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| In today's Daily Pitch, you'll find: | | | | | |
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| GPs turn to partial exits in a quest for liquidity | |  | | (Chris Jongkind/Getty Images) | | | | In recent weeks, some PE managers have added partial exits to their toolbelts as they try to meet distribution obligations while keeping some skin in the game, even as they hope for stronger market conditions in the near future. | | | | | | | | | Exclusive: Connexa Capital closes $20M debut VC fund | |  | | (Barry Winiker/Getty Images) | | | When raising his first VC fund, Jonathan Beda tapped into his deep roots in consumer companies. Beda founded Zumbini, the child-focused edtech startup that spun out of Zumba Fitness. And his LP base includes the co-founders of weight-loss app developer Noom and Zumba.
But the former founder has "pivoted away from consumer" given the expensive and challenging nature of the segment. Instead, Connexa Capital has closed with $20 million to invest primarily in B2B SaaS companies, Beda told PitchBook exclusively. | | | | | | | |
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| 2024 advertising opportunities with PitchBook | | Clients trust PitchBook Media for top-tier ad placements in our seven specialized newsletters that connect with 2.1 million highly engaged PE and VC professionals. Backed by our robust global market data, we craft custom research reports and amplify clients' existing thought leadership through partnerships on PitchBook's asset class reports or native sponsored content columns.
Explore our Media Kit for more information or email us at mediasales@pitchbook.com. | | | | | | | |
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| How VC can make healthcare more accessible | | Improved search platforms and AI chatbots are among the ways startups are helping patients access healthcare, according to our latest Emerging Tech Research.
Digital health startups are addressing mental health with generative AI chatbots, which show increased potential in public health. Better care search platforms connect patients and providers, with fewer barriers—as easy as booking a hotel on a website.
Across the digital health sector, VC investment remained stable in the first quarter. There were 77 deals totaling $1.1 billion, on par with recent quarters but still down from the telehealth funding boom during the pandemic. | | | | | | | | | Creatio defies SaaS slump with $200M unicorn raise | |  | | (fotograzia/Getty Images) | | | Creatio, a no-code software development startup, has raised $200 million in new funding at a $1.2 billion valuation, defying a slowdown in the greater SaaS space. Sapphire Ventures led the round.
Founder and CEO Katherine Kostereva talked to PitchBook about the company's growth rate and profitability, and how it is ramping up AI investment. | | | | | | | | | As online privacy debates reignite, k-ID raises $45M for kids safety | |  | | (Carlos Ruben Hernandez Blasco/Getty Images) | | | For the third time in nine months, kids gaming safety and privacy startup k-ID has raised a new funding round—this time co-led by Lightspeed and Andreessen Horowitz.
The $45 million Series A comes as the debate surrounding kids safety has reignited, following the US surgeon general announcing a push for warning labels on social media platforms. | | | | | | | | | Investcorp uses blockchain to target investors for latest GP-stakes fund | |  | | (Khanchit Khirisutchalual/Getty Images) | | | Investcorp is riding a burgeoning trend: tokenizing its private-markets offering.
The investment firm has just partnered with digital assets specialist Securitize to make its latest GP-stake fund available to wealthy retail investors on a public blockchain. | | | | | | | | | Europe's sluggish private markets recovery offers few surprises | | As we reach the halfway point of 2024, our early predictions of a muted recovery for European private capital are largely being borne out.
Our 2024 European Private Capital Outlook: Midyear Update reveals that across the market, both deal and exit activity are down amid tough market conditions. As expected, mega-deals have suffered, accounting for just over 20% of deal value—versus an average of 32% from 2013 to 2022.
Liquidity issues also persist, with the region's PE investment/exits ratio tracking higher. Fundraising continues to be increasingly concentrated. So far this year, the three biggest European funds have accounted for over 61% of all European PE capital raised. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 801 Deals | 2284 People | 718 Companies | 29 Funds | | | | | | |
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The Daily Benchmark:
2020 Vintage Global Secondaries Funds | | | | | | |
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Getir, a Turkish grocery delivery company, secured a $250 million investment led by Mubadala as part of a restructuring.
EvolutionaryScale, which develops AI models for use in biotech and drug discovery, raised a $142 million round led by Nat Friedman, Daniel Gross and Lux Capital.
Etched, a startup developing computer chips to train and deploy AI models, raised a $120 million Series A led by Primary Venture Partners and Positive Sum Ventures.
SkyCell, a Swiss developer of smart shipping containers for use in pharmaceutical supply chains, closed a $116 million Series D from investors including Tybourne Capital Management and CC Industries.
Emergence, which is developing generative AI agents that automate certain work tasks, raised $97.2 million from Learn Capital, TechCrunch reported.
Neustark, a Swiss carbon removal startup, raised $69 million in a round led by Decarbonization Partners.
Prewave, a Vienna-based supply chain risk and sustainability monitoring specialist, completed a €63 million Series B led by Hedosophia.
TechWolf, a Belgian skills intelligence company, raised a $42.75 million Series B led by Felix Capital.
LiveEO, a Berlin-based provider of Earth observation technologies, raised a €25 million Series B led by NordicNinja and DeepTech & Climate Fonds.
Zyod, an Indian fashion manufacturing specialist, secured an $18 million Series A led by RTP Global. | | | | | |
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Clario, which develops software to help facilitate and advance clinical drug trials, has filed for IPO targeting a valuation of about $10 billion, Bloomberg reported.
Rho Motion, a research and analysis specialist for electric vehicle charging and infrastructure, has been acquired by UK-based competitor Benchmark Mineral Intelligence.
The Woodland Financial Group, which offers insurance services to individuals and small businesses, has filed for IPO on the Nasdaq.
Grail, a Bay Area-based developer of tests that detect cancer early, has begun trading on the Nasdaq after its spin out from Illumina.
Canada's Trader, which operates a digital automotive marketplace, may be sold by PE firm Thoma Bravo in a deal valuing Trader at around $2.9 billion, Bloomberg reported. | | | | | |
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KKR is targeting $20 billion for its latest North American PE fund, Reuters reported.
HIG Capital has raised $1.3 billion for its latest fund targeting mid-market infrastructure businesses, The Wall Street Journal reported.
Blackstone is planning to double the size of its European private credit fund, the Financial Times reported. The fund, called ECRED, has raised €1 billion from wealthy investors.
Austin-based PE firm Elsewhere Partners has raised $285 million for its third fund, which targets small software companies, The Wall Street Journal reported.
MiddleGame Ventures, a Luxembourg-based fintech-focused VC firm, has held a €52 million first close for its third early-stage fund. The vehicle has a target of €150 million. | | | | | |
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| Private markets asset manager HarbourVest Partners is opening a new office in Zurich. The office will be headed by Simon Jennings and will help the firm address demand from private wealth clients. | | | | | |
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