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| In today's Daily Pitch, you'll find: | | | | | |
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| Investors eye insurtech startups as M&A targets | | After a series of blockbuster acquisitions within the insurtech space, including Thoma Bravo's $729 million takeover of Majesco in 2020 and the recent $2.6 billion public-to-private deal for Duck Creek Technologies by Vista Equity Partners, our analysts still believe there are plenty of consolidation targets within the vertical. Our latest Emerging Tech Research covers the deals, figures and M&A targets: - $1.1 billion was invested across 115 deals in the space in Q1, representing a nearly 10% decline in deal value but an 8.5% uptick in deal count over the previous quarter.
- A major bright spot for the vertical was the explosion in deal value for commercial insurtech startups—increasing more than 137% over the previous quarter.
| | | | | | | | | Y Combinator leads accelerators in unicorn-creation rate | |  | President and CEO of Y Combinator Garry Tan
(Harry Murphy/Getty Images) | | | Y Combinator made its name by backing companies such as Airbnb and Reddit early on, and it has ridden that wave to become the accelerator to beat.
Nearly 5% of the startups that have gone through Y Combinator since 2010 have become unicorns—significantly more than Techstars, MassChallenge, 500 Global or SOSV, a PitchBook analysis found.
But even the tech world's primo accelerator has needed to make cuts to its programs through the downturn. | | | | | | | |
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| A Message From DealCloud, by Intapp | | |
| Axiom Asia streamlines pipeline management with DealCloud | | Prior to deploying DealCloud, Axiom Asia Private Capital managed data using spreadsheets and a generic CRM. As the firm continued to grow and became a leading investment manager, it realized the need for a unified and configurable platform to manage its pipeline, fundraising, reporting, and other strategic and operational activities.
Read the case study to learn how Axiom Asia Private Capital is leveraging DealCloud's technology to meet the unique needs of modern-day dealmaking. | | | | | | | |
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| The batteries that could power net zero | | Supply chain shortages could halt the EV revolution before it even takes flight. The cost of lithium-ion batteries has plummeted 97% over the past 30 years, but now manufacturers are staring down the barrel of multiple materials constraints. New tech offers a promising solution: sodium-ion batteries.
Our latest analyst note investigates the alternative made from more abundant materials and offers a glimpse into the storage needed to power the world's ambitious energy transition. | | | | | | | | | Understanding Sequoia's high-profile split from China | |  | | (Jenna O'Malley/PitchBook News) | | | Sequoia Capital's seemingly amicable divorce from its China and India businesses has the tech world talking, but few close watchers of the firm were surprised by the dramatic split.
The leaders of the three units—Roelof Botha, Neil Shen and Shailendra Singh—told their limited partners that the breakup was in large part a result of conflicts that arose when different geographies invested in companies that could potentially compete with each other.
But some observers are doubtful that what the firm described in a letter to its LPs as "growing market confusion due to the shared Sequoia brand" is the main reason for the separation. | | | | | | | | | Top VCs maintain check sizes for tech | | Median deal size stood out for emerging tech in Q1. VC growth and rising valuations have kept early-stage median deal sizes ticking up in recent years. Our Emerging Tech Indicator tracks angel-, seed- and early-stage investment at the world's top-15 most successful VC firms, giving insight into their strategy through the downturn. - The increase in total ETI deal value was small, roughly $200 million, but it reversed a three-quarter decline.
- Biotech startups led the indicator in deal value, with the AI and machine learning sector following. Web3 and DeFi, a darling of top VCs in previous quarters, still generated enough interest to take second in deal count.
| | | | | | | | | | Munjal Shah's last startup lost millions, yet Andreessen Horowitz backed him again anyway. [Forbes]
As continuation funds plague LPs, investors search for a solution. [Institutional Investor]
Goldman Sachs is at war with itself as CEO David Solomon comes under fire. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 426 Deals | 2313 People | 685 Companies | 26 Funds | | | | | | |
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The Daily Benchmark:
2016 Vintage Global Secondaries Funds | | | | | | |
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Mistral AI, a generative AI startup that could compete with OpenAI, has raised a €105 million seed round led by Lightspeed.
CubicPV, a startup creating wafers for semiconductor manufacturing, has raised $33 million backed by SCG Cleanergy, Hunt Energy Enterprises and Breakthrough Energy Ventures; another $70 million is dependent on project milestones.
AI video creation startup Synthesia has raised a $90 million Series C led by Accel and joined by Kleiner Perkins and GV, among others.
Madrid-based road freight operator Trucksters has raised a €33 million Series B from investors including Volvo Group Venture Capital, BigSur Ventures and Amplifier VC.
Striveworks, a machine learning operations startup, has raised $33 million in a round led by Centana Growth Partners.
Fernride, a Munich-based autonomous electric trucking startup, has closed a $31 million Series A from backers including 10x Founders, Promus Ventures and Speedinvest.
Generative AI search platform Vectara has raised a $28.5 million seed round led by Race Capital, according to reports.
Salonkee, a Luxembourg-based beauty appointment booking platform, has secured a €28 million Series B led by PeakSpan Capital.
Kodem, an application security analysis startup, has launched from stealth with $25 million from Greylock and TPY Capital.
Energy storage startup On.Energy has raised $20 million in a Series B led by Ultra Capital.
Medivis, which uses augmented reality to enhance surgery, has raised a $20 million Series A led by Thrive Capital.
Beaconcure, a clinical data technology startup, has raised a $14 million Series B led by NewVale Capital.
ClimateView, which helps cities plan and manage their climate transitions, has raised €14 million. Investors in the round included Norrsken VC, CommerzVentures and NordicNinja VC.
Smedvig Capital has led a €6 million Series A for EdgeTier, a Dublin-based customer service analytics specialist.
Paris-based cybersecurity startup Filigran has secured a €5 million seed investment led by Moonfire Ventures. | | | | | |
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| PitchBook webinar: Emerging Tech Talks with Quantum Health | | Healthcare and benefits navigation plays an important role in a healthcare ecosystem with ever-increasing complexity. PitchBook analyst Aaron DeGagne will host Zane Burke of Quantum Health, a PE-backed healthcare navigation company. Key topics include: - Data on current VC and PE funding in care navigation.
- An overview of the competitive landscape and what makes Quantum Health's approach different than peers.
- Opportunity and growth dividers in the care and health benefits navigation market.
Register now to secure your spot. | | | | | | | |
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| EQT has agreed to sell BBS Automation to Frankfurt-listed Dürr Group. EQT first backed the German industrial automation provider in 2018. | | | | | |
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Permira Credit has closed its fifth direct lending fund with €4.2 billion to invest in European middle-market companies.
Hidden River Strategic Capital has closed its first fund on $245 million. The firm is targeting $5 million to $25 million debt and equity investments in small businesses.
Helsinki-based early-stage investor Voima Ventures has launched a €90 million fund to invest in Nordic and Baltic deep-tech startups.
London-based VC firm Black Seed has raised £5 million for its debut fund to invest in Black founders. | | | | | |
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"Entrepreneurs who attended two accelerators estimated that without attending the programs, their exit probability would have been 10%, which we compare with founders who attended just one accelerator who estimated a 19% exit probability, assuming no accelerator. The difference ... might suggest that joining multiple programs simply means that the founder needed more resources to launch their offering. It could also mean that their idea isn't strong and/or they aren't equipped to execute it."
Source: Quantifying the Success of YC and the Largest Accelerators | | | | | |
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