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| In today's Daily Pitch, you'll find: | | | | | |
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| US VC valuations yet to see full impact of market volatility | | Valuations of VC-backed companies endured a quick shift to a difficult market in the first three months of 2022. While the numbers do not yet depict the immediate impact of the ongoing volatility, PitchBook analysts say that investor sentiment has changed over the last quarter.
Our latest US VC Valuations Report explores how startup valuations across the venture lifecycle are reacting in the face of market headwinds—which include rising interest rates, high inflation and geopolitical tension due to the war in Ukraine. Key takeaways include: - Early-stage deal sizes and pre-money valuations hit record highs in Q1. At the outset, the numbers suggest that early-stage startups are a bit more insulated from turbulence in the public markets than those at later stages.
- As tech stocks took the brunt of the market volatility over the past few months, the average late-stage pre-money valuation decreased from the highs of 2021, along with the top-decile figure.
- The average public listing valuation fell to $993.1 million in Q1. While the figure is still elevated on a historical scale, it represents roughly one-third of 2021's $2.8 billion.
| | | | | | | | | | LP Spotlight: Top Tier sees VC opportunities in market downturn | |  | | (Malorny/Getty Images) | | | David York, founder and managing director at Top Tier Capital, a VC-focused fund-of-funds specialist, has seen several investment downturns over the course of his nearly 40-year career.
Today, San Francisco-based Top Tier boasts a relationship with over 100 firms, including some of the most recognizable brands in VC, such as Andreessen Horowitz, Accel, Index Ventures and Craft. It also invests in direct and limited partner secondaries.
We spoke with York about how this downturn compares to those he experienced earlier in his career and what he thinks will be the best opportunities and most significant risks amid the venture market pullback. | | | | | | | |
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| How New York's venture ecosystem fared in 2021 | | New York has long been a prominent area for venture activity, and 2021 was no exception. Dealmaking and exit activity in the region surged as companies and firms alike sought to take advantage of lively market conditions.
First Republic Bank's New York Venture Ecosystem Review explores key trends in the region, including: - Analysis of record-breaking deal and exit value.
- Sector breakdowns examining New York's most active investment areas.
- Deal activity among women-led companies.
Read the report here | | | | | | | |
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| Andreessen Horowitz's $600M gaming fund banks on the metaverse | |  | | (Yagi Studio/Getty Images) | | | Andreessen Horowitz has launched a $600 million effort dedicated to gaming, as it looks to build on a vision for the metaverse. In doing so, the firm is shrugging off a trillion-dollar crypto sell-off and steep declines in publicly traded gaming stocks.
Already, a16z's crypto portfolio has pushed forcefully into blockchain gaming. The new fund will allow the firm to address the broader market. | | | | | | | | | | The effects of automation have been fiercely debated for decades, but maybe we shouldn't be blaming robots for taking our jobs. [The New Yorker]
For years, Apple has worked in secret on an AR and VR headset. Technical and leadership challenges have caused the project to struggle to get off the ground. [The Information]
Inside one photographer's attempt to document Indigenous culture by photographing every federally recognized tribe in the US. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 464 Deals | 1756 People | 454 Companies | 30 Funds | | | | | | |
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| 2017 Vintage Global Funds-of-Funds | | | | | | |
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| Sweden's Klarna faces valuation drop in new round | | | Buy now, pay later startup Klarna could see its valuation fall by as much as 30% as it seeks to raise new capital, the Wall Street Journal reported. The Stockholm-based company is understood to be seeking up to $1 billion from new and existing backers in a deal that could put its value in the low $30-billion-range. Klarna is currently Europe's most valuable VC-backed startup and was most recently valued at $45.6 billion following a SoftBank-led round in June. Earlier this year, it was reported that Klarna was aiming to secure new funds at a valuation of between $50 billion and $60 billion. | | | | | | | | Sequoia leads $100M Series C for Glean | | | Glean has raised $100 million at a $1 billion valuation in a round led by Sequoia. The startup's platform enables employees