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| In today's Daily Pitch, you'll find: | | | | | |
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| Top VCs stand by Web3, DeFi as fintech falls in Q2 | | The Emerging Tech Indicator tracks seed and early-stage investments from the world's top 15 most successful VC firms in order to gauge technology funding trends. In the second quarter of 2022, our analysts tracked $5.1 billion in investment across 195 deals, down significantly from $8.3 billion in Q1 as leading firms pulled back on tech funding.
The report provides an overview of the pace of early-stage investment trends across different areas of technology, diving deep within key segments: Web3 and DeFi, DevOps, foodtech, AI and machine learning, and ecommerce. Key takeaways include: - Web3 and DeFi represented the largest area of ETI investment for the fourth consecutive quarter, with $868 million recorded across 24 deals. However, that number is down significantly from the more than $2 billion invested in each of the prior two quarters.
- DevOps secured $654 million in ETI investment across 21 deals in Q2.
- Traditionally strong tech categories saw a funding drop, with fintech seeing one of its weakest quarters on record.
- Q2 VC activity declined significantly from the peak levels reported over Q4 2021 and Q1, and we expect activity to remain relatively volatile in the current environment.
| | | | | | | | | B2B, IT deals dominate European PE carveouts as activity slows | |  | | (eamesBot/Shutterstock) | | | Private equity-backed European corporate carveouts in the B2B and IT sectors have dominated in 2022 as companies look to shore up their balance sheets, often by divesting noncore assets.
The largest of these was the acquisition of water utility company Suez Environment from Veolia UK for about $13.1 billion in January, which accounted for just over a third of the total deal value so far this year. | | | | | | | |
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| A message from McDermott Will & Emery | | |
| Join leading professionals for a can't-miss networking event in New York City | | Experience the healthcare private equity industry's most dynamic event of the fall! Join fellow senior leaders at McDermott Will and Emery's HPE New York for riveting conversations on the most pressing topics and trends impacting healthcare investing.
Whether you are looking to identify new investment opportunities or position your company for growth, this event will provide unparalleled access to leading senior professionals active in healthcare investing including private equity investors, executives and founders. Join us on Friday, October 21 at the iconic Lotte New York Palace for a half-day of insightful panels and premier networking opportunities at HPE New York 2022.
Register today | | | | | | | |
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| European VC valuations trend upward in the face of uncertainty | | Despite falling public tech stocks and a bleak market outlook, European VC valuations still paced above last year's figures through June 30. VC dealmaking in Europe remained strong, helping keep valuations afloat. Yet as the year progresses, the full impact of a downturn may cause startup price tags to deflate.
Our Q2 2022 European VC Valuations Report explores how valuations fared across stages, sectors and geographies, and what current market conditions may mean for the future. Key takeaways include: - Early-stage European valuations remained relatively insulated from public market volatility, currently pacing 34.1% higher than in 2021.
- The number of down rounds ticked upward slightly to stand at 15.4% of deals closed in H1.
- The total worth of European unicorns grew 35%, mostly due to strong dealmaking in Q1.
- A significantly quieter IPO market has seen public listing exit valuations drop by 57% from 2021's annual total.
| | | | | | | | | | US private equity firms are looking abroad for commitments as pension funds struggle. [The Wall Street Journal]
Twenty-five years after the Asian financial crisis, cash-rich Korean buyout companies now rival global players. Here's how South Korea learned to love private equity. [Financial Times]
The startup hoping to take disinfecting ultraviolet light beyond the hospital. [Fortune] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 16 Deals | 126 People | 50 Companies | | | | | | |
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| 2014 Vintage European Debt Funds | | | | | | |
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| Customer engagement platform Solsten pockets $21.8M Series B | | | Berlin-based Solsten has raised $21.8 million in a round led by Konvoy. The startup's platform is designed to help companies create more engaging digital experiences for customers through the analysis of human psychology. | | | | | | | Airs Medical secures $20M | | | Airs Medical has raised a $20 million Series B from investors including Q Capital Partners and Hanwha Life. Based in South Korea, the company is a developer of AI-based diagnostic tests and robotics technologies for healthcare providers. | | | | | | | Voyager Capital leads $7.75M round for Sofy | | | Sofy has raised a $7.75 million seed round led by Voyager Capital. Based in the Seattle area, the startup is the developer of a no-code platform for testing mobile apps. | | | | | |
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| Apollo-led group lands stake in GI Alliance at $2.2B valuation | | | An Apollo Global Management-led partnership with the physician owners of GI Alliance has agreed to acquire a 30% stake in the company from Waud Capital Partners at a valuation of $2.2 billion. The owners currently have a majority stake of 70% in GI Alliance, which is the biggest gastroenterology practice in the US. | | | | | | | LLCP's Blue Ridge acquires Crowe tax unit | | | | | | | | Battery Ventures stakes PE-backed Forterro | | | Battery Ventures has acquired a 10% stake in Forterro, a European provider of enterprise resource planning software for the industrial sector. Partners Group acquired the company in March for roughly $1 billion. | | | | | |
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