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PitchBook News - Tracking the macro effect on M&A

How VC slowdown hits female founders; European startups raise €54B+ in H1; Seedtag secures $250M; Enko collects $70M
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The Daily Pitch: VC
July 28, 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:
 
Today's Top Stories  
How macro uncertainty is reshaping global M&A
The global M&A environment is a blend of uncertainty and opportunity. Major macroeconomic headwinds and geopolitical tension are driving down transaction value and volume, yet M&A deals will still close, and certain sectors remain healthy.

Take-privates are a common theme across industries, as buyers seek to take advantage of lower multiples, according to our Q2 2022 Global M&A Report, sponsored by Liberty GTS, BDO and iDeals Solutions. Other takeaways include:
  • North American M&A continued its decline, with deal volume and value both falling more than 30% from Q4 2021.

  • Private equity continues to grow its market share in European M&A, with more than a third of deals in Q2 closed by a PE sponsor.

  • Amid ongoing disruptions, supply chain is a key M&A theme, with several of Q2's top deals involving logistics companies.

  • Europe's energy needs have spurred global M&A activity, with last quarter's deal value in the sector topping $100 billion—its highest total since 2019.
read it now
 
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Europe's female founders feel the pinch from VC downturn
(Ada daSilva/Getty Images)
The current economic downturn is causing a slowdown in venture dealmaking, and European female founders are feeling the effects.

We've put together data visualizations that show the full picture of European VC activity for startups with one or more female founders.
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A message from DealCloud, by Intapp  
Dealmakers remain optimistic despite heightened risk, valuation, and competition
The Spring 2022 edition of the Dealmaker Pulse Survey Report is live!
  • Almost half (45%) foresee an impact due to rising geopolitical, economic, and inflationary risks.
  • Many (66%) found increased pricing/valuations in their target sector to be the biggest challenge to closing deals in the previous six months.
  • Almost all private equity firms (94%) have closed deals in the previous six months, up from 89% in autumn 2021.
  • Most (80%) anticipate the same or higher volume of new deal closings during the coming six months.
Download a copy for more insights from private equity professionals on deal activity and fundraising, as well as data-driven analysis on the trends, factors, and challenges dealmakers may face in the months ahead.

Download the report.
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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.
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, which will take about 10 minutes, closes Friday.

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
Why Ethereum's new "proof of stake" security model could have major repercussions for the cryptocurrency market. [Axios]

Financial advisers share the biggest mistakes and best money moves they made in past downturns. [Bloomberg]

America's technology giants are facing unfamiliar limits to growth. [The Economist]
 
Since yesterday, the PitchBook Platform added:
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VC valuations
1934
People
574
Companies
27
Funds
See what our data software can do
 
Quick Takes  
  The Daily Benchmark  
  2018 Vintage Global Secondaries Funds  
  VC Deals  
  Seedtag raises over $250M  
  Enko harvests $70M Series C for crop protection  
  Unstoppable Domains picks up $65M  
  Onto lands $60M for its electric car subscription service  
  PunchListUSA brings in $39M  
  Property management startup Latchel secures $16.7M  
 
 
The Daily Benchmark  
2018 Vintage Global Secondaries Funds
Median IRR
58.80%
Top Quartile IRR
70.47%
1.56x
Median TVPI
Select top performers
Glouston Private Equity Opportunities VI
Greenspring Secondaries Fund III
Lexington Capital Partners IX
*IRR: net of fees
15 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Seedtag raises over $250M
Seedtag has raised more than €250 million (about $255 million) in a round led by Advent International. Based in Madrid, the company makes digital media advertising tools designed to offer contextual product marketing.
View round
 
View similar company »
 
Enko harvests $70M Series C for crop protection
Enko, which uses machine learning to help farmers sustainably protect their crops from pests and disease, has raised $70 million in a round led by Nufarm.
View round
 
View 14 competitors »
 
Unstoppable Domains picks up $65M
Unstoppable Domains has raised $65 million at a $1 billion valuation in a round led by Pantera Capital. The company's blockchain-based domain building platform is designed to replace cryptocurrency addresses with human-readable names.
View round
 
View similar company »
 
Onto lands $60M for its electric car subscription service
London-based Onto has raised $60 million in a round led by Legal & General. The startup offers monthly contracts for electric cars that include public charging and insurance.
View round
 
View similar company »
 
PunchListUSA brings in $39M
PunchListUSA has raised $39 million in a round co-led by Sweetwater Private Equity and Morpheus Ventures. Based in South Carolina, the company develops a platform with home-inspection data that helps homebuyers get repair estimates.
View round
 
View 6 competitors »
 
Property management startup Latchel secures $16.7M
Latchel has raised a $16.7 million Series A led by F-Prime Capital. Based in the Seattle area, the company offers a property management platform for maintenance operations and resident amenities.
View round
 
View 1 competitors »
 
 
Don't miss our upcoming webinar
Join our supply chain webinar to get up to speed on the substantial changes in this industry over the past two years and what to expect in the future. Though supply chains have struggled to meet demands through the COVID-19 pandemic, the space continues to see innovation and VC interest.

In this webinar, our analysts will explore some of the new technologies expected to address major industry pain points and how this may impact future VC activity. Key topics include:
  • The trajectory of supply chain developments.
  • Past and present VC deal activity.
  • Emerging tech opportunities that could help global supply chain industries.
Register now to secure your spot.
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Chart of the Day  
"PE is focused on long-term growth, and increasing consumer reliance on tech and focus on digital innovation and efficiency in business strategies will continue to draw PE investors to the robust opportunity set in IT."

Source: PitchBook's Q1 2022 US PE Middle Market Report
 
Who's in the newsletter today?
Companies
Enko
Latchel
Onto
PunchListUSA
Seedtag
Unstoppable Domains
Investors
Advent International
F-Prime Capital
Legal & General
Morpheus Ventures
Nufarm
Pantera Capital
Sweetwater Private Equity
 
 
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