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| In today's Daily Pitch, you'll find: | | | | | |
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| European VC valuations trend upward in the face of uncertainty | | Despite falling public tech stocks and a bleak market outlook, European VC valuations still paced above last year's figures through June 30. VC dealmaking in Europe remained strong, helping keep valuations afloat. Yet as the year progresses, the full impact of a downturn may cause startup price tags to deflate.
Our Q2 2022 European VC Valuations Report explores how valuations fared across stages, sectors and geographies, and what current market conditions may mean for the future. Key takeaways include: - Early-stage European valuations remained relatively insulated from public market volatility, currently pacing 34.1% higher than in 2021.
- The number of down rounds ticked upward slightly to stand at 15.4% of deals closed in H1.
- The total worth of European unicorns grew 35%, mostly due to strong dealmaking in Q1.
- A significantly quieter IPO market has seen public listing exit valuations drop by 57% from 2021's annual total.
| | | | | | | | | Europe's most active domestic investors | |  | | (Arthimedes/Shutterstock) | | | European VC activity in H1 2022 was on track to match last year's numbers despite the recent downturn.
Domestic investors are playing a big part in the ecosystem's continued strength, but which are the most active? | | | | | | | | | Information security faces a slowdown | | Financial volatility and a sluggish IPO market have combined to challenge the information security sector. While security software spending is on track to reach $113.3 billion in 2022, a raft of economic hurdles could slow spending growth in managed services. Meanwhile, startups lack positive exit routes, creating a funding environment that favors mature companies.
Our Q2 Emerging Tech Research on information security highlights opportunities in anti-phishing platforms, database protection and more. The report also includes data on VC investment trends, valuations and exits in Q2. | | | | | | | | | Assessing our 2022 US PE predictions | | At the start of 2022, PitchBook PE analysts made their predictions amid several tailwinds.
Now, midway through the year, inflation is raging as supply chains adjust to pandemic-related shocks, while Russia's invasion of Ukraine has escalated supply chain disruptions and further lifted inflationary pressures. This significant market volatility has dampened PE's previously fervent pace.
A few of the predictions we revisit in our recent analyst note: - Mega-funds will raise $250 billion in 2022, including the three largest-ever buyout funds.
- The big five US public alternatives managers' AUMs will eclipse $3 trillion in 2022.
- At least 30 GP stakes deals will close, thereby setting a record.
- PE firms will close at least 400 middle-market software deals.
| | | | | | | | | | After five years, Saudi Arabia and Abu Dhabi's $60 billion bet on SoftBank is showing the perils of entrusting so much money to a single company. [The Wall Street Journal]
A spate of terminated mergers has hit the SPAC market in yet another blow to the battered sector. [Bloomberg]
Plans to close California's last nuclear plant have been underway since 2016, but now lawmakers are floating legislation to keep it open in hopes of meeting high energy demand. [CNBC] | | | | | |
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| 2019 Vintage Global Real Assets Funds | | | | | | |
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| Flow, headed by WeWork's Adam Neumann, secures funds from a16z | | | Andreessen Horowitz has invested in Flow, WeWork founder Adam Neumann's residential real estate startup set to launch in 2023, Marc Andreessen announced in a blog post. The $350 million investment, which marks the largest individual check the firm has written, reportedly values Flow at more than $1 billion. | | | | | | | Nuclear specialist TerraPower scores $750M | | | TerraPower has raised $750 million in a financing round co-led by South Korea's SK Group, which invested $250 million, and Bill Gates, one of the company's founders. TerraPower is developing nuclear energy technologies. | | | | | | | Gorgias bags $30M for help-desk platform | | | | | | | | | | Matrix Capital has led a $25 million seed round for Monod Bio. The Seattle-based company's biosensor tech is used to detect target molecules such as COVID-19 neutralizing antibodies in vaccinated patients. | | | | | | | Decentralized identity startup .Bit snaps up $13M | | | | | | | | Mobot raises $12.5M Series A | | | Mobot has raised $12.5 million in a round led by Cota Capital, TechCrunch reported. The company develops mechanical robots designed to automate mobile app tests. | | | | | | | Evabot lands $10M+ in equity and debt | | | Evabot has raised a $8.33 million Series A led by Comcast Ventures, as well as $2.5 million in debt financing. Based in San Francisco, the company provides a virtual assistant intended to help businesses send personalized gifts. | | | | | | | CereTax comes out of stealth with $10M seed round | | | CereTax has raised $10 million in a round led by Leaders Fund. Based in the Atlanta area, the company offers a sales tax automation platform. | | | | | |
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PitchBook, NVCA and Beyond the Billion join forces for a deep dive into the state of women funders and founders at next year's SXSW.
Vote for their session "Investing in Inclusion: Women Funders and Founders" in SXSW Panel Picker to make sure they take the stage in March. Voting closes Sunday, Aug. 21. | | | | | | | |
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| Nearmap receives $755M takeover bid from Thoma Bravo | | | Aerial mapping specialist Nearmap has received a $755 million takeover offer from Thoma Bravo, Reuters reported. The Australian company saw its stock price rise by over 30% after announcing that it has granted the PE firm non-exclusive due diligence access. | | | | | | | Scandinavian airline secures $700M loan from Apollo | | | SAS has received a $700 million loan from Apollo Global Management, according to reports. The Scandinavian airline, which filed in July for Chapter 11 bankruptcy protection in the US, will use the funds to support its restructuring throughout the bankruptcy proceedings. Apollo is likely to become one of SAS' main shareholders once the process is complete. | | | | | | | Kimmeridge pushes for change at California Resources | | | Kimmeridge Energy Management has built a stake in publicly traded oil and gas producer California Resources, Reuters reported. The activist investor is said to be pushing for the company to sell land to real estate developers and focus more on its new carbon capture and sequestration business. | | | | | | | Sentinel sells Altima Dental | | | | | | | | Dallas Plastics picks up Emballage MPP | | | | | | | | Audax acquires Rensa Filtration | | | | | | | | Percheron to secure McWilliams & Son | | | | | | |
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| Solace exits Patriot in $156M deal | | | | | | | | Prime Blockchain SPAC merger canceled | | | | | | | | Galaxy calls off BitGo acquisition | | | Galaxy Digital has terminated its acquisition of crypto custodian BitGo, which now plans to seek a $100 million termination fee over what it says is an "improper" move, Bloomberg reported. Galaxy agreed to acquire BitGo last year for $1.2 billion but canceled the deal after BitGo reportedly failed to deliver its audited 2021 financial statements on time. | | | | | | | QIA-backed Group One weighs US IPO | | | Group One Holdings is considering an initial public offering on a US exchange, according to a Bloomberg report. The company, which owns mixed martial arts brand One Championship, had previously considered a SPAC merger. Group One has raised funding from backers including the Qatar Investment Authority, Greenoaks and Sequoia India. | | | | | |
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| Arsenal raises $5.4B for new funds | | | Arsenal Capital Partners has closed its sixth flagship fund on $4.3 billion, above its $3 billion target. The firm has also raised $1.1 billion for a new growth vehicle. Arsenal focuses on investments in industrials and healthcare. | | | | | | | | | | | | | | Apogem scores $600M+ for secondaries | | | Apogem Capital has held a final close of its sixth secondary fund on roughly $614 million. PA Secondary Fund VI had a target of $500 million. | | | | | | | Future Energy Ventures launches $250M+ fund | | | E.ON's corporate venture arm Future Energy Ventures has launched a new fund to back sustainable energy startups. The vehicle, which has a target of €250 million (about $254 million), will be used for Series A and B investments in Europe, North America and Israel. | | | | | |
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