVAC services provider, from Thompson Street Capital Partners. Established in 1996, LTP operates throughout the US Mid-Atlantic and Southeast regions under six brands, including Len the Plumber. TSCP will retain a minority stake in the company. | | | | | | | | Core's Saylite lands Southern Lighting Gallery | | | | | | | | | Red Door backs hard seltzer maker | | | | | | |
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PitchBook has partnered with SXSW to celebrate Women's History Month by adding limited-time features to our female founder dashboard.
We sponsored the Funding and Investors Summit at SXSW, home to the early-stage VC competition SXSW Pitch, and data about female founders from SXSW Pitch is now incorporated into the dashboard. - Discover notable female-founded companies and investment firms who have participated in SXSW Pitch.
- View the breakdown of VC investments for female founders in budding verticals like healthtech, artificial intelligence and virtual reality.
- Check out the SXSW winner analysis to see the performance of female-founded startups in SXSW Pitch over time.
Explore the dashboard | | | | | | | |
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| Prologis bids $23B for Blackstone's European warehouse business | | | Blackstone has received a €21 billion (about $23 billion) bid for its European warehouse business, Mileway, from Prologis, the Financial Times reported. If completed, the deal would be one of the largest private equity real estate transactions on record. | | | | | |
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"The proportion of funding going to emerging managers in the real estate space has been declining since the run-up to the global financial crisis (GFC), when emerging managers attracted 47.1% of commitments. In 2021, only 16.2% of capital allocated to real estate funds went to emerging managers."
Source: PitchBook's H2 2021 Global Real Estate Report | | | | | |
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