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In today's Daily Pitch, you'll find: - The allure of the insurance subsector has driven record dealmaking in European PE.
- Brookfield hopes to strengthen its influence in the auto industry with the purchase of CDK Global in an $8.3 billion deal.
- Some PE firms are vying to boost their infrastructure portfolios with bids for Italian airport and motorway operator Atlantia.
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| Insurance brokers' allure drives rise in European PE dealmaking | |  | | (Nikolay Pandev/Getty Images) | | | Among the many records set by PE dealmakers in 2021 was a new high-water mark of deal volume for European insurance brokers. The insurance subsector has accounted for the majority of PE activity in Europe's financial services industry, particularly as a buy-and-build strategy.
The trend is expected to continue, as a convergence of factors drives demand for tailored insurance coverage, according to our latest analyst note. While the insurance subsector is not without risk, emerging tech trends are also poised to transform the space. | | | | | | | | | | Blackstone, GIP, Brookfield vie for Italian infrastructure giant Atlantia | |  | | (Ilya Lukichev/Getty Images) | | | Private equity firms have begun bidding for Italian airport and motorway operator Atlantia in hopes of boosting their infrastructure portfolios.
A potential sale price is yet to be made public, but Atlantia holds a market value of roughly $18 billion. | | | | | | | |
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| Brookfield set to purchase auto software provider CDK in $8.3B deal | |  | | (welcomia/Getty Images) | | | Brookfield Business Partners has agreed to acquire CDK Global as the firm looks to strengthen its influence in the automotive industry. Brookfield will pay nearly $55 a share for CDK, giving the Illinois-based company an enterprise value of $8.3 billion.
CDK, a provider of retail technology and SaaS solutions for auto dealers and manufacturers, is part of an industry that's been hit hard by US inflation. | | | | | | | | | | Nord Security jumps to $1.6B valuation with first outside fundraise | |  | | (Courtesy of Nord Security) | | | After a decade of bootstrapping, Nord Security reached a $1.6 billion valuation after Novator Ventures led a $100 million round for the internet privacy startup.
Nord, which is now Lithuania's second unicorn, joins a rare group as one of the few startups to reach a billion-dollar valuation with its first outside capital. | | | | | | | | | | Venture lenders reassess deal terms as stock market volatility sparks valuation rethink | |  | | (Ekspansio/Getty Images) | | | For years, venture lenders offered fast-growing startups borrower-friendly terms as they competed for deals. But they're starting to take a more conservative stance amid 2022's stock market volatility. - According to industry investors and lawyers, the power is shifting back to lenders, who are seeking tighter loan terms and smaller deal sizes.
- The venture debt market, however, is showing no signs of slowing down, with demand from borrowers expected to rise.
| | | | | | | | | | Wearables, apps and AI-based tech can all provide insight into the performance of athletes' bodies. But many players have few rights when it comes to who can access that information. [Protocol]
How a Tesla-backed startup made cheap power a debt burden for the world's poorest people. [Bloomberg]
The future of streaming according to Jason Kilar, who is stepping down after a brief but eventful time as CEO of WarnerMedia. [Vulture] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 415 Deals | 1740 People | 425 Companies | 36 Funds | | | | | | |
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| 2019 Vintage Global Real Estate Funds | | | | | | |
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| Tech rental platform Grover lands $330M Series C | | | Grover has raised $330 million in debt and equity, valuing the Berlin-based startup at over $1 billion. Grover offers a monthly tech rental subscription for products including smartphones, laptops, wearables and smart home appliances. Energy Impact Partners led the round. | | | | | | | | Fetch Rewards brings in $240M | | | Fetch Rewards has raised $240 million in debt and equity, bringing its valuation to more than $2.5 billion. Hamilton Lane led the round for the startup, which provides a consumer rewards app. Investors including SoftBank's Vision Fund 2 also participated. | | | | | | | | Latin