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| In today's Daily Pitch, you'll find: | | | | | |
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| 'Big oil' bankrolls more climate VC deals, a dilemma for founders | |  | | (Joe Portlock - Formula 1/Getty Images) | | | More than one-fifth of all VC dollars that flowed into climate-tech startups in 2022 was in deals with participation from "big oil": $6.79 billion out of a total $36.47 billion invested, PitchBook data shows.
But taking money from fossil fuel companies is a conundrum for many founders. "As a founder your best bet would be to take their money if you need it, but keep them at arm's length," said Wes Selke, a partner at Better Ventures. | | | | | | | | | Sharpening the focus on generative AI | | | Generative AI has taken the VC tech space by storm, from OpenAI's ChatGPT to Google's Bard. Our vertical snapshot dives deep into generative AI, covering the data, deals and key players in the emerging market, which is expected to reach more than $42 billion in 2023. | | | | | | | | | Torch announces $200M for funding consumer-facing startups | |  | | (Masha Raymers/Getty Images) | | | Ecommerce startups have been under pressure since the downturn began last year. But that's not stopping Torch Capital, an early-stage venture fund, from being excited about tech-enabled consumer brands and platforms.
The New York-based firm has announced the closing of over $200 million across two related funds. That's because Torch looks at consumer businesses through a wide lens. | | | | | | | | | Why Europe struggles to scale its deep-tech startups | |  | | (Grenar/Shutterstock) | | | Europe has a reputation for deep-tech innovation but has historically struggled to scale startups in the sector.
While governments have sought to boost investment in deep-tech startups, the region still suffers from a dearth of late-stage investment needed to create the next generation of European unicorns in the sector. | | | | | | | | | | Regulatory reform and high oil prices have kick-started a surge of IPOs in the Middle East, with 2022 marking a record year. [Financial Times]
Many startups operate without a CFO, relying instead on their banks or venture backers for financial guidance. That created a challenge as SVB collapsed. [The Wall Street Journal]
Startups and investors are rushing to build networks of charging stations for electric semitrucks. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 497 Deals | 1972 People | 694 Companies | 29 Funds | | | | | | |
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The Daily Benchmark:
2018 Vintage European Debt Funds | | | | | | |
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Munich-based satellite launch services company Isar Aerospace has raised a $165 million Series C. Investors in the round included Earlybird, HV Capital and Lakestar.
Ridesharing platform Cabify has secured $110 million from investors including Orilla Asset Management, Axis and Fond-ICO Next Tech.
Networking startup Graphiant has raised a $62 million Series B led by Two Bear Capital with additional backing from Sequoia, Atlantic Bridge and Harpoon Venture Capital Partners.
Salubris Biotherapeutics has secured a $35 million investment from China-based Shenzhen Salubris Pharmaceuticals.
Boston-based autonomous logistics startup Venti Technologies has raised a $28.8 million Series A led by LG Technology Ventures .
New York-based fintech startup Spiral has raised a $28 million Series A led by Team8.
Smalls, a New York-based cat food startup, has secured a $19 million investment from Left Lane Capital and 301, the venture capital arm of General Mills.
Talpa Solutions, a German provider of analytics and business intelligence software for heavy industry, has closed a €15 million Series B led by Bosch Ventures and MIG Capital.
Edited, a London-based startup offering retail data and analytics, has received $15 million from Delta-v Capital.
Berlin-based Atlas Metrics has raised €5.2 million for its ESG tracking and reporting platform in a seed round led by B2venture. The company aids businesses around the world in becoming ESG compliant.
London-based climate-tech company Connect Earth has raised over $5.6 million in a seed round led by Gresham House Ventures. | | | | | |
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| PitchBook's Four Majors One and Done online tournament | | Don't miss your chance to sign up for our Four Majors online tournament!
The year's most-anticipated championships in golf are fast approaching—sign up for PitchBook's Four Majors One and Done tournament.
It’s free, fun and easy! This year, our first-place winners will secure a travel gift card to the airline of their choice—with more awesome prizes for second and third place.
Anyone from your firm is eligible to play, so invite your co-workers. You can start making your selections April 3 at noon PDT | 3 p.m. EDT, so create your credentials and mark your calendars—because the deadline to select your first golfer is April 6 at 5 a.m. PDT | 8 a.m. EDT.
Sign up here | | | | | | | |
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KKR is preparing a sale of audiobook publisher RBmedia for as much as $2 billion, PE Hub reported. KKR acquired the company in 2018 from Shamrock Capital Advisors.
Superstep Capital has made a strategic growth investment in Zaelab, a B2B digital commerce consulting company.
Spanish data processing group Nabiax has sold its Latin American operations to London-based Actis. The transaction was valued at $500 million, Reuters reported.
Advent International-backed international food ingredients company IRCA has completed its acquisition of the sweets ingredients portfolio of Ireland's Kerry Group.
EQT Growth has agreed to acquire German photography software developer GotPhoto. | | | | | |
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| Singaporean sovereign wealth fund Temasek is considering a US IPO of Advanced MedTech Holdings, a former spinout of Accuron Technologies, after talks for a potential acquisition of the medical device manufacturer failed, Bloomberg reported. A potential share sale is expected to raise between $200 million and $300 million. | | | | | |
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SR One has closed its second fund on over $600 million, exceeding its target of $500 million.
London-based pre-seed investor Playfair has launched its third fund, targeting $70 million. | | | | | |
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