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In today's Daily Pitch, you'll find: - VCs invested only $28.6 billion in Greater China in the first half of 2022, continuing a slowdown since late last year.
- St. Louis, Phoenix and Austin top the list of US cities seeing explosive growth in capital raised by female-founded startups.
- Despite an expected upswing, private real estate fundraising appears to be falling, according to our H1 2022 Global Real Estate Report.
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| VC in Greater China extends slowdown | | Venture activity in Greater China dropped significantly in the first half of 2022, continuing a slowdown since late last year.
VCs invested only $28.6 billion in the region in H1—below the Q3 2021 figure—according to our latest Greater China Venture Report, sponsored by Apex. The region has faced many hurdles over the past year, including regulatory headwinds, supply chain issues and macroeconomic challenges. Other takeaways include: - Only 56 mega-rounds of $100 million or more were completed in the first six months of 2022, off pace from 2021's regional record of 261.
- Exit value totaled just $40.6 billion across 64 deals—a significant year-over-year slowdown, especially for IPOs.
- Fundraising continued to fall, with the region's dry powder ebbing to $122.7 billion. This has raised concerns about long-term capital availability, especially if investors outside the region face more hurdles to entering the market.
| | | | | | | | | Check out where female founder fundraising is growing fastest in the US | |  | | Austin (Peter Tsai Photography/Getty Images) | | | While San Francisco and New York City are major hubs for female-founded startups, other cities have seen more significant growth in the amount of capital raised by female founding teams since 2020.
The Southwest, led by Austin, Dallas-Fort Worth and Phoenix, has seen explosive growth in capital raised by female-founded startups since 2020, while Washington, DC, and Denver have also seen a surge. | | | | | | | |
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| A message from Allvue Systems | | |
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| The complex reality of real estate in H1 2022 | | Private real estate fundraising appears to be in decline—an unexpected development for a strategy typically regarded as an inflation hedge. Going into this year, allocations to real estate were predicted to increase, but through H1, that growth has not materialized.
A shift in investors' interest has combined with the evolution of opposing market forces to alter the landscape, according to our latest Global Real Estate Report, sponsored by Baker Tilly. Among the takeaways: - In H1, real estate made up a smaller share of total private market capital raised than in any year on record, due in part to the lure of real assets amid infrastructure's recent steadfast performance.
- Real estate's one-year horizon IRR reached 24.8% through 2021—its best performance in a decade and just shy of the all-time high reached in 2011—but preliminary figures from Q1 2022 show the run of good fortune might not last.
- Opportunistic funds dominated capital raised, accounting for over 50% of the total, while distressed funds fell to just 1%. That may seem surprising in the current market, yet our data shows less of a correlation between distressed fundraising and economic recessions than might be expected.
| | | | | | | | | Dorm Room Fund graduates with $12.5M Fund IV | |  | | (Miuky/Shutterstock) | | | Dorm Room Fund, founded in 2011 as a unit of First Round Capital, has spun out as an independent firm with new high-profile backers such as Marc Andreessen, Insight Partners and Underscore VC.
The firm's strategy is to hire students to invest in student-founded startups. While Dorm Room Fund's latest vehicle of $12.5 million is its largest, it isn't the only VC targeting campuses as a source of entrepreneurs. | | | | | | | | | Recent VC trends of UK, Ireland in five charts | |  | | (VectorMine/Shutterstock) | | | Venture capital activity in the UK and Ireland for H1 2022 kept up with last year's momentum as deal value stays on track to match the 2021 record.
We've put together five charts exemplifying the status of the region's VC market through the first six months of 2022. | | | | | | | | | | There aren't enough human organs available for those in need of transplants. One possible solution: personal pigs. [The Wall Street Journal]
Wall Street banks are renewing their push to get employees back in the office. [Bloomberg]
How a lack of senior women in VC is hindering female founders. [Forbes] | | | | | |
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| 2010 Vintage Global PE Funds | | | | | | |
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| A message from PitchBook Media | | |
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This text has been updated; an earlier version misstated the number of report downloads. | | | | | | | |
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| Alessio Fanelli joins Decibel as partner | | | Alessio Fanelli, a former principal at 645 Ventures, has joined Decibel as a partner. Fanelli plans to focus on open source, data engineering and cybersecurity companies. | | | | | |
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| Jokr eyes $1.3B valuation | | | Jokr, a grocery and retail delivery startup, plans to raise between $35 million and $50 million at a $1.3 billion valuation, The Information reported. | | | | | | | Password management startup Bitwarden collects $100M | | | Bitwarden has raised $100 million in a round led by PSG. Based in Santa Barbara, Calif., the company offers an open-source password manager. Battery Ventures also participated in the funding. | | | | | | | | | Cybersecurity company Cymulate has raised $70 million in a Series D led by One Peak Partners. The company's platform is used to continuously monitor and optimize an organization's digital security. | | | | | | | Iliad Biotechnologies brings in $42.8M | | | | | | | | | | Elephas has raised a $41.5 million Series B led by Arch Venture Partners. The company is the developer of an oncology diagnostics platform for assessing how patients will respond to immunotherapy. | | | | | | | Varjo raises $40M Series D | | | Varjo has raised $40 million from investors including EQT Ventures and Atomico. The company is a developer of hardware and software for AR and VR headsets. | | | | | | | | | ZineOne has raised a $28 million Series C led by SignalFire. The company is the developer of a behavioral intelligence platform to help ecommerce companies analyze online shopping activity. | | | | | |
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| Kudu stakes Escalate Capital Partners | | | Kudu Investment Management has made a minority investment in Escalate Capital Partners, a private credit and equity investor focused on companies in the software, services and healthcare sectors. Escalate has invested more than $1 billion in US companies since its founding in 2005. | | | | | | | PE-backed CommerceHub to buy ChannelAdvisor | | | Insight Partners-backed CommerceHub has agreed to acquire ChannelAdvisor for $23.10 per share, which represents a roughly 57% premium to the company's closing stock price Sept. 2. ChannelAdvisor's platform helps brands and retailers centralize multichannel ecommerce operations. | | | | | | | HKW recaps Golden Country | | | HKW has recapitalized Golden Country Oriental Food and its subsidiary Golden Ocean Seafood. Golden Country is a distributor of Asian, African and Caribbean foods in the US Midwest; Golden Ocean is a distributor of frozen seafood. | | | | | | | Arcline acquires Kings III of America | | | | | | |
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| SK Capital completes NuCera Solutions sale to Chase Corporation | | | SK Capital Partners has completed its sale of NuCera Solutions, a developer and manufacturer of specialty polymers and polymerization technologies for products including adhesives, coatings, imaging and plastics. Chase Corporation purchased the company for $250 million. | | | | | |
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| Hamilton Lane closes seventh private credit fund on $953M | | | Hamilton Lane has closed its seventh strategic opportunities fund on $953 million. It is the asset manager's largest private credit fund ever. | | | | | | | | | Early-stage VC firm Heavybit has raised $80 million for its fourth flagship fund. The firm's portfolio includes CircleCI, Netlify and Snyk. | | | | | |
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