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

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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

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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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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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

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 »

Check out the latest version of PitchBook Benchmarks

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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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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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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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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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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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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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 »