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The Daily Pitch: VC

August 16, 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:

VC dealmaking in Europe remained strong through Q2 2022, helping to keep valuations clocking in above last year's figures.

With Europe's VC ecosystem showing increased activity from domestic investors in 2022, we've compiled a list of the top players.

PitchBook analysts revisit their predictions for US private equity in 2022.

Today's Top Stories

European VC valuations trend upward in the face of uncertainty

Despite falling public tech stocks and a bleak market outlook, European VC valuations still paced above last year's figures through June 30. VC dealmaking in Europe remained strong, helping keep valuations afloat. Yet as the year progresses, the full impact of a downturn may cause startup price tags to deflate.

Our Q2 2022 European VC Valuations Report explores how valuations fared across stages, sectors and geographies, and what current market conditions may mean for the future. Key takeaways include:

Early-stage European valuations remained relatively insulated from public market volatility, currently pacing 34.1% higher than in 2021.

The number of down rounds ticked upward slightly to stand at 15.4% of deals closed in H1.

The total worth of European unicorns grew 35%, mostly due to strong dealmaking in Q1.

A significantly quieter IPO market has seen public listing exit valuations drop by 57% from 2021's annual total.

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Europe's most active domestic investors

(Arthimedes/Shutterstock)

European VC activity in H1 2022 was on track to match last year's numbers despite the recent downturn.

Domestic investors are playing a big part in the ecosystem's continued strength, but which are the most active?

Recommended Reads

After five years, Saudi Arabia and Abu Dhabi's $60 billion bet on SoftBank is showing the perils of entrusting so much money to a single company. [The Wall Street Journal]

A spate of terminated mergers has hit the SPAC market in yet another blow to the battered sector. [Bloomberg]

Plans to close California's last nuclear plant have been underway since 2016, but now lawmakers are floating legislation to keep it open in hopes of meeting high energy demand. [CNBC]

Quick Takes

	The Daily Benchmark
	2019 Vintage Global Real Assets Funds
	VC Deals
	Flow, headed by WeWork's Adam Neumann, secures funds from a16z
	Nuclear specialist TerraPower scores $750M
	Gorgias bags $30M for help-desk platform
	Monod Bio picks up $25M
	Decentralized identity startup .Bit snaps up $13M
	Mobot raises $12.5M Series A
	Evabot lands $10M+ in equity and debt
	CereTax comes out of stealth with $10M seed round
	Exits & IPOs
	Prime Blockchain SPAC merger canceled
	Galaxy calls off BitGo acquisition
	Fundraising
	Future Energy Ventures launches $250M+ fund

The Daily Benchmark

2019 Vintage Global Real Assets Funds

Median IRR

12.71%

Top Quartile IRR

34.77%

1.14x

Median TVPI

Select top performers

North Hudson Fortuna III

Pacific Equity Partners Secure Assets Fund

Ridgewood Energy Oil & Gas Fund IV

*IRR: net of fees

40 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Flow, headed by WeWork's Adam Neumann, secures funds from a16z

Andreessen Horowitz has invested in Flow, WeWork founder Adam Neumann's residential real estate startup set to launch in 2023, Marc Andreessen announced in a blog post. The $350 million investment, which marks the largest individual check the firm has written, reportedly values Flow at more than $1 billion.

View details

View 853 investments »

Nuclear specialist TerraPower scores $750M

TerraPower has raised $750 million in a financing round co-led by South Korea's SK Group, which invested $250 million, and Bill Gates, one of the company's founders. TerraPower is developing nuclear energy technologies.

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View 3 competitors »

Gorgias bags $30M for help-desk platform

Gorgias, which provides a centralized customer support platform for ecommerce merchants, has raised a $30 million Series C led by Shopify and Transpose Platform Management.

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View 115 competitors »

Monod Bio picks up $25M

Matrix Capital has led a $25 million seed round for Monod Bio. The Seattle-based company's biosensor tech is used to detect target molecules such as COVID-19 neutralizing antibodies in vaccinated patients.

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View 1 competitors »

Decentralized identity startup .Bit snaps up $13M

CMB International, HashKey Capital, Qingsong Fund, GSR Ventures, GGV Capital and SNZ have led a $13 million Series A for .Bit. The company uses blockchain tech to provide decentralized identification online, enabling users to control their own data.

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Mobot raises $12.5M Series A

Mobot has raised $12.5 million in a round led by Cota Capital, TechCrunch reported. The company develops mechanical robots designed to automate mobile app tests.

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Evabot lands $10M+ in equity and debt

Evabot has raised a $8.33 million Series A led by Comcast Ventures, as well as $2.5 million in debt financing. Based in San Francisco, the company provides a virtual assistant intended to help businesses send personalized gifts.

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CereTax comes out of stealth with $10M seed round

CereTax has raised $10 million in a round led by Leaders Fund. Based in the Atlanta area, the company offers a sales tax automation platform.

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View similar company »

PitchBook, NVCA and Beyond the Billion join forces for a deep dive into the state of women funders and founders at next year's SXSW.

Vote for their session "Investing in Inclusion: Women Funders and Founders" in SXSW Panel Picker to make sure they take the stage in March. Voting closes Sunday, Aug. 21.

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Exits & IPOs

Prime Blockchain SPAC merger canceled

Crypto mining and infrastructure startup Prime Blockchain and 10X Capital Venture Acquisition Corp II have ended their $1.25 billion merger deal, Reuters reported. The two parties originally agreed to the deal in April.

View details

View similar company »

Galaxy calls off BitGo acquisition

Galaxy Digital has terminated its acquisition of crypto custodian BitGo, which now plans to seek a $100 million termination fee over what it says is an "improper" move, Bloomberg reported. Galaxy agreed to acquire BitGo last year for $1.2 billion but canceled the deal after BitGo reportedly failed to deliver its audited 2021 financial statements on time.

View details

View 57 competitors »

Fundraising

Future Energy Ventures launches $250M+ fund

E.ON's corporate venture arm Future Energy Ventures has launched a new fund to back sustainable energy startups. The vehicle, which has a target of €250 million (about $254 million), will be used for Series A and B investments in Europe, North America and Israel.

View details

View 111 investments »

Chart of the Day

Source: PitchBook's Q1 2022 US PE Middle Market Report

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Older messages

Foodtech funding falls

Is recession a good time to launch a startup?

VC valuations amid uncertainty

Revisiting 2022 predictions for Europe

VCs ride the brakes in mobility tech

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