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In today's Daily Pitch, you'll find: - Though VCs poured a record amount of capital into fertility tech startups last year, some companies in the sector are still feeling left out.
- German VC investing has boomed over the last five years, driven by plentiful capital, low interest rates and government support for startups and founders. We take a look at the 10 most active German VCs.
- Our latest European PE Breakdown reveals that Q1 dealmaking held strong despite an unpredictable macroeconomic environment.
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| As more VC money floods into fertility, some startups are feeling left out | |  | | (Hector Roqueta Rivero/Getty Images) | | | VC investment in fertility tech reached record levels last year as conversations around reproductive health improved and infertility rates increased.
Despite this, startups developing alternative reproductive tech that can provide treatment earlier in the process are often being overlooked. | | | | | | | | | | European PE remains resilient in Q1 amid macroeconomic uncertainty | | Despite an unpredictable macroeconomic environment, European private equity dealmaking held strong in the first three months of the year, with deal value reaching a new quarterly peak of €241.3 billion. That resiliency was buoyed by record dry powder levels, softer multiples and healthy leveraged lending markets. Transaction sizes also grew, resulting in record cumulative deal value and pushing the median deal size to €50 million.
Our Q1 2022 European PE Breakdown takes a detailed look at the continent's ecosystem, dissecting activity by deal type, sector, size, region and more. Key takeaways include: - Drops in liquid markets, valuation adjustments, the war in Ukraine and a tighter policy environment all contributed to a sluggish start for European PE exit activity, which had its worst quarter since Q4 2020.
- Fundraising got off to a slow start, but many key trends—including stock market volatility, lower interest rates and PE outperformance—all remain intact. Retail channels are expected to be a big fundraising growth area.
- Two of the quarter's largest deals came from the sustainability space, a sector that investors will likely double down on in 2022.
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| Life sciences VC activity slows in Q1 2022 following record year in 2021 | | VC dealmaking in the life sciences industry wavered in Q1 2022 as public markets experienced the most volatile quarter in two years, underscoring the significance of 2021's record level of deal activity. Orrick's Life Sciences Snapshot explores key trends in the industry, including the rise of pre-money valuations across the board, growth in deal sizes for later-stage companies and the slowdown in exit activity in the first quarter of 2022.
Read it here | | | | | | | |
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| The 10 most active German VCs | |  | | Berlin, overlooking the Spree River (Getty Images) | | | German VC investing has boomed over the last five years, driven higher by plentiful capital, low interest rates, an improved regulatory framework and government support for startups and founders.
The country has seen a rising number of VC deals each year with values to match, jumping to a peak in 2021. We dig into the VC scene in Germany and identify the 10 most active VCs by deal count since the start of 2017. | | | | | | | | | | Q1 US venture capital trends in five charts | |  | | (Sean Gladwell/Getty Images) | | | The first quarter of 2022 showed signs of a slowdown for US venture dealmaking and exits compared to last year's record highs. While public market volatility is expected to have a trickle-down effect on other venture metrics in coming quarters, the start of 2022 also suggests the onset of a healthy recalibration period for both startups and VC investors.
