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PitchBook News - Checking in on emerging tech

Inflation sparks real estate deals; Europe's unicorns cut staff; Maveron locks down $225M Fund VIII; Semperis bags $200M; Mainspring nabs $150M+
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The Daily Pitch: VC
May 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:
  • Investors have flocked to real estate as a hedge through high inflation, with Blackstone outpacing other PE firms when it comes to returns and fundraising totals.

  • Our latest Emerging Tech Indicator offers a look at technologies that are likely to drive growth opportunities over the next several years.
Today's Top Stories
In Q1, top VCs remained bullish on Web3, DeFi and the metaverse
The Emerging Tech Indicator provides a quarterly overview of startups receiving seed and early-stage investments from a limited subset of VC funds. In the first quarter of 2022, our analysts tracked 227 deals that involved the 15 top-performing VC firms.

The report takes a closer look at five Q1 emerging market segments—Web3 & DeFi, fintech, biotech, data tech and enterprise SaaS—serving as an indicator of technologies that are likely to drive growth opportunities over the next several years.

Key takeaways include:
  • Web3 & DeFi was the largest area of ETI investment for the third consecutive quarter, with $2 billion invested across 29 deals.

  • Fintech companies secured $614 million in ETI investment across 23 deals in Q1, with roughly half of that total collected by startups outside the US.

  • The metaverse has emerged as a strong theme within Web3 & DeFi, as several ETI startups in the gaming and crypto industry incorporated the term as a key part of their branding.

  • While Q1 VC activity has proven to be relatively resilient despite broader market turbulence, we expect Q2 data may show further retraction from the peak activity levels reported over Q4 and Q1.
read the report now
 
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Rising inflation acts as kindling for PE real estate deals
(Malte Mueller/Getty Images)
Real estate attracts investors throughout the economic cycle. This is especially true during periods of inflation, as the asset class is considered by many to be an inflation hedge, according to a recent PitchBook analyst note on private markets real estate fundamentals.

While all publicly traded firms tracked in our PE Earnings Dashboard have seen strong returns from their real estate holdings, Blackstone has been especially dominant, outpacing other firms in returns and real estate fundraising totals.
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A message from RSM
Navigating TSAs in the face of supply chain delays
The threat of prolonged supply chain disruption is a call to action for private equity firms to start conversations about mitigation planning. Businesses are encountering delivery delays for everything from computers and mobile phones to cars and airplanes. With lead times for network equipment running upwards of a year, many companies won't realize the problem until it's too late.

Both buyers and sellers negotiating transition service agreements (TSAs) for carve-out transactions face potential challenges, including delays and possible penalties. Learn the following for a proactive approach to supply chain disruptions:
  • The carve-out transactions that are most at risk
  • Additional risks to consider
  • Practical strategies for mitigation
Read it here
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Europe's startups feel the pinch as Gorillas, Klarna cut staff
(Andrii Yalanskyi/Getty Images)
VC-backed companies in Europe are preparing for tougher times ahead as two of the region's unicorns conduct layoffs.

Klarna and Gorillas, both of which grew substantially during the pandemic, have announced staff cuts as the current macroeconomic climate puts pressure on startups to reserve cash and cut costs.
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Terra Firma eyes Butlin's as PE firms pile into UK leisure assets
(Julian Herbert/Getty Images)
Terra Firma is the latest private equity firm to tap demand for domestic holidays in the UK, with a bid to buy resort group Butlin's for £600 million (about $750 million), Sky News reported.

The news comes just a week after it was revealed that PAI Partners and TPG are putting together an offer for Parkdean, a PE-backed rival to Butlin's parent Bourne Leisure that has already attracted interest from two other firms.
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Recommended Reads
Meet Sara Nelson, head of the largest flight attendants' union, whose relentless efforts to build alliances with other unions and willingness to show up in person to support their battles have helped set her apart from many labor leaders. [The New Yorker]

As allocators looking for flagship fund access struggle to say no to GPs, some firms are using fear and intimidation tactics to raise money. [Institutional Investor]

In a notable pullback from its aggressive build-out, Amazon has quietly canceled plans for almost 10 million square feet of warehouse space. [The Information]
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Quick Takes
  The Daily Benchmark  
  2014 Vintage European PE Funds  
  A message from Customers Bank  
  Customers Bank Fund Finance Team financed more than $1B in deals during April  
  VC Deals  
  Semperis locks down $200M  
  Clear Street closes Series B with $165M  
  Mainspring nabs $150M+ in Series E  
  Firework lands $150M in SoftBank-led round  
  Monte Carlo brings in $135M for Series D  
  Flowcarbon raises $70M  
  Tidelift rises with $27M  
  Moka.care scores $16M+ for mental health platform  
  Exits & IPOs  
  Delhivery sees stock leap over 10% in debut  
  Fundraising  
  Maveron wraps Fund VIII with $225M  
 
