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PitchBook News - Ranking Q2's most active investors

European VC public listing valuations drop; Carbon Direct collects $60M; Petfolk picks up $40M; Spectral banks $23M
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The Daily Pitch: VC
August 25, 2022
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Today's Top Stories  
Ranking the most active investors of Q2
The private equity and venture capital ecosystems have shown resilience through an uncertain year. While macro headwinds hampered dealmaking to some extent, investors are still finding areas of opportunity.

Curious who led the way last quarter? PitchBook's interactive Global League Tables are now available for Q2 2022, spanning the full spectrum of private market activity. The tables break down the most active investors by region, industry, deal type and more, along with ranking advisers, acquirers and law firms.
see the rankings
 
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European VC public listing retreat drags down valuations
(John Blottman/Shutterstock)
As investors and VC-backed companies shy from public market exits, valuations for public listings have fallen by a substantial amount.

The median price tag declined 56.9% in H1 2022 from last year, and with a recession in sight, numbers could fall further.
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Public US private equity firms focus on fundraising, deployment efforts in Q2
Publicly traded PE firms remained optimistic in their Q2 earnings calls, with a majority emphasizing fundraising and capital deployment efforts. As inflation rises and firms grapple with economic headwinds, demand has increased considerably for inflation-protecting strategies including floating-rate corporate credit, real estate and infrastructure. Our recent analyst note breaks down key data behind US PE firms' earnings in Q2 2022. Takeaways include:
  • The firms are likely to see more chances to make domestic and international platform acquisitions, given the strong US dollar and slowing economy. They're expected to favor targets with significant origination franchises in large markets, such as North America, Europe and Asia.

  • Q2 reinforced that deal activity and portfolio realizations are likely to be modestly lower, fundraising from LPs may be somewhat slower, and buyout-fund competition should remain elevated.

  • Public PE firms continue to add asset product lines—PE, real estate, credit, infrastructure, insurance and retail—to diversify and grow revenue.
read it now
 
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Recommended Reads
A bumper year for M&A dealmaking could result in a painful hangover as companies try to keep doing business in a new world. [The Economist]

Mapping out the most business-friendly states in the US. [Visual Capitalist]

The SPAC winter is so bad that one advisory firm has opened a liquidation business. [Bloomberg]
 
Since yesterday, the PitchBook Platform added:
10
VC valuations
1953
People
579
Companies
40
Funds
See what our data software can do
 
Quick Takes  
  The Daily Benchmark  
  2015 Vintage Global Real Estate Funds  
  VC Deals  
  Zilliz adds $60M to Series B  
  Carbon Direct raises $60M  
  Petfolk wraps up $40M  
  Lily AI picks up $25M Series B  
  Spectral banks $23M  
  DrivenIQ raises $15M Series A  
  Fundraising  
  Cyberstarts wraps up $60M  
 
 
The Daily Benchmark  
2015 Vintage Global Real Estate Funds
Median IRR
12.09%
Top Quartile IRR
14.71%
1.36x
Median TVPI
Select top performers
Cortland Partners Fund II
GreenOak Asia II
Oak Street Real Estate Capital Fund III
*IRR: net of fees
81 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Zilliz adds $60M to Series B
Zilliz has raised a $60 million Series B extension, bringing the round's total to $103 million. Prosperity7 Ventures led the new financing for the San Francisco-based vector database company.
View round
 
View 1 competitors »
 
Carbon Direct raises $60M
Carbon Direct has raised $60 million in a round led by Decarbonization Partners. The company's carbon credit platform helps businesses measure, reduce and remove carbon emissions.
View round
 
View similar company »
 
Petfolk wraps up $40M
Petfolk has raised a $40 million Series A led by White Star Capital and co-founder Michael Wystrach. The company offers in-person and virtual veterinary care services.
View round
 
View similar company »
 
Lily AI picks up $25M Series B
Lily AI has raised $25 million from investors including Canaan Partners, Conductive Ventures, Sorenson Ventures and NEA. The California-based company's platform helps retail brands connect their shoppers with relevant products.
View round
 
View 3 competitors »
 
Spectral banks $23M
Spectral has raised $23 million in a round led by General Catalyst and Social Capital. The company is the developer of a credit assessment platform for Web3 users.
View round
 
View similar company »
 
DrivenIQ raises $15M Series A
DrivenIQ has raised $15 million in a round backed by Capstone Technologies Group. Based in Maryland, the company uses consumer data to provide marketing solutions for small, medium and enterprise businesses.
View round
 
View 4 competitors »
 
 
Fundraising  
Cyberstarts wraps up $60M
Cyberstarts has closed its Seed Fund III on $60 million. The vehicle, which will target early-stage cybersecurity companies, brings the Israeli VC firm's AUM to $374 million.
View fund
 
View 11 investments »
 
 
Chart of the Day  
"European exit value reached €25.8 billion in H1 2022, continuing the regression from a bumper 2021. At its current pace, exit value is on course to fall from the €136.5 billion produced in 2021, but could register the second highest figure on record at the year's conclusion."

Source: Q2 2022 European Venture Report
 
Who's in the newsletter today?
Companies
Carbon Direct
DrivenIQ
Lily AI
Petfolk
Spectral
Zilliz
Investors
Canaan Partners
Capstone Technologies Group
Conductive Ventures
Cyberstarts
Decarbonization Partners
General Catalyst
Michael Wystrach
NEA
Prosperity7 Ventures
Social Capital
Sorenson Ventures
White Star Capital
 
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