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PitchBook News - The Russia-Ukraine war's impact on VC

London wants more tech listings; Viola Credit locks down $700M; test your private markets knowledge; AstroForge lands $13M for asteroid mining
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The Daily Pitch: VC
May 27, 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:
  • Our latest analyst note examines how the Russia-Ukraine war has impacted Europe's VC ecosystem.

  • The UK's finance watchdog could scrap its two-segment listing regime in an effort to woo more tech companies.

  • Test your private markets knowledge with this week's PitchBook News Quiz.
Today's Top Stories
How the Russia-Ukraine war has impacted Europe's VC ecosystem
The Russian invasion of Ukraine has resulted in widespread humanitarian and geopolitical challenges and impacted millions of individuals. From a financial standpoint, Russia's position as an energy and commodity giant has increased inflationary pressure. While VC activity has traditionally been concentrated in Western European nations like the UK, Germany and France, new clusters are emerging in regional pockets throughout the Nordics, Southern Europe and Central and Eastern Europe.

Our latest analyst note delves into the effects of the Russia-Ukraine war on the European VC ecosystem, exploring how it pertains to people, the evolution of sectors and other regional considerations. Key highlights include:
  • The Russia-Ukraine war is, first and foremost, a humanitarian disaster, affecting operations and productivity for all businesses. Individuals in the country have shown great resilience, with some continuing to work remotely or even joining the war effort.

  • As energy prices soar in Europe, governments will be looking for solutions from startups in the alternative energy space. Meanwhile, the threat of cyberwarfare is at an all-time high, and capital allocators' attention to the information security sector will likely intensify as the war continues.

  • Financial sanctions on Russia, including tech imports, could create opportunities for investors and operators not just in the VC ecosystem but also the wider financial markets.
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London weighs scrapping two-segment listing regime to woo tech companies
(Oli Scarff/Getty Images)
The UK's finance watchdog could combine the two segments of the London Stock Exchange, as the country looks to further reform its listing rules.

At the heart of this change is the goal of making London a more attractive destination for tech companies to list, amid increasing competition from other European cities like Amsterdam and Paris.
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A message from Vector Medical Group
Buy-and-build surge in ophthalmology
More PE attention is being paid to the US eye care market. Behind the record-setting numbers is a wave of add-on activity, which made up 88% of 2021's deal count. While there are several PE-backed practices building nationwide footprints, most of the US ophthalmic market remains regionally focused. Consolidation opportunities remain, and as doctors begin to hit retirement age, PE deal activity is expected to stay strong.

In partnership with PitchBook, Vector Medical Group has released US Ophthalmic Market: A Wave of Consolidation. The report also features a Q&A with Vector CEO Dana Jacoby and Gary Herschman, a member of the Board of Directors at Epstein Becker Green.

Click here to download the report.
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PitchBook News Quiz
(Drew Sanders/PitchBook News)
Did you follow the private markets news this week? Take the PitchBook News Quiz to see how you stack up.

This week: Adam Neumann has a new startup, Egon Durban resigns from Twitter and Andreessen Horowitz re-ups crypto coffers.
take the quiz
 
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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.
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Revenue-based financing startup Bloom collects over $377M in Series A
(Nora Carol Photography/Getty Images)
Luxembourg-based Bloom has secured £300 million (about $377.1 million) in Europe's largest Series A so far this year.

With VC fundraising conditions becoming less hospitable, revenue-based financing could become a popular alternative.
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Recommended Reads
Xi Jinping's policies in China are having a profound impact on markets—and causing investors to flee the country. [The Economist]

With his backing of Flowcarbon, a blockchain-enabled carbon credit trading platform, Adam Neumann appears to be returning to the public eye. [TheStreet]