to search for information across all their companies' SaaS apps at once. Glean's customers include Databricks, Outreach and Grammarly. | | | | | | | | Laekna Therapeutics collects $61M | | | Laekna Therapeutics has raised a $61 million Series D led by CS Capital. The Shanghai- and New Jersey-based company is developing therapeutics intended to treat cancer and liver diseases. | | | | | | | | N3TWORK Studios picks up $46M | | | N3TWORK Studios has raised a $46 million Series A led by Griffin Gaming Partners. Based in the Bay Area, the company is a developer and publisher of blockchain games. Peter Levin, managing director at Griffin, will join the company's board. | | | | | | | | Animal-free milk developer drinks up $28M | | | Imagindairy, an Israeli creator of animal-free milk proteins, has raised an additional $15 million in seed financing led by Target Global, bringing the round's total to $28 million. | | | | | | | | | | | | | | | UrbanFootprint announces $25M in new funding | | | Berkeley, Calif.-based UrbanFootprint has raised a $25 million Series B led by Citi and Social Capital. The startup provides an urban intelligence platform that unifies climate, environmental, urban, socioeconomic and customer data, helping governments, utilities, financial institutions and urban planners decide where to invest and deploy resources. | | | | | | | | Heartex secures $25M Series A | | | | | | |
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| Blackstone leads $300M investment in Recurrent Ventures | | | | | | | | | Ara partners with Blue Whale Materials | | | Ara Partners has invested $80 million in Blue Whale Materials, a lithium-ion battery recycling company. Through their partnership, Ara and BWM plan to build five lithium-ion battery recycling plants across the US and Europe. | | | | | | | | Apis Partners backs DT One | | | Apis Partners has invested in DT One, a B2B digital micropayments platform that supports cross-border transfers of airtime and data bundle top-ups, gaming pins and gifts cards throughout over 160 countries. | | | | | | | | Antin to invest in Power Dot | | | Antin Infrastructure Partners has agreed to purchase a co-controlling stake in Power Dot, a Portugal-based owner-operator of electric vehicle charging infrastructure. The company, which is also backed by Grupo Arié, offers some 5,000 charging points throughout France, Belgium, Luxembourg, Spain and Poland. | | | | | | | | KKR takes majority stake in Alchemer | | | Alchemer, a provider of customer experience software, has received a majority investment from KKR. Founded in 2006, the company's tech helps over 13,000 global customers collect, analyze and leverage customer and employee feedback. | | | | | | | | RunTide Capital provides funding to Ascent Solutions | | | | | | | | |
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| PitchBook Webinar: Private equity in the European insurance sector | | Join PitchBook on May 24 at 7 a.m. PT/3 p.m. BST for a webinar discussing key drivers and risk factors in the European PE insurance sector. PitchBook analysts will examine the overflow of activity in the space driven by broker deals and emerging technology solutions poised to disrupt the business model.
Key takeaways include: - Key factors driving PE deal activity in the European insurance broker space.
- Top PE sponsors in European-headquartered insurance brokers.
- How technology will impact the European insurance broker business model going forward.
Register now to secure your spot | | | | | | | |
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| Clearlake wraps up latest fund with $14.1B+ | | | Clearlake Capital Group has closed its seventh flagship private equity fund with more than $14.1 billion in commitments. The vehicle's predecessor closed on over $7 billion in 2020. | | | | | | | | Lightrock lands $300M for LatAm fund | | | UK-based Lightrock has closed a $300 million growth equity fund focused on Latin America. The fund, which is being anchored by LGT Group, will look to deploy up to $400 million once LP co-investments are included. Other investors included the asset management arms of XP Inc. and Banco Bradesco, as well as Brazilian Development Bank. | | | | | | | | Tusk Venture Partners locks in $140M for Fund III | | | Tusk Venture Partners has closed its third flagship fund with $140 million in commitments. The vehicle will be used to continue backing early-stage tech companies that operate in highly regulated industries. The New York-based firm closed its second fund on $70 million in 2019. | | | | | | | | GreenPoint closes first tech fund on $134M | | | GreenPoint Partners has closed its inaugural tech fund on $134 million. The vehicle will focus on high-growth companies underpinning the digital transformation of real asset industries like real estate, infrastructure and energy. | | | | | |
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