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| In today's Daily Pitch, you'll find: | | | | | |
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| Medtech VCs stay active despite tough conditions | | Medtech VC investment rebounded significantly to $3.3 billion in the first quarter as investors piled into high-quality companies despite historically low deal volume, according to our latest Emerging Tech Research. - The largest deal went to Freenome, an early cancer-detection startup, which raised a $254 million late-stage round led by Roche Venture Fund.
- Public medtech valuations have stabilized, and there are pockets of rising valuations in the medical devices, consumer health and life sciences sectors. But exits remain scarce.
- The report also covers emerging opportunities in cardiac arrest prevention and treatment as well as whole-body scans.
| | | | | | | | | Strategic LPs power Clean Energy Ventures' $305M climate fund | |  | | United Airlines is among the strategic LPs in CEV's second fund. (Spencer Platt/Getty Images) | | | Early-stage climate-tech investor Clean Energy Ventures just closed its second fund on $305 million, a major step-up from its debut $110 million vehicle in 2019 and a sign of confidence for the climate-tech fundraising market.
A substantial portion of CEV's new LP interest hailed from strategic investors looking for exposure to nascent innovations to reduce their carbon footprints, including concrete materials supplier Cemex and United Airlines' corporate venture arm. | | | | | | | |
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| A message from BMO Sponsor Finance | | |
| Transaction Trends: 2024 Outlook | | BMO Sponsor Finance turns its focus to four core industry verticals to get a sense of historical performance relative to the 2024 outlook. In the current issue of Transaction Trends, find out how interest rates, inflation and market dynamics are impacting these sectors, and why 2024 should be a year of continued resilience.
To learn more, download the full issue of Transaction Trends. You can also contact Patty Weitzman, BMO Commercial Bank's Head of Financial Sponsors, at patricia.weitzman@bmo.com. | | | | | | | |
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| Survey: Signs of increased optimism in VC | | Overall, venture GPs are more optimistic about fundraising and the IPO market than they were a year ago, according to our H1 2024 Tech Survey analyst note. GPs are mostly expecting asset valuations to get more attractive over the next month—which is supporting market activity, though still at subdued levels. While AI remains a top area of focus, investors have expressed concern of overinvestment.
Interest rates remain a key determiner of market activity, as well as the need for founders to temper their valuation expectations. While several managers have pushed out fundraising plans or ruled out opening another fund, the majority cited no changes to current fundraising plans. | | | | | | | | | Elon Musk's journey to xAI | |  | | Elon Musk (Slaven Vlasic/Getty Images) | | | Elon Musk has made headlines once again, this time with his artificial intelligence company and its new $18 billion price tag. Less than a year old, xAI is now one of the most valuable generative AI companies globally.
Here's a look at the history of Musk's AI efforts—from his early investments to xAI's $6 billion Series B from investors including Andreessen Horowitz and Sequoia. | | | | | | | | | Hydrogen good as gold to cleantech VCs | | It's only in the last few years that geologic hydrogen, also known as white or gold hydrogen, has been considered a viable industrial-decarbonization approach. Its commercial scalability is still up in the air. But startups like Koloma, Eden and 45-8 Energy are rapidly changing the landscape of hydrogen energy, according to our recent Emerging Tech Research.
Hydrogen, along with renewable battery storage, has emerged as a particularly popular investing segment within cleantech. Its total VC deal value was up 70.6% quarter-over-quarter in Q1, driven by big raises from Sunfire, Koloma and Inocel. | | | | | | | | | The risks of letting your LPs ride shotgun | |  | | (Megan Woodard/PitchBook News) | | | More institutional investors than you might think are hungry for venture exposure—as long as co-investing rights are on the table.
Co-investing rights give LPs the ability to acquire an equity stake alongside the GP, often through a sidecar vehicle. This direct access to deal flow allows allocators to concentrate their portfolio in specific companies or an emerging technology—generative AI, for instance.
Within the VC world, co-investing has taken off full steam. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 629 Deals | 2125 People | 856 Companies | 35 Funds | | | | | | |
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The Daily Benchmark:
2013 Vintage North American PE Funds | | | | | | |
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| A message from PitchBook Data | | |
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Energy Capital Partners has agreed to buy Nasdaq-listed renewable energy company Atlantica Sustainable Infrastructure for $2.56 billion in cash.
A consortium of KKR and Singapore Telecommunications are competing against Stonepeak to buy a $1 billion minority stake in ST Telemedia Global Data Centers, one of Asia's largest data center providers, Reuters reported.
Lower-middle-market investor The Zabel Companies has bought automotive repair parts supplier SVI International.
Vitruvian Partners has made a strategic growth investment in Aduro Advisors, a fund administrator for VC and PE firms.
Hg agreed to acquire AuditBoard, a risk management specialist, in a transaction valued at over $3 billion.
London-based firm Oakley Capital has invested in ProductLife Group, a European provider of regulatory and compliance services to the global life sciences industry.
Latticework Capital Management has sold urgent care service provider Xpress Wellness to Goldman Sachs Asset Management.
Compass Group Equity Partners sold KGM, a natural gas products provider, to Tinicum, PE Hub reported.
UK PE firm Bridgepoint is acquiring a stake in French intranet platform provider LumApps for $650 million. This provides an exit for existing backers Goldman Sachs Growth Equity, Eurazeo Growth, Bpifrance and IRIS. | | | | | |
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| Paris-based battery company Verkor secured over €1.3 billion in loans from commercial and public banks to finance a new factory. | | | | | |
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Healthcare payments software company Waystar, backed by firms including EQT, Francisco Partners and Bain Capital, is looking to raise as much as $1.04 billion in an IPO.
Edtech company Alef Education is looking to raise up to 1.89 billion Emirati dirhams (about $515 million) in Abu Dhabi's first IPO of the year.
Sunrise Medical, a German wheelchair-maker backed by Nordic Capital, is looking to raise €240 million via an IPO in Frankfurt. | | | | | |
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Energy Capital Partners, an energy infrastructure investor, has raised $4.4 billion for its fifth flagship fund and $2.3 billion for co-investment vehicles, The Wall Street Journal reported.
Growth investor TVM Capital Healthcare has reached a $250 million close on its second Middle East-focused vehicle: Afiyah Fund.
Amplitude Ventures, a Montreal-based firm focused on investing in precision medicine, has raised C$263 million (about $192 million) for its second flagship fund.
New York-based Harlem Capital is raising $150 million for its third flagship fund, according to a regulatory filing.
Amsterdam-based investor Vortex Capital Partners has raised €145 million for its fourth buyout fund targeting small and medium-sized high-growth software and technology companies.
Berlin-based Identity.vc has held a €15 million fist close for its €50 million fund backing LGBTQ+ founders. | | | | | |
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| Dutch lender ABN Amro has agreed to buy German private bank Hauck Aufhäuser Lampe from China's Fosun International in a deal worth €672 million. The deal comes as many European banks are looking to bolster their wealth management divisions. | | | | | |
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