How Intel, Samsung and TSMC are developing a new transistor design that could reshuffle the pecking order of chip giants for years to come. [Protocol]
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Since yesterday, the PitchBook Platform added:
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VC valuations
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Quick Takes
  The Daily Benchmark  
  2013 Vintage European VC Funds  
  VC Deals  
  Airspace nails down $70M  
  Assembled accrues $51M in Series B  
  Sequoia China leads $37M round for Full-Life  
  Manta brings in $35M  
  Gametime scores $30M  
  Indigov lands $25M Series B  
  AstroForge takes off with $13M  
  Fundraising  
  Viola Credit locks down $700M  
  Old Fashion Research launches $100M fund  
  1Sharpe Ventures wraps up $90M debut fund  
 
 
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The Daily Benchmark
2013 Vintage European VC Funds
Median IRR
18.80%
Top Quartile IRR 
25.00%
1.10x
Median TVPI
Select top performers
Dawn Capital II
Northzone VII
NeoMed Innovation V
*IRR: net of fees
6 Funds in Benchmark »
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VC Deals
Airspace nails down $70M
Airspace has received $70 million in a round led by DBL Partners and co-led by Telstra Ventures and HarbourVest Partners. Founded in 2016 and based in Carlsbad, Calif., the startup offers a global delivery network for time-critical logistics in industries like healthcare and aerospace.
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View 19 competitors »
 
Assembled accrues $51M in Series B
Assembled has raised $51 million in Series B financing led by NEA, resulting in a more than 5x increase of the company's valuation in one year. Assembled is the creator of a workforce management platform that offers forecasting, automated scheduling and real-time and historical reporting.
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View 46 competitors »
 
Sequoia China leads $37M round for Full-Life
Full-Life Technologies has collected $37 million in a Series A led by Sequoia China. Based in Shanghai and operating in Europe, the radiotherapeutics company is developing oncology products and other treatments.
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View similar company »
 
Manta brings in $35M
Data lineage startup Manta has raised $35 million in a round led by Forestay Capital. The company's tech is used by mid-size and enterprise-level companies to scan data environments and build maps of data flows for technical and non-technical users.
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Gametime scores $30M
Gametime, the creator of a platform for buying and selling last-minute game, concert and show tickets, has raised $30 million. The round's backers included Nimble Partners, Maven Ventures and Accel.
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View 5 competitors »
 
Indigov lands $25M Series B
Indigov has raised a $25 million round from investors including Tusk Venture Partners, 8VC and Wicklow Capital. Launched in 2019, the startup offers a constituent service platform for public officials that provides reporting, analytics, casework management services and more.
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AstroForge takes off with $13M
Asteroid mining startup AstroForge has reportedly raised a $13 million seed round led by Initialized Capital. The California-based company, which has received backing from Y Combinator, will use the funds in part to support an initial demonstration flight in 2023, TechCrunch reported.
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View similar company »
 
Fundraising
Viola Credit locks down $700M
Viola Credit has raised $700 million for its alternative lending income strategy. The Israeli firm will continue to provide asset-based lending capital to fintech, proptech and insurtech startups.
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View 14 investments »
 
Old Fashion Research launches $100M fund
Old Fashion Research has completed the first close of its venture fund on $100 million. The multi-strategy blockchain investment firm was formed in 2021 by former Binance executives and has invested in over 50 blockchain projects.
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View 21 investments »
 
1Sharpe Ventures wraps up $90M debut fund
1Sharpe Ventures has closed its inaugural fund on $90 million. The vehicle will target 30 to 40 early-stage proptech startups, and has already invested in five companies, including Carats & Cake and Flock Homes.
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View 5 investments »
 
Chart of the Day
Source: PitchBook's Q1 2022 Global M&A Report
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Who's in the newsletter today?
Investors
1Sharpe Ventures
8VC
Accel
DBL Partners
Forestay Capital
HarbourVest Partners
Initialized Capital
Maven Ventures
NEA
Nimble Partners
Old Fashion Research
Sequoia China
Telstra Ventures
Tusk Venture Partners
Viola Credit
Wicklow Capital
Y Combinator
Companies
Airspace
Assembled
AstroForge
Binance
Carats & Cake
Flock Homes
Full-Life Technologies
Gametime
Indigov
Manta
 
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