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In today's Daily Pitch, you'll find: - Our latest reports breaking down emerging opportunities in the climate tech ecosystem.
- Sequoia has fundamentally overhauled its fund structure as part of a larger effort by the VC industry to keep pace with new investing strategies.
- German VC World Fund is aiming to raise Europe's largest climate tech fund yet.
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| Breaking down the climate tech ecosystem with our newest research | | Decarbonizing the planet is a process that will leave no part of the economy untouched. This transformation poses innumerable challenges—but also unprecedented opportunities in climate tech. This sector is a critical area of innovation, and it's attracting an increasing amount of VC, with $30.8 billion invested in climate-focused startups in the first nine months of 2021.
PitchBook is excited to release our new climate tech coverage as part of our expanding Emerging Tech Research. The reports include:
Introduction to Climate Tech: Preview - Our breakdown of the climate tech industry organizes this complex landscape into a clear taxonomy; the preview offers a sneak peek at market maps covering 46 industry groups.
- It features analyses of highly specific subgroups, separating electric transportation from the rest of sustainable transportation, and distinguishing clean energy generation and grid tech.
Climate Tech Quarterly Update: Preview - Our inaugural installment of Emerging Tech Research on the sector recaps a record-setting Q3 in climate tech.
- The report includes a timeline, spotlights on emerging opportunities, and the latest data on dealmaking and exits.
| | | | | | | | | | Why Sequoia is blowing up a 50-year-old financing model | |  | | Sequoia partner Roelof Botha (Brian Ach/Getty Images) | | | Leading venture capitalists are breaking from their venerated model as challenges mount at their doorsteps.
Sequoia has announced a new fund structure that frees the firm and its LPs from the typical time constraints of VC funds. - Sequoia partner Roelof Botha compared the standard 10-year fund to a floppy disk, arguing that the structure doesn't meet the needs of LPs and portfolio companies.
- The firm wants to capture more of the upside from top-performing investments. From Zoom to Square, Sequoia portfolio companies have added tens of billions of dollars to their market capitalizations following their IPOs.
- Under the new structure, Sequoia will more closely resemble the crossover investors that have become a leading force in late-stage VC.
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| Top Californian dealmakers' M&A predictions | | Modern deals platform Ansarada brings M&A trends in California to light in a new data-driven report with Mergermarket.
The survey reveals an optimistic outlook for M&A in the state as COVID-19 vaccinations are rolled out and the US economy reopens. Some 86% of dealmakers believe that the number of M&A deals in California will increase in the next 12 months, compared to 72% who believe it will increase in the US overall.
The buoyant market is not without its challenges; however, for those who are able to adapt quickly to market changes and harness technology to their benefit, the future is bright. Read the full report to learn more.
Download Californian dealmakers' predictions here | | | | | | | |
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| PE exits are on a historic run as firms net billions | |  | | (twomeows/Getty Images) | | | Private equity exits are on fire as rapid economic growth and strong markets fuel an already historic year for firms and portfolio companies. - PitchBook's Q3 2021 US PE Breakdown illustrates an astounding run for PE exits as 2021 year-to-date exit value is already 50% larger than the next-highest annual figure, and currently estimated to top $638 billion through Q3.
- Additionally, 1,129 exits are estimated to be completed through Sept. 30.
- Rebecca Springer, a private equity analyst at PitchBook, credits a "perfect storm" for the unrivaled success: "The underlying drivers are strong economic growth and highly liquid markets."
| | | | | | | | | | World Fund launches $400M+ vehicle to fight climate change | |  | From left, World Fund partners Danijel Visevic, Craig Douglas, Daria Saharova and Tim Schumacher.
(Courtesy of World Fund) | | | | Recently established German investor World Fund is aiming to raise Europe's largest dedicated climate tech vehicle with the launch of its maiden fund. VCs have been raising climate tech funds at a fervent pace, driven by an increase in extreme weather disasters and an international effort to reach net-zero emissions. | | | | | | | | | | Two massive real estate investors in London are banking on opposing strategies. A detailed look into the city's great retail reset. [Institutional Investor]
Why the bond market says inflation will likely last. [The New York Times]
The number of vacant homes in the Bay Area is declining, but is that a good thing? [San Francisco Chronicle] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 472 Deals | 1843 People | 532 Companies | 28 Funds | | | | | | |
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| 2011 Vintage European PE Funds | | | | | | |
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| A message from RBC Capital Markets | | |
| How are changes in consumer behavior influencing M&A dealmaking? | | Recent M&A deal volumes in the consumer and retail sectors have been exceptionally high, with companies deploying new strategies to stay aligned with evolving consumer behaviors. According to RBC's global head of Consumer and Retail, Carrie Cook, "A global cross-sector, cross-product perspective is going to be key." Pandemic-driven changes in consumer preferences are behind recent trends in M&A, including cross-sector convergence and increased investment in data and analytics.
