PitchBook News - European VC dealmakers forge ahead

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The Daily Pitch: VC

July 20, 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:

European VC deal value is on pace to surpass €100 billion this year, according to our Q2 2022 European Venture Report.

Analysts expect positive earnings from publicly traded US PE firms.

Venture-backed exit value in the US has dropped steeply from the record highs of 2021, which may bring more flat and down rounds.

Today's Top Stories

European VC dealmaking remains resilient despite market conditions

European venture funding is on pace to surpass €100 billion for the second consecutive year, but activity could slow as markets enter correction territory.

In our Q2 2022 European Venture Report, we explore the trends that shaped the continent's ecosystem in the first six months of the year. Highlights include:

European startups raised €54.4 billion in H1, but last quarter registered a decline of 10.6% in capital invested over Q1 2022.

Late-stage deals took the largest share of capital, with more than 66% of the total value.

Exits fell significantly from 2021's record, with 657 completed worth a combined €25.8 billion.

Fund count could fall to its lowest level since 2013, but rising fund sizes are pushing up the total raised.

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US VC exit activity retracts to pre-pandemic levels

(mikroman6/Getty Images)

Roiling stock markets and tighter credit conditions have conspired to snuff out the exit prospects for the US VC ecosystem. VC-backed exit value in the US reached $48.8 billion in the first half of 2022—just 6% of last year's record exit value, according to the latest PitchBook-NVCA Venture Monitor.

A prolonged liquidity drought could lead to more flat and down rounds as companies become more desperate for cash, and large late-stage companies are likely to feel the effects most, PitchBook analysts say.

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Some UK data centers have a low-tech way to avoid meltdowns during this week's heat wave: spraying roof-mounted air conditioning units with water. [Bloomberg]

Since yesterday, the PitchBook Platform added:

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VC valuations

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People

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Funds

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Quick Takes

	The Daily Benchmark
	2013 Vintage Global Real Assets Funds
	VC Deals
	Flip valued at $500M
	TAE secures $250M for clean fusion energy
	Cartography scores $57M
	Zebedee picks up $35M
	Gordian Software lands $25M
	Fundraising
	B Capital wraps up $250M
	Auction house Christie's launches venture fund

The Daily Benchmark

2013 Vintage Global Real Assets Funds

Median IRR

5.41%

Top Quartile IRR

11.75%

1.28x

Median TVPI

Select top performers

Rockland Power Partners II

EQT Infrastructure Fund II

Grain Infrastructure Fund II

*IRR: net of fees

36 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Flip valued at $500M

Flip has raised $60 million at a $500 million valuation in a Series B led by WestCap. The company's platform combines social media and ecommerce, allowing users to discover and purchase products shown in short user-generated videos.

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TAE secures $250M for clean fusion energy

TAE Technologies has secured $250 million in a Series G2, bringing the company's total raised to $1.2 billion. Based in California, TAE is working to develop environmentally friendly fusion power technology and will use the financing to fund the construction of its next research reactor. Investors including Google, Chevron and Reimagined Ventures participated in the round.

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View 3 competitors »

Cartography scores $57M

Cartography Biosciences, a developer of therapeutics for cancer treatment, has raised a $57 million Series A led by 8VC. Existing backer Andreessen Horowitz also participated.

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Zebedee picks up $35M

Kingsway Capital has led a $35 million Series B for Zebedee, a provider of payments processing infrastructure for game developers.

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Gordian Software lands $25M

Gordian Software has raised a $25 million Series A at a $200 million valuation. The funding was led by Accomplice and Vinyl. The Seattle-based company's software helps travel websites to sell flight add-ons such as baggage, seat selection and priority boarding.

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Fundraising

B Capital wraps up $250M

B Capital has closed its Ascent Fund II on $250 million. The vehicle is the firm's first dedicated to early-stage companies and will target pre-seed through Series A rounds, with a focus on the US and Asia.

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View 131 investments »

Auction house Christie's launches venture fund

London-based art auction house Christie's has launched Christie's Ventures, a new fund that will target investments in emerging technology and fintech companies working in the art market. The venture fund has already invested in blockchain specialist LayerZero.

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Chart of the Day

"The majority of PE exits in supply chain tech in the last two years were sales to corporations. These strategic acquirers sought to secure capacity to provide reliable services and realize benefits of scale in their networks with the acquisition of supply chain tech companies."

Source: Q2 2022 PitchBook Analyst Note: Private Equity's Opportunity in Supply Chain Management

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PitchBook News - European VC dealmakers forge ahead

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