PitchBook News - Fertility startups vie for VC access

The 10 most active German VCs; US VC trends in five charts; FreeWire brings in $125M; Enveil secures $25M
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The Daily Pitch: VC
April 28, 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:
  • Though VCs poured a record amount of capital into fertility tech startups last year, some companies in the sector are still feeling left out.

  • German VC investing has boomed over the last five years, driven by plentiful capital, low interest rates and government support for startups and founders. We take a look at the 10 most active German VCs.

  • Our latest European PE Breakdown reveals that Q1 dealmaking held strong despite an unpredictable macroeconomic environment.
Today's Top Stories
As more VC money floods into fertility, some startups are feeling left out
(Hector Roqueta Rivero/Getty Images)
VC investment in fertility tech reached record levels last year as conversations around reproductive health improved and infertility rates increased.

Despite this, startups developing alternative reproductive tech that can provide treatment earlier in the process are often being overlooked.
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European PE remains resilient in Q1 amid macroeconomic uncertainty
Despite an unpredictable macroeconomic environment, European private equity dealmaking held strong in the first three months of the year, with deal value reaching a new quarterly peak of €241.3 billion. That resiliency was buoyed by record dry powder levels, softer multiples and healthy leveraged lending markets. Transaction sizes also grew, resulting in record cumulative deal value and pushing the median deal size to €50 million.

Our Q1 2022 European PE Breakdown takes a detailed look at the continent's ecosystem, dissecting activity by deal type, sector, size, region and more. Key takeaways include:
  • Drops in liquid markets, valuation adjustments, the war in Ukraine and a tighter policy environment all contributed to a sluggish start for European PE exit activity, which had its worst quarter since Q4 2020.

  • Fundraising got off to a slow start, but many key trends—including stock market volatility, lower interest rates and PE outperformance—all remain intact. Retail channels are expected to be a big fundraising growth area.

  • Two of the quarter's largest deals came from the sustainability space, a sector that investors will likely double down on in 2022.
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Partner Perspectives
Life sciences VC activity slows in Q1 2022 following record year in 2021
VC dealmaking in the life sciences industry wavered in Q1 2022 as public markets experienced the most volatile quarter in two years, underscoring the significance of 2021's record level of deal activity. Orrick's Life Sciences Snapshot explores key trends in the industry, including the rise of pre-money valuations across the board, growth in deal sizes for later-stage companies and the slowdown in exit activity in the first quarter of 2022.

Read it here
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The 10 most active German VCs
Berlin, overlooking the Spree River (Getty Images)
German VC investing has boomed over the last five years, driven higher by plentiful capital, low interest rates, an improved regulatory framework and government support for startups and founders.

The country has seen a rising number of VC deals each year with values to match, jumping to a peak in 2021. We dig into the VC scene in Germany and identify the 10 most active VCs by deal count since the start of 2017.
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Q1 US venture capital trends in five charts
(Sean Gladwell/Getty Images)
The first quarter of 2022 showed signs of a slowdown for US venture dealmaking and exits compared to last year's record highs. While public market volatility is expected to have a trickle-down effect on other venture metrics in coming quarters, the start of 2022 also suggests the onset of a healthy recalibration period for both startups and VC investors.

What else did Q1 bring? Here's a closer look at five key trends that depict the state of the venture market after 2021's frenzied activity.
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Recommended Reads
A visual breakdown of how the biggest tech giants make their billions. [Visual Capitalist]

Where is Elon Musk getting $46.5 billion to buy Twitter? A buyout loan from the likes of Morgan Stanley and Barclays, a loan against his Tesla stock and a lot of his own cash. [The Wall Street Journal]

As the era of cheap money appears to be coming to an end, investors will have to adapt in their search for yield. [The Economist]
Since yesterday, the PitchBook Platform added:
VC valuations
See what our data software can do
Quick Takes
  The Daily Benchmark  
  2014 Vintage Global Secondaries Funds  
  VC Deals  
  Mavrck secures $135M  
  FreeWire brings in $125M  
  Veza emerges from stealth with $110M+  
  Maverick Capital leads $75M round for Coherent  
  Ashvattha Therapeutics bags $69M  
  Strider Technologies raises $45M Series B  
  Concert Health picks up $42M  
  Enveil secures $25M  
The Daily Benchmark
2014 Vintage Global Secondaries Funds
Median IRR
Top Quartile IRR 
Median TVPI
Select top performers
Greenspring Secondaries Fund I
Glouston Private Equity Opportunities V
LPE Astraeus
*IRR: net of fees
15 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals
Mavrck secures $135M
Mavrck has raised $135 million from Summit Partners to buy Canadian social media marketing platform Later. Based in Boston, Mavrck provides an influencer marketing platform for enterprise consumer brands.
View round
View 112 competitors »
FreeWire brings in $125M
FreeWire has raised $125 million, consisting of a senior convertible note from BlackRock and equity financing from investors including bp ventures, Riverstone Holdings and Octave Ventures. The California-based company is a provider of battery-integrated electric vehicle charging stations and other power solutions.
View round
View 11 competitors »
Veza emerges from stealth with $110M+
Veza, the provider of a data security platform, has raised more than $110 million from investors including Accel, Bain Capital and Ballistic Ventures. The company was founded in 2020 and is based in California.
View details
View similar company »
Maverick Capital leads $75M round for Coherent
Coherent has raised a $75 million Series B led by Maverick Capital. The startup is the developer of a no-code SaaS platform designed to help companies create customized APIs from existing infrastructure. Coherent raised a $14 million Series A in 2020.
View round
View similar company »
Ashvattha Therapeutics bags $69M
Ashvattha Therapeutics has raised a $69 million Series B led by Huadong Medicine. The Redwood City, Calif.-based company develops therapeutics for neurology, ophthalmology, inflammatory diseases and more.
View round
View similar company »
Strider Technologies raises $45M Series B
Strider Technologies has raised $45 million in a round led by Valor Equity Partners. The company offers a risk management platform intended to help organizations protect their intellectual property from theft.
View round
View similar company »
Concert Health picks up $42M
Behavioral health medical group Concert Health has raised a $42 million Series B led by Define Ventures. The San Diego-based company helps general practitioners and women's health physicians treat depression and anxiety in primary care settings.
View round
View 8 competitors »
Enveil secures $25M
Enveil has raised a $25 million Series B led by USAA, with support from investors including Capital One Ventures, C5 Capital and DataTribe. Enveil's platform maintains the privacy and security of data while it is being used or processed.
View round
View 37 competitors »
PitchBook Webinar: Q1 2022 Venture Monitor
Join PitchBook and industry experts from JP Morgan, Insperity and NVCA on May 5 for a webinar covering our Q1 2022 Venture Monitor Report. This webinar will discuss upcoming market changes brought about by factors such as interest rates and public market volatility.

Topics will include:
  • Stagnancy in deal activity and the stress it places on certain areas of the market.

  • The Q1 downturn in public listings, resulting in only 28 IPOs or deSPAC transactions, and how it affects high-value, late-stage companies.

  • Back-to-back record quarters for dry powder as fundraising hit a new commitment record of $73 billion in Q1, following one of the best markets in 2021.
Register now to secure your spot
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Chart of the Day
"First-time fundraising has been especially muted through the start of the year, with only $3.1 billion raised across 30 new managers. We expect this trend to continue throughout the next couple of quarters as LPs get back on stable ground with their allocations to non-VC assets."

Source: Q1 2022 PitchBook-NVCA Venture Monitor
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