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The Daily Pitch: VC

June 28, 2022

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

In today's Daily Pitch, you'll find:

We've launched our 2022 Sustainable Investing Survey to measure how private market participants are incorporating impact strategies and/or ESG risk factors. Take the survey here.

VC investment in US-based pharma and biotech companies has slowed in Q2, leaving room for a possible uptick in cheaper M&A deals.

Plural, an early-stage investment platform, has launched to draw more European founders into the region's VC ecosystem.

Today's Top Stories

Surveying sustainable investing practices

PitchBook is taking the pulse of investors and other private market participants on their incorporation of impact strategies and/or ESG risk factors. Please share your firm's approach to sustainable investing and what drives it. The survey will take about 10 minutes.

All who complete the survey will have the opportunity to enter a prize drawing, and for each completed response, PitchBook will make a donation to World Central Kitchen.

take the survey

Biotech VC funding softens amid macroeconomic headwinds

(fotograzia/Getty Images)

While US-based pharma and biotech companies kept pace with pandemic-era venture funding at the start of this year, deal activity has slowed in Q2, and VCs predict investment in the sector will be even less robust in the second half of 2022.

However, declining valuations may be good news for large pharmaceutical companies hoping to acquire or enter into partnerships with biotech startups.

A message from Datasite

As the tide turns, what's next? H2 2022 market outlook

Pent-up PE activity in the wake of COVID-19 led to a record-breaking 2021. Not only were more deals done than ever last year, deals were also done in a faster amount of time. Overall, dealmaking was up 66% while the time between a deal announcement and completion fell by 12%.

Drawing on PitchBook data, Datasite has released As the tide turns, what's next? The report, which unearths trends in dealmaking, holding periods and more, looks ahead to what's next in the private equity landscape. Especially in an uncertain market, dealmakers need the tools and relationships to manage their pipelines in the months and years ahead.

To download the report, click here.

Plural taps seasoned founders to find early-stage opportunities

Plural's founders, clockwise from top left, include Ian Hogarth, Khaled Helioui, Taavet Hinrikus and Sten Tamkivi.
(Courtesy of Plural)

Although Europe's VC ecosystem is rich in founder experience, relatively few of those founders go on to become investors, compared to their US counterparts.

To help support early-stage startups, a group of seasoned entrepreneurs has teamed up to launch Plural, an investment platform that aims to leverage their skills to boost the next generation.

US PE middle market faces global challenges in 2022

US middle-market PE firms got off to a moderate start in 2022 following last year's historic dealmaking run. The middle market was met with a number of challenges, including a turbulent global macroeconomic backdrop marked by raging inflation, the threat of higher interest rates, broken supply chains and Russia's invasion of Ukraine.

In our latest report on the US PE middle market, PitchBook analysts break down Q1 data related to inflation, add-ons and carveouts as well as the IT, energy and ESG verticals. The report also explores deals by size and sector, exits and fundraising performance. Takeaways include:

Many buyers hit the pause button on processes as uncertainty loomed, but markets appear to be moving forward as investors adjust and look for opportunities in a volatile environment.

US middle-market exit activity faced headwinds driven by market volatility and falling prices. However, middle-market exits may be less affected than the broader PE market because they are less reliant on public listings.

Fundraising activity remained healthy in Q1 but is showing signs of slowing for middle-market sponsors, who face a challenging fundraising environment as they compete against large GPs for LP capital.

read the report

Recommended Reads

More public pension plans than ever are investing borrowed money in an effort to earn higher returns and close big funding gaps. [The Wall Street Journal]

Gadget manufacturers are looking to get into the car-making business. [Wired]

Global revenue from bikesharing and car-sharing may rise 40% by 2030 as growing use of mobility services in Asia, Europe and the US promises to transform cities. [Bloomberg]

Since yesterday, the PitchBook Platform added:

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People

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Quick Takes

	The Daily Benchmark
	2010 Vintage Global PE Funds
	VC Deals
	Nomad Health secures $105M
	PicnicHealth picks up $60M Series C
	Solv snags $40M
	Centerline Biomedical brings in $33M
	Exits & IPOs
	Grand jury issues subpoenas to Trump-affiliated SPAC
	Fundraising
	MaC wraps up $203M Fund II
	True Wealth Ventures collects $35M for sophomore fund

The Daily Benchmark

2010 Vintage Global PE Funds

Median IRR

11.17%

Top Quartile IRR

20.92%

1.53x

Median TVPI

Select top performers

Southern Cross Latin America Private Equity Fund IV

Riverside Micro-Cap Fund II

Ticonderoga KI

*IRR: net of fees

67 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Nomad Health secures $105M

Nomad Health has raised $105 million in a round co-led by Adams Street Partners and Icon Ventures. Based in New York, the company operates a recruitment platform designed to connect clinicians and hospitals with temporary healthcare staff.

View round

View 7 competitors »

PicnicHealth picks up $60M Series C

PicnicHealth has raised $60 million in a round led by B Capital Group. Founded in 2014, the company offers medical records management software. Felicis Ventures and Amplify Partners also participated in the round.

View round

View 35 competitors »

Solv snags $40M

Solv has raised $40 million in a round led by SBI Holdings, according to reports. The Bengaluru-based company offers a B2B ecommerce marketplace.

View round

View similar company »

Centerline Biomedical brings in $33M

Centerline Biomedical has raised a $33 million Series B led by Cleveland Clinic. Based in Cleveland, the company develops visualization technology for use in endovascular procedures.

View round

View similar company »

Exits & IPOs

Grand jury issues subpoenas to Trump-affiliated SPAC

A federal grand jury in New York has issued subpoenas to each member of Digital World Acquisition Corp.'s board of directors. The blank-check company, which has agreed to take former President Donald Trump's social media startup Truth Social public, said in an SEC filing that the subpoenas and related investigation could possibly delay, impede or even prevent the merger.

View details

View 1 investments »

Fundraising

MaC wraps up $203M Fund II

MaC Venture Capital has closed its second fund on $203 million. The seed-stage firm raised $110 million for its first vehicle in March 2021.

View fund

View 181 investments »

True Wealth Ventures collects $35M for sophomore fund

True Wealth Ventures has raised $35 million for its second flagship fund, TechCrunch reported. The Austin-based VC firm invests exclusively in seed-stage startups led by women.

View fund

View 15 investments »

Chart of the Day

Source: PitchBook's Q1 2022 US PE Breakdown

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Key phrases

cheaper MampA deals MaC Venture Capital Nomad Health nabs private market participants ESG risk factors The Daily Pitch earlystage investment platform Biotech VC funding

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