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PitchBook News - Agtech harvests near-record funding

Q&A: the UK's growth funding gap; Zomato picks up Blinkit for $568M; Strapi snags $31M; Hadrian nabs $11M+ for cyberattack simulations
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The Daily Pitch: VC
June 27, 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:
  • Following the announcement of Zendesk's takeover, we've compiled a list of the tech sector's largest PE take-privates so far this year.

  • Our recent Emerging Tech Research report breaks down VC momentum in agtech as innovation becomes critical to boosting crop yields.

  • The UK is at risk of falling behind other global economies due to a lack of growth capital for tech companies—we spoke with one VC firm about how the funding gap can be bridged.
 
Today's Top Stories  
Agtech blooms with near-record funding in Q1
Macroeconomic events such as the war in Ukraine are exacerbating long-term challenges around food security, including a surge in prices for fertilizer and commodity crops.

As agtech innovation becomes critical to boosting crop yields, PitchBook analysts list three factors that are driving robust venture capital momentum into agtech startups in 2022: increased concern for food security, data-driven productivity gains and environmentally friendly agricultural techniques such as carbon monitoring tools and biochemicals.

Global agtech companies collected $3.3 billion across 222 deals, marking a 15.5% quarter-over-quarter increase in deal value.

Our Q1 Emerging Tech Research report on agtech breaks down a strong quarter for the sector and highlights emerging opportunities in regenerative agriculture technologies and the growing impact of female-founded agtech startups.
read the preview
 
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Q&A: Lakestar explains the UK's $1.8T growth funding gap
(Tim Grist Photography/Getty Images)
The UK is home to one of the world's largest economies but risks falling behind due to a lack of growth funding, according to a report from VC firm Lakestar.

We spoke with partner Sam Gyimah about how the venture asset class can bring the next wave of economic growth and the funding requirements that are needed.
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A message from Litera  
M&A slows in Q1, but opportunities remain for 2022
2021 reflected deliberate efforts to transform corporate brands, expand footprints and pivot to new products and services in a changing landscape. But fears of an economic downturn are dominating the headlines, and global M&A activity could slow as a result.

Drawing on PitchBook data, Litera has released a new report, Trends in Global M&A Activity: Spotlight on Fintech, Software and Telemedicine, which updates deal data through Q1 2022. While M&A has lost some momentum worldwide, dealmakers are still optimistic about the year ahead, as companies continue to digitize, activist investors are roaming the market, and ESG-driven pressures will buoy deal flow going forward. The report also features industry-specific M&A activity data and trends on software, fintech and telemedicine deals—three sectors that have transformed over the past two years.

To download the report, click here.
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Zendesk takeover joins building wave of tech take-private deals
(Fraser Hall/Getty Images)
The planned acquisition of customer service software company Zendesk by a consortium led by Permira and Hellman & Friedman marks a dramatic shift for the company, which has been caught up in a series of investor dramas this year.

The deal also comes amid a spree of tech takeovers as investors seek to take advantage of the swoon in tech valuations. PitchBook compiled a list of the sector's largest take-private PE deals announced or completed so far this year.
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Recommended Reads
Corporate investors have a reputation for only backing startups in "good times," but as institutional investors pull back, corporations could step in to fill the funding gap. [The Wall Street Journal]

One writer's thoughts on why some investors remain unfazed by a brief uptick in the markets. [Financial Times]

A consortium of China-connected companies is moving ahead with an iron excavation plan that jeopardizes one of the most biologically rich ecosystems in Africa. [Bloomberg]
 
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Quick Takes  
  The Daily Benchmark  
  2014 Vintage Global Funds-of-Funds  
  VC Deals  
  Dem BioPharma picks up $70M  
  Strapi secures $31M  
  Hadrian nabs $11M+  
  Exits & IPOs  
  Zomato picks up VC-backed Blinkit for $568M  
 
 
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The Daily Benchmark  
2014 Vintage Global Funds-of-Funds
Median IRR
22.90%
Top Quartile IRR
25.54%
1.85x
Median TVPI
Select top performers
Union Grove Partners Direct Venture Fund
Weathergage Capital Investments 2014
SVB Strategic Investors Fund VII
*IRR: net of fees
52 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Dem BioPharma picks up $70M
Dem BioPharma has raised $70 million in a round co-led by Longwood Fund and Alta Partners. Based in the Boston area, the company is developing therapies that target immune system checkpoints to eliminate cancer.
View round
 
View similar company »
 
Strapi secures $31M
Strapi has raised a $31 million Series B led by CRV. Based in Paris, the company offers an open-source content management system. Flex Capital and Index Ventures also participated in the round.
View round
 
View 16 competitors »
 
Hadrian nabs $11M+
Hadrian has raised a €10.5 million (about $11.1 million) seed round led by HV Capital. The Amsterdam-based company offers a cybersecurity platform that simulates attacks to find vulnerabilities in digital infrastructure.
View round
 
View similar company »
 
 
Don't miss our upcoming webinar
Join PitchBook for a webinar discussing emerging tech highlights for early-stage investors and forecasts for the landscape in the year ahead. Our analyst will explore notable themes like Web3 & DeFi, the metaverse and others. Key topics include:
  • ETI deal value is down from Q4 but retained its hold, reaching $8 billion in Q1 of 2022.
  • Large deals continue to surge, with 22 ETI deals valued at $100 million or larger.
  • For the third consecutive quarter, crypto topped deal value, with Web3 & DeFi leading the way as the largest ETI investment area.
Register now to secure your spot
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Exits & IPOs  
Zomato picks up VC-backed Blinkit for $568M
Zomato has acquired online grocery startup Blinkit for around $568 million, according to reports. Based in India, Blinkit has raised VC funding from investors including Tiger Global and SoftBank.
View details
 
View 26 competitors »
 
 
Chart of the Day  
Source: PitchBook's Q1 2022 Global Private Fund Strategies Report
 
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Who's in the newsletter today?
Investors
Alta Partners
CRV
Flex Capital
HV Capital
Index Ventures
Longwood Fund
SoftBank
Tiger Global
Companies
Blinkit
Dem BioPharma
Hadrian
Strapi
Zomato
 
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largest PE takeprivates other global economies The Daily Pitch one VC firm growth funding gap

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