PitchBook News - Crypto bucks VC valuations reset

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PitchBook

The Daily Pitch: VC

April 25, 2022

Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A

In today's Daily Pitch, you'll find:

Blockchain startups are showing immunity to the VC valuation reset and a sell-off in cryptocurrencies.

Despite interest rate hikes, geopolitical uncertainty and other challenges, European VC boasted a robust Q1.

PitchBook Benchmarks, now with data through Q3 2021, explore closed-end fund returns across strategies and vintage years.

Today's Top Stories

As VC valuations reset, crypto keeps climbing

(Dmitry Nogaev/Getty Images)

Blockchain startups are showing immunity to a reset in valuations that has taken over much of the venture capital universe, with average valuations in the sector rising 91% from last year.

That's surprising, given a sell-off in cryptocurrencies and associated stocks. But it's not the first time the blockchain world has defied expectations.

PitchBook Benchmarks for PE, VC and more

Over the past decade, fund strategies have expanded alongside the increasing capital allocated to alternative assets. Yet the largely opaque nature of the private markets makes finding transparent fund performance information a challenge.

PitchBook Benchmarks provide a detailed snapshot of the latest data for closed-end fund returns across strategies and vintage years. The new edition is now available, updated through Q3 2021, and features downloadable XLS tables, data visualizations and PDFs that slice the data by fund type and geography. The report also adds three new breakouts: real estate, real assets and private debt.

see the data

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Q1 European venture capital trends in five charts

(twomeows/Getty Images)

Despite interest rate hikes, geopolitical uncertainty and other challenges, European venture capital activity remained robust in Q1 after a record-breaking year.

From exits to fundraising to investment by region, here's our visual breakdown of five key trends that defined the first three months of 2022.

see the charts

Mapping Africa's growing venture capital landscape

(Adam Gault/Getty Images)

The rise in demand for fintech innovation and influx of foreign investors have propelled Africa to continue its blistering pace of VC dealmaking from last year.

Here's a closer look at the latest data amassed by PitchBook, depicting how the momentum has carried over into 2022, with Kenya and Egypt leading the pack with more than 52% of total capital raised by African startups so far this year.

Recommended Reads

Why Shanghai's plan to reboot the supply chain will hit workers the hardest. [Wired]

The trend of job-hopping is becoming troublesome for startup founders and pay equity. [Protocol]

As electric vehicle production ramps up, one mining veteran doubts the industry will have enough battery metal to go around. [Bloomberg]

Since yesterday, the PitchBook Platform added:

VC valuations

People

Companies

See what our data software can do

Quick Takes


	The Daily Benchmark
	2017 Vintage Global VC Funds
	VC Deals
	Agility Robotics raises $150M Series B
	NexHealth nabs $125M Series C
	CertiK adds $60M to Series B3
	Enervee brings in $35M
	LuminWave picks up $20M+
	Exits & IPOs
	Amazon picks up VC-backed GlowRoad
	Fundraising
	RET Ventures conducts first close for ESG-focused fund

The Daily Benchmark

2017 Vintage Global VC Funds

Median IRR

30.31%

Top Quartile IRR

42.73%

1.80x

Median TVPI

Select top performers

Flagship Pioneering Fund VI

Alta Partners NextGen Fund I

Forerunner Builders I

*IRR: net of fees

66 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Agility Robotics raises $150M Series B

Agility Robotics has raised $150 million in a round co-led by DCVC and Playground Global. The Oregon-based company is a manufacturer of robots designed to work alongside humans in logistics and warehouse environments.

View round

View 1 competitors »

NexHealth nabs $125M Series C

NexHealth has raised $125 million at a $1 billion valuation in a round led by Buckley Ventures. Based in the Bay Area, the company offers a platform designed to help patients and healthcare providers schedule appointments and manage digital paperwork.

View round

View 2 competitors »

CertiK adds $60M to Series B3

CertiK has added $60 million to its Series B3 from SoftBank's Vision Fund 2 and Tiger Global. The New York-based company offers a Web3 and blockchain security platform. CertiK was valued at $2 billion earlier this month.

View round

View 7 competitors »

Enervee brings in $35M

Enervee has raised $35 million in a round co-led by Kerogen Capital and JP Morgan. Based in Los Angeles, the company operates an online marketplace for energy-efficient products such as air conditioners, electric water heaters and thermostats.

View round

View 15 competitors »

LuminWave picks up $20M+

LuminWave has raised more than $20 million in Series B financing led by Anxin Capital. The company's photonics technology is used in the autonomous driving industry.

View round

View similar company »

Exits & IPOs

Amazon picks up VC-backed GlowRoad

Amazon has acquired Bengaluru-based GlowRoad for an undisclosed amount, according to reports. Backed by investors including Accel and Vertex Ventures, GlowRoad is the developer of a social commerce platform designed to resell products.

View details

View 10 competitors »

Fundraising

RET Ventures conducts first close for ESG-focused fund

RET Ventures has collected $10 million from UDR and Essex Property Trust for a VC fund that will focus on startups offering ESG solutions to the housing industry. RET Ventures invests in tech related to the multifamily, single-family and broader real estate asset classes.

View fund

View 25 investments »

Chart of the Day

"In the aftermath of the pandemic, many companies reassessed their core business models and nonperforming or tangential assets. In an attempt to achieve a variety of corporate objectives such as capital raising and optimizing a corporate portfolio, many corporate leaders turned to carveouts and found favorable market conditions to sell into. These assets were easily absorbed by cash-rich sponsors."

Source: PitchBook's 2021 Annual US PE Middle Market Report

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growing venture landscape Interest rate hikes closedend fund returns The Daily Pitch VC valuation reset European VC trends

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