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| In today's Daily Pitch, you'll find: | | | | | |
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| How the Russia-Ukraine war has impacted Europe's VC ecosystem | | The Russian invasion of Ukraine has resulted in widespread humanitarian and geopolitical challenges and impacted millions of individuals. From a financial standpoint, Russia's position as an energy and commodity giant has increased inflationary pressure. While VC activity has traditionally been concentrated in Western European nations like the UK, Germany and France, new clusters are emerging in regional pockets throughout the Nordics, Southern Europe and Central and Eastern Europe.
Our latest analyst note delves into the effects of the Russia-Ukraine war on the European VC ecosystem, exploring how it pertains to people, the evolution of sectors and other regional considerations. Key highlights include: - The Russia-Ukraine war is, first and foremost, a humanitarian disaster, affecting operations and productivity for all businesses. Individuals in the country have shown great resilience, with some continuing to work remotely or even joining the war effort.
- As energy prices soar in Europe, governments will be looking for solutions from startups in the alternative energy space. Meanwhile, the threat of cyberwarfare is at an all-time high, and capital allocators' attention to the information security sector will likely intensify as the war continues.
- Financial sanctions on Russia, including tech imports, could create opportunities for investors and operators not just in the VC ecosystem but also the wider financial markets.
| | | | | | | | | | London weighs scrapping two-segment listing regime to woo tech companies | |  | | (Oli Scarff/Getty Images) | | | The UK's finance watchdog could combine the two segments of the London Stock Exchange, as the country looks to further reform its listing rules.
At the heart of this change is the goal of making London a more attractive destination for tech companies to list, amid increasing competition from other European cities like Amsterdam and Paris. | | | | | | | |
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| A message from Vector Medical Group | | |
| Buy-and-build surge in ophthalmology | | More PE attention is being paid to the US eye care market. Behind the record-setting numbers is a wave of add-on activity, which made up 88% of 2021's deal count. While there are several PE-backed practices building nationwide footprints, most of the US ophthalmic market remains regionally focused. Consolidation opportunities remain, and as doctors begin to hit retirement age, PE deal activity is expected to stay strong.
In partnership with PitchBook, Vector Medical Group has released US Ophthalmic Market: A Wave of Consolidation. The report also features a Q&A with Vector CEO Dana Jacoby and Gary Herschman, a member of the Board of Directors at Epstein Becker Green.
Click here to download the report. | | | | | | | |
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| |  | | (Drew Sanders/PitchBook News) | | | Did you follow the private markets news this week? Take the PitchBook News Quiz to see how you stack up.
This week: Adam Neumann has a new startup, Egon Durban resigns from Twitter and Andreessen Horowitz re-ups crypto coffers. | | | | | | | | | | Ranking the most active investors of Q1 | | After months of record-breaking investment, 2022 seemed poised to continue the trend. By the end of Q1, the public markets were in turmoil, yet private market activity remained strong throughout the first quarter.
Curious who led the way? PitchBook's interactive Global League Tables are now available for Q1 2022, spanning the full spectrum of activity across PE and VC. The tables break down the most active investors by region, industry, deal type and more, and also rank advisers, acquirers and law firms. | | | | | | | | | | Revenue-based financing startup Bloom collects over $377M in Series A | |  | | (Nora Carol Photography/Getty Images) | | | Luxembourg-based Bloom has secured £300 million (about $377.1 million) in Europe's largest Series A so far this year.
