Brand new. We launched a new research product last week, our Global Markets Snapshot. This monthly digest tracks developments across the equity, debt, and commodities markets. Read the first edition here.
Last call! We're hosting a free webinar Wednesday with J.P. Morgan that will explore the rise of female founders and investors, the importance of boardroom diversity, and other related topics. Register here. | | | | | |
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| Bracing for change: US VC faces a vastly different market after last year's boon | | 2021 was a record year for US venture capital across the board. We saw fundraising, deal flow, and exit activity all above their long-term trends. Public listings made up most of VC exit value as public markets performed well despite the COVID pandemic. But 2022 is shaping up to be a much different year. With inflation persisting, a war in Europe, and a tight labor market, the equity markets have pulled back—with the Nasdaq nearly in bear market territory YTD.  | | Our report features lots of new data, like VC trends by state. | In our Quantitative Perspectives report, we investigate the relationship between valuations, equity markets, and VC dealmaking, as well as what changes may be on the horizon for venture capital. Here are some of the key takeaways: - The tight labor market, typically associated with higher costs for companies, may provide opportunities to the venture industry as new business formations have simultaneously increased.
- Despite the turmoil presented by the COVID-19 pandemic, venture investment, exit activity, and fundraising far exceeded long-term expansionary trends in 2020-2021.
- Investors have left themselves vulnerable to valuation corrections by sacrificing protective deal terms in exchange for access to deal flow, coaxed by high valuations and high exit sizes, as evidenced by our VC Dealmaking Indicator.
- The recent focus on investment outside of traditional tech hubs, boosted by a shift toward remote work, has led to big jumps in funding in many US states.
- Exit value was largely driven by public listings throughout the pandemic. A bear market may make public markets less receptive to the sky-high valuations of later-stage companies.
For more data and analysis, click to download the full 32-page report, US VC: Bracing for Change.
Feel free to reach out with any questions or feedback, or if you would like to discuss the research.
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With inflation ramping up, real estate has been gaining increased attention from investors seeking a hedge against the damage that inflation can do to an investment portfolio.
Real estate funds raised over $152 billion in 2021, marking a 6% annual increase as the industry had a mild rebound from a pandemic-driven fundraising dip.
So, how might the investing landscape change in an evolving market?
Our analysts break down the trends in fundraising and performance across all parts of the asset class: | | | | | | Private market dealmaking in the Nordic region has been soaring.
2021 recorded unprecedented levels of investment, as PE rebounded from its pandemic-induced slowdown and VC's stellar results were driven by mega-rounds and a late-stage boom.
Unicorns are proliferating. Big-ticket exits are growing.
Our new report breaks down the major trends in PE & VC dealmaking, exits, and fundraising across Norway, Sweden, Denmark, Finland, and Iceland—where growth equity, in particular, is skyrocketing: | | | | | |
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RETAIL HEALTHTECH—VC investment in consumer-focused healthtech startups hit $18.3 billion last year.
That's more than a twofold increase over 2020, highlighting the industry's maturation as emerging fields like telehealth and digital therapeutics become more established parts of modern healthcare.
Indeed, the segments driving that massive sum of investment were clinical care startups ($8.8 billion), mobile and digital health startups ($3.7 billion), and personalized medicine and testing startups ($3 billion).
Our 2021 Annual Retail Healthtech Report is a 57-page deep dive into the space, including: - VC investment activity and trends
- Emerging opportunities and industry drivers
- Market maps and market size estimates
- Key transactions and active acquirers
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How will public struggles for insurtech giants impact the private markets?
Which emerging companies are gaining traction in the market? And what's the industry outlook for 2022?
Our analysts hosted a free webinar this week to discuss all things insurtech: watch the replay - March 12—Don't miss our emerging tech session at SXSW '22 from 10-11 a.m. in room 406 at the Hilton Austin. Join our analysts as they follow the flow of VC across the US, explore macro trends in the venture landscape, and detail disruptive emerging technologies. For more details on this session and our Investor Lounge, click here.
- March 14—Senior VC analyst Kyle Stanford will join a Baker Botts-led panel at SXSW for a discussion on today's emerging technologies and the current investment landscape. More details.
- March 31—Our analysts will detail some of the prevailing sustainable investing philosophies and how they intersect with topics like greenwashing and impact. Register here.
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Our insights and data featured in the press: - Together, the 20 metropolitan areas that received the most VC money account for the lion's share of all US investment, in excess of 90%. [Bloomberg]
- Startups focused on vehicle-to-grid power raised $400 million in VC last year, up from $232 million in 2020. [WSJ]
- Female founders in the US hit a record for public listings and acquisitions in 2021. [Forbes]
- With ballooning seed and Series A deals, the traditional labeling system for VC rounds is losing meaning. [Puget Sound Business Journal]
If you're a journalist interested in interviewing our analysts or requesting data, contact our PR team. | | | | | |
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Highlights from our other recent research:
Market updates Thematic research Emerging Technology Research Coming next week (subject to change) - US PE Middle Market Report
- VC Fund Performance by Investor Style
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| | Since yesterday, the PitchBook Platform added: | | 414 Deals | 1930 People | 519 Companies | 34 Funds | | | | | | |
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