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The Daily Pitch: VC

August 31, 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:

A new market map exploring the entertainment segment of the global metaverse VC ecosystem.

Despite an expected upswing, private real estate fundraising appears to be falling, according to our H1 2022 Global Real Estate Report.

Amid growing demand, blockchain networks have enabled startups to create a new option for real estate investing: tokenization.

Today's Top Stories

Real estate tokenization: An emerging use for blockchain

The division of real estate into digital tokens purchasable by investors, known as tokenization, has the potential to solve issues historically associated with real estate investing, such as illiquidity and high barriers to entry.

Our latest analyst note explores how the emergence of blockchain networks such as Ethereum, Algorand and Solana has enabled startups to slice real estate into small pieces that are stored on blockchains and traded. Growing demand among both retail and institutional investors for exposure to the sector supports tokenization, yet barriers to adoption remain.

The report also includes a profile of Lofty, which seeks to be a leader in this industry by building a real estate marketplace that allows investors to acquire tokens representing fractional ownership in residential rental properties.

read it now

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Market Map: Entertain me in the metaverse

(Chaosamran_Studio/Shutterstock)

Billions of dollars have been invested into the metaverse, but its nature remains a mystery. What's clear is that much of the money and effort is being spent on novel ways to entertain and connect people.

Our latest market map explores where money is going in the metaverse ecosystem, with details on the entertainment sector.

Recommended Reads

Executives at private equity giants like The Carlyle Group, Blackstone and KKR have convinced outsiders that they are in the process of ceding control to a younger generation. But are founders really ready to let go? [The New York Times]

Elon Musk is now banking on a whistleblower report from Twitter's former security chief as new grounds to call off the $44 billion deal. [Financial Times]

The satellites tracking illegal fishing and logging in some of the world's most inaccessible places. [Wired]

Since yesterday, the PitchBook Platform added:

7

VC valuations

1713

People

499

Companies

11

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2020 Vintage North American Real Estate Funds
	People
	Karan Mehandru joins Madrona as managing director
	VC Deals
	EarlySalary banks $110M Series D
	Web3 gaming company Xterio raises $40M
	Recurve picks up $18M Series B
	Outpost nabs $7M+ for reusable satellites
	Power emerges from stealth with $7M

The Daily Benchmark

2020 Vintage North American Real Estate Funds

Median IRR

15.71%

Top Quartile IRR

28.93%

1.08x

Median TVPI

Select top performers

Exeter Industrial Value Fund V

Dalfen Last Mile Industrial Fund IV

Bell Apartment Fund VII

*IRR: net of fees

28 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

Karan Mehandru joins Madrona as managing director

Karan Mehandru has joined Madrona Venture Group as a managing director. Mehandru, who will be based in Silicon Valley, sits on the boards of companies such Auth0 and Outreach. He was most recently a managing director at Steadfast Capital.

View details

VC Deals

EarlySalary banks $110M Series D

EarlySalary has raised a $110 million Series D co-led by TPG and Norwest Venture Partners. Based in India, the company offers consumer lending and buy now, pay later services for mid-income professionals.

View round

View 26 competitors »

Web3 gaming company Xterio raises $40M

Xterio has raised $40 million in a round led by FunPlus, Makers Fund, FTX Ventures and XPLA. Based in Switzerland, the company develops Web3 games and other interactive entertainment products.

View details

View 28 investments »

Recurve picks up $18M Series B

Recurve has raised $18 million from investors including Calpine Energy Solutions and Toshiba Energy Systems & Solutions. The California-based company is the provider of an open-source platform intended to help power plants and customers reduce and reschedule their electricity use.

View round

View similar company »

Outpost nabs $7M+ for reusable satellites

Outpost has raised $7.1 million in a seed round led by Moonshots Capital, with support from investors including Draper Associates, Starlight Ventures and Kittyhawk Ventures. The company is developing reusable satellites capable of safely returning to Earth with precision landing.

View round

View similar company »

Power emerges from stealth with $7M

Power has raised $7 million in seed financing co-led by Footwork and CRV. The Bay Area-based company's platform helps patients find and navigate clinical trials.

View round

View similar company »

Chart of the Day

"Even with distributions at an all-time high, capital calls were even higher, marking the fourth consecutive year of net negative cash flows for investors."

Source: PitchBook's 2022 Global Fund Performance Report (as of Q4 2021 with Preliminary Q1 2022 Data)

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PitchBook News - Real estate's complex reality

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