VC boosts carbon capture

Growth after a down round; EQT joins streak of software take-privates; Korean PE firm backs Concert Golf Partners; bionic clothing startup bags $12M+

Read online | Don't want to receive these emails? Manage your subscription. Log in The Daily Pitch: VC, PE and M&A September 29, 2022 The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data We're updating how we send email. Look for our new news-noreply@news.pitchbook.com address, and add us to your safe senders list. Check out our FAQ for details.   In today's Daily Pitch, you'll find: Contrary to expectations, venture-backed companies that have taken on a down round are likely to continue on the path to growth. Our Emerging Tech Research clears the air on VC-backed carbon capture efforts.   Today's Top Stories   How VCs boost carbon capture startups The second quarter of 2022 saw the highest-ever VC investment in carbon capture startups, with $882.2 million invested across 11 deals. Our recent Emerging Tech Research update on the topic examines the various technologies for carbon removal and drivers of interest in postcombustion carbon capture, including its varied approaches. The report also includes a closer look at VC-backed companies in the space, such as Climeworks, Mission Zero and Travertine. read it now   Share: Down rounds help VC-backed founders shift growth expectations (wan wei/Shutterstock) Down rounds often signal risks of a struggling business to future investors. But contrary to expectations, venture-backed companies that have taken on a down round are likely to continue on the path to growth—including raising new rounds and restructuring following a buyout. PitchBook data shows that nearly 1 in 5 companies that raised a down round since 2016 took the buyout path. read more   Share:   A message from Deloitte   At $12.9 billion, life sciences dealmaking remains resilient 2021 may hold all-time records for private markets dealmaking in life sciences, but this year is proving unexpectedly resilient. At $12.9 billion across 461 deals, investment is still strong across the life sciences expansion-stage ecosystem. Deloitte's latest Road to Next installment breaks down how and why this sector is poised for robust investment and significant change, with highlights including: How private market corrections in valuations are impacting life sciences companies in particular Key regulatory developments to watch Data on cumulative unicorn valuations, financing metrics and more Read it now Share:   EQT's Billtrust deal is latest in a streak of financial software take-privates (EtiAmmos/Shutterstock) Swedish private equity firm EQT has struck a deal to buy Billtrust, a payments software provider, for $1.7 billion, the latest in a recent string of take-privates targeting financial software companies. Including the Billtrust deal, there have been eight take-private buyouts involving financial software companies worth a total of $26.92 billion so far this year—the highest annual deal value since 2007, when PE firms inked two take-privates totaling $29 billion, according to PitchBook data. read more   Share: Satispay becomes Italy's second unicorn (Courtesy of Satispay) Milan-based fintech company Satispay has raised a €320 million (about $311 million) Series D at a more than €1 billion valuation. While Italy's VC ecosystem is relatively small compared to its European peers', the country has already surpassed its previous record for capital raised. read more   Share: Recommended Reads Bitcoin mining company Bitdeer is attempting to raise $200 million to buy discounted hardware from other struggling miners. [Forbes] More companies than ever are sharing how much jobs pay. [Bloomberg] Why KKR thinks many endowments and foundations may be making a mistake by not upping headcount. [Institutional Investor]   Since yesterday, the PitchBook Platform added: 359 Deals 1706 People 510 Companies 23 Funds See what our data software can do   Quick Takes     The Daily Benchmark     2018 Vintage Global Secondaries Funds     A message from The American Investment Council     Diamonds in the rough     VC Deals     Mental health startup Rippl launches with $32M seed round     Coral raises $20M for crypto developer tools     Plant-based food maker Wicked Kitchen gobbles up $20M     Recycling startup EverestLabs lands $16.1M Series A     Invisible AI banks $15M     Bionic clothing startup Cionic takes on $12.5M     Femtosense bags $8M     Bridge Money scores $5M+     PE Deals     Korean PE firm backs Concert Golf Partners     PE-backed Prescott's picks up Preventive Maintenance Medical     J.F. Lehman's Entact lands USA Environment     Bessemer Investors' Legacy Restoration merges with Janney     SK Capital to acquire Apotex Pharmaceutical Holdings     Fundraising     Scale Venture Partners closes Fund VIII on $900M     DeFi blockchain Sei launches $50M fund       The Daily Benchmark   2018 Vintage Global Secondaries Funds Median IRR 58.80% Top Quartile IRR Hurdle Rate 70.47% 1.56x Median TVPI Select top performers Greenspring Secondaries Fund III Glouston Private Equity Opportunities VI Lexington Capital Partners IX *IRR: net of fees 16 Funds in Benchmark » Check out the latest version of PitchBook Benchmarks   A message from The American Investment Council   Diamonds in the rough Private equity's calling card is improving businesses, but investors have quietly created hundreds of them through carveouts. After buying “noncore assets”—which is a polite way of saying unloved or under-resourced business units of much bigger corporations—PE firms give them the attention and resources they need to become independent companies, often with new names, logos, and management teams. More than 4,000 