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Our debut carbon tech report

Glasswing Ventures raises $158M AI fund; Q&A: Vista Credit on private debt; FTX leads $300M round for Mysten Labs; PowerPlant generates $330M vehicle
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The Daily Pitch: VC, PE and M&A
September 9, 2022
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Today's Top Stories  
All systems go for carbon and emission tech
As legislation, policy and net-zero emissions pledges encourage decarbonization across the globe, startups developing carbon and emissions tech are reeling in investors. The vertical is poised for strong continued growth thanks to increasing global focus on aggressive emissions targets and consumer interest in emissions reduction. PitchBook analysts estimate the overall market will reach $905 billion in 2022.

Our first Carbon & Emissions Tech Report explores VC trends in the nascent sector and spotlights opportunities in carbon tech, green industry, built environment and land use.
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Glasswing Ventures takes off with $158M second fund
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Glasswing Ventures has raised $158 million for its latest vehicle to back AI-enabled startups.

Raising the fund was in some ways easier than the first, but it came with its own challenges in a crowded fundraising environment. We spoke to founder and managing partner Rudina Seseri about the process.
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A message from Ontra  
Finally: contract automation for private markets
Contract technology has left out asset management for years. Point solutions, which focus on improving a specific element of contracting, force firms to use multiple ad hoc solutions to cover the entire contract lifecycle.

Meanwhile, contract lifecycle management (CLM) platforms are often too generic for firms to realize the time and cost savings they expect. Most CLM providers don't base their features on what asset managers need to efficiently execute high-volume, routine contracts while complying with numerous investor obligations.

Given the limitations, Ontra took an in-depth look at what's available in its new infographic, The Contract Automation Landscape for Private Markets.

Review the infographic now.
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Bessemer raises $3.85B for early-stage startups
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Bessemer Venture Partners has raised a $3.85 billion fund, the largest vehicle of the firm's nearly 50-year history and the ninth-largest individual US VC fund ever, according to PitchBook data.

The fund comes just 18 months after Bessemer announced its previous vehicle. Until now, the firm had been closing new funds approximately every three years.

Fundraising cadence increased for venture funds in recent years as many firms, including Bessemer, deployed capital at a rapid pace amid the market boom of 2021.
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Q&A: Vista Credit's David Flannery on private debt vs. syndicated loans
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David Flannery leads Vista Equity Partners' credit-investing strategy, Vista Credit Partners, which provides debt and structured equity financing to tech, data and enterprise software companies.

Our colleagues at LCD spoke to Flannery about the balance between the syndicated loan market and private debt, the outlook for the tech sector and more.
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Recommended Reads
Can Mike Novogratz's comeback narrative survive the crypto crash? [Institutional Investor]

Germany's €9 public transit program came to an end in August, but the country hasn't given up on cheap public transit as it continues to face a gas crisis. [Bloomberg]

Incoming Y Combinator CEO Garry Tan hopes to tap the program's alumni network to generate new tech giants. [Wired]
 
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Quick Takes  
  The Daily Benchmark  
  2009 Vintage Global Real Estate Funds  
  VC Deals  
  FTX leads $300M round for Mysten Labs  
  Carrot secures $145M  
  Tesseract picks up $78M  
  Photys Therapeutics brings in $75M  
  Dealpath snags $43M Series C  
  Crop intelligence company Taranis rakes in $40M  
  Arize AI pockets $38M Series B  
  Teenage founder raises $30M for Community Labs  
  TigerEye takes in $30M  
  21.co valued at $2B with new funding  
  Open Raven bags $20M Series B  
  PE Deals  
  LLR Partners backs Vantage Point Logistics  
  Sentinel Capital lands SmartSign  
  FFL exits stake in Accordion  
  American Securities acquires Meridian Adhesives Group  
  Exits & IPOs  
  Tailwater to sell NorTex Midstream to Williams Field for $423M  
  Fundraising  
  BayPine wraps up first fund on $2.2B  
  Ardian closes fifth Americas infrastructure fund on $2.1B  
  PowerPlant picks up $330M  
 
