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| In today's Daily Pitch, you'll find: | | | | | |
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| European VC valuations largely survive corrections | | Europe's venture market saw many valuation corrections last year, but the median pre-money valuation still increased year-over-year across most stages. Only the seed and venture-growth stages suffered declines, according to our 2023 Annual European VC Valuations Report, and only venture growth registered a lower median deal value in 2023.
While valuations aren't expected to rebound to 2021 levels any time soon, there are indications that Europe may have reached the low point of the valuation dip. Changes in interest rates will likely determine the extent of recovery in VC valuations going forward. | | | | | | | | | Signs point to an improving climate for US private markets | | The private markets were mired in a slower deal and exit environment last year. Deal volume of buyouts, growth equity and VC investments dropped by 47.8%, 44.9% and 61.8%, respectively, in Q4 from the high-water marks set in Q4 2021.
But encouraging economic indicators, improving credit conditions and the upturn in public market performance signal that private market investors may soon be out of the woods, according to our Q1 2024 Quantitative Perspectives: US Market Insights report. | | | | | | | |
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| A message from West Monroe | | |
| Private equity 2024: Data, cyber, AI strategies | | In the evolving landscape of 2024, private equity is charting a course defined by a strategic shift towards sustainable growth, rebounding from a year of halted exits. This pivot anticipates substantial dividends, particularly with an intensified focus on data and AI. West Monroe's 2024 Private Equity Outlook delves into this transformative journey and sheds light on key trends.
Key Insights: - The industry's strategic shift towards sustainable growth promises significant returns.
- A focus on data and AI positions the sector for innovation and growth.
- Urgent cybersecurity priorities take precedence as challenges persist in implementing and monitoring crucial cyber controls, revealing notable gaps within private equity portfolios.
Explore the challenges, emerging trends, and strategic imperatives destined to mold the private equity landscape in 2024.
Download the report | | | | | | | |
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| 2 of top 10 most valuable startups in Europe known to be profitable | |  | | (NurPhoto/Getty Images) | | | | At a time when investors are emphasizing profitability, just two of Europe's 10 most valuable VC-backed companies—fintech unicorns Revolut and SumUp—have confirmed profits. | | | | | | | | | | | After a rough year following scandals and collapses, there may finally be some light at the end of the tunnel for crypto. For the first time since Q1 2022, deal value increased, hitting nearly $2 billion across 326 deals in Q4 2023. Our recent Emerging Tech Research covers the trends and opportunities in the sector. | | | | | | | | | PE firms need to double down on adding value | |  | | (Chloe Ladwig/PitchBook News) | | | Reading some of the news headlines of recent weeks, driven by a refinancing bonanza and a return of dividend recaps, it has almost been possible to imagine we were back in a different time. One where money was easy to come by and PE firms could handily generate returns.
However, while improved conditions in the leveraged debt markets may have given squeezed PE firms some respite in recent weeks, investors should not expect the cost of finance to be reduced significantly or dependably in the short term.
PE firms should remain focused on the long game if they are going to succeed in the current environment, while avoiding the temptation to chase shortcuts. A renewed focus on the meat and potatoes of value creation should be central to their approach. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 346 Deals | 2438 People | 757 Companies | 30 Funds | | | | | | |
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The Daily Benchmark:
2018 Vintage North American Debt Funds | | | | | | |
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Chinese generative AI startup Moonshot AI has raised more than $1 billion from Alibaba and HongShan, according to reports.
Monzo is targeting a £4 billion valuation, the Financial Times reported. The London-based challenger bank is looking to raise as much as £350 million in a deal expected to close in the coming weeks.
Massachusetts-based Ascend Elements, which specializes in battery materials for electric vehicles, has secured $162 million from Clearvision Ventures, Just Climate and Irongrey.
Recogni, a San Jose-based AI hardware startup, has raised a $102 million Series C co-led by Celesta Capital and GreatPoint Ventures.
France's Planity has received a €45 million Series C led by InfraVia Capital Partners for its booking platform for the beauty industry.
Reprieve Cardiovascular, a Massachusetts-based developer of treatments for heart failure, has emerged from stealth with a $42 million Series A co-led by Lightstone Ventures and Sante Ventures.
France-based Bioptimus has emerged from stealth with a $35 million seed round led by Sofinnova Partners.
Techtaka, a South Korean ecommerce fulfillment startup, has raised a $9.5 million Series B from Altos Ventures.
German fintech startup Monite has added $6 million from Valar Ventures and Third Prime to its seed round, which now totals $16 million.
Juniper, a UK-based provider of reproductive health insurance, has raised €1.7 million led by Insurtech Gateway.
Singapore's Xalts, a financial infrastructure SaaS company backed by Accel and Citi Ventures, has acquired peer Contour Network. | | | | | |
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"Our data shows that the number of down rounds as a percentage of total VC rounds increased from 2022 to 2023. In 2023, 12.7% of all fintech VC rounds were down rounds, 75.2% were up rounds, and 12.1% were flat rounds. Comparatively, only 5.4% of VC rounds were down rounds in 2022, with up rounds and flat rounds representing 90.6% and 4.0% of deals, respectively."
Source: Financial Fusion: Fintech's M&A Landscape Unveiled | | | | | |
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