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In today's Daily Pitch, you'll find: - How this year's market uncertainty has shaped valuations across stages and sectors, according to our Q2 2022 US VC Valuations Report.
- Our latest Emerging Tech Research explores applications for hydrogen fuel cells in sectors like trucking, aerospace and warehousing.
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| How uncertainty has shaped different stages of US VC valuations | | US VC valuations have begun, in some ways, to mirror the broader market uncertainty, but certain stages and sectors have proved remarkably resilient, as some startups remain able to demonstrate their potential for value creation.
Our Q2 2022 US VC Valuations Report, sponsored by Silicon Valley Bank, shows how investor sentiment has—and hasn't—changed over the past quarter, and what that may mean for deal sizes, liquidity and more as the year goes on. Key takeaways from the report include: - Early-stage median pre-money valuations showed signs of contractions, recording their first quarter-over-quarter decline in more than two years, falling 16% in Q2 to $52 million.
- Seed-stage investment has held up better than any other stage, with deal counts and sizes remaining elevated and median pre-money valuations up 33% this year over 2021.
- Nontraditional investors have concentrated their more cautious behavior at the top end of the market—the top quartiles of deal size participation and valuation both fell by more than 13% in H1, but such declines aren't present at the medians.
- Only 10 public listings for companies valued over $1 billion were recorded through June 30, compared with more than 100 in 2021, as the public market climate continues to put pressure on exit valuations.
| | | | | | | | | Emerging opportunities bring hydrogen fuel cells back to the stage | | Hydrogen fuel cell technology, once viewed as the future of green cars, has fallen by the wayside as lithium-ion batteries have gained traction as the primary means of powering electric vehicles. While many larger corporate and state players have made substantial investments in the space, VC activity has remained limited compared with investment into battery-powered mobility solutions.
Our latest Emerging Tech Research analyst note tracks recent VC deal activity in the hydrogen EV sub-segment and explores emerging applications in trucking, aerospace, warehousing and marine vessels, sectors wherein the climate-friendly fuel has the potential to outperform its gas and electric peers. | | | | | | | | | BC Partners tops list of UK's largest PE fund closes in 2022 | |  | | (Aliaksey Dabralinski/Shutterstock) | | | Despite economic headwinds, six UK-based firms have still managed to close private equity funds on more than $1 billion each this year.
One firm, BC Partners, even raised over $5 billion—the sole UK mega-fund of the year. | | | | | | | | | Q&A: Jefferies veteran dealmaker examines PE secondary market trends | |  | | (DNY59/Getty Images) | | | Falling valuations in public and private markets have put added pressure on the pace of private equity exits, which slowed in Q2 2022 for the second consecutive quarter. PE firms chose to hold on to portfolio companies longer, instead of selling investments at unattractive prices.
Yet the drop in exits, if followed by a decline in distributions, could lead to a flourishing secondaries market. On one side, many PE firms will pursue GP-led secondary deals to extend their ownership of valuable assets; on the other side, LPs may also resort to the secondary market to unload older assets and free up capital for new commitments.
We recently spoke to Andy Nick, a managing director at Jefferies' private capital advisory arm, about the private equity secondary market—including how it has fared amid sustained public market volatility and what to expect for secondary deal flow and pricing in the coming year. | | | | | | | | | | Biotech startups need constant injections of capital to develop their drugs, making them particularly vulnerable to slowing economic growth, higher inflation and rising interest rates. [The Economist]
One writer explains how the COVID-19 pandemic was supposed to ease high housing prices in coastal superstar cities. Instead, he says, it spread them nationwide. [The Atlantic]
After nearly six months of fighting, the war in Ukraine has yielded Russia at least one big reward: expanded control over some of the most mineral-rich lands in Europe. [The Washington Post] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 462 Deals | 1827 People | 554 Companies | 20 Funds | | | | | | |
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| 2014 Vintage Global Real Estate Funds | | | | | | |
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| Decibel brings in Signal Sciences' Peterson | | | | | | | | Carlyle appoints interim global head of investor relations | | | | | | |
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| CleverTap to collect $105M led by CDPQ | | | SaaS startup CleverTap has agreed to raise $105 million in Series D funding led by CDPQ, which committed $75 million to the round. CleverTap is the developer of a B2B platform for customer engagement and retention. | | | | | | | Insilico extends Series D to $95M | | | | | | | | Boulevard bags $70M Series C | | | | | | | | Nightfall AI secures $40M Series B | | | | | | | | | | Injective has raised $40 million in a round led by Jump Crypto. The New York-based company is the developer of an open, interoperable blockchain that is optimized for building DeFi applications. | | | | | | | Prellis Biologics raises $35M | | | Prellis Biologics has raised a $35 million Series C co-led by Celesta Capital and Avidity Partners. The company uses bioprinting technology to recreate human tissues capable of replicating immune responses for use in drug discovery and development. | | | | | | | Biofourmis adds $20M to Series D | | | Intel Capital has joined the Series D for virtual care and digital medicine startup Biofourmis, bringing the round total to $320 million. The company raised $300 million in the initial Series D in April. | | | | | | | Merkle tacks on $19M to Series A | | | Merkle Science, the provider of a risk assessment and intelligence platform for preventing illegal activities involving cryptocurrencies, has raised $19 million in a Series A extension co-led by Beco Capital, Darrow Holdings and K3 Ventures. With the extension, the round totals $24 million. | | | | | | | Expedock gains $13.5M for supply chain automation | | | Insight Partners has led a $13.5 million Series A for Expedock. The San Francisco-based company digitizes documents and automates processes for supply chains. | | | | | | | QED backs Nigeria's TeamApt | | | QED Investors has made its first bet on an African company, with TechCrunch reporting the firm invested over $50 million into Nigeria's TeamApt. The company provides a business payments and banking platform. | | | | | |
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| Kohlberg to land 50% stake in USIC at $4B+ valuation | | | | | | | | Carlyle partners with Tillman to supply $1B for cell towers | | | | | | | | Creation invests $25M in DD360 | | | Creation Investments has invested $25 million in DD360, the provider of a financing and management platform for residential real estate in Mexico. DD360 offers B2B mezzanine and construction loans for developers, as well as mortgage loans to consumers. | | | | | | | GI Partners picks up research facilities | | | GI Partners, through its Essential Tech and Science Fund, has acquired five "always on" properties in Northern Virginia, together totaling 860,000 square feet. The properties host operations and research and development for defense and government contractors in the US. | | | | | | | PAI Partners acquires HKA | | | PAI Partners has acquired HKA, a global consultancy in risk mitigation, dispute resolution, expert witness and litigation support services, from Bridgepoint Development Capital. HKA employs over 1,000 consultants, experts and advisers across 18 countries. | | | | | |
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| LongHash Ventures launches Fund II | | | LongHash Ventures has launched its second fund with a target of $100 million, which it aims to reach by the end of the year, TechCrunch reported. The firm focuses on Web3 investments. | | | | | |
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