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In today's Daily Pitch, you'll find: - Investors have flocked to real estate as a hedge through high inflation, with Blackstone outpacing other PE firms when it comes to returns and fundraising totals.
- Our latest Emerging Tech Indicator offers a look at technologies that are likely to drive growth opportunities over the next several years.
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| In Q1, top VCs remained bullish on Web3, DeFi and the metaverse | | The Emerging Tech Indicator provides a quarterly overview of startups receiving seed and early-stage investments from a limited subset of VC funds. In the first quarter of 2022, our analysts tracked 227 deals that involved the 15 top-performing VC firms.
The report takes a closer look at five Q1 emerging market segments—Web3 & DeFi, fintech, biotech, data tech and enterprise SaaS—serving as an indicator of technologies that are likely to drive growth opportunities over the next several years.
Key takeaways include: - Web3 & DeFi was the largest area of ETI investment for the third consecutive quarter, with $2 billion invested across 29 deals.
- Fintech companies secured $614 million in ETI investment across 23 deals in Q1, with roughly half of that total collected by startups outside the US.
- The metaverse has emerged as a strong theme within Web3 & DeFi, as several ETI startups in the gaming and crypto industry incorporated the term as a key part of their branding.
- While Q1 VC activity has proven to be relatively resilient despite broader market turbulence, we expect Q2 data may show further retraction from the peak activity levels reported over Q4 and Q1.
| | | | | | | | | | Rising inflation acts as kindling for PE real estate deals | |  | | (Malte Mueller/Getty Images) | | | Real estate attracts investors throughout the economic cycle. This is especially true during periods of inflation, as the asset class is considered by many to be an inflation hedge, according to a recent PitchBook analyst note on private markets real estate fundamentals.
While all publicly traded firms tracked in our PE Earnings Dashboard have seen strong returns from their real estate holdings, Blackstone has been especially dominant, outpacing other firms in returns and real estate fundraising totals. | | | | | | | |
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| Navigating TSAs in the face of supply chain delays | | The threat of prolonged supply chain disruption is a call to action for private equity firms to start conversations about mitigation planning. Businesses are encountering delivery delays for everything from computers and mobile phones to cars and airplanes. With lead times for network equipment running upwards of a year, many companies won't realize the problem until it's too late.
Both buyers and sellers negotiating transition service agreements (TSAs) for carve-out transactions face potential challenges, including delays and possible penalties. Learn the following for a proactive approach to supply chain disruptions: - The carve-out transactions that are most at risk
- Additional risks to consider
- Practical strategies for mitigation
Read it here | | | | | | | |
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| Europe's startups feel the pinch as Gorillas, Klarna cut staff | |  | | (Andrii Yalanskyi/Getty Images) | | | VC-backed companies in Europe are preparing for tougher times ahead as two of the region's unicorns conduct layoffs.
Klarna and Gorillas, both of which grew substantially during the pandemic, have announced staff cuts as the current macroeconomic climate puts pressure on startups to reserve cash and cut costs. | | | | | | | | | | Terra Firma eyes Butlin's as PE firms pile into UK leisure assets | |  | | (Julian Herbert/Getty Images) | | | Terra Firma is the latest private equity firm to tap demand for domestic holidays in the UK, with a bid to buy resort group Butlin's for £600 million (about $750 million), Sky News reported.
The news comes just a week after it was revealed that PAI Partners and TPG are putting together an offer for Parkdean, a PE-backed rival to Butlin's parent Bourne Leisure that has already attracted interest from two other firms. | | | | | | | | | | Meet Sara Nelson, head of the largest flight attendants' union, whose relentless efforts to build alliances with other unions and willingness to show up in person to support their battles have helped set her apart from many labor leaders. [The New Yorker]
As allocators looking for flagship fund access struggle to say no to GPs, some firms are using fear and intimidation tactics to raise money. [Institutional Investor]
In a notable pullback from its aggressive build-out, Amazon has quietly canceled plans for almost 10 million square feet of warehouse space. [The Information] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 424 Deals | 1795 People | 479 Companies | 29 Funds | | | | | | |
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| 2014 Vintage European PE Funds | | | | | | |
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| A message from Customers Bank | | |
| Customers Bank Fund Finance Team financed more than $1B in deals during April | | From Growth Equity Funds to Direct Lending Funds and more, the Customers Bank Fund Finance Team—with more than 50 years of fund banking experience—works diligently to help fund sponsors grow and operate more efficiently. Among deals in the month of April, Customers Bank financed a $160M subscription line to a vehicle advised by J.P. Morgan Asset Management.
