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Today's edition of The Daily Pitch was delayed due to technical problems with our publishing system. In the newsletter, you'll find: - Our 2021 Global League Tables, ranking the top investors, advisers and more across PE and VC.
- Bootstrap Europe's founders discuss their growth debt strategy, impact investing and much more.
- As COVID-19 restrictions begin to lift, the red-hot biotech market is beginning to cool off.
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| Ranking the most active investors of 2021 | | Last year was marked by a blistering pace of investment, with PE and VC firms breaking records across the board. The most active PE firm in the world closed 249 deals last year, and the busiest VC firm notched 364.
Curious who else led the way? PitchBook's interactive Global League Tables are now available for 2021, spanning the full spectrum of activity in the private financial markets. The tables rank everything from the most active law firms in the venture space to the busiest PE investors by region. | | | | | | | | | | Q&A: Bootstrap Europe's debt strategy targets high-growth tech companies | |  | | Fatou Diagne and Stephanie Heller founded Bootstrap Europe in 2015. (Courtesy of Bootstrap Europe) | | | European growth debt firm Bootstrap Europe finances high-growth companies developing "step-change" technologies. - Fatou Diagne and Stephanie Heller launched Bootstrap in 2015. The firm recently reached the first close on its third fund.
- In an interview, Diagne and Heller talk about their strategy, the "nerdy businesses" developing tech to meet societal challenges, how being women of color affects their work and more.
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| Is your financing keeping pace with your company's evolving priorities? | | Business objectives shift over time. Unfortunately, too many companies settle for their existing capital arrangement or focus on securing funding before considering the financing best suited to their needs.
By tailoring a financing solution around management's goals and shareholder expectations, you can acquire the right financing to support your company's unique vision for future success—especially when business credit availability is currently at its highest level since 2014.
Explore the range of capital options available. | | | | | | | |
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| Biotech industry faces reset as public market turmoil impacts valuations | |  | | (zhangshuang/Getty Images) | | | Biotech startups are facing a leaner future, as the widespread end of COVID-19 restrictions dampens investor appetite.
VC investments in biotech hit record levels in both 2020 and 2021, as investors sought to capitalize on the sector's pandemic-induced growth. However, amid easing restrictions and turbulence in the public markets, the red-hot biotech market is cooling off. | | | | | | | | | | Emerging tech investment surges in Q4 as VCs look to crypto | | Our Q4 2021 Emerging Tech Indicator tracks early- and seed-stage deals from 15 top VC firms, following the flow of capital across 30 market segments to spotlight the tech driving early growth opportunities.
The report details the dramatic numbers from Q4, which recorded $10.2 billion invested in emerging tech, up more than $3 billion over Q3. Highlights include: - Web3 and DeFi topped deal value for the second consecutive quarter, doubling its Q3 value to reach $2.4 billion in Q4.
- Large rounds surged, with 26 rounds of $100 million or more—nearly double Q3's record of 14 and well above the historical quarterly average of four.
- Several major deals centered on the integration of blockchain economics with gaming environments, including Q4's largest round: a $725 million Series B for Forte.
| | | | | | | | | | Google's search engine has made up so much of our online experience for so long that it can be hard to imagine something better. [The New Yorker]
Over a century ago, two dozen men were stranded in Antarctica. Here's how a robot dove 10,000 feet to glimpse their shipwreck for the first time. [Wired]
For decades, the chain of dependence linking Russia to the world economy has grown. Now, other nations are feeling the loss of Russia's huge commodity stash. [The Economist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 283 Deals | 889 People | 288 Companies | 17 Funds | | | | | | |
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| 2015 Vintage Global Funds-of-Funds | | | | | | |
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| | | Byju's, the operator of an online learning platform, has raised $800 million from investors including Sumeru Ventures, Vitruvian Partners and BlackRock. The funding includes a $400 million investment from Byju's founder and CEO Byju Raveendran. | | | | | | | | AiFi brings in $65M for autonomous shopping | | | AiFi has raised $65 million from investors including Aldi South Group, Żabka Group and Rewe. The Santa Clara, Calif.-based company's AI platform is designed to help retailers deploy autonomous shopping solutions. | | | | | | | | | Mori has raised $50 million in Series B1 financing led by Prelude Ventures. Based in the Boston area, the company offers technology to extend the shelf life of food. | | | | | |
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| Pearson spurns $8.5B Apollo bid | | | Education company Pearson has rejected two takeover offers from Apollo Global Management, including a recent bid worth $8.5 billion, Reuters reported. Pearson said the bid significantly undervalued the company. | | | | | | | | Carlyle inks $687M Dainese deal | | | The Carlyle Group has acquired Italian motorcycle equipment provider Dainese from Investcorp, which bought the company in 2015. The deal gives Dainese an enterprise value of €630 million (about $687 million). | | | | | | | | BCM One acquires Flowroute assets | | | | | | | | | Auxo lands Golden State Assembly | | | | | | |
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| Savage X Fenty explores $3B IPO | | | Rihanna's Savage X Fenty has brought on banks to advise on a potential IPO that could value the lingerie company at $3 billion or more, Bloomberg reported. Based in the Los Angeles area, the company last raised $125 million in January from investors including Neuberger Berman and Avenir Growth Capital. | | | | | | | | PE-backed Chobani delays IPO | | | Yogurt producer Chobani has delayed its plans for an IPO until at least the second half of the year after originally filing for an offering in November, according to reports. Chobani is backed by HOOPP Capital Partners, the private equity arm of the Healthcare of Ontario Pension Plan. HOOPP purchased a 20% stake in Chobani from TPG in 2018. | | | | | |
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| Vista Equity eyes April for first close of $24B fund | | | Vista Equity Partners is targeting a first close for its upcoming $24 billion fund in early April, The Wall Street Journal reported. This will be the firm's eighth fund. Vista closed its seventh fund at $16 billion in 2019. | | | | | | | | Kelso raises $2B for Fund XI | | | Kelso Private Equity has raised nearly $2 billion for its 11th buyout fund, The Wall Street Journal reported. The firm is seeking a total of $3 billion for the vehicle, which is expected to close in the second half of this year. The firm closed its 10th buyout fund at roughly $2.8 billion in 2019. | | | | | | | | Sorenson Ventures raises $150M sophomore fund | | | Sorenson Ventures has raised $150 million for its second investment vehicle. Founded in 2017, the early-stage VC has more than $1.5 billion in assets under management. | | | | | | | | New Stack Ventures raises $42.6M fund | | | New Stack Ventures has raised $42.6 million for its sophomore fund. The Chicago-based VC firm invests in early-stage startups outside Silicon Valley and other traditional VC hubs. | | | | | |
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