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| In today's Daily Pitch, you'll find: | | | | | |
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| PE exits dwindle as public listings grind to a halt | |  | | (gremlin/Getty Images) | | | For private equity players, the exit landscape has turned barren after last year's deluge, with US PE exit value and count in Q1 both dropping over 50% from the previous quarter.
Sponsor-to-sponsor deals became the favored exit option during Q1 as several factors contributed to create an IPO slowdown. | | | | | | | | | | VC valuations soar, but impact of macro disruptions remains to be seen | | European VC pre-money valuations across all financing stages continued their upward trajectory in Q1, pacing above the highs of 2021. This was in sharp contrast to exit value, which dropped drastically during the quarter—a trend that could affect valuations later in the year. Meanwhile, macroeconomic trends such as rising interest rates, inflationary pressures and trade tensions have caused 2022 to be characterized by uncertainty.
Our Q1 2022 European VC Valuations Report breaks down the region's activity, providing an extensive look at valuations across stages, sectors, geographies and more. Highlights include: - Software companies disrupting verticals such as food delivery, ecommerce and financial services have seen great success over the past two years, as consumers pivot to online models. The median early-stage software pre-money valuation hit €12.2 million in Q1, up 50.8% from 2021's full-year figure.
- Angel, seed and early-stage valuations in the UK and Ireland are sitting above 2021's records, but late-stage valuations are slightly down from last year. Strong deal value figures in the quarter indicate that the Bank of England's recent interest rate increases have not stopped capital flows into VC.
- VC deals with nontraditional investor participation had a strong Q1 when it came to deal value and count, and median VC deal sizes across all financing stages are pacing above 2021's highs.
- Q1 recorded 153 existing Europe-based unicorns, a 21.4% jump from 2021's cumulative figure, and 28 new unicorns were minted during the quarter.
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| The 10 most active Latin American VCs | |  | | (Richard Drury/Getty Images) | | | VC investment in Latin America has boomed during recent years, driven by a pandemic-fueled digital transformation in the region.
While international investing giants like SoftBank and Tiger Global have taken interest in the area, local firms still tend to dominate early-stage rounds.
Check out our roundup of Latin America's most active VC investors to find out more. | | | | | | | | | | Apollo bets on life sciences with Sofinnova partnership | |  | | (SOPA Images/Getty Images) | | | US PE firm Apollo Global Management has agreed to take a stake in one of Europe's most active life sciences investors, Sofinnova Partners, with a €1 billion (about $1.04 billion) commitment.
The deal is the latest example of private equity firms targeting VCs to grow their exposure to the sector. | | | | | | | | | | Why business travel is proving to be big tech's next climate challenge. [Protocol]
Meet Kevin Zhou, the hedge fund manager who warned of the $60 billion collapse of Terra and its stablecoin. [Bloomberg]
A recent spate of layoffs is just one sign that bad times could be coming for startups. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 187 Deals | 492 People | 170 Companies | 12 Funds | | | | | | |
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| 2013 Vintage Global Debt Funds | | | | | | |
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| Bain hires TuongVy Le as partner | | | Bain Capital Ventures has hired TuongVy Le as partner and head of regulatory and policy for its crypto-focused fund. In March, the firm raised a $560 million vehicle focused on cryptocurrency-related investments. | | | | | |
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| Kriya Therapeutics brings in $270M | | | | | | | | | Optibus nabs $100M Series D for public transit planning | | | | | | | | | Zeev Ventures leads $50M round for Stoa | | | Stoa, the creator of proptech platform FlipOS, has raised $50 million in a round led by Zeev Ventures. The Phoenix-based company enables real estate investors to purchase, renovate and sell single-family homes. | | | | | | | | Metatheory collects $24M Series A for Web3-based games | | | Metatheory has raised $24 million in a round led by Andreessen Horowitz. Founded by Twitch co-founder Kevin Lin last year, the interactive entertainment company is building Web3-based games and virtual worlds. | | | | | | | | | Akuity has raised a $20 million Series A led by Lead Edge Capital. Based in the Bay Area, the company offers a suite of open-source tools for deploying and running applications and workloads on Kubernetes. | | | | | | | | CoverGo scores $15M Series A | | | SemperVirens VC has led a $15 million Series A for CoverGo, the provider of a no-code SaaS insurance platform. Based in Singapore, CoverGo's tech is used by property, casualty, health and life insurance companies to launch products, develop omni-channel distribution, automate claims processes and more. | | | | | | | | Fresh Technology lands $7M Series A | | | Fresh Technology has raised a $7 million Series A led by Fintop Capital. Created in 2003, the Alabama-based SaaS startup offers kitchen management and ecommerce systems to over 7,000 restaurants. | | | | | |
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| Carlyle to purchase ManTech in $4.2B all-cash deal | | | The Carlyle Group has agreed to acquire ManTech International Corporation, a provider of tech for mission-critical national security programs, in an all-cash deal valued at $4.2 billion. Carlyle will pay $96 per share for ManTech, representing a 32% premium to the company's closing stock price on Feb. 2, the last trading day prior to reports of a potential deal. | | | | | | | | Apollo seeks Liga MX media rights share | | | Apollo Global Management is planning to offer Mexican soccer league Liga MX roughly $1.25 billion for a share of the league's international media revenue, Sportico reported. Apollo is targeting 20% of the profits from the league's non-Mexican media rights over the next 50 years. | | | | | | | | GHO's Genesis to acquire payer research company | | | | | | | | | Pharos backs Sanderling Renal Services | | | Pharos Capital Group has invested in Sanderling Renal Services, a provider of dialysis and renal telemedicine services focused on patients in underserved communities across the US. Founded in 2012, Sanderling provides in-center and home-based dialysis out of 14 clinics in six states. | | | | | |
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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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| KKR to offload CHI Overhead Doors for $3B | | | | | | | | | DCP Capital weighs sale of MFS Technology | | | DCP Capital is weighing a sale of its controlling stake in Singapore-based flexible printed circuit maker MFS Technology, Bloomberg reported. The company could be valued at up to $800 million in the sale. | | | | | |
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| Infinity Ventures collects $158M for debut fund | | | Infinity Ventures has raised $158 million for its first fund. Co-founded by former PayPal executives in 2021, the early-stage venture capital firm participates in pre-seed through Series A rounds for companies building fintech infrastructure and commerce enablement. | | | | | |
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| Apollo to lend $1B to Indian property developers | | | Apollo Global Management is planning to lend around $1 billion to real estate developers in India this year, Bloomberg reported. Apollo lent $750 million to Indian developers last year. | | | | | |
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