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In today's Daily Pitch, you'll find: - The US VC industry is facing multiple headwinds amid an uncertain start to 2022.
- A timeline of pivotal moments for Sequoia during global managing director Doug Leone's reign.
- Climeworks is the latest carbon tech company to receive VC funding as scientists issue dire warnings about Earth's future.
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| US VC faces a market full of headwinds | | Three months into 2022, the US venture industry sits at a crossroads. Headwinds including public market volatility, interest rate hikes and the war in Ukraine have coalesced to shift VC away from its constant growth trajectory. Deal value totaled $70.7 billion in Q1, the lowest figure since 2020, and IPOs came nearly to a halt.
Some areas of VC have yet to show much of a shift however, with corporate VC participation and first financings at or near record totals, according to a first look at the data from our upcoming PitchBook-NVCA Venture Monitor.
The full report, sponsored by Insperity and JP Morgan, will be released next week. | | | | | | | | | | Timeline: How Sequoia's rainmakers navigated decades of VC highs and lows | |  | | Roelof Botha (Brian Ach/Getty Images) | | | Sequoia entered a new era this week with the announcement that Roelof Botha would take over from Doug Leone as its global chief.
Leone's final few years have been marked by change, including the rollout of a novel fund structure and rapid growth of the firm's operations in China and India.
Here's a timeline of pivotal moments for Sequoia during Leone's reign. | | | | | | | |
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| What's driving corporate divestment in 2022? | | Uncertainty continues to reign over the market in 2022. Rising inflation and interest rates, pressing climate concerns, geopolitical issues and unrest are all impacting the deal world. Companies are refocusing when it comes to their future strategies.
Divestment is an often-underrated tool in the M&A toolset for strengthening portfolios and bringing attention back to core business. The ESG agenda, technological change and political activism are all driving divestment in this climate.
With COVID-19 in the rearview mirror and concerns like supply chain disruption still ahead, companies have every reason to reflect and re-evaluate. Business leaders are reviewing their strategies to assess what still matches their future goals, versus what will generate more value under new ownership.
Is it time to let go? Download the free 2022 Divestment Drivers report. | | | | | | | |
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| Exclusive: BlackRock seeks $2B for new co-investment fund as interest grows | |  | | (Erik McGregor/Getty Images) | | | BlackRock is back in the market to raise its fifth co-investment fund, targeting $2 billion. - The private equity giant has raised more than $300 million for the new vehicle, according to people familiar with the fundraising.
- The fund aims to capitalize on the growing appetite among large pension funds and other institutional investors seeking to lower the costs of their private equity portfolios and exercise more control over their investments.
| | | | | | | | | | VCs are betting on these startups to combat carbon emissions | |  | | (Courtesy of Climeworks) | | | Carbon capture startup Climeworks has raised a $650 million round led by Partners Group and GIC, representing the largest carbon tech VC deal on record, according to PitchBook data.
Two other startups in the sector also announced significant rounds this week: Sweep raised $73 million and ClimeCo took in over $50 million for their respective emissions platforms.
The deals follow a recent report from United Nations climate scientists that called for countries to rapidly shift to renewable energy—while noting that carbon capture technologies will likely be needed to reach global net-zero goals.
