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PitchBook News - A positive sign for VC

Surveying sustainable investing practices; Valor Equity raises $595M fund; Tecton nabs $100M; Pulley reels in $40M
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The Daily Pitch: VC
July 14, 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:
  • Our latest PitchBook-NVCA Venture Monitor explores how dealmaking, exits, fundraising and valuations are responding to a tighter investing environment.

  • 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.

  • M&A activity in the oil and gas industry has maintained momentum through tumultuous markets in 2022.
 
Today's Top Stories  
Strong fundraising in Q2 a positive sign for VC market
The second quarter of 2022 saw a tighter investing environment for the US venture ecosystem. However, several areas of the VC market seem to be relatively unaffected thus far—including the earliest stages of venture, which continue to show strong dealmaking activity, and fundraising for large VC funds, which continue to attract interest from LPs.

The latest PitchBook-NVCA Venture Monitor, sponsored by Insperity and J.P. Morgan, details how dealmaking, exits, fundraising and valuations responded to venture investors reassessing their investment pace and strategies during Q2. Key takeaways include:
  • More than 100 late-stage mega-deals were closed for the sixth consecutive quarter, but the final tally for Q2 is the lowest during that streak by roughly 26%.

  • The IPO window was virtually shut in Q2 as VC-backed public listings reached a 13-year quarterly low.

  • Fundraising topped $120 billion for the second consecutive year, driven primarily by established managers across the US.
read the report
 
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Energy producers put cash to work in M&A, often to private equity's benefit
(Anton Petrus/Getty Images)
Mergers and acquisitions in the oil and gas industry have maintained momentum through tumultuous markets in 2022, amid industry consolidation and an abundance of cash from sky-high energy prices.

Much of the deal activity is being driven by strategic acquirers who are concentrating their position, giving private equity firms a chance to cash out on their fossil fuel holdings.
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A message from Deloitte  
How liquidity prospects are growing more complex
Deloitte
After a spate of historic listings and M&A for expansion-stage companies, geopolitical and market volatility has rendered exit prospects much more complex. The latest edition of Road to Next delves into the latest exit trends, analyzing how expansion-stage companies can best prepare, given broader market circumstances. Highlights include:
  • Analysis of key metrics such as valuations
  • Commentary from Deloitte partners on best practices to combat volatility
  • Insights on how liquidity trends have varied across regions
Read it now
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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
 
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Recommended Reads
The turbocharged business model behind fast-fashion behemoth Shein, one of the world's top startups, is becoming the biggest threat to its continued success. [Bloomberg]

Digging up minerals for rechargeable batteries has a high initial environmental cost, but that may be worth it to reach the infinity loop of recycling those minerals indefinitely. [The Atlantic]

Venture capitalists made their bet on Teneobio pay off, illustrating the creativity some investors are using to wring profits from the biotech sector. [The Wall Street Journal]
 
Since yesterday, the PitchBook Platform added:
8
VC valuations
2056
People
501
Companies
28
Funds
See what our data software can do
 
Quick Takes  
  The Daily Benchmark  
  2018 Vintage North American Funds-of-Funds  
  VC Deals  
  Tecton secures $100M  
  Beauty tech company Mayvenn brings in $40M  
  Pulley pulls in $40M  
  Deci picks up $25M  
  Moving Analytics nabs $20M Series A  
  Fundraising  
  Valor Equity wraps up $595M vehicle  
 
 
The Daily Benchmark  
2018 Vintage North American Funds-of-Funds
Median IRR
31.32%
Top Quartile IRR
42.26%
1.51x
Median TVPI
Select top performers
Industry Ventures Partnership Holdings V
Top Tier Venture Velocity Fund 2
SVB Strategic Investors Fund IX
*IRR: net of fees
30 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Tecton secures $100M
Tecton has raised a $100 million Series C led by Kleiner Perkins. Based in the Bay Area, the company offers a platform designed to help engineers and data scientists build and deploy machine learning-driven applications.
View round
 
View 1 competitors »
 
Beauty tech company Mayvenn brings in $40M
Mayvenn has raised a $40 million Series C led by Cleveland Avenue. Founded in 2013, the California-based company runs an online retail platform for beauty services and products.
View round
 
View 2 competitors »
 
Pulley pulls in $40M
Pulley has raised a $40 million Series B led by Founders Fund. The San Francisco-based company is the provider of a cap table and equity management platform.
View round
 
View 1 competitors »
 
Deci picks up $25M
Deci has raised a $25 million Series B led by Insight Partners. Based in Israel, the company created a deep learning platform to help AI teams build applications across industries such as medicine, manufacturing and transportation.
View round
 
View 24 competitors »
 
Moving Analytics nabs $20M Series A
Moving Analytics has raised $20 million in a round co-led by Seae Ventures and Wellington Access Ventures. The telehealth provider offers cardiovascular health programs.
View round
 
View 11 competitors »
 
 
Fundraising  
Valor Equity wraps up $595M vehicle
Valor Equity Partners has closed Valor Siren Ventures II on $595 million. The vehicle will target early-stage companies focused on technology and sustainability in the food and retail sectors.
View fund
 
View 308 investments »
 
 
Chart of the Day  
Source: PitchBook's Q2 2022 US PE Breakdown
 
Who's in the newsletter today?
Companies
Deci
Mayvenn
Moving Analytics
Pulley
Tecton
Investors
Cleveland Avenue
Founders Fund
Insight Partners
Kleiner Perkins
Seae Ventures
Valor Equity Partners
Wellington Access Ventures
 
 
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