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| In today's Daily Pitch, you'll find: | | | | | |
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| Late-stage VC investment lags despite record deal count | |  | | (Malte Mueller/Getty Images) | | | Large late-stage deals, an indicator of the exuberance in venture capital in recent years, weren't completed at the same pace in Q1 as they were throughout 2021.
While stock market declines dampened enthusiasm for these supersized startup transactions, the first three months of 2022 set a record for number of late-stage deals. | | | | | | | | | | US VC remains strong while navigating market of uncertainty | | Despite many data points remaining historically high, the first quarter of 2022 showed signs of a slowdown for venture dealmaking in the US, suggesting an imminent but healthy recalibration period. On the exit front, interest rates, inflation and geopolitical uncertainty contributed to a stark dip in public listings.
The latest PitchBook-NVCA Venture Monitor, sponsored by Insperity and JP Morgan, now includes league tables ranking the industry's most active players. The report details how dealmaking, exits, fundraising and valuations responded to the changing economic climate of Q1. Key takeaways include: - Venture-backed companies attracted nearly $71 billion during Q1. Even though the figure was off pace from every quarter in 2021, it still exceeded pre-2021 quarterly totals.
- Fundraising maintained the momentum of 2021, with 199 funds raising $73.8 billion in commitments.
- Public listings slowed significantly from the highs of recent years amid public market volatility.
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| The red-hot gaming industry | | Even before the pandemic, the gaming industry was rapidly gaining ground as a popular form of entertainment. And over the past two years, gaming cemented its role as a social outlet for millions of people. With a massive and growing user base, the gaming industry is attracting more attention from private market investors. Beyond the games themselves, the sector is fueling impressive innovation, with tools and applications that can be used in the real world.
In partnership with PitchBook, CohnReznick has released Game Changer: Red-hot gaming industry offers new opportunities for investors. The report features VC, PE and corporate transactions across the industry, with innovative teams and established game titles fetching billions of dollars.
To download the report, click here. | | | | | | | |
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| European VC sees strong start to 2022 despite global uncertainty | | After a bumper 2021, Europe's VC ecosystem kept up momentum in Q1 with €27.5 billion invested. Investment levels may have remained elevated despite a rise in interest rates, but the surge in the cost of living and ongoing uncertainty surrounding the war in Ukraine could make the rest of 2022 a challenging year.
Our Q1 European Venture Report takes a deep dive into the key trends that shaped this first quarter, breaking down activity across dealmaking, exits and fundraising, as well as regions.
Highlights include: - Late-stage VC continues to dominate deal value figures, accounting for 71.6% of total capital invested.
- Exit value plummeted from 2021's heights amid a widespread tech public equity sell-off.
- VC fundraising got off to a solid start in terms of capital raised, but fund count dropped significantly.
| | | | | | | | | | Nearly two dozen Congress members signed a letter imploring the Environmental Protection Agency to make sure crypto mining didn't violate regulations. A group of bitcoin evangelists think they have it all wrong. [Protocol]
A look at the US cities that have had the most luck getting their workers to come back into the office. [Fortune]
Some 23 million Americans have adopted a new pet during the pandemic. Now, there's demand for dog-friendly offices. [The Washington Post] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 386 Deals | 1362 People | 373 Companies | 34 Funds | | | | | | |
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| 2013 Vintage Global Real Estate Funds | | | | | | |
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| QED hires Victoria Zuo as principal | | | | | | |
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| Hello Heart brings in $70M | | | Hello Heart has raised a $70 million Series D led by Stripes. The company's app monitors blood pressure, pulse, medications, weight and activity to track and improve users' heart health. Based in Menlo Park, Calif., Hello Heart was valued at $295 million in May 2021, according to PitchBook data. | | | | | | | | Tribe Capital leads $50M round for LinearB | | | LinearB, the provider of an engineering analytics and workflow optimization platform for software teams, has raised a $50 million Series B led by Tribe Capital. Operating out of Los Angeles and Tel Aviv, the startup has now raised around $70 million in funding. | | | | | | | | | | | | | | | Accern secures $20M Series B | | | Accern has raised a $20 million Series B led by Mighty Capital and Fusion Fund. The company's no-code natural language processing platform enables domain experts and business analysts to derive insights from unstructured data. | | | | | | | | Network Perception picks up $13M Series A | | | | | | | | | Ownwell bags $5.75M seed round for property tax analysis | | | First Round Capital has led a $5.75 million seed round for Ownwell. The Austin-based startup's property tax analysis services are intended to help commercial and residential owners save money. | | | | | |
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| Lightsmith Group leads $60M investment in Solinftec | | | Lightsmith Group has led a $60 million investment in Brazilian agtech company Solinftec, according to reports. Solinftec's digital farm operating system is used by growers, cooperatives and agricultural retailers to manage more than 27 million acres in Brazil, the United States and Latin America. | | | | | | | | SK Capital acquires plant-based ingredients manufacturer | | | SK Capital has acquired Florachem Holdings, a Florida-based provider of natural plant-based ingredients including citrus, pine and specialty rosin resins, from Carmelina Capital. Operating out of two North American facilities, the company services customers in the flavor and fragrance, personal care, industrial, and coatings and adhesives markets. | | | | | | | | PE-backed FSG lands Specialty Fence Wholesale | | | | | | |
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| Sterling Organization sells two California properties for $36.85M | | | Sterling Organization has announced the sale of two California properties, Olivera Crossing—a 47,571-square-foot neighborhood shopping center in the San Francisco Bay Area—and 8379 Melrose Ave.—part of a two-building, high-street retail portfolio in West Hollywood—for a combined $36.85 million. | | | | | | | | Align Capital exits Protegis Fire & Safety | | | | | | |
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| Patient Square Capital launches Enavate Sciences | | | Patient Square Capital has formed portfolio company Enavate Sciences. Patient Square has invested $300 million in the new entity, which will back therapeutic and enabling technology companies. | | | | | |
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"PE exit activity soared across the IT sector in 2021, more than doubling 2014's previous exit value record of €9.5 billion. Cash-rich corporates eager to keep pace with industries' digital transformations through scale acquisitions as well as red-hot public markets drove the heightened IT exit activity."
Source: PitchBook's 2022 Nordic Private Capital Breakdown | | | | | |
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