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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.
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| 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. | | | | | | | | | 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. | | | | | | | |
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| 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 | | | | | | | |
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| 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. | | | | | | | | | 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. | | | | | | | | | | 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] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 359 Deals | 1706 People | 510 Companies | 23 Funds | | | | | | |
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| 2018 Vintage Global Secondaries Funds | | | | | | |
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| A message from The American Investment Council | | |
| | 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 | | | | | | | |
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| 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. | | | | | | | 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. | | | | | | | 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. | | | | | | | | | 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. | | | | | | | 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. | | | | | | | | | 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. | | | | | | | | | 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. | | | | | |
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| 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 | | | | | | |
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| 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. | | | | | | | 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. | | | | | |
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"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 | | | | | |
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