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PitchBook News - A mixed bag for late-stage VC

US VC strong in the face of uncertainty; QED adds Victoria Zuo as principal; Hello Heart brings in $70M; Tribe Capital leads $50M round for LinearB
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The Daily Pitch: VC
May 3, 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:
  • Despite stock market declines dampening enthusiasm for supersized startup deals, the number of late-stage transactions hit a record high in Q1.

  • Our Q1 PitchBook-NVCA Venture Monitor explores the recent slowdown in VC activity—and now includes league tables ranking the industry's most active players.

  • Our Q1 European Venture Report delves into the key trends that shaped the quarter—breaking down activity by deals, exits, fundraising and region.
Today's Top Stories
Late-stage VC investment lags despite record deal count
(Malte Mueller/Getty Images)
Large late-stage deals, an indicator of the exuberance in venture capital in recent years, weren't completed at the same pace in Q1 as they were throughout 2021.

While stock market declines dampened enthusiasm for these supersized startup transactions, the first three months of 2022 set a record for number of late-stage deals.
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US VC remains strong while navigating market of uncertainty
Despite many data points remaining historically high, the first quarter of 2022 showed signs of a slowdown for venture dealmaking in the US, suggesting an imminent but healthy recalibration period. On the exit front, interest rates, inflation and geopolitical uncertainty contributed to a stark dip in public listings.

The latest PitchBook-NVCA Venture Monitor, sponsored by Insperity and JP Morgan, now includes league tables ranking the industry's most active players. The report details how dealmaking, exits, fundraising and valuations responded to the changing economic climate of Q1. Key takeaways include:
  • Venture-backed companies attracted nearly $71 billion during Q1. Even though the figure was off pace from every quarter in 2021, it still exceeded pre-2021 quarterly totals.

  • Fundraising maintained the momentum of 2021, with 199 funds raising $73.8 billion in commitments.

  • Public listings slowed significantly from the highs of recent years amid public market volatility.
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Partner Perspectives
The red-hot gaming industry
Even before the pandemic, the gaming industry was rapidly gaining ground as a popular form of entertainment. And over the past two years, gaming cemented its role as a social outlet for millions of people. With a massive and growing user base, the gaming industry is attracting more attention from private market investors. Beyond the games themselves, the sector is fueling impressive innovation, with tools and applications that can be used in the real world.

In partnership with PitchBook, CohnReznick has released Game Changer: Red-hot gaming industry offers new opportunities for investors. The report features VC, PE and corporate transactions across the industry, with innovative teams and established game titles fetching billions of dollars.

To download the report, click here.
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European VC sees strong start to 2022 despite global uncertainty
After a bumper 2021, Europe's VC ecosystem kept up momentum in Q1 with €27.5 billion invested. Investment levels may have remained elevated despite a rise in interest rates, but the surge in the cost of living and ongoing uncertainty surrounding the war in Ukraine could make the rest of 2022 a challenging year.

Our Q1 European Venture Report takes a deep dive into the key trends that shaped this first quarter, breaking down activity across dealmaking, exits and fundraising, as well as regions.

Highlights include:
  • Late-stage VC continues to dominate deal value figures, accounting for 71.6% of total capital invested.

  • Exit value plummeted from 2021's heights amid a widespread tech public equity sell-off.

  • VC fundraising got off to a solid start in terms of capital raised, but fund count dropped significantly.
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Recommended Reads
Nearly two dozen Congress members signed a letter imploring the Environmental Protection Agency to make sure crypto mining didn't violate regulations. A group of bitcoin evangelists think they have it all wrong. [Protocol]

A look at the US cities that have had the most luck getting their workers to come back into the office. [Fortune]

Some 23 million Americans have adopted a new pet during the pandemic. Now, there's demand for dog-friendly offices. [The Washington Post]
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Quick Takes
  The Daily Benchmark  
  2013 Vintage Global Real Estate Funds  
  People  
  QED hires Victoria Zuo as principal  
  VC Deals  
  Hello Heart brings in $70M  
  Tribe Capital leads $50M round for LinearB  
  Concerto banks $21M  
  Accern secures $20M Series B  
  Network Perception picks up $13M Series A  
  Ownwell bags $5.75M seed round for property tax analysis  
 
 
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The Daily Benchmark
2013 Vintage Global Real Estate Funds
Median IRR
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Top Quartile IRR
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People
QED hires Victoria Zuo as principal
Victoria Zuo has joined QED Investors as principal. Zuo was most recently an early-stage investor at Gradient Ventures.
View details
 
 
VC Deals
Hello Heart brings in $70M
Hello Heart has raised a $70 million Series D led by Stripes. The company's app monitors blood pressure, pulse, medications, weight and activity to track and improve users' heart health. Based in Menlo Park, Calif., Hello Heart was valued at $295 million in May 2021, according to PitchBook data.
View round
 
View 25 competitors »
 
Tribe Capital leads $50M round for LinearB
LinearB, the provider of an engineering analytics and workflow optimization platform for software teams, has raised a $50 million Series B led by Tribe Capital. Operating out of Los Angeles and Tel Aviv, the startup has now raised around $70 million in funding.
View round
 
View 7 competitors »
 
Concerto banks $21M
Concerto has raised a $21 million round led by Matrix Partners. The Austin-based company helps brands launch credit card programs for their customers. PayPal Ventures and GoldenTree Asset Management also participated in the funding.
Accern secures $20M Series B
Accern has raised a $20 million Series B led by Mighty Capital and Fusion Fund. The company's no-code natural language processing platform enables domain experts and business analysts to derive insights from unstructured data.
View round
 
View 57 competitors »
 
Network Perception picks up $13M Series A
Network Perception has raised $13 million in a round led by The Westly Group. The Chicago-based company offers a network security and infrastructure protection platform.
View round
 
View 49 competitors »
 
Ownwell bags $5.75M seed round for property tax analysis
First Round Capital has led a $5.75 million seed round for Ownwell. The Austin-based startup's property tax analysis services are intended to help commercial and residential owners save money.
View round
 
View similar company »
 
Chart of the Day
"PE exit activity soared across the IT sector in 2021, more than doubling 2014's previous exit value record of €9.5 billion. Cash-rich corporates eager to keep pace with industries' digital transformations through scale acquisitions as well as red-hot public markets drove the heightened IT exit activity."

Source: PitchBook's 2022 Nordic Private Capital Breakdown
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Who's in the newsletter today?
People
Victoria Zuo
Investors
First Round Capital
Fusion Fund
GoldenTree Asset Management
Gradient Ventures
Matrix Partners
Mighty Capital
PayPal Ventures
QED Investors
Stripes
The Westly Group
Tribe Capital
Companies
Accern
Hello Heart
LinearB
Network Perception
Ownwell
 
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