VCs face slowdown in information security

Are corporate VC 'tourists' heading home?; Madrona co-founder Tom Alberg dies; LiveEO bags $19M+ for infrastructure monitoring;
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The Daily Pitch: VC
August 8, 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 Emerging Tech Research provides an update on the information security sector as startups face a slowdown in spending growth.

  • PE and real estate fund performance remained strong through the end of 2021, but analysts see turbulence on the horizon.
 
Today's Top Stories  
Information security faces a slowdown
Financial volatility and a paused IPO market have combined to challenge the resilience of the information security sector. While security software spending is on track to reach $113.3 billion in 2022, a raft of economic hurdles could slow spending growth in managed services. Meanwhile, startups lack positive exit routes, creating a funding environment that favors mature companies.

Our Q2 2022 Emerging Tech VC update on information security highlights opportunities in database protection, anti-phishing platforms and more. The report also includes a market map of the industry's product categories, from application security to identity management. Other takeaways include:
  • VC investment in the information security space took a hit from market volatility, dropping 44.6% quarter-over-quarter to $3.2 billion.

  • Median late-stage VC valuations held steady from Q1, at $190 million. Early-stage VC valuations remained robust, though depressed market conditions indicate a slowdown may be looming.

  • The exit market virtually halted, with only 13 VC exits tracked in Q2.
read the preview
 
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Are corporate VC 'tourists' pulling back amid the downturn?
(vovidzha/Shutterstock)
Corporate venture capital firms historically have a reputation for tightening the purse strings when faced with a downturn.

Given the current economic headwinds, will history repeat itself or will CVCs keep pace with their traditional VC counterparts?
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PE, real estate funds remain strong; analysts see downturn ahead
(whiteMocca/Shutterstock)
PE funds delivered a strong one-year showing in 2021, with a 46.6% return through Q4, as fundraising performance—led by mega-funds, vehicles sized at $5 billion or more—shone bright.

Real estate funds also performed well through 2021. The asset class clocked a 24.8% rolling one-year horizon IRR through Q4, its best showing since Q2 2011.
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Quick Takes  
  The Daily Benchmark  
  2010 Vintage Global Secondaries Funds  
  People  
  Madrona co-founder Tom Alberg dies at 82  
  VC Deals  
  LiveEO bags $19M+ for infrastructure monitoring tech  
  Datajoin secures $3.5M  
  Fundraising  
  Top Tier wraps up $925M for venture strategy  
 
 
The Daily Benchmark  
2010 Vintage Global Secondaries Funds
Median IRR
14.90%
Top Quartile IRR
18.14%
1.50x
Median TVPI
Select top performers
Origami Opportunities Fund I
StepStone Ohio Secondary Opportunities Fund
AlpInvest Partners Fund IV—Secondary Investments
*IRR: net of fees
12 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
People  
Madrona co-founder Tom Alberg dies at 82
Venture capitalist Tom Alberg, a co-founder of Seattle-based VC firm Madrona Venture Group and an early investor in Amazon.com, has died at the age of 82. A lawyer and longtime leader in Seattle’s tech community, he was a senior executive in companies including McCaw Cellular Communications and the law firm of Perkins Coie. He co-founded Madrona in 1995 and went on to serve on boards of portfolio companies like Amazon and Impinj.
View details
 
 
 
VC Deals  
LiveEO bags $19M+ for infrastructure monitoring tech
Berlin-based LiveEO has raised over $19 million in a round led by MMC Ventures. The startup uses satellite technology to monitor large infrastructure networks.
View round
 
View 3 competitors »
 
Datajoin secures $3.5M
Datajoin has raised a $3.5 million seed round led by Sepio Capital. The Utah-based company provides B2B marketing teams with a no-code solution for integrating customer data into their chosen marketing applications.
View round
 
View similar company »
 
 
Don't miss our upcoming webinar
US venture capital has been faced with market challenges in the first half of 2022, but segments of the VC ecosystem such as early-stage startups and larger VC firms have stayed resilient and continued to flourish.

In this webinar, our speakers will explore the causes behind these disparities and what they anticipate in the market's future, informed by the findings from our latest PitchBook-NVCA Venture Monitor. Key topics include:
  • Reviewing US venture activity from Q2 2022.
  • Analyzing the importance of a human capital strategy with Insperity.
  • Discussing developments in the venture ecosystem with J.P. Morgan.
Register now to secure your spot.
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Fundraising  
Top Tier wraps up $925M for venture strategy
Top Tier Capital Partners has raised $925 million to invest in VC fund secondaries, software and technology startups, and more. Of that amount, $503.5 million is committed to Top Tier Venture Velocity Fund 4, while the remainder will be deployed alongside the fund through related separate accounts.
View fund
 
View 51 investments »
 
 
Chart of the Day  
Source: PitchBook's Q1 2022 Real Assets Report
 
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