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In today's Daily Pitch, you'll find: - Five charts from our recent PitchBook-NVCA Venture Monitor report depict US VC trends in Q1.
- Our Q1 European Venture Report explores the key trends that shaped the quarter—breaking down activity across dealmaking, exits and fundraising, as well as regions.
- We take a look at the 10 most active French VCs by deal count since the start of 2017.
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| Q1 US venture capital trends in five charts | |  | | (Sean Gladwell/Getty Images) | | | The first quarter of 2022 showed signs of a slowdown for US venture dealmaking and exits compared to last year's record highs. While public market volatility is expected to have a trickle-down effect on other venture metrics in coming quarters, the start of 2022 also suggests the onset of a healthy recalibration period for both startups and VC investors.
What else did Q1 bring? Here's a closer look at five key trends that depict the state of the venture market after 2021's frenzied activity. | | | | | | | | | | European VC sees strong start to 2022 despite global uncertainty | | After a bumper 2021, Europe's VC ecosystem kept up momentum in Q1 with €27.5 billion invested. Investment levels may have remained elevated despite a rise in interest rates, but the surge in the cost of living and ongoing uncertainty surrounding the war in Ukraine could make the rest of 2022 a challenging year.
Our Q1 European Venture Report takes a deep dive into the key trends that shaped this first quarter, breaking down activity across dealmaking, exits and fundraising, as well as regions.
Highlights include: - Late-stage VC continues to dominate deal value figures, accounting for 71.6% of total capital invested.
- Exit value plummeted from 2021's heights amid a widespread tech public equity sell-off.
- VC fundraising got off to a solid start in terms of capital raised, but fund count dropped significantly.
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| A message from West Monroe | | |
| Special report: The future of diligence in private equity | | Private equity's approach to diligence is evolving. The process is becoming more sophisticated as firms increasingly use data to improve efficiency with acquisitions. West Monroe's latest research report analyzes the state of diligence in PE today and how investors adapt to a more digital future.
West Monroe surveyed 100 U.S. PE leaders and found: - 68% say they will use more technology and tools vs. people to get the job done.
- 67% of respondents say their current approach to ESG diligence is consistent across targets; only 40% say they will maintain that consistency.
- 27% say that "recommendations aligned to the investment thesis" is the most valued part of diligence today, but 40% say it will be the most valued part in the future.
Get the Report | | | | | | | |
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| The 10 most active French VCs | |  | | (Sylvain Sonnet/Getty Images) | | | France's VC ecosystem has been rapidly maturing over the past five years, and its investors are becoming more prolific both domestically and internationally.
But who are the most active? We take a look, focusing on the top French VCs by deal count since the start of 2017. | | | | | | | | | | A look at how one investment management firm is playing the space-tech venture market. [Institutional Investor]
Since the 1970s, critics have argued that the California Environmental Quality Act is doing more harm than good. Now, a housing battle in Berkeley has revived the debate. [Bloomberg]
Why interest rate hikes could threaten companies acquired in the leveraged buyout boom. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 532 Deals | 1965 People | 467 Companies | 25 Funds | | | | | | |
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| 2017 Vintage Global Real Estate Funds | | | | | | |
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| | | Foodics has raised $170 million in a round co-led by Prosus and Sanabil Investment. Based in Riyadh, Saudi Arabia, the company offers a payments platform for restaurants across the Middle East and North Africa. | | | | | | | | Oyster hits $1B+ valuation with $150M round | | | Oyster has raised a $150 million Series C led by Georgian. The funding values the company at more than $1 billion. Oyster's platform allows companies to hire and retain workers across borders, offering tools to manage payroll, benefits and local legal compliance. | | | | | | | | Mutiny nabs $50M Series B | | | | | | | | | Playground Global leads $44M funding round for D-Matrix | | | D-Matrix has raised $44 million in a round led by Playground Global. Based in Santa Clara, Calif., the company is the developer of an AI compute platform that uses machine learning tools, frictionless software and chiplets to integrate multiple programming engines. | | | | | | | | Levels brings in $38M Series A | | | Levels has raised $38 million from investors including Andreessen Horowitz at a valuation of $300 million. Founded in 2019, the company uses data from biosensors to provide users with real-time feedback on how their diet and lifestyle is impacting their metabolic health. | | | | | | | | | Snorble has raised $10 million in a round led by GK Venture Partners. The New York-based company's interactive app is designed to help children and families develop healthy habits and bedtime routines. | | | | | | | | Plant-based meat company Nowadays raises $7M | | | Nowadays has raised $7 million in seed financing led by Stray Dog Capital. Based in the Bay Area, the company provides plant-based nuggets developed using organic pea protein, mushroom extracts and more. | | | | | |
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| KKR-led consortium makes $15B unsolicited bid for Ramsay | | | A consortium led by KKR has reportedly made an unsolicited offer of nearly $15 billion for Australia's Ramsay Health Care. Founded in Sydney in 1964, the company provides acute and primary healthcare services across Australia, Europe, Asia and the UK. The Abu Dhabi Investment Authority and Australian pension fund HESTA are also believed to be a part of the bidding group. | | | | | | | | OTPP to invest up to $175M in KKR's Indian road platform | | | The Ontario Teachers' Pension Plan has agreed to invest up to $175 million in the Indian road platform of KKR. The platform consists of 12 road assets across 11 states, representing more than 910 kilometers in length. The transaction is expected to close in the third quarter of this year. | | | | | | | | Apollo acquires Tony's Fresh Market | | | Apollo Global Management has acquired Tony's Fresh Market, a Chicago-based grocery retailer. Established in 1979, Tony's Fresh Market operates 18 stores and aims to provide affordable groceries and an inclusive assortment geared toward diverse communities. | | | | | |
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| L Catterton considering $200M John Hardy sale | | | L Catterton is weighing a sale of luxury designer jewelry brand John Hardy for around $200 million, Bloomberg reported. L Catterton acquired the company from 3i Group in 2014. | | | | | | | | Lincolnshire Management sells Schumacher Electric | | | | | | |
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| EQT sets hard cap for 10th fund at $23.3B | | | EQT has set a hard cap for its 10th, and largest-ever, namesake fund at €21.5 billion (about $23.3 billion), with the fund's target size set at €20 billion. The vehicle's predecessor closed at €15.6 billion in April 2021. | | | | | | | | Blackstone raises $1.6B for first life sciences yield fund | | | Blackstone has closed its inaugural royalty and structured credit-focused life sciences yield fund on $1.6 billion. The vehicle will support the development of new drugs and therapies, backing companies that have been granted regulatory approval for commercial use of their products and investing in royalties that may be tied to drug sales, Bloomberg reported. | | | | | |
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| HGGC establishes new entity for RIA holdings, will invest $300M | | | Private equity firm HGGC has established Aspire Holdings, a new entity that will hold the firm's investments in registered investment advisors. HGGC is planning to invest $300 million in the RIA space. HGGC was co-founded in 2007 by Hall of Fame NFL quarterback Steve Young. | | | | | | | | AWS Impact Accelerator commits $30M to underrepresented founders | | | AWS Impact Accelerator announced that it has committed more than $30 million to early-stage startups with Black, Latino, LGBTQ and female founders. Qualifying startups will receive a cash grant of $125,000 in addition to mentoring and technical guidance. | | | | | |
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