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The Daily Pitch: VC

July 26, 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:

2022 is on track to be the largest fundraising year on record for US VC funds.

Our list of the 13 most active investors in the growing femtech sector.

PE dealmakers in Europe remained resilient in H1 2022, with total deal value growing 35% year-over-year, according to our latest European PE Breakdown.

Today's Top Stories

VC fundraising is set to surpass 2021 record

(Nuthawut Somsuk/Getty Images)

Despite the market correction, venture capital is on track to register its largest fundraising year on record.

Although limited partners have said they are overwhelmed by an unprecedented number of VC firms returning to market, the fundraising environment is proving stronger than some market participants initially feared.

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European PE dealmakers persevere in uncertain macro environment

Dealmaking was a bright spot for European PE through the first half of 2022, with record dry powder and the rise of private credit funds keeping the deal environment moving despite a range of near-term risks.

The second half of the year may be a different story, however, due to slowing growth, rising interest rates and the possibility of a recession, according to our Q2 European PE Breakdown. Key takeaways from the report include:

Deal value totaled €463.5 billion through June 30, a year-over-year increase of nearly 35%, driven primarily by a spike in deal sizes.

Take-private activity also increased over H1 2021, and with take-privates offering one of the best risk-reward plays for PE firms, they're expected to remain a major theme in 2022.

Exit volume remained flat, but cumulative exit value fell by 25% YoY as valuations dropped.

Fund count is pacing toward its lowest total ever, with just 40 vehicles closed in H1, as LPs struggle to keep up with GPs' demand for capital.

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A message from Deloitte

After a record-breaking year, liquidity prospects get complex

The past few years saw unprecedented liquidity for expansion-stage companies, with billions of dollars in exit value notched across public listings and sales. However, geopolitical and market volatility has rendered exit prospects much more complex now. The latest edition of Road to Next delves into these rapidly complexifying exit trends, analyzing how expansion-stage companies can best prepare given broader market circumstances. Highlights include:

A spotlight on SPACs and their potential for cryptocurrency enterprises
Data on exits including median valuations and sizes
Insights on how liquidity trends have varied across regions

Read it now

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Who are the most active VC investors in femtech?

(Jenna O'Malley/PitchBook News)

Healthcare offerings for women have become a growing priority for venture investors since entrepreneur Ida Tin first coined the term "femtech" in 2016.

The once-underinvested sector now includes a cohort of startups looking to address the most pressing pain points for women's health, including those creating smart sanitary pads, cordless breast pumps and access to emergency contraception.

Here are the most active VC investors globally in femtech deals since 2017.

Recommended Reads

The precarious state of the world's food supply, highlighted by sizzling heatwaves, has found an unlikely crusader in Singapore, a small island with hardly any agriculture at all. [Bloomberg]

One writer's thoughts on how to stay cool when you're put on the spot at work. [Harvard Business Review]

How cloud providers like AWS are helping customers manage their energy consumption and carbon emissions. [Protocol]

Since yesterday, the PitchBook Platform added:

8

VC valuations

1734

People

561

Companies

30

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2012 Vintage Global PE Funds with more than $1B
	VC Deals
	Cleerly raises $192M
	Everside brings in $164M
	Aptos Labs secures $150M
	Crop analytics startup Arable lands $40M
	Fundraising
	BAI wraps up Fund I with $700M

The Daily Benchmark

2012 Vintage Global PE Funds with more than $1B

Median IRR

15.80%

Top Quartile IRR

19.32%

1.74x

Median TVPI

Select top performers

Platinum Equity Capital Partners III

TSG6

Summit Partners Growth Equity Fund VIII

*IRR: net of fees

33 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Cleerly raises $192M

Cleerly has raised a $192 million Series C led by T. Rowe Price and Fidelity. Based in New York, the company's technology helps physicians identify patients with early signs of heart disease.

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View 1 competitors »

Everside brings in $164M

Everside Health has raised $164 million in growth equity funding from investors including NEA, Endeavor Catalyst and Oak HC/FT. The Denver-based primary care provider operates more than 375 health centers in the US.

View round

View 35 competitors »

Aptos Labs secures $150M

Aptos Labs, a blockchain specialist headed by former Meta employees, has raised a $150 million Series A led by FTX Ventures and Jump Crypto. Andreessen Horowitz and Multicoin Capital also participated.

View round

View similar company »

Crop analytics startup Arable lands $40M

Arable has raised a $40 million Series C led by Galvanize Climate Solutions. Based in San Francisco, Arable offers tools that help farmers collect and analyze data on weather, soil, plant health and more.

View round

View 14 competitors »

Fundraising

BAI wraps up Fund I with $700M

China-based venture capital firm BAI Capital has closed its Fund I with $700 million in commitments, exceeding its target size. BAI was established in 2008 as Bertelsmann Asia Investments.

View fund

View 164 investments »

Chart of the Day

Source: PitchBook's Q2 2022 European Venture Report

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latest European PE Breakdown total deal value US VC funds The Daily Pitch largest fundraising year growing femtech sector active VC investors

PitchBook News - VC fundraising marches toward record

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