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| In today's Daily Pitch, you'll find: | | | | | |
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| What is the metaverse, exactly? | | From executive pronouncements to headlines and convention centers, talk of the metaverse is everywhere, but what exactly is it? Our recent Emerging Tech Research vertical snapshot aims to answer that question by outlining seven core principles of the metaverse that illustrate how both advocates and skeptics differ in their conceptions of a more immersive digital future.
The report analyzes metaverse opportunities and challenges across the pillars of access, infrastructure and experience—dimensions that capture the core areas of disruption entrepreneurs and executives will have to face as they ponder the future of the internet. The report also spotlights VC activity, key players and acquisitions in the vertical, as it unpacks how VCs can hope to capitalize on the metaverse. | | | | | | | | | Saudi Arabia's efforts to draw startup investment are paying off | |  | | Riyadh (Bayan Alkurbi/Getty Images) | | | Venture-backed startups in Saudi Arabia have been bolstered by a confluence of favorable trends in recent years—including low interest rates, increasing urbanization, demand for online groceries, pro-business reforms and a sharp rise in oil revenues.
The momentum has catapulted VC deal value in the region, reaching more than $425 million so far this year, on pace to surpass the record levels of 2021, according to PitchBook data. | | | | | | | |
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| A message from DealCloud, by Intapp | | |
| Empower dealmakers with connected relationship data | | Strategic relationship facilitation and a strong understanding of outcome-driven analytics are vital to the delivery of successful results. And in an age when new connections are more attainable than ever before, the ability to manage a dealmaker's complex web of relationships can no longer be managed by manual processes alone.
Capital markets firms need a single source of truth that automates relationship intake, identifies opportunities for new connections and deal origination, customizes the platform experience to meet each firm's unique requirements, and proactively offers insights and analytics for dealmakers to act on. DealCloud, the industry-minded pipeline management solution for capital markets professionals, has built an extensive relationship management suite designed with features that deliver meaningful relationship intelligence and outcomes.
Download the relationship management suite brochure | | | | | | | |
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| European VC deal sizes defy downturn | |  | | (Victor Moussa/Shutterstock) | | | Despite investors becoming more cautious, European venture deal sizes are continuing to climb.
Angel, seed, early-stage and late-stage rounds are all pacing above 2021's figures, but increased pressure on the market could slow growth. | | | | | | | | | | The US has the largest number of billionaires in the world, topping the list with 735. So who is the richest billionaire in every state? [Visual Capitalist]
Why tech executives are turning up the heat in employee performance reviews. [The Information]
Inside Eastman Kodak's private equity program, where lower middle markets reign supreme. [Institutional Investor] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 423 Deals | 1698 People | 483 Companies | 29 Funds | | | | | | |
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| 2013 Vintage European PE Funds | | | | | | |
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| Garry Tan named next president of Y Combinator | | | | | | |
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| | | | | | | | StarTree raises $47M Series B | | | | | | | | Theranica banks $45M Series C | | | | | | | | | | | | | |
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| Bain ink $3.1B deal for Olympus' scientific instruments business | | | Bain Capital has agreed to acquire Olympus' scientific instruments business, known as Evident, for roughly $3.1 billion, according to reports. The sale is expected to close in the first quarter of next year. | | | | | | | Asia Green Fund backs CellUranics | | | Asia Green Fund, a private equity firm, has invested in CellUranics, a materials company aiming to help the plastics industry achieve carbon neutrality. Sequoia China also participated in the investment round. | | | | | | | Bernhard's Environmental Systems Group adds on Bem | | | | | | | | Avance invests in RIA Advisory | | | | | | |
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| LLCP sells eating disorder specialist | | | | | | |
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| Kli holds first close on Fund III | | | Kli Capital has raised about 90% of its $50 million target for the firm's third flagship fund, TechCrunch reported. The firm, which is transitioning from a family office to an institutional VC, primarily backs startups in Israel and the US. | | | | | |
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"In Q2 2022, 28 early-stage mega-rounds were completed, exhibiting a 35% decrease from the prior quarter. Despite this, the early-stage mega-round activity is on par with 2019 and 2020, encouraging our confidence in the continued deployment of capital at this stage."
Source: Q2 2022 PitchBook-NVCA Venture Monitor | | | | | |
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