PitchBook News - US VC pushes back

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The Daily Pitch: VC

July 7, 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:

The US VC industry is pushing back against economic headwinds.

A wave of consolidation is changing the wealth management industry, and PE firms are ready to take up the baton.

With a recession looming, are venture capitalists becoming wary of backing ecommerce over B2B SaaS startups?

Today's Top Stories

US venture market pushes back against economic headwinds

The outsized deals that became a theme of 2021 are not being completed as investors take a more cautious approach to the largest deals in the market. Q2 became the first quarter since Q4 2020 to post less than $77 billion in completed deal value, with just over $62 billion closed. Fundraising topped $120 billion for the second consecutive year, with a strong showing from established fund managers in the first half of the year.

On the exit front, the second quarter was much like the first in terms of exit activity, with the biggest change from the last two years being the complete lack of traditional IPOs, according to a first look at the data from our upcoming PitchBook-NVCA Venture Monitor.

The full report, sponsored by Insperity and JP Morgan, will be released next week.

get the data

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Have investors preferred to back SaaS over ecommerce as downturn deepens?

(miakievy/Getty Images)

Many investors believe that enterprise SaaS is a more recession-proof sector than ecommerce. That's because enterprises purchase software on a subscription basis, yet consumers can ditch their online shopping habits at any time.

With a recession looming, are venture capitalists becoming wary of backing ecommerce over B2B SaaS startups? See what our data shows.

Recommended Reads

As colleges seek more revenue, online education companies are designing programs and aggressively recruiting students—leaving some confused. [The Wall Street Journal]

While the public markets may be grim, one writer argues that VCs still have plenty of money to invest. [The Information]

Why pension funds can't put a number on private equity fees, despite a push for more transparency. [Institutional Investor]

Since yesterday, the PitchBook Platform added:

20

VC valuations

2211

People

635

Companies

19

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2012 Vintage Global Debt Funds
	VC Deals
	ClinChoice picks up $150M Series E
	Flexe boxes up $119M in BlackRock-backed round
	Swimlane secures $70M
	EVCS raises $68.8M to expand EV charging network
	Mexico-based UnDosTres lands $30M

The Daily Benchmark

2012 Vintage Global Debt Funds

Median IRR

7.93%

Top Quartile IRR

10.42%

1.24x

Median TVPI

Select top performers

Central Valley Fund II

Cerberus Institutional Partners V

Sullivan Debt Fund

*IRR: net of fees

52 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

ClinChoice picks up $150M Series E

ClinChoice has raised $150 million in a round led by Legend Capital. The company is a provider of contract research and healthcare product development services.

View round

View similar company »

Flexe boxes up $119M in BlackRock-backed round

Seattle-based Flexe has raised a $119 million Series D from BlackRock, Activate Capital, Madrona Ventures and others, valuing it at more than $1 billion. Founded in 2013, the company provides logistics tech for ecommerce fulfillment, retail distribution and network capacity programs.

View round

View 15 competitors »

Swimlane secures $70M

Swimlane has raised $70 million in a round led by Activate Capital. The company is the developer of a low-code security automation platform.

View round

View 72 competitors »

EVCS raises $68.8M to expand EV charging network

EVCS has raised $50 million in debt from Spring Lane Capital and an $18.8 million Series A co-led by Abdo Partners, Spring Lane Capital and the Copulos Group. Founded in 2018, the company provides a charging network for electric vehicles.

View round

View similar company »

Mexico-based UnDosTres lands $30M

UnDosTres has raised a $30 million Series A led by IDC Ventures, with support from investors including Telegraph Hill Capital and AI8 Ventures. Founded in 2015, the company offers an online payments platform for products and services such as gift cards and movie tickets.

View round

View similar company »

Chart of the Day

Source: PitchBook's Q1 2022 US VC Valuations Report

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PitchBook News - US VC pushes back

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