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PitchBook News - Climate tech gears up for energy crises

Assessing the climate for VC valuations; how far will tech investors fall; infrastructure's most active PE investors; CRED banks $140M
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The Daily Pitch: VC
June 13, 2022
The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data
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In today's Daily Pitch, you'll find:
 
Today's Top Stories  
Climate tech gears up to tackle global energy emergencies
VC investment in climate tech was strong in Q1, but could fall in Q2 due to volatility and lower market valuations. However, in the long term, the attack on Ukraine and resulting calls for energy independence in Europe are likely to accelerate climate tech investment—namely in hydrogen, solar, batteries, nuclear and wind.

In a shift from the ill-fated cleantech investment craze of 2006 to 2011, climate tech startups are now targeting a broad range of industries as they seek to decarbonize the economy, including the energy sector, transportation, building, food systems and industrial processes.

Our Q1 Emerging Tech Research update on climate tech dives deep into the vertical's investment activity and trends, including a look at the global lithium market and emerging technologies that seek to reduce the carbon footprint of lithium mining. Key takeaways include:
  • Global climate tech companies raised more than $9 billion across 273 deals in Q1, less investment than the average quarterly total in 2021.

  • PitchBook analysts anticipate greater interest in hydrogen as Germany searches for alternatives to Russian gas.
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Who are the most active PE investors in infrastructure?
(Drazen_/Getty Images)
Private equity investors have been pouring more money into infrastructure funds in recent years, drawn by the steady cash flows and lower risk profile such assets offer.

Using PitchBook data, we've compiled a list of the 10 most active PE investors in infrastructure by deal count since the start of 2017.
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A message from Citizens  
How to compete for M&A deals in a dynamic market
The surge of M&A activity in 2021 will likely continue through the end of this year, fueled by greater sell-side efficiency and nearly $1 trillion in U.S. private equity dry powder. Citizens Bank's latest insights provide strategies to help you move fast and with conviction to win M&A deals.

Find your competitive edge
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Assessing the climate for VC valuations and liquidity
Between 2017 and 2021, annual capital investment in VC swelled from $88.4 billion to $342.2 billion. The wave of investor demand, coupled with a relatively steady supply of companies seeking funding, spurred consistent growth in VC valuations.

Now, the shift away from a low-inflation, low-rate environment could cool demand for VC assets and pare valuations. Our recent analyst note explores the climate for valuations and liquidity in the face of shifting market conditions, along with what may lie ahead—particularly for the potential bellwether of late-stage VC.
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How far will high-flying tech investors fall?
(Drew Sanders/PitchBook News)
Free money is gone. Yesterday's valuations are a fiction. Markets have sold the companies of the future.

That's the assessment many tech investors have made in an uncoordinated information campaign comprising decks, video calls and blog posts aimed at portfolio companies. What has gotten less play is the sober outlook for their own bottom lines.

In recent years, venture capital funds have enjoyed a phenomenal run. The asset class recorded an IRR of 30.5% over the past three years, according to the latest figures. But many of those gains were on paper only.
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Recommended Reads
How NASA engineers are trying to keep the Mars helicopter running through the Martian winter. [Wired]

Some financial firms are turning to algorithms inspired by quantum computing for risk analysis and portfolio optimization. [The Wall Street Journal]

One crypto gaming startup that promised a "pay-to-earn" gaming model is quietly changing its story as the crypto market tumbles. [Bloomberg]
 
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Quick Takes  
  The Daily Benchmark  
  2020 Vintage Global VC Funds  
  VC Deals  
  CRED banks $140M  
  HYCU brings in $53M  
  Shanghai's PPIO secures $37M  
  Boulder Care picks up $36M  
 
 
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The Daily Benchmark  
2020 Vintage Global VC Funds
Median IRR
18.15%
Top Quartile IRR
44.30%
1.13x
Median TVPI
Select top performers
Dawn Capital IV
Northzone Conviction I
General Catalyst Group X - Early Venture
*IRR: net of fees
58 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
CRED banks $140M
Indian fintech company CRED has raised a $140 million Series F led by GIC, according to reports. The funding values the company at $6.4 billion. CRED's credit card payment app offers rewards to users who pay bills on time.
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HYCU brings in $53M
HYCU has raised a $53 million Series B led by Acrew Capital. Based in Boston, the company offers multicloud backup and recovery solutions.
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Shanghai's PPIO secures $37M
Edge cloud service provider PPIO has raised roughly $37 million in Series A financing led by Panlin Capital, China Creation Ventures, Shanghai Zhangjiang Technology Venture Investment and IMO Ventures.
View round
 
View similar company »
 
Boulder Care picks up $36M
Boulder Care has raised a $36 million Series B from investors including Qiming Venture Partners and First Round Capital. The Portland, Ore.-based telehealth company provides medical treatment and long-term support for patients with substance use disorders.
View round
 
View similar company »
 
 
Chart of the Day  
"FoF have been on a declining path since the middle of 2020, both in terms of assets committed and number of funds closed. We are aware of over 300 FoF in the market open to new commitments, representing many geographies, specialties, and sizes, so there is certainly potential for a turnaround."

Source: PitchBook's Q1 2022 Global Private Fund Strategies Report
 
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Who's in the newsletter today?
Investors
Acrew Capital
China Creation Ventures
First Round Capital
GIC
IMO Ventures
Panlin Capital
Qiming Venture Partners
Shanghai Zhangjiang Technology Venture Investment
Companies
Boulder Care
CRED
HYCU
PPIO
 
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