 
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The Daily Benchmark  
2009 Vintage Global Real Estate Funds
Median IRR
9.70%
Top Quartile IRR
12.20%
1.39x
Median TVPI
Select top performers
LBA Realty Fund IV
Lubert-Adler Fund VI A
GEM Realty Fund IV
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29 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
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VC Deals  
FTX leads $300M round for Mysten Labs
Mysten Labs, creator of the Sui blockchain, has secured a $300 million Series B at a more than $2 billion valuation. The round was led by FTX Ventures, with support from investors including Andreessen Horowitz, Apollo Global Management, Lightspeed and Coinbase Ventures.
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Carrot secures $145M
Digital insurance company Carrot has raised 175 billion South Korean won (about $145 million) in a round led by Affirma Capital. The company plans to raise another 125 billion won in Q4.
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Tesseract picks up $78M
Balderton Capital and Lakestar have led a $78 million investment in London-based Tesseract. The startup seeks to cut out energy-market middlemen by owning renewable generator assets and selling power directly to consumers.
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Photys Therapeutics brings in $75M
Photys Therapeutics has raised a $75 million Series A led by MPM Capital. The company is developing bifunctional medicines intended to restore protein function and boost disease-fighting mechanisms.
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Dealpath snags $43M Series C
Dealpath has raised a $43 million Series C led by Morgan Stanley Expansion Capital, with participation from Blackstone, Nasdaq Ventures and others. The San Francisco-based company offers a cloud-based real estate investment management platform.
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Crop intelligence company Taranis rakes in $40M
Taranis has raised a $40 million Series D led by Inven Capital. The company, which has offices in the US, Israel and Brazil, offers a crop intelligence platform for agriculture advisers and growers.
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Arize AI pockets $38M Series B
Arize AI has raised $38 million for its machine learning observability platform used by clients such as Uber, Spotify, eBay and Instacart. TCV led the Series B.
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Teenage founder raises $30M for Community Labs
Community Labs has raised $30 million in funding led by Lightspeed. Headed by 19-year-old Tate Berenbaum, the company builds software development tools for Arweave, a decentralized data storage system.
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TigerEye takes in $30M
Stealth-stage tech startup TigerEye has raised $30 million in a Series A led by Initialized Capital and Next47.
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21.co valued at $2B with new funding
Zurich-based 21.co has raised $25 million in a round led by Marshall Wace at a $2 billion valuation. Its main products are 21 Shares, an issuer of cryptocurrency exchange-traded products, and token provider Amun.
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Open Raven bags $20M Series B
Open Raven has raised $20 million in a round led by Pelion Ventures. The startup specializes in data security posture management.
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PE Deals  
LLR Partners backs Vantage Point Logistics
LLR Partners has invested in Vantage Point Logistics, a provider of supply chain management software for healthcare organizations.
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Sentinel Capital lands SmartSign
Sentinel Capital Partners has acquired SmartSign, a New York-based provider of customizable signs, labels and tags for regulatory, compliance and safety applications.
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FFL exits stake in Accordion
FFL Partners has sold its stake in Accordion, a private equity-focused financial and technology consulting firm, to Charlesbank Capital Partners and Motive Partners. FFL originally invested in Accordion in 2018.
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American Securities acquires Meridian Adhesives Group
American Securities has acquired Meridian Adhesives Group, a producer of advanced adhesives for electronics, infrastructure and industrial end markets, from Arsenal Capital Partners.
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Exits & IPOs  
Tailwater to sell NorTex Midstream to Williams Field for $423M
Tailwater Capital has agreed to sell NorTex Midstream, a developer and operator of multicycle natural gas storage in the US, to Williams Field Services Group—a subsidiary of The Williams Companies—for $423 million.
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Fundraising  
BayPine wraps up first fund on $2.2B
Boston-based BayPine has closed its inaugural private equity fund on $2.2 billion. Including capital from co-investors, the fund has roughly $3 billion to deploy. The firm targets upper-middle-market businesses in the healthcare, consumer, specialty industrials and business services sectors.
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Ardian closes fifth Americas infrastructure fund on $2.1B
Ardian has closed its fifth Americas infrastructure fund on $2.1 billion. The fund will invest in mid-market US companies in the telecommunications, transportation and energy transition sectors.
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View 1,148 investments »
 
PowerPlant picks up $330M
PowerPlant Partners has closed its third flagship fund on $330 million. The vehicle will make investments of up to $40 million in consumer-facing companies making a positive impact on people and the planet.
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View 31 investments »
 
 
Chart of the Day  
Source: PitchBook's H1 2022 Greater China Venture Report
 
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