How are consumer brands and companies preparing for the future? What's fueling larger, more complex transactions with global dimensions?
See what's ahead for the sector and why large deals may be a theme going forward, with insights from RBC Capital Markets' industry experts. | | | | | | | |
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| Medable hits $2.1B valuation | | | Medable has raised a $304 million Series D co-led by Blackstone, Tiger Global and GSR Ventures. The funding values the Palo Alto-based company at $2.1 billion. Medable is a developer of a cloud-based platform designed to conduct decentralized clinical trials and help patients access new therapies. | | | | | | | | TCV leads $250M round for Devo | | | Devo has raised a $250 million Series E led by TCV. The funding has propelled the company's valuation to $1.5 billion. Based in the Boston area, Devo is a developer of a cloud-based data and security analytics platform. Gopi Vaddi, general partner at TCV, will join the company's board. | | | | | | | | Fabric raises $200M Series C | | | Fabric has raised $200 million at a more than $1 billion valuation in a round led by Temasek. The New York-based company provides robotics-based fulfillment operations for ecommerce customers. | | | | | | | | Pipefy scoops up $75M Series C for workflow management tech | | | Pipefy has raised $75 million in a round led by SoftBank's Latin America Fund, with support from investors including Steadfast Capital, Insight Partners and Redpoint Eventures. Founded in 2015, the company provides low-code workflow management tools that help companies such as Rivian and Nubank automate and customize their processes. Pipefy was valued at $194 million in 2019, according to PitchBook data. | | | | | | | | Coterie Insurance banks $50M | | | Coterie Insurance has raised a $50 million Series B led by new investor Weatherford Capital. The Cincinnati-based company provides insurance for small businesses and allows agents and brokers to simplify and digitize their operations. Coterie raised an $11.5 million Series A1 in February. | | | | | |
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| Clearlake-backed nThrive lands TransUnion's healthcare data division | | | | | | | | | CVC Capital, RPSG chair buy cricket teams | | | CVC Capital Partners and multinational conglomerate RPSG Chairman Sanjiv Goenka have each agreed to purchase professional cricket franchises in the Indian Premier League, for a total of $1.69 billion, Axios reported. CVC will pay $745 million for a team based in Ahmedabad, while Goenka will pay $945 million for a Lucknow-based team. | | | | | | | | Core Industrial Partners forms new additive manufacturing platform | | | Core Industrial Partners has formed a new additive manufacturing platform and purchased 3Dxtech, Triton 3D and Gearbox3D. The new additive manufacturing platform provides 3D printers, materials and services focused on high-performance material extrusion technologies. Based in Chicago, Core targets lower-middle-market manufacturing, industrial tech and services businesses in North America. | | | | | | | | Sentinel Capital buys turf manufacturer | | | | | | | | | Sverica Capital snags majority stake in Automated Control Concepts | | | Sverica Capital Management has purchased a majority stake in Automated Control Concepts, a Neptune, N.J.-based systems integrator that specializes in process control, manufacturing intelligence, cybersecurity and industrial networking. Founded in 1983, the company serves customers in a variety of sectors, including life sciences and food and beverage. | | | | | |
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| Platinum Equity to sell Orbit Irrigation for $480M | | | | | | | | | Riverside set to offload German bodily injury claim assessment company | | | The Riverside Company has agreed to sell its stake in Actineo, a German provider of digitization and medical assessment services for bodily injury claims, to Verisk, a publicly traded data analytics provider. Actineo processes claims and develops prediction models for more than 80 insurance companies. Riverside has backed the company since 2019. | | | | | |
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| Platinum Equity targets $15B for largest fund yet | | | Platinum Equity is targeting $15 billion for its next fund, which would be a credit vehicle and the firm's largest fund ever, Bloomberg reported. The Beverly Hills, Calif.-based firm closed its fifth namesake fund last year at $10 billion. | | | | | | | | KSL eyes $3B for next flagship effort | | | KSL Capital Partners is looking to raise $3 billion for its latest flagship fund, Bloomberg reported. The Denver-based firm, which focuses primarily on the travel and leisure industries, closed its fifth flagship vehicle at $2.7 billion in 2019. | | | | | |
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"Both median early- and late-stage pre-money valuations set a strong pace in H1 2021, irrespective of investor type involved, and are pacing above 2020 figures. We expect the pace set to remain above 2020 figures, given the record-breaking H1 and optimism heading into H2."
Source: PitchBook's Q2 2021 European VC Valuations Report | | | | | |
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