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PitchBook News - Crypto bucks VC valuations reset

A fresh focus on fund performance; European VC trends in five charts; mapping Africa's growing venture landscape; Agility Robotics rakes in $150M
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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
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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.
read more
 
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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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A message from Golub Capital
Golub Capital knows sponsor finance
Golub Capital's transactions span industries, execution styles and sizes—from deals below $20 million up to $2 billion+ unitranche facilities.

Golub Capital nurtures long-term, win-win partnerships of every size that inspire repeat business.

Learn more about the flexible financing solutions offered to private equity sponsors by this market-leading direct lender and credit asset manager.
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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
 
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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.
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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:
2
VC valuations
90
People
20
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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Who's in the newsletter today?
Investors
Accel
Amazon
Anxin Capital
Buckley Ventures
DCVC
Essex Property Trust
JP Morgan
Kerogen Capital
Playground Global
RET Ventures
SoftBank
Tiger Global
UDR
Vertex Ventures
Companies
Agility Robotics
CertiK
Enervee
GlowRoad
LuminWave
NexHealth
 
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