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| In today's Daily Pitch, you'll find: | | | | | |
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| European VC dealmaking remains resilient despite market conditions | | European venture funding is on pace to surpass €100 billion for the second consecutive year, but activity could slow as markets enter correction territory.
In our Q2 2022 European Venture Report, we explore the trends that shaped the continent's ecosystem in the first six months of the year. Highlights include: - European startups raised €54.4 billion in H1, but last quarter registered a decline of 10.6% in capital invested over Q1 2022.
- Late-stage deals took the largest share of capital, with more than 66% of the total value.
- Exits fell significantly from 2021's record, with 657 completed worth a combined €25.8 billion.
- Fund count could fall to its lowest level since 2013, but rising fund sizes are pushing up the total raised.
| | | | | | | | | US PE earnings kick off with Blackstone expected to turn profit | |  | | (ABC Vector/Getty Images) | | | | Ahead of Q2 earnings season, analysts expect positive earnings from publicly traded PE firms, and for firms to highlight fundraising performance as markets remain volatile. | | | | | | | |
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| A message from SS&C Intralinks | | |
| How is market turbulence this year affecting PE dealmakers? | | SS&C Intralinks' PE Dealmaking report examines activity in the face of the more tumultuous macroeconomic conditions that emerged in 2022. While some investors are stepping back, PE firms are uniquely positioned in a more difficult environment. In fact, Q2 2022 set the record for PE deal value closed in a single quarter.
The report also spotlights cross-border investment activity, a section of the industry that is particularly sensitive to market forces and international relations. A breakdown of activity between several key regions reveals how cross-border investors responded to the pandemic and other major events of late.
Read the report here | | | | | | | |
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| US VC exit activity retracts to pre-pandemic levels | |  | | (mikroman6/Getty Images) | | | Roiling stock markets and tighter credit conditions have conspired to snuff out the exit prospects for the US VC ecosystem. VC-backed exit value in the US reached $48.8 billion in the first half of 2022—just 6% of last year's record exit value, according to the latest PitchBook-NVCA Venture Monitor.
A prolonged liquidity drought could lead to more flat and down rounds as companies become more desperate for cash, and large late-stage companies are likely to feel the effects most, PitchBook analysts say. | | | | | | | | | European PE funds in the market for $110B+ despite headwinds | |  | | (SOPA Images/Getty Images) | | | PE fundraising may be weakening, but there is still plenty of demand for capital commitments. As of June 30, around 197 private equity funds in Europe are looking to raise a total of at least $110 billion.
Many managers remain ambitious in spite of massive macroeconomic uncertainty. However, much of the capital likely to be raised will be concentrated in only a handful of funds. | | | | | | | | | | Toys R Us is trying to make another brick-and-mortar comeback ahead of the holiday season, after the brand filed for bankruptcy and shuttered its 800 US stores four years ago. [The Washington Post]
Why female entrepreneurs welcome the end of the "girlboss" era—once and for all. [Forbes]
Some UK data centers have a low-tech way to avoid meltdowns during this week's heat wave: spraying roof-mounted air conditioning units with water. [Bloomberg] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 378 Deals | 1731 People | 442 Companies | 24 Funds | | | | | | |
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| 2013 Vintage Global Real Assets Funds | | | | | | |
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| | | Flip has raised $60 million at a $500 million valuation in a Series B led by WestCap. The company's platform combines social media and ecommerce, allowing users to discover and purchase products shown in short user-generated videos. | | | | | | | TAE secures $250M for clean fusion energy | | | TAE Technologies has secured $250 million in a Series G2, bringing the company's total raised to $1.2 billion. Based in California, TAE is working to develop environmentally friendly fusion power technology and will use the financing to fund the construction of its next research reactor. Investors including Google, Chevron and Reimagined Ventures participated in the round. | | | | | | | | | | | | | | | | Kingsway Capital has led a $35 million Series B for Zebedee, a provider of payments processing infrastructure for game developers. | | | | | | | Gordian Software lands $25M | | | Gordian Software has raised a $25 million Series A at a $200 million valuation. The funding was led by Accomplice and Vinyl. The Seattle-based company's software helps travel websites to sell flight add-ons such as baggage, seat selection and priority boarding. | | | | | |
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| PSG backs payments specialist | | | | | | | | Fiume, Juggernaut take in Thrill One | | | | | | | | Alpine acquires FEV Tutor | | | Alpine Investors has acquired FEV Tutor. The Boston-based company provides a one-on-one online tutoring platform for K-12 students. | | | | | | | Atlantic Street inks CyberGuard deal | | | | | | | | | | | | | | | Apax buys Opteven from Ardian | | | Apax Partners has acquired a majority stake in French insurance group Opteven from Ardian. Opteven provides coverage for roadside assistance, vehicle breakdown and more. | | | | | | | PE-backed CGI Manufacturing picks up Tenere | | | | | | |
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| HCI exits SouthernAg Carriers | | | Middle-market firm HCI Equity Partners has exited SouthernAg Carriers, which provides agricultural transportation and logistics services with a focus on peanuts, cotton and pecans. HCI first backed the Georgia-based company in 2013. | | | | | |
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| | | B Capital has closed its Ascent Fund II on $250 million. The vehicle is the firm's first dedicated to early-stage companies and will target pre-seed through Series A rounds, with a focus on the US and Asia. | | | | | | | Auction house Christie's launches venture fund | | | London-based art auction house Christie's has launched Christie's Ventures, a new fund that will target investments in emerging technology and fintech companies working in the art market. The venture fund has already invested in blockchain specialist LayerZero. | | | | | |
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