 
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The Daily Benchmark
2014 Vintage European PE Funds
Median IRR
22.50%
Top Quartile IRR
26.28%
1.63x
Median TVPI
Select top performers
CapVest Equity Partners III
Ufenau IV German Asset Light
Carlyle Europe Technology Partners III
*IRR: net of fees
20 Funds in Benchmark »
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A message from Customers Bank
Customers Bank Fund Finance Team financed more than $1B in deals during April
From Growth Equity Funds to Direct Lending Funds and more, the Customers Bank Fund Finance Team—with more than 50 years of fund banking experience—works diligently to help fund sponsors grow and operate more efficiently. Among deals in the month of April, Customers Bank financed a $160M subscription line to a vehicle advised by J.P. Morgan Asset Management.

Customers Bank consistently delivers high-tech, high-touch services to Fund Finance clients. A unique "single-point-of-contact" approach to client relationships improves operational efficiencies allowing fund sponsors to focus on raising capital and generating returns for their investors. Customers Bank's cash management solutions give fund sponsors and fund administrators the tools to run their cash management operations smoothly.

Learn more here
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VC Deals
Semperis locks down $200M
KKR has led a $200 million Series C for New Jersey-based Semperis, with participation from Paladin Capital Group, Ten Eleven Ventures and others. The company's security tech protects critical enterprise-directory services from cyberattacks, data breaches and operational errors.
View round
 
View 39 competitors »
 
Clear Street closes Series B with $165M
Fintech startup Clear Street has raised a $165 million Series B led by Prysm Capital. Launched in 2018 and based in New York, the startup offers a cloud-based prime brokerage platform that lets users trade equities and options.
View round
 
View similar company »
 
Mainspring nabs $150M+ in Series E
Mainspring, a provider of clean on-site power generation, has raised over $150 million in a Series E led by Lightrock. Based in Menlo Park, Calif., the company works with customers in the commercial, industrial and utility sectors.
View round
 
View 1 competitors »
 
Firework lands $150M in SoftBank-led round
Firework has raised a $150 million Series B led by SoftBank's Vision Fund 2. The Redwood City, Calif.-based company offers a livestreaming platform designed to help retailers, consumer brands and publishers create video content for their customers.
View round
 
View 15 competitors »
 
Monte Carlo brings in $135M for Series D
Monte Carlo has raised $135 million in a round led by IVP. Based in San Francisco, the company is the creator of a data reliability platform that helps companies such as Affirm and Auth0 detect and manage data downtime.
View round
 
View similar company »
 
Flowcarbon raises $70M
Flowcarbon has raised $70 million through both the sale of its carbon-backed token and venture capital funding led by Andreessen Horowitz. The New York-based company is the developer of a climate tech platform designed to tokenize carbon credits and help project developers connect with buyers to purchase live carbon credits.
View round
 
View similar company »
 
Tidelift rises with $27M
Tidelift has raised a $27 million Series C led by Dorilton Ventures. The Boston-based startup offers security tools to organizations building applications with open-source software. Tidelift was valued at $102 million with a $25 million round in 2019, according to PitchBook data.
View round
 
View 38 competitors »
 
Moka.care scores $16M+ for mental health platform
Left Lane Capital has led a €15 million (about $16.1 million) Series A in Paris-based Moka.care. The startup offers a mental health well-being platform for employees.
View round
 
View similar company »
 
Exits & IPOs
Delhivery sees stock leap over 10% in debut
Stock in Indian logistics specialist Delhivery rose more than 10% in its Tuesday debut in Mumbai, Bloomberg reported. The company, which has received backing from The Carlyle Group and SoftBank, listed its stock at 487 rupees (about $6.29) per share and raised some 52.53 billion rupees via the sale of new and secondary shares, the report said.
View details
 
View 24 competitors »
 
Fundraising
Maveron wraps Fund VIII with $225M
Maveron has closed its eighth namesake fund with $225 million in commitments. Operating out of Seattle and San Francisco, the firm provides funding to seed- and early-stage consumer-focused companies. The fund's predecessor closed on $180 million in 2019.
View fund
 
View 258 investments »
 
Chart of the Day
Source: PitchBook's Q1 2022 European Venture Report
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Who's in the newsletter today?
Investors
Andreessen Horowitz
Dorilton Ventures
IVP
KKR
Left Lane Capital
Lightrock
Maveron
Paladin Capital Group
Prysm Capital
SoftBank
Ten Eleven Ventures
The Carlyle Group
Companies
Affirm
Auth0
Clear Street
Delhivery
Firework
Flowcarbon
Mainspring
Moka.care
Monte Carlo
Semperis
Tidelift
 
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