PitchBook News - Ranking the most active investors of Q1

Mapping the Nordic region's VC ecosystem; test your private markets knowledge; SpotOn hits $3.6B valuation; Surf Air to go public via SPAC
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The Daily Pitch: VC
May 20, 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:
  • A look at some of the key trends shaping the Nordic venture capital market.

  • Our Q1 2022 Global League Tables, ranking the top investors, advisers and more across PE and VC.

  • Test your private markets knowledge with this week's PitchBook News Quiz.
Today's Top Stories
Ranking the most active investors of Q1
After months of record-breaking investment, 2022 seemed poised to continue the trend. By the end of Q1, the public markets were in turmoil, yet private market activity remained strong throughout the first quarter.

Curious who led the way? PitchBook's interactive Global League Tables are now available for Q1 2022, spanning the full spectrum of activity across PE and VC. The tables break down the most active investors by region, industry, deal type and more, and also rank advisers, acquirers and law firms.
see the rankings
 
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Mapping the Nordic region's VC ecosystem
(arnaudbertrande/Getty images)
Venture investments in the Nordic region have steadily grown over the past decade as its startup ecosystem continues to mature.

Here's a look at some of the key trends that are shaping the Nordic VC market.
read more
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A message from RBC Capital Markets
What can healthcare innovation today tell us about M&A activity tomorrow?
The last few years have produced some extraordinary innovations in healthcare, and disruptive technology remains vital to the sector's future. According to RBC's Global Head of Healthcare Investment Banking, Andrew Callaway, "If you think about what is happening in AI and machine-learning drug discovery, those are exciting places to be. Wearables and digital therapeutics are emerging as important areas from a licensing perspective today, but they could be focal points from an M&A perspective tomorrow."

Which healthcare sub-sectors are driving innovation forward? How can M&A strategies help unlock potential?

Get the latest insights from RBC Capital Markets' experts.
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PitchBook News Quiz
(Drew Sanders/PitchBook)
Did you follow the private markets news this week? Take the PitchBook News Quiz to see how you stack up.

This week: Meme stocks have their revenge, SpaceX's valuation soars, and a mental health startup loses its CEO.
take the quiz
 
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Brookfield's $5B HomeServe deal marks largest UK take-private this year
(SOPA Images/Getty Images)
Brookfield Asset Management's just over £4 billion (roughly $5 billion) offer for HomeServe, which has been accepted by the emergency home repair company, marks the UK's largest PE-backed takeover so far this year.

Unlike some previous take-privates, the deal isn't expected to attract too much regulatory attention.
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Mobility tech startups hit a speed bump
The pandemic and continued urbanization have magnified the challenges of moving people and goods efficiently, while also exposing fault lines in global supply chains. Entrepreneurs and investors in the mobility tech sector have responded with an array of potential solutions.

Our Q1 2022 Mobility Tech Report includes a market map of the industry's subsegments, from ridehailing to last-mile delivery and micromobility. The report also explores opportunities related to autonomous driving hardware and electric vehicle batteries. Other takeaways include:
  • VC investment in mobility tech slowed from the blistering pace of 2021, dropping 35% quarter-over-quarter to $13.9 billion and 43% year-over-year.

  • While the number of exits dipped slightly in Q1 2022 compared to the same period last year, overall exit value plummeted to less than one-sixth of Q1 2021's figure.

  • Weaker public equity markets took a toll, with only three listings recorded for the first quarter of this year as acquisitions claimed the driver's seat.

  • Autonomous driving, EVs and micromobility combined drove nearly a third of the total deal count.
read the preview
 
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Recommended Reads
As global markets shudder, investor sentiment about China ranges from exuberant to highly cautious. [Institutional Investor]

There is no shortage of automated software that promises to make the web more accessible, but people with disabilities say AI can only go so far. [Protocol]

Why Guggenheim Partners' Scott Minerd thinks the coming summer could be very reminiscent of the collapse of the dot-com bubble. [Fortune]
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Quick Takes
  The Daily Benchmark  
  2019 Vintage Global Secondaries Funds  
  VC Deals  
  Velocity Global scores $400M in Series B  
  SpotOn valued at $3.6B with latest round  
  Xendit picks up $300M Series D  
  Masterschool grows with $100M seed round  
  Belong boxes up $80M  
  Noyo nabs $45M  
  Fetcher fetches $27M Series B  
  SaaS purchasing platform Vertice lands $26M  
  Tiger Global leads $26M round for Bravado  
  ChargeLab collects $15M Series A  
  Azra Games grabs $15M  
  Exits & IPOs  
  Data intelligence specialist Near to go public via SPAC  
  Turkish mobility startup Marti to list by SPAC merger  
  Surf Air Mobility to combine with Southern Airways, plans SPAC merger  
 
 
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The Daily Benchmark
2019 Vintage Global Secondaries Funds
Median IRR
44.02%
Top Quartile IRR
63.84%
1.48x
Median TVPI
Select top performers
ICG Strategic Equity Fund III
HarbourVest Partners XI-Micro Buyout
Banner Ridge Secondary Fund III
*IRR: net of fees
14 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
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VC Deals
Velocity Global scores $400M in Series B
Eldridge and Norwest Venture Partners have led a $400 million Series B for Velocity Global, giving the Denver-based startup a multibillion-dollar valuation. Velocity Global's cloud-based platform helps users in over 185 countries onboard, manage and pay their employees.
View round
 