What else did Q1 bring? Here's a closer look at five key trends that depict the state of the venture market after 2021's frenzied activity. | | | | | | | | | | A visual breakdown of how the biggest tech giants make their billions. [Visual Capitalist]
Where is Elon Musk getting $46.5 billion to buy Twitter? A buyout loan from the likes of Morgan Stanley and Barclays, a loan against his Tesla stock and a lot of his own cash. [The Wall Street Journal]
As the era of cheap money appears to be coming to an end, investors will have to adapt in their search for yield. [The Economist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 500 Deals | 1603 People | 444 Companies | 35 Funds | | | | | | |
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| 2014 Vintage Global Secondaries Funds | | | | | | |
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| | | Mavrck has raised $135 million from Summit Partners to buy Canadian social media marketing platform Later. Based in Boston, Mavrck provides an influencer marketing platform for enterprise consumer brands. | | | | | | | | | FreeWire has raised $125 million, consisting of a senior convertible note from BlackRock and equity financing from investors including bp ventures, Riverstone Holdings and Octave Ventures. The California-based company is a provider of battery-integrated electric vehicle charging stations and other power solutions. | | | | | | | | Veza emerges from stealth with $110M+ | | | Veza, the provider of a data security platform, has raised more than $110 million from investors including Accel, Bain Capital and Ballistic Ventures. The company was founded in 2020 and is based in California. | | | | | | | | Maverick Capital leads $75M round for Coherent | | | Coherent has raised a $75 million Series B led by Maverick Capital. The startup is the developer of a no-code SaaS platform designed to help companies create customized APIs from existing infrastructure. Coherent raised a $14 million Series A in 2020. | | | | | | | | Ashvattha Therapeutics bags $69M | | | Ashvattha Therapeutics has raised a $69 million Series B led by Huadong Medicine. The Redwood City, Calif.-based company develops therapeutics for neurology, ophthalmology, inflammatory diseases and more. | | | | | | | | Strider Technologies raises $45M Series B | | | Strider Technologies has raised $45 million in a round led by Valor Equity Partners. The company offers a risk management platform intended to help organizations protect their intellectual property from theft. | | | | | | | | Concert Health picks up $42M | | | Behavioral health medical group Concert Health has raised a $42 million Series B led by Define Ventures. The San Diego-based company helps general practitioners and women's health physicians treat depression and anxiety in primary care settings. | | | | | | | | | | | | |
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| BeyondNetZero leads $260M round for Sun King | | | | | | | | | Resurgens Technology Partners backs i-Sight | | | Resurgens Technology Partners has invested in i-Sight, a provider of case management software for HR, compliance and corporate security teams. Based in Canada, i-Sight serves over 450 organizations. | | | | | | | | Pearl Street lands Webonise | | | Pearl Street Equity has acquired Webonise, a tech product development and services specialist. The company offers digital tools related to cybersecurity, e-learning, gaming and more, across a range of sectors including finance, cloud computing and sports. | | | | | | | | Providence to buy wifi provider Airties | | | Providence Equity Partners has agreed to buy Airties, a Turkish provider of cloud-based managed wifi solutions. Founded in 2004, Airties partners with internet service providers to serve over 80 million households, globally. | | | | | | | | Vector Capital to acquire WatchGuard Technologies | | | Vector Capital has agreed to acquire an ownership stake in WatchGuard Technologies, a Seattle-based provider of network security and intelligence, endpoint protection, multi-factor authentication and secure wifi. WatchGuard's products protect more than 250,000 customers. | | | | | | | | L Catterton, Apollo consider Mattel purchase | | | L Catterton and Apollo Global Management have held informal discussions with toymaker Mattel about a potential buyout, The Wall Street Journal reported. Mattel currently has a market cap of over $8 billion. | | | | | |
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| PitchBook Webinar: Q1 2022 Venture Monitor | | Join PitchBook and industry experts from JP Morgan, Insperity and NVCA on May 5 for a webinar covering our Q1 2022 Venture Monitor Report. This webinar will discuss upcoming market changes brought about by factors such as interest rates and public market volatility.
Topics will include: - Stagnancy in deal activity and the stress it places on certain areas of the market.
- The Q1 downturn in public listings, resulting in only 28 IPOs or deSPAC transactions, and how it affects high-value, late-stage companies.
- Back-to-back record quarters for dry powder as fundraising hit a new commitment record of $73 billion in Q1, following one of the best markets in 2021.
Register now to secure your spot | | | | | | | |
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| TPG wraps up $7.3B Rise Climate Fund | | | TPG has held a final close for its Rise Climate Fund on $7.3 billion. The vehicle is the dedicated climate investing strategy of the firm's global impact investing platform, TPG Rise. | | | | | | | | Stride Consumer Partners closes debut fund on $420M | | | Boston-based Stride Consumer Partners has closed its first fund on $420 million. Stride invests in consumer brands, with a focus on beauty, food and beverage, active lifestyle and multi-unit consumer services. | | | | | |
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| AEA Investors, Amateras Capital launch joint venture | | | AEA Investors has announced a joint venture with Amateras Capital to focus on women-led investing and drive greater diversity in the industry. The joint venture will be led by Amateras' co-founder Alexandra Jung. | | | | | |
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"First-time fundraising has been especially muted through the start of the year, with only $3.1 billion raised across 30 new managers. We expect this trend to continue throughout the next couple of quarters as LPs get back on stable ground with their allocations to non-VC assets."
Source: Q1 2022 PitchBook-NVCA Venture Monitor | | | | | |
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