PitchBook News - European VC valuations take flight

Latin America's most active VCs; Infinity Ventures raises $158M fund; Optibus drives away with $100M; Metatheory scores $24M for Web3 games
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The Daily Pitch: VC
May 17, 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:
  • The PE exit landscape has turned barren after last year's deluge. We take a look at the trends in PE IPOs, mergers and buyouts.

  • European VC valuations continued their upward trajectory in Q1, but a dramatic drop in exit value and macroeconomic activity could affect valuations later this year.

  • Our roundup of Latin America's most active venture capital investors.
Today's Top Stories
VC valuations soar, but impact of macro disruptions remains to be seen
European VC pre-money valuations across all financing stages continued their upward trajectory in Q1, pacing above the highs of 2021. This was in sharp contrast to exit value, which dropped drastically during the quarter—a trend that could affect valuations later in the year. Meanwhile, macroeconomic trends such as rising interest rates, inflationary pressures and trade tensions have caused 2022 to be characterized by uncertainty.

Our Q1 2022 European VC Valuations Report breaks down the region's activity, providing an extensive look at valuations across stages, sectors, geographies and more. Highlights include:
  • Software companies disrupting verticals such as food delivery, ecommerce and financial services have seen great success over the past two years, as consumers pivot to online models. The median early-stage software pre-money valuation hit €12.2 million in Q1, up 50.8% from 2021's full-year figure.

  • Angel, seed and early-stage valuations in the UK and Ireland are sitting above 2021's records, but late-stage valuations are slightly down from last year. Strong deal value figures in the quarter indicate that the Bank of England's recent interest rate increases have not stopped capital flows into VC.

  • VC deals with nontraditional investor participation had a strong Q1 when it came to deal value and count, and median VC deal sizes across all financing stages are pacing above 2021's highs.

  • Q1 recorded 153 existing Europe-based unicorns, a 21.4% jump from 2021's cumulative figure, and 28 new unicorns were minted during the quarter.
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The 10 most active Latin American VCs
(Richard Drury/Getty Images)
VC investment in Latin America has boomed during recent years, driven by a pandemic-fueled digital transformation in the region.

While international investing giants like SoftBank and Tiger Global have taken interest in the area, local firms still tend to dominate early-stage rounds.

Check out our roundup of Latin America's most active VC investors to find out more.
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PE exits dwindle as public listings grind to a halt
(gremlin/Getty Images)
For private equity players, the exit landscape has turned barren after last year's deluge, with US PE exit value and count in Q1 both dropping over 50% from the previous quarter.

Sponsor-to-sponsor deals became the favored exit option during Q1 as several factors contributed to create an IPO slowdown.
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Apollo bets on life sciences with Sofinnova partnership
(SOPA Images/Getty Images)
US PE firm Apollo Global Management has agreed to take a stake in one of Europe's most active life sciences investors, Sofinnova Partners, with a €1 billion (about $1.04 billion) commitment.

The deal is the latest example of private equity firms targeting VCs to grow their exposure to the sector.
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Quick Takes
  The Daily Benchmark  
  2013 Vintage Global Debt Funds  
  People  
  Bain hires TuongVy Le as partner  
  VC Deals  
  Kriya Therapeutics brings in $270M  
  Optibus nabs $100M Series D for public transit planning  
  Zeev Ventures leads $50M round for Stoa  
  Metatheory collects $24M Series A for Web3-based games  
  Akuity raises $20M  
  CoverGo scores $15M Series A  
  Fresh Technology lands $7M Series A  
  Fundraising  
  Infinity Ventures collects $158M for debut fund  
 
 
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People
Bain hires TuongVy Le as partner
Bain Capital Ventures has hired TuongVy Le as partner and head of regulatory and policy for its crypto-focused fund. In March, the firm raised a $560 million vehicle focused on cryptocurrency-related investments.
View details
 
 
VC Deals
Kriya Therapeutics brings in $270M
Kriya Therapeutics has raised a $270 million Series C led by Patient Square Capital. The Bay Area-based company is a developer of gene therapies for a range of diseases.
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View 18 competitors »
 
Optibus nabs $100M Series D for public transit planning
Optibus has raised a $100 million Series D at a $1.3 billion valuation from investors including Insight Partners, Bessemer Venture Partners and Verizon Ventures. Based in Tel Aviv, the company offers a platform for public transportation planning and operations.
View round
View 42 competitors »
Zeev Ventures leads $50M round for Stoa
Stoa, the creator of proptech platform FlipOS, has raised $50 million in a round led by Zeev Ventures. The Phoenix-based company enables real estate investors to purchase, renovate and sell single-family homes.
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Metatheory collects $24M Series A for Web3-based games
Metatheory has raised $24 million in a round led by Andreessen Horowitz. Founded by Twitch co-founder Kevin Lin last year, the interactive entertainment company is building Web3-based games and virtual worlds.
Akuity raises $20M
Akuity has raised a $20 million Series A led by Lead Edge Capital. Based in the Bay Area, the company offers a suite of open-source tools for deploying and running applications and workloads on Kubernetes.
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CoverGo scores $15M Series A
SemperVirens VC has led a $15 million Series A for CoverGo, the provider of a no-code SaaS insurance platform. Based in Singapore, CoverGo's tech is used by property, casualty, health and life insurance companies to launch products, develop omni-channel distribution, automate claims processes and more.
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View 1 competitors »
 
Fresh Technology lands $7M Series A
Fresh Technology has raised a $7 million Series A led by Fintop Capital. Created in 2003, the Alabama-based SaaS startup offers kitchen management and ecommerce systems to over 7,000 restaurants.
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View similar company »
 
PitchBook Webinar: Private equity in the European insurance sector
Join PitchBook on May 24 at 7 a.m. PT/3 p.m. BST for a webinar discussing key drivers and risk factors in the European PE insurance sector. PitchBook analysts will examine the overflow of activity in the space driven by broker deals and emerging technology solutions poised to disrupt the business model.

Key takeaways include:
  • Key factors driving PE deal activity in the European insurance broker space.

  • Top PE sponsors in European-headquartered insurance brokers.

  • How technology will impact the European insurance broker business model going forward.
Register now to secure your spot
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Fundraising
Infinity Ventures collects $158M for debut fund
Infinity Ventures has raised $158 million for its first fund. Co-founded by former PayPal executives in 2021, the early-stage venture capital firm participates in pre-seed through Series A rounds for companies building fintech infrastructure and commerce enablement.
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View 5 investments »
 
Chart of the Day
Source: PitchBook's H2 2021 Greater China Venture Report
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