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| In today's Daily Pitch, you'll find: | | | | | |
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| Mobility tech funding cools off in Q2 | | VC activity in mobility tech continued to cool in Q2, with deal value declining 31.9% quarter-over-quarter to $10.5 billion.
Last-mile delivery hauled in the most capital of any segment, notching $2.8 billion as entrepreneurs and investors continued to respond to ecommerce's relentless demands with an array of solutions aimed at reorganizing how goods are moved, warehoused, tracked and delivered.
Our latest Emerging Tech Research update on mobility tech explores VC trends in the sector and highlights emerging opportunities in battery technology and hydrogen fuel cells for electric vehicles. The report also includes a comprehensive market map of key players across each mobility tech subsegment and company spotlights for Group14, Sila and ZeroAvia. | | | | | | | | | Fundraising, capital deployment are bright spots for PE in weak Q2 | |  | | (Elnur/Shutterstock) | | | The firms tracked in our PE earnings dashboard saw losses mount in Q2, but fundraising and capital deployment numbers displayed a strong showing.
Four of the six asset managers reported a loss, with only The Carlyle Group and Blue Owl reporting a net profit in the period. | | | | | | | |
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| A message from the U.S. National Science Foundation | | |
| | Happy birthday to the SBIR program—40 years of helping startups and small businesses develop and commercialize innovative technologies.
Every year, the U.S. National Science Foundation (NSF) and 10 other Federal agencies with extramural research and development budgets exceeding $100 million give approximately $3.2 billion to more than 5,000 innovative small businesses to stimulate technological innovation and entrepreneurship by all people.
Learn how each startup can unlock up to $2 million in translational research & development funding from NSF, helping them navigate the earliest stages of technology translation. In the past five years, these companies have gone on to raise billions in follow-on capital, and the NSF portfolio has had 200+ exits.
Learn more about NSF funding at seedfund.nsf.gov. | | | | | | | |
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| The 10 most active fintech VC investors | |  | | (Drew Sanders/PitchBook News) | | | In the past decade, the fintech sector has produced some of the most valuable venture-backed businesses. Along the way, it has become a central theme for prominent investors from Ribbit Capital to Tiger Global.
Fintech VC investment remains strong in 2022 despite headwinds from a crypto crash and declines in public fintech stocks, which have helped put an end to rapid valuation growth in the sector. | | | | | | | | | Global fund performance holds strong but may soon return to modest levels | | Rolling one-year IRRs through Q4 2021 were robust, though lower than in immediately prior quarters due to macroeconomic headwinds that continued to plague markets into 2022.
One-year returns for PE funds leveled off at 46.6% in Q4 2021, illustrating the impact of global factors, including inflation and rising interest rates, on private equity. The effects of these influences will likely be seen in greater magnitude in Q1 2022, with preliminary quarterly returns data for each of the fund strategies at more moderate levels.
VC registered a 50.5% return in the year through Q4 2021 after a 65.1% return in the year through Q3—even "lagging" fund strategies posted returns well above normal levels.
Our latest Global Fund Performance Report provides data through Q4 2021 as well as some preliminary 2022 figures to provide a comprehensive look at the returns of various fund strategies, including real estate, real assets, private debt, funds of funds and secondaries. | | | | | | | | | | How one $5.6 billion cloud company acquired its way to survival. [Forbes]
New rules proposed by the SEC could force nearly half of the SPACs still searching for a merger partner into liquidation, sending $80.6 billion back to investors. [Institutional Investor]
As the Supreme Court prepares to rule on two lawsuits challenging the use of race as a factor in school acceptance, universities are preparing to reinvent the admissions process. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 454 Deals | 1786 People | 634 Companies | 12 Funds | | | | | | |
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| 2020 Vintage Global VC Funds | | | | | | |
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| StradVision locks down $88M | | | StradVision has raised an $88 million Series C from investors including ZF and Aptiv. The company is developing AI vision processing tech for autonomous vehicles and advanced driver assistance systems. | | | | | | | WiTricity closes $63M round | | | WiTricity has raised $63 million in new funding, anchored by a $25 million investment from Siemens. The startup is a developer of wireless charging solutions for electric vehicles. | | | | | | | Fintech startup Truework takes in $50M | | | G Squared has led a $50 million Series C for Truework. The startup provides employment and income verification services for consumer, auto and mortgage lenders. | | | | | | | Frankfurt's Gunzilla Games lands $46M | | | Republic Capital has led a $46 million investment in Gunzilla Games. The startup, which develops immersive video games, will use the funds to build a blockchain-based platform allowing players to keep, create and trade in-game items including NFTs. | | | | | | | Shopic secures $35M Series B | | | Shopic has raised $35 million in a round led by Qualcomm Ventures. The Tel Aviv-based company offers smart devices for shopping carts; the touchscreens provide store maps and ads, as well as checkout services. | | | | | | | | | | | | | | Web3 specialist Fortress scores $22M+ | | | Fortress Blockchain Technologies has raised $22.5 million in a seed round led by Ayon Capital. Fortress is developing financial, regulatory and technology infrastructure for the Web3 industry. | | | | | | | | | | | | | | CreatorDAO collects $20M in seed round | | | CreatorDAO has raised $20 million in seed funding, led by a16z crypto and Initialized Capital. CreatorDAO offers creators capital, technology and operational expertise in exchange for a percentage of future earnings. | | | | | | | Evidence Partners raises $20M in growth financing | | | Thomvest Ventures has led a $20 million growth investment in Evidence Partners, a provider of AI-enabled literature review automation software for evidence-based research. | | | | | | | SaaS startup Spin grabs $16M | | | | | | |
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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, sponsored by Insperity and J.P. Morgan. 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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| Graceada Partners lands development of 168 homes | | | Graceada Partners has acquired Tyner Ranch Townhome Community, a build-to-rent single family rental neighborhood in Bakersfield, Calif. Built in 2007, the community consists of 168 homes covering 17.5 acres. Graceada paid around $183,600 per home in the deal. | | | | | | | PE-backed PureCars acquires AutoSigma | | | Diversis Capital-backed PureCars, a provider of digital marketing technology and services for automotive dealers, has acquired AutoSigma, a digital asset management platform. | | | | | | | MPE Partners picks up Pacific Power Group | | | MPE Partners has acquired Pacific Power Group, a Washington-based provider of products, parts and maintenance for marine, energy, commercial and industrial equipment. | | | | | | | Blue Owl's Dyal eyes stake in PAI Partners | | | Blue Owl Capital's Dyal Capital Partners unit is in talks to acquire a stake in French private equity firm PAI Partners, Bloomberg reported. | | | | | |
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| Upper90 raises $180M for Fund III | | | Upper90 has held an initial close for its third fund on a cap of $180 million. The firm, which provides hybrid growth capital combining credit and equity, backs startups in sectors including fintech and ecommerce. | | | | | | | Financial Venture Studio wraps up $40M fintech fund | | | Financial Venture Studio has held a final close of its second vehicle with around $40 million in capital. Fund II will focus on early-stage fintech startups. | | | | | | | Portal Ventures closes debut crypto vehicle | | | Portal Ventures has raised $35 million for its debut vehicle, TechCrunch reported. The fund will make pre-seed investments in crypto startups. | | | | | |
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| TPG reports net loss in Q2, distributable earnings fall YOY | | | TPG reported a net loss of $10 million in Q2, compared to $85 million in net income in Q2 2021, according to its latest financial release. The firm reported its distributable earnings—the allocation of cash that can be returned to investors—was $162 million, down from $198 million in Q2 2021. The firm's AUM climbed to $126.7 billion. | | | | | |
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