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In today's Daily Pitch, you'll find: - An analysis of how Europe's venture-backed companies racked up record valuations in the first half of 2021.
- Our latest installment of Emerging Tech Research, which dives deep into the thriving agtech industry's Q2 activity.
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| Europe's flourishing VC scene drives valuations to record heights | | Valuations of European VC-backed companies have yet again broken records in the first six months of the year across all financing stages. The overwhelming amount of capital flowing into Europe's VC ecosystem has created upward pressure on round sizes, leading to the soaring valuations.
PitchBook's Q2 2021 European VC Valuations Report takes a deep dive into the reasons behind this remarkable growth, breaking down the data on valuations across various stages, sectors, regions and investor types. Key takeaways include: - The increased presence of nontraditional investors in the European VC space continues to boost valuations despite the macroeconomic uncertainty and potential stagflation created by the pandemic.
- A stable of new unicorns have been minted in 2021, further adding to Europe's aggregate unicorn valuation amount, which has now reached a dizzying €247.3 billion.
- Exit valuations in the first half of 2021 paced well above last year's total as tech companies took advantage of favorable market conditions and the tech-centered tailwinds driven by the pandemic.
| | | | | | | | | | Agtech fundraising continues its upward growth in Q2 | |  | | (phuttaphat tipsana/Getty Images) | | | The pandemic led investors to ramp up funding for agtech startups addressing vulnerabilities in agricultural supply chains. Now extreme weather events including droughts and wildfires are highlighting new challenges and driving investment in soil sensors, weather prediction services and aerial imagery that help growers mitigate the effects of climate change.
Our latest installment of Emerging Tech Research includes spotlights on private companies including Benson Hill, Semios and CropX. The report also tracks major industry trends, covering developments in areas like insect farming and agriculture drones.
Key takeaways include: - Venture funding for global agtech startups hit $2.1 billion in the second quarter of 2021. As more data is added, this figure will likely surpass Q4 2020's record deal value total.
- Agtech exit counts doubled in Q2, with 12 deals accounting for $2.6 billion in exit value globally. Notable exits include Zymergen, Root AI, Flying Spark and Agribody Technologies.
- Insect farming is gaining steam as corporate food companies look for innovative ways to reach sustainability goals. The edible insect market is projected to reach $4.6 billion by 2027.
- Climate change is expected to become one of the dominant drivers of agtech investment in the near future, providing a favorable tailwind for predictive weather analytics tools that help protect crops and livestock.
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| A message from SS&C Intralinks | | |
| Investor relations, powered by Zoom: Efficiency born of necessity | | Despite many hopeful predictions, pandemic-driven changes to personal work styles may not be going away anytime soon. Some adaptations have provided unexpected efficiencies and benefits that may become permanent standards. Case in point: Zoom.
Intralinks' new report, Zooming forward: How video is helping IR teams get ahead, produced in association with Private Equity Wire, explores how this video platform, much favored by dealmakers for remote due diligence, is now being embraced by investor relations (IR) teams to transform communications and strengthen bonds with investors. Topics include: - Intelligent, technology-driven GP‑led communications
- Online annual general meetings
- Virtual fundraising
- Digital communication strategy best practices
- Evolution of the IR role
Download this report now, and zoom in for a closer look at the new face of IR. | | | | | | | |
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| Hackers, remote workers spur record PE investment in cybersecurity | |  | | (Olemedia/Getty Images) | | | Private equity buyouts in cybersecurity are hitting new records as a fast-growing industry responds to a surge in remote working and increasingly sophisticated cyberattacks. - PitchBook's Q2 2021 US PE Breakdown revealed cybersecurity deals have swelled in terms of deal value over the past six quarters, and have spiked in 2021 thanks to a handful of blockbuster pacts.
- Announced in April, Thoma Bravo's $12.3 billion acquisition of Proofpoint set a record for the largest cybersecurity buyout ever, and was larger than all cybersecurity buyouts in the third and fourth quarters of 2020 combined.
- Factoring in the Proofpoint buyout and the $900 million acquisition of ExtraHop by Bain Capital and Crosspoint Capital Partners in June—both of which have been agreed to but not yet completed—cybersecurity buyouts have already reached $23 billion combined in 2021. More deals are expected.
| | | | | | | | | | Acquiring NBA and MLB stakes is just the beginning of private equity's takeover of major league sports. Here's what comes next. [Institutional Investor]
With China's recent tech crackdown, investors throughout the globe are looking to a new unicorn investment hub. [Forbes]
Direct listings still make up a small portion of the public-offering market. But so far they're paying off for investors. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 516 Deals | 1742 People | 370 Companies | 27 Funds | | | | | | |
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| 2017 Vintage European PE Funds | | | | | | |
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| Growth opportunities amid consolidation and disruption in finance | | Incumbent financial giants have invested heavily in consolidation as well as improving and expanding their products and services over the past decade, as disruption by heavily funded fintechs surged.