such companies have been created over the past decade. In conjunction with PitchBook, the American Investment Council has released Diamonds in the rough: How PE breathes new life into unloved businesses. With long-term visions, PE investors can take those businesses off the backburner and give them the chance they need to become successful, standalone companies. To download the report and learn more, click here Share:   VC Deals   Mental health startup Rippl launches with $32M seed round Rippl has raised $32 million in a round led by ARCH Venture Partners and General Catalyst. Based in Seattle, the company is a provider of mental healthcare services for seniors with dementia and other neurocognitive conditions. Coral raises $20M for crypto developer tools Coral has raised $20 million in a round co-led by FTX Ventures and Jump Crypto. The company is a developer of tools that allow users to access decentralized apps and assets across different blockchains. View round   View similar company »   Plant-based food maker Wicked Kitchen gobbles up $20M Wicked Kitchen has raised $20 million from investors including Ahimsa VC and NRPT. The company is a provider of plant-based foods including noodle cups, sauces and meal kits. View round   View similar company »   Recycling startup EverestLabs lands $16.1M Series A EverestLabs has raised $16.1 million in a round led by Translink Capital. The company is a developer of AI-based software and robotics designed for use by recycling plants, consumer packaging companies and manufacturers. View round   View 1 competitors »   Invisible AI banks $15M Invisible AI, a manufacturing AI specialist, has raised a $15 million Series A led by Van Tuyl Companies. The company has secured $21 million in total since its founding in 2018. View round   View 12 competitors »   Bionic clothing startup Cionic takes on $12.5M BlueRun Ventures has led a $12.5 million Series A for Cionic. The company offers clothing that analyzes, predicts and augments movement for individuals with multiple sclerosis, cerebral palsy and other mobility impairments. View round   View similar company »   Femtosense bags $8M Femtosense has raised an $8 million Series A led by Fine Structures Ventures. The company is developing tech that will enable AI processing on consumer electronics such as hearing aids and earbuds. View round   View similar company »   Bridge Money scores $5M+ Bridge Money has raised $5.8 million in seed funding led by TMV. The company's mobile banking app helps individuals earn money through activities such as cashback, surveys, ad viewing, referrals and raffles. View round   View similar company »     PE Deals   Korean PE firm backs Concert Golf Partners Seoul-based Centroid Investment Partners has invested in Concert Golf Partners, a Clearlake Capital-backed operator of private golf and country clubs across the US. View deal   View similar company »   PE-backed Prescott's picks up Preventive Maintenance Medical Prescott's, a provider of maintenance services for surgical microscopes that's backed by Atlantic Street Capital, has acquired Preventive Maintenance Medical. The acquired company offers repair services for medical and laboratory sterilizers and washers. View deal   View similar company »   J.F. Lehman's Entact lands USA Environment Entact, a provider of environmental remediation and geotechnical services that's backed by J.F. Lehman & Company, has acquired USA Environment, an environmental remediation and industrial services specialist. View details   View 82 investments »   Bessemer Investors' Legacy Restoration merges with Janney Bessemer Investors-backed Legacy Restoration has merged with Janney Construction, a fellow provider of exterior restoration and remodeling services that specializes in roofing. View details   View 12 investments »   SK Capital to acquire Apotex Pharmaceutical Holdings SK Capital Partners has agreed to acquire Canada-based Apotex Pharmaceutical Holdings, which exports medicines to more than 100 countries. View deal   View similar company »     Fundraising   Scale Venture Partners closes Fund VIII on $900M Scale Venture Partners has closed its eighth fund with $900 million in commitments. The vehicle will target cloud and SaaS software companies, with an emphasis on cognitive apps. View fund   View 196 investments »   DeFi blockchain Sei launches $50M fund Layer-1 blockchain Sei has raised $50 million for its Ecosystem and Liquidity Fund, which will be used to support the development of new DeFi applications on its platform.   Chart of the Day   "Direct lending continues to be the standout strategy, accounting for more than a third of capital raised in the first half of the year, but other substrategies, such as special situations funds and real estate debt funds, also garnered plenty of attention." Source: PitchBook's H1 2022 Global Private Debt Report   Who's in the newsletter today? Investors ARCH Venture Partners Ahimsa VC Atlantic Street Capital Bessemer Investors BlueRun Ventures Centroid Investment Partners Clearlake Capital FTX Ventures Fine Structures Ventures General Catalyst J.F. Lehman & Company Jump Crypto NRPT SK Capital Partners Scale Venture Partners TMV Translink Capital Van Tuyl Companies Companies Apotex Pharmaceutical Holdings Bridge Money Cionic Concert Golf Partners Coral Entact EverestLabs Femtosense Invisible AI Legacy Restoration Prescott's Preventive Maintenance Medical USA Environment Wicked Kitchen   About PitchBook | Terms of use | Advertise with us | Contact Follow us: This email was sent to edwardlorilla1986.paxforex@blogger.com via the PitchBook Platform. Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here. © 2022 PitchBook. Win what's next. All rights reserved.