American grocer bags $152M in General Atlantic-led round | | | Jüsto, an online grocer with operations throughout Mexico, Brazil and Peru, has raised a $152 million Series B led by growth firm General Atlantic. VCs Foundation Capital, Quiet Capital and other investors also participated. Founded in 2019, the startup raised $65 million last year. | | | | | | | | Improbable collects $150M for metaverse network | | | Improbable has raised $150 million in a round led by Andreessen Horowitz and SoftBank's Vision Fund 2. The London-based metaverse technology startup plans to use the funding to launch a network of interoperable Web3 metaverses called MSquared. | | | | | | | | Viz.ai reaches unicorn valuation with $100M Series D | | | Viz.ai, the creator of an AI-based platform for disease detection and healthcare coordination, has raised a $100 million Series D at a $1.2 billion valuation. The round was led by Tiger Global and Insight Partners. San Francisco-based Viz.ai was last valued at $641 million in March 2021, according to PitchBook data. | | | | | | | | CertiK doubles valuation to $2B | | | | | | | | | | SamCart has raised an $82 million Series B led by Eldridge. Based in Austin, the company offers an ecommerce platform designed to sell digital products and online services. | | | | | | | | Built Robotics walks off with $64M | | | Built Robotics has raised a $64 million Series C led by Tiger Global. The company is a developer of software designed to transform heavy equipment into autonomous construction robots. | | | | | | | | Lilt grabs $55M Series C for translation tech | | | Lilt has raised $55 million in a round led by Four Rivers. Based in San Francisco, the company uses AI and automation to provide customers such as Intel and UiPath with translation services and tech. | | | | | | | | Eleanor Health snags $50M | | | Eleanor Health has raised a $50 million Series C led by General Catalyst. Based in the Boston area, the company is a provider of outpatient addiction and mental health services. | | | | | | | | Energy storage provider raises $25M | | | E-Zinc has raised a $25 million Series A led by Anzu Partners. Based in Toronto, the company develops zinc-based electrochemical technology designed to store energy for both on- and off-grid applications. | | | | | |
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| H&F to create $8B+ company with IRI takeover | | | | | | | | | FTV takes control of LogicSource | | | FTV Capital has invested $180 million in LogicSource, with The Wall Street Journal reporting the firm will take a majority stake in the provider of sourcing and procurement services. LogicSource previously raised funding from investors including Pegasus Growth Capital. | | | | | | | | TSG to acquire Cadogan Tate | | | | | | | | | Centre exits VIP to Gryphon | | | | | | |
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| Bolt to buy VC-backed Wyre in $1.5B deal | | | Bolt Financial has agreed to acquire cryptocurrency infrastructure startup Wyre Payments. The Wall Street Journal reported the deal value at $1.5 billion, making the merger the largest crypto tie-up not involving a SPAC. Wyre, which is backed by investors including Boost VC, Blockchain Capital and Draper Associates, has raised $55 million in total funding, according to PitchBook data. | | | | | |
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| Lead Edge Capital doubles firepower with new fund | | | Growth-stage investor Lead Edge Capital has closed on $1.95 billion for its sixth flagship fund, doubling the size of its predecessor. The New York firm raised $950 million for Fund V in 2020. | | | | | | | | Imaginary Ventures lands $500M | | | Imaginary Ventures has raised $500 million for its third flagship fund. Founded in 2017, the New York-based firm typically targets tech-enabled consumer brands; its portfolio includes organic frozen foods startup Daily Harvest and sustainability-focused clothing company Everlane. | | | | | | | | Havencrest collects $356M for healthcare fund | | | Dallas-based Havencrest Capital Management has closed its second PE vehicle on a hard cap of $356 million. The fund, which will focus on healthcare investments in the US, had a target of $300 million. | | | | | | | | LionBird raises $85M for third fund | | | LionBird has raised $85 million for its third flagship vehicle. The fund will invest in 15 to 20 early-stage digital healthcare companies. Founded in 2012, the VC firm operates out of the US and Israel. | | | | | |
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