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In today's Daily Pitch, you'll find: - Our latest Emerging Tech Research provides an update on the information security sector as startups face a slowdown in spending growth.
- PE and real estate fund performance remained strong through the end of 2021, but analysts see turbulence on the horizon.
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| Information security faces a slowdown | | Financial volatility and a paused IPO market have combined to challenge the resilience of 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 2022 Emerging Tech VC update on information security highlights opportunities in database protection, anti-phishing platforms and more. The report also includes a market map of the industry's product categories, from application security to identity management. Other takeaways include: - VC investment in the information security space took a hit from market volatility, dropping 44.6% quarter-over-quarter to $3.2 billion.
- Median late-stage VC valuations held steady from Q1, at $190 million. Early-stage VC valuations remained robust, though depressed market conditions indicate a slowdown may be looming.
- The exit market virtually halted, with only 13 VC exits tracked in Q2.
| | | | | | | | | PE, real estate funds remain strong; analysts see downturn ahead | |  | | (whiteMocca/Shutterstock) | | | PE funds delivered a strong one-year showing in 2021, with a 46.6% return through Q4, as fundraising performance—led by mega-funds, vehicles sized at $5 billion or more—shone bright.
Real estate funds also performed well through 2021. The asset class clocked a 24.8% rolling one-year horizon IRR through Q4, its best showing since Q2 2011. | | | | | | | | | Are corporate VC 'tourists' pulling back amid the downturn? | |  | | (vovidzha/Shutterstock) | | | Corporate venture capital firms historically have a reputation for tightening the purse strings when faced with a downturn.
Given the current economic headwinds, will history repeat itself or will CVCs keep pace with their traditional VC counterparts? | | | | | | | | | | In just over a year, the US' largest cryptocurrency exchange went from a triumphant public offering to cost-cutting and layoffs. [The New York Times]
Marc Andreessen has spoken out about the US' failure to build enough housing in the past, but do public records paint a different picture? [The Atlantic]
Is the plant-based meat revolution already running out of steam? [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 10 Deals | 109 People | 34 Companies | | | | | | |
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| 2010 Vintage Global Secondaries Funds | | | | | | |
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| Madrona co-founder Tom Alberg dies at 82 | | | | | | | | Carlyle CEO Kewsong Lee resigns | | | The Carlyle Group CEO Kewsong Lee is stepping down with immediate effect just two years after he was appointed in July 2020. The PE firm said in a statement that it and Lee mutually agreed to not renew his five-year employment contract which is due to come to a close by the end of 2022. Current non-executive co-chairman of the board and co-founder William Conway will take over as interim CEO. | | | | | |
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| LiveEO bags $19M+ for infrastructure monitoring tech | | | Berlin-based LiveEO has raised over $19 million in a round led by MMC Ventures. The startup uses satellite technology to monitor large infrastructure networks. | | | | | | | | | Datajoin has raised a $3.5 million seed round led by Sepio Capital. The Utah-based company provides B2B marketing teams with a no-code solution for integrating customer data into their chosen marketing applications. | | | | | |
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| Don't miss our upcoming webinar | | US venture capital has been faced with market challenges in the first half of 2022, but segments of the VC ecosystem such as early-stage startups and larger VC firms have stayed resilient and continued to flourish.
In this webinar, our speakers will explore the causes behind these disparities and what they anticipate in the market's future, informed by the findings from our latest PitchBook-NVCA Venture Monitor. Key topics include: - Reviewing US venture activity from Q2 2022.
- Analyzing the importance of a human capital strategy with Insperity.
- Discussing developments in the venture ecosystem with J.P. Morgan.
Register now to secure your spot. | | | | | | | |
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| OMERS to land Pueblo Mechanical & Controls | | | OMERS has agreed to acquire Pueblo Mechanical & Controls, a mechanical services provider, from Huron Capital Partners. Pueblo Mechanical & Controls provides installation, retrofit and repair services for HVAC and plumbing to customers in education, municipal and healthcare end markets. | | | | | | | Main Street completes investment in portfolio company SI East | | | | | | |
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| Siguler Guff closes fund on $1.9B+ | | | Siguler Guff has closed its fifth small buyout opportunities fund on $1.97 billion. The fund's predecessor closed on $1.58 billion in 2020. | | | | | | | Top Tier wraps up $925M for venture strategy | | | Top Tier Capital Partners has raised $925 million to invest in VC fund secondaries, software and technology startups, and more. Of that amount, $503.5 million is committed to Top Tier Venture Velocity Fund 4, while the remainder will be deployed alongside the fund through related separate accounts. | | | | | |
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| Amazon to acquire Roomba maker for $1.7B | | | Amazon has agreed to acquire iRobot, maker of the Roomba vacuum, for $61 per share. The all-cash deal values the Massachusetts-based company at roughly $1.7 billion, including debt. | | | | | |
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