Catch up on carbon tech VC deals | | | | | | | | | | Since divorcing Jeff Bezos, MacKenzie Scott has set her sights on changing the world. Here's how she quietly worked to give away $12 billion in only two years. [Fortune]
Inside one designer's quest to help demystify what life is like for those with autism. [Fast Company]
From innovation and collaboration to supply chain risks and sustainable social development, Japan's top CEOs reveal their biggest takeaways from the pandemic. [Institutional Investor] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 591 Deals | 1945 People | 603 Companies | 30 Funds | | | | | | |
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| 2016 Vintage North American Secondaries Funds | | | | | | |
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| Remote valued at nearly $3B with $300M round | | | Remote has secured a $300 million Series C led by SoftBank's Vision Fund 2. Accel, Sequoia, Index Ventures and others also backed the funding, which values the provider of an HR platform for building and managing global remote workforces at almost $3 billion. Remote was valued at some $1 billion after raising $150 million in 2021. | | | | | | | | SoftBank participates in $150M round for Clarify Health | | | | | | | | | Cybersecurity specialist Coro reveals $80M in new funding | | | Coro has announced a $60 million Series C led by Balderton Capital, with support from Jerusalem Venture Partners. The startup, which offers a cybersecurity platform for middle-market businesses, revealed it has raised $80 million in financing over the past six months. | | | | | | | | | Data.world has collected $50 million in Series C financing from lead investor Goldman Sachs. Other investors in the round included Prologis Ventures and Shasta Ventures. Based in Austin, the startup offers a cloud-native SaaS data catalog that's used for data discovery, data governance and other insights. | | | | | | | | Tiger Global leads $27M round for Appwrite | | | Appwrite has raised a $27 million Series A led by Tiger Global. The Tel Aviv-based company helps developers quickly construct applications by providing prewritten APIs for common development tasks. | | | | | | | | | Insight Partners has led a $26 million Series A for Rattle, the developer of a no-code platform that enables sales teams to access and manage Salesforce and other go-to-market systems directly from collaboration tools like Slack. | | | | | | | | Drone startup vHive lands $25M | | | Israel-based vHive has raised a $25 million Series B led by PSG, with support from Octopus Ventures and others. The startup's software enables enterprises to use drones to autonomously capture and analyze data from field assets such as cell towers and cranes. | | | | | | | | Venus Aerospace raises $20M | | | Venus Aerospace has raised a $20 million Series A led by Prime Movers Lab. The Houston-based startup is developing a zero-carbon emission hypersonic aircraft that will enable one-hour global travel. | | | | | |
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| Advent, Centerbridge prep fresh Aareal bid | | | Advent International and Centerbridge Partners are readying a new takeover bid for Aareal Bank that would value the German lender at €2 billion (about $2.2 billion), Bloomberg reported. The two firms, whose original offer was rejected in February, are said to have secured 37% of the shares with the improved bid. | | | | | | | | Stone Point to take Tivity private for $2B | | | Stone Point Capital has agreed to acquire Tivity Health for $32.50 per share, amounting to a total of $2 billion. The company provides health and fitness programs, including SilverSneakers classes for Medicare-eligible adults. | | | | | | | | Apollo leads $775M commitment for Liquidity | | | | | | | | | TPG nears $300M deal for IHH unit | | | | | | | | | PE-backed Isto Biologics to take over TheraCell | | | | | | | | | Lone Star acquires Carlyle's Senqcia | | | Lone Star has acquired Senqcia, a structural building materials provider based in Japan. The company was previously backed by The Carlyle Group, which bought Senqcia in 2015. | | | | | | | | GrowthCurve Capital lands Revecore | | | GrowthCurve Capital has acquired Revecore, which offers revenue integrity and claims solutions for hospitals and other healthcare providers. | | | | | | | | Audax backs Flow Control Holdings | | | | | | |
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| Fintech startup Fast to close up shop | | | In an announcement on the company's website, Fast CEO and co-founder Domm Holland has revealed that the fintech startup will shut down. The San Francisco-based company's platform was used by ecommerce businesses to provide customers with single-click logins and checkouts. Fast raised previous funding from Index Ventures, Susa Ventures, Stripe, Sugar Capital and others. | | | | | |
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| KKR tops $6B for latest European fund | | | KKR has held the first close of its new European buyout vehicle with more than €6 billion (about $6.6 billion), Bloomberg reported. The firm's previous European fund closed on €5.8 billion in 2019. The target of the new vehicle has not been announced. | | | | | | | | Thoma Bravo raises $3B+ for direct lending | | | Thoma Bravo has closed its Credit Fund II on $3.3 billion in available capital, including leverage. The fund marks the firm's largest credit vehicle to date. | | | | | | | | GI Partners lands $1.45B for latest fund | | | GI Partners has closed its ETS Fund on $1.45 billion, exceeding its hard cap. The vehicle will invest in real estate assets that support the tech and life sciences sectors, including data center properties, life sciences buildings, and research and development facilities. | | | | | | | | MissionOG locks down $167M for Fund III | | | Growth firm MissionOG has closed its third namesake fund on $167 million, surpassing a target of $150 million. The vehicle will be used to make investments of $8 million to $12 million in companies that have successfully commercialized their products. The Philadelphia-based firm typically targets sectors like financial services and payments, data platforms, and software. | | | | | |
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