Amid this competitive environment, significant growth opportunities remain for financial players that can adopt a much more client-centric strategy. Introhive's first in-depth report spanning the financial services spectrum provides a review of key market trends and the tactics both fintechs and financial services companies are utilizing to stay competitive. Additional highlights include: - A summary of key industry trends, including product development and back-office automation
- Datasets on M&A and venture financing activity
- Insights from Introhive industry experts
Read it now | | | | | | | |
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| Gatik hauls in $85M Series B | | | | | | | | | | Versanis Bio has raised a $70 million Series A co-led by Atlas Venture and Medicxi. The Oakland, Calif.-based company develops therapeutics for the treatment of conditions common in older adults, including metabolic disease and obesity. | | | | | | | | | Alma has raised a $50 million Series C led by Insight Partners. Founded in 2017, the company provides a membership-based platform intended to help mental health professionals grow their practices with insurance support, automated billing, scheduling tools and more. | | | | | | | | Ellipsis Health collects $26M for mental health tech | | | Ellipsis Health has raised a $26 million Series A led by SJF Ventures, with participation from Luminous Ventures, What If Ventures and several other investors. The San Francisco-based company is a developer of AI-based voice biomarker tech that assesses speech for behavioral health conditions such as stress, depression and anxiety in less than 60 seconds. | | | | | | | | Syndicate raises $20M round led by a16z | | | | | | |
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| Blackstone wraps up $10B deal for QTS Realty | | | Blackstone has closed a previously announced deal to acquire QTS Realty Trust, a provider of data center space, for approximately $10 billion including debt. Funds for the investment will come via affiliates of Blackstone Infrastructure Partners, Blackstone Real Estate Income Trust and Blackstone Property Partners. QTS Realty's footprint spans more than 7 million square feet of space in North America and Europe. | | | | | | | | Crestview Partners takes majority stake in JMP Solutions | | | Crestview Partners has completed a majority investment in JMP Solutions, an Ontario, Canada-based automation systems integrator that was founded in 1987. JMP Solutions designs, engineers and integrates hardware and software to automate manufacturing, production and distribution facilities for customers in the industrial and consumer end markets. New York-based Crestview targets middle-market companies in the industrials, media and financial services sectors. | | | | | | | | Apax buys tree care company SavATree | | | Apax Partners has acquired SavATree, a Bedford Hills, N.Y.-based provider of professional tree, shrub and lawn care, from CI Capital Partners. Founded in 1978, SavATree currently operates 58 branches throughout 27 states. The deal is expected to close in the fourth quarter of 2021. | | | | | |
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| Vice stops SPAC discussions, raises $85M+ | | | Vice Media is no longer pursuing a SPAC merger and has raised more than $85 million from existing backers like Lupa Systems, TPG, TCV and Sixth Street Partners, The Information reported. Co-founder Shane Smith is reportedly opting to give up voting control and will continue to serve as chairman of the board. Vice was said to be in merger talks with blank-check company 7GC & Co. Holdings earlier this year. The digital media and broadcasting company was valued at $5.7 billion in 2017, according to a PitchBook estimate. | | | | | |
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| | | Direct-to-consumer shoe brand Allbirds has filed to go public on the Nasdaq. The company reported $219.3 million in revenue for 2020, up 13% year-over-year, and losses of $25.9 million. San Francisco-based Allbirds is a certified B Corporation and was last valued at $1.7 billion in 2020, according to PitchBook data. Its backers include Fidelity Management & Research, Tiger Global and T. Rowe Price. | | | | | |
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| Clearlake hopes to collect $10B for seventh flagship vehicle | | | Clearlake Capital has set a $10 billion target for its seventh namesake fund, The Wall Street Journal reported. The firm raised over $7 billion for its sixth flagship vehicle last year. Based in Santa Monica, Calif., Clearlake invests in a range of sectors including tech, energy and industrials. | | | | | | | | MiddleGround Capital closes Fund II at $800M | | | Lexington, Ky.-based MiddleGround Capital has closed its second flagship fund at $800 million in committed capital. The private equity firm focuses on middle-market B2B industrial and specialty distribution companies. It closed its first flagship vehicle at nearly $460 million in 2019. MiddleGround has also announced that its mobility opportunity fund, which targets automotive companies, has reached a hard cap of $250 million. | | | | | |
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