Customers Bank consistently delivers high-tech, high-touch services to Fund Finance clients. A unique "single-point-of-contact" approach to client relationships improves operational efficiencies allowing fund sponsors to focus on raising capital and generating returns for their investors. Customers Bank's cash management solutions give fund sponsors and fund administrators the tools to run their cash management operations smoothly.
Learn more here | | | | | | | |
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| Clear Street closes Series B with $165M | | | Fintech startup Clear Street has raised a $165 million Series B led by Prysm Capital. Launched in 2018 and based in New York, the startup offers a cloud-based prime brokerage platform that lets users trade equities and options. | | | | | | | | Mainspring nabs $150M+ in Series E | | | Mainspring, a provider of clean on-site power generation, has raised over $150 million in a Series E led by Lightrock. Based in Menlo Park, Calif., the company works with customers in the commercial, industrial and utility sectors. | | | | | | | | Firework lands $150M in SoftBank-led round | | | Firework has raised a $150 million Series B led by SoftBank's Vision Fund 2. The Redwood City, Calif.-based company offers a livestreaming platform designed to help retailers, consumer brands and publishers create video content for their customers. | | | | | | | | Monte Carlo brings in $135M for Series D | | | Monte Carlo has raised $135 million in a round led by IVP. Based in San Francisco, the company is the creator of a data reliability platform that helps companies such as Affirm and Auth0 detect and manage data downtime. | | | | | | | | | Flowcarbon has raised $70 million through both the sale of its carbon-backed token and venture capital funding led by Andreessen Horowitz. The New York-based company is the developer of a climate tech platform designed to tokenize carbon credits and help project developers connect with buyers to purchase live carbon credits. | | | | | | | | | Tidelift has raised a $27 million Series C led by Dorilton Ventures. The Boston-based startup offers security tools to organizations building applications with open-source software. Tidelift was valued at $102 million with a $25 million round in 2019, according to PitchBook data. | | | | | | | | Moka.care scores $16M+ for mental health platform | | | Left Lane Capital has led a €15 million (about $16.1 million) Series A in Paris-based Moka.care. The startup offers a mental health well-being platform for employees. | | | | | |
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| KKR leads $200M round for Semperis | | | KKR has led a $200 million Series C for New Jersey-based Semperis. The company's security tech protects critical enterprise-directory services from cyberattacks, data breaches and operational errors. | | | | | | | | PE-backed Journey launches with trio of acquisitions | | | Journey has launched with the acquisition of three companies: Icrave, Futures Intelligence Group and Skilled Creative. The new design agency, backed by Growth Catalyst Partners, will help companies design, build and run immersive experiences. | | | | | | | | Central Medical adds on three companies | | | | | | | | | Atlantic Street Capital's Lab Logistics picks up fulfillment specialist | | | | | | |
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| EQT ponders Nordic fiber network unit sale | | | The infrastructure arm of EQT is contemplating a sale of its minority stake in GlobalConnect that could value the Nordic fiber network operator at approximately €7 billion to €10 billion (about $7.5 billion to $10.7 billion), Bloomberg reported. EQT has backed the company since 2017. | | | | | | | | Delhivery sees stock leap over 10% in debut | | | Stock in Indian logistics specialist Delhivery rose more than 10% in its Tuesday debut in Mumbai, Bloomberg reported. The company, which has received backing from The Carlyle Group and SoftBank, listed its stock at 487 rupees (about $6.29) per share and raised some 52.53 billion rupees via the sale of new and secondary shares, the report said. | | | | | |
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| Advent International locks down $25B for PE fund | | | Advent International has hit a hard cap of $25 billion for its most recent flagship fund, an increase of more than 40% from its predecessor, which collected $17.5 billion in 2019. The PE firm raised $4 billion for the latest fund's companion vehicle, Advent Tech II, last year. The firm targets sectors including healthcare, retail, tech and financial services. | | | | | | | | Trivest wraps up two funds | | | Florida-based Trivest Partners has closed its seventh namesake fund on about $950 million and its second discovery fund on roughly $600 million. The lower-middle-market firm targets investments in founder- and family-owned businesses across the US and Canada. | | | | | | | | Updata completes final close for Fund VII | | | Updata Partners has closed its seventh flagship fund on more than $608 million, bringing its total committed capital to over $1.5 billion. Founded in 1998 and based in Washington, DC, the firm targets growth investments in B2B software companies. | | | | | | | | Maveron wraps Fund VIII with $225M | | | Maveron has closed its eighth namesake fund with $225 million in commitments. Operating out of Seattle and San Francisco, the firm provides funding to seed- and early-stage consumer-focused companies. The fund's predecessor closed on $180 million in 2019. | | | | | |
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