View 28 competitors »
 
SpotOn valued at $3.6B with latest round
SpotOn has raised a $300 million Series F led by Dragoneer Investment Group, valuing the company at $3.6 billion. The San Francisco-based startup offers point-of-sale solutions for restaurants, retail businesses and enterprise venues. SpotOn was valued at $3.15 billion in September.
View round
 
View 39 competitors »
 
Xendit picks up $300M Series D
Coatue and Insight Partners have led a $300 million Series D for Xendit, the Jakarta-based provider of a payments infrastructure platform. Xendit serves over 3,000 customers across Southeast Asia. Accel and Tiger Global also participated, among others.
View round
 
View 44 competitors »
 
Masterschool grows with $100M seed round
Tel Aviv-based Masterschool has collected $100 million in seed funding led by Group 11. Founded in 2019, the company provides a network of tech career-training schools that allow students to pay for courses as they're hired in the field.
View round
 
View similar company »
 
Belong boxes up $80M
Belong has raised an $80 million Series C led by Fifth Wall. The San Mateo, Calif.-based startup offers a property management platform for renters and landlords.
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View similar company »
Noyo nabs $45M
Noyo has raised a $45 million Series B led by Norwest Venture Partners. The startup offers an API platform for employee benefits administration. Norwest partner Ed Yip has joined Noyo's board.
View round
 
View 1 competitors »
 
Fetcher fetches $27M Series B
Fetcher, the creator of a recruiting automation platform, has raised a $27 million Series B led by Tola Capital. The New York-based startup has now raised about $40 million in total funding.
View round
 
View 68 competitors »
 
SaaS purchasing platform Vertice lands $26M
Bessemer Venture Partners and 83North have led a $26 million Series A for London-based Vertice. The startup's platform is designed to help companies buy software and negotiate contracts.
View details
 
View similar company »
 
Tiger Global leads $26M round for Bravado
Bravado, a network for B2B sales professionals, has raised a $26 million Series B led by Tiger Global. The startup has also announced its acquisition of CompGauge, a provider of salary data, company reviews and interview insights for tech sales representatives.
View round
 
View 3 competitors »
 
ChargeLab collects $15M Series A
King River Capital has led a $15 million round for ChargeLab, a creator of software that's used for managing electric vehicle charging equipment. The startup raised a $4.3 million seed round in 2021.
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View similar company »
 
Azra Games grabs $15M
Blockchain game developer Azra Games has raised a $15 million seed round led by Andreessen Horowitz. The funds will be used to help the Sacramento-based startup create its first game, "Project Arcanas."
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View similar company »
 
PitchBook Webinar: VC interest and digitization continue to drive foodtech
PitchBook will be hosting a webinar on May 31 to discuss foodtech's continued momentum relative to our Q1 2022 Foodtech Report. Our analyst will examine the sector's continued VC activity and evolution toward digitization led by app-based delivery models, consumer behaviors and more.

Key takeaways include:
  • Food ecommerce and mobile commerce continue to attract venture capital funding.

  • Online grocers tap into cost-saving solutions for consumers as grocery prices skyrocket.

  • Meal kits regain popularity as consumers look for new and novel ways to prepare meals at home.
Click here to register for the webinar now. If you can't tune in to the live event, RSVP anyway and we'll send you a recording afterward.
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Exits & IPOs
Data intelligence specialist Near to go public via SPAC
Near, a provider of data intelligence on people, places and products, has agreed to go public on the Nasdaq through a combination with special-purpose acquisition company KludeIn I Acquisition Corp. The deal would result in a post-transaction pro-forma market cap of nearly $1 billion and generate some $268 million in gross proceeds.
View details
 
View 78 competitors »
 
Turkish mobility startup Marti to list by SPAC merger
Marti, the developer of an e-scooter and bike-sharing app, has agreed to go public through a merger with blank-check company Galata Acquisition Corp., Bloomberg reported. The SPAC, which is listed on the NYSE, raised $125 million last year. Marti is currently backed by investors including Actera.
View details
 
View similar company »
 
Surf Air Mobility to combine with Southern Airways, plans SPAC merger
Surf Air Mobility, a Los Angeles-based electric aviation and air travel company, has agreed to merge with Southern Airways Corporation, a commuter airline serving 39 US cities. Surf Air has also announced its plans to go public through a merger with blank-check company Tuscan Holdings Corp. II.
View details
 
View 14 competitors »
 
Chart of the Day
"Real estate appears to be consolidating into fewer and much larger funds. That said, while there have been few funds over $5 billion in capital raised, the main focus of LP commitments was funds between $500 million and $5 billion. Supporting the aforementioned assertion that this has become a tough market to break into, roughly 75% of capital raised in 2021 went to funds in that range."

Source: PitchBook's H2 2021 Global Real Estate Report
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