With VC fundraising conditions becoming less hospitable, revenue-based financing could become a popular alternative. | | | | | | | | | | Xi Jinping's policies in China are having a profound impact on markets—and causing investors to flee the country. [The Economist]
With his backing of Flowcarbon, a blockchain-enabled carbon credit trading platform, Adam Neumann appears to be returning to the public eye. [TheStreet]
How Intel, Samsung and TSMC are developing a new transistor design that could reshuffle the pecking order of chip giants for years to come. [Protocol] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 355 Deals | 1488 People | 426 Companies | 21 Funds | | | | | | |
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| 2013 Vintage European VC Funds | | | | | | |
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| | | Airspace has received $70 million in a round led by DBL Partners and co-led by Telstra Ventures and HarbourVest Partners. Founded in 2016 and based in Carlsbad, Calif., the startup offers a global delivery network for time-critical logistics in industries like healthcare and aerospace. | | | | | | | | Assembled accrues $51M in Series B | | | Assembled has raised $51 million in Series B financing led by NEA, resulting in a more than 5x increase of the company's valuation in one year. Assembled is the creator of a workforce management platform that offers forecasting, automated scheduling and real-time and historical reporting. | | | | | | | | Sequoia China leads $37M round for Full-Life | | | Full-Life Technologies has collected $37 million in a Series A led by Sequoia China. Based in Shanghai and operating in Europe, the radiotherapeutics company is developing oncology products and other treatments. | | | | | | | | | Data lineage startup Manta has raised $35 million in a round led by Forestay Capital. The company's tech is used by mid-size and enterprise-level companies to scan data environments and build maps of data flows for technical and non-technical users. | | | | | | | | | | | | | | | Indigov lands $25M Series B | | | Indigov has raised a $25 million round from investors including Tusk Venture Partners, 8VC and Wicklow Capital. Launched in 2019, the startup offers a constituent service platform for public officials that provides reporting, analytics, casework management services and more. | | | | | | | | AstroForge takes off with $13M | | | Asteroid mining startup AstroForge has reportedly raised a $13 million seed round led by Initialized Capital. The California-based company, which has received backing from Y Combinator, will use the funds in part to support an initial demonstration flight in 2023, TechCrunch reported. | | | | | |
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| Ares to stake Ryan at $2.5B value | | | Ares Management has agreed to acquire a minority stake in Ryan, a global tax services and software provider, valuing the company at $2.5 billion. Existing investor Onex Partners, the private equity arm of Onex Corporation, also participated in the investment. Ryan serves over 18,000 clients in more than 60 countries. | | | | | | | | Goldman's PE arm to acquire Norgine for $2B | | | Goldman Sachs' private equity arm has agreed to acquire a controlling stake in pharmaceutical company Norgine for nearly $2 billion, Bloomberg reported. Based in Amsterdam, Norgine manufactures a number of drugs used in the treatment of gastroenterological and hepatic disorders. | | | | | | | | Energy Capital eyes $1.6B for Calpine | | | Energy Capital Partners is looking to raise nearly $1.6 billion in a secondary deal that will allow the private equity firm to increase its control over power company Calpine, The Wall Street Journal reported. Energy Capital first backed Calpine in 2018. | | | | | | | | Blackstone, Hipgnosis buy Justin Timberlake catalog for $100M | | | Blackstone-backed Hipgnosis Song Management has acquired the music catalog of Justin Timberlake for just over $100 million, according to reports. In October, Blackstone and Hipgnosis teamed up with plans to invest $1 billion into music rights and recorded songs. | | | | | | | | TA Associates, Mubadala, Carlyle take minority stake in Apex Group | | | TA Associates, Mubadala and The Carlyle Group have taken a minority stake in Apex Group, a financial services provider. The company, which provides services to asset managers, capital markets, private clients and family offices, employs 10,000 people in over 85 global offices. The firms invested alongside existing backer Genstar Capital. | | | | | | | | Quad-C backs Catapult Print and Packaging | | | Quad-C Management has invested in Catapult Print and Packaging, a Florida-based printer and converter of linerless and pressure sensitive labels. Founded in 2018, Catapult provides specialty labels primarily for the food and beverage, industrial and consumer sectors. | | | | | |
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| Ecarx to go public via SPAC | | | | | | | | | Broadcom to acquire VMware for $61B; Silver Lake to exit 10% stake | | | Silver Lake is among investors that will exit holdings in cloud computing company VMware—currently controlled by Michael Dell—to Broadcom, which has agreed to purchase the company for $61 billion, according to reports. Broadcom will pay $142.50 in cash per VMware share, which represents a 44% premium to VMware's closing price May 20. | | | | | |
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| Viola Credit locks down $700M | | | Viola Credit has raised $700 million for its alternative lending income strategy. The Israeli firm will continue to provide asset-based lending capital to fintech, proptech and insurtech startups. | | | | | | | | Old Fashion Research launches $100M fund | | | Old Fashion Research has completed the first close of its venture fund on $100 million. The multi-strategy blockchain investment firm was formed in 2021 by former Binance executives and has invested in over 50 blockchain projects. | | | | | | | | 1Sharpe Ventures wraps up $90M debut fund | | | 1Sharpe Ventures has closed its inaugural fund on $90 million. The vehicle will target 30 to 40 early-stage proptech startups, and has already invested in five companies, including Carats & Cake and Flock Homes. | | | | | | | | Bain readies newest Asia fund | | | Bain Capital is getting ready to pitch its newest Asia-focused fund, The Wall Street Journal reported. The vehicle will likely collect at least $4.65 billion, the amount its predecessor raised in 2018, according to the report. | | | | | |
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