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PitchBook News - UK & Ireland's tale of two markets

Why VCs have reasons for optimism; India lights up region's PE dealmaking; electric car maker solar raises $81M
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The Daily Pitch: VC
September 6, 2022
The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data
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Today's Top Stories  
A tale of two markets: UK & Ireland sees strong VC activity as PE falters in H1
Venture capital activity in the UK and Ireland defied expectations in H1 2022 despite the economic downturn, while private equity dealmaking flattened.

In our 2022 UK & Ireland Private Capital Breakdown, we delve into the numbers behind the region's PE and VC markets, providing insight into dealmaking, exits and fundraising. Key takeaways include:
  • VC deal activity in 2022 is on track to match last year's record numbers, with £15.4 billion invested across 1,879 deals in H1.

  • PE deal count and value failed to reach 2021's halfway mark in the first six months of the year, registering 762 deals worth £75.6 billion.

  • Exit volume for PE-backed companies is pacing higher than last year as the VC exit market returns to pre-2021 levels.

  • Fundraising activity in both private markets fell slightly as conditions become more challenging.
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VCs have reasons to be optimistic amid valuation declines, demand for capital
(Malte Mueller/Getty Images)
Dealmaking has swung in favor of venture investors in the second and third quarters of 2022, according to PitchBook's latest Quantitative Perspectives report.

The price-to-sales multiples for many recent public listings of software companies have declined significantly since late 2021. Because these multiples are a reference mark for VC-backed software deals, this is good news for GPs deploying capital into new portfolio companies in the sector.
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A message from Corbin Capital Partners  
Hedge funds: An often overlooked opportunity for sustainable investing
With an array of active management tools at their disposal, hedge funds can be an effective instrument for generating alpha alongside positive social and environmental impact. Historically, however, hedge funds have received less attention than their VC and PE counterparts. That's changing.

For capital seeking strong sustainable investment strategies, an increasing number of hedge fund solutions are available and ready to serve. Download the guide to explore how and why.
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Asia's other giant: India lights up region's PE dealmaking
(Rakchai Duangdee/Shutterstock)
Last year was a record year for PE dealmaking in India, as the Asian giant increased its share of investment activity in the region.

While 2022's totals may not top those of last year, the country's economic growth has bucked the global trend as the country remains an attractive destination for alternative sources of capital.
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Recommended Reads
The SEC's probes into crypto trading mean a mounting headache for venture firms that have backed crypto startups. [The Information]

One writer's thoughts on how digital therapeutics startups have a lot to learn from the mental health care industry they are looking to disrupt. [Fortune]

India's high-stakes bid to join the global semiconductor race. [Financial Times]
 
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Quick Takes  
  The Daily Benchmark  
  2014 Vintage European Debt Funds  
  A message from PitchBook Media  
  PitchBook's 2023 Media Kit released  
  VC Deals  
  Solar electric car maker Lightyear lands €81M  
  Docquity raises $44M Series C  
  Virtual fertility clinic Apricity pockets €17M Series B  
  Japanese ERP startup Tailor raises $4.3M  
 
 
The Daily Benchmark  
2014 Vintage European Debt Funds
Median IRR
7.10%
Top Quartile IRR
7.40%
1.16x
Median TVPI
Select top performers
RoundShield Fund I
M&G Real Estate Debt Fund II
MCP Private Capital Fund II
*IRR: net of fees
12 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
A message from PitchBook Media  
PitchBook's 2023 Media Kit released
Year to date, PitchBook's newsletters have over 115 million impressions and tens of millions of report downloads. Partnering with PitchBook Media is a way to feature your firm's insights in one of the most popular venues for timely and relevant PE and VC articles, news, asset class reports and custom white label reports.

The brand-new 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.

Click here to download it today or to speak to someone on the media team.
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VC Deals  
Solar electric car maker Lightyear lands €81M
Netherlands-based Lightyear has raised €81 million from investors including Invest-NL, SHV and Dela. The startup is developing a long-range solar-powered electric car.
View round
 
View 13 competitors »
 
Docquity raises $44M Series C
Docquity has raised $44 million in Series C led by existing investors Itochu Corporation. Itochu put in $32 million while the remaining funding came from iGlobe Partners, Alkemi, Global Brain, KDV and Infocom.
View round
 
View 6 competitors »
 
Virtual fertility clinic Apricity pockets €17M Series B
London-based Apricity has raised €17 million in a round led by MTIP. The startup offers personalized fertility services using AI to help improve women's chances of conceiving.
View round
 
View similar company »
 
Japanese ERP startup Tailor raises $4.3M
Japan-based enterprise resource planning start-up Tailor has raised $4.3 million in seed funding from Y Combinator and Global Brain. The company is planning to launch in the US next year.
View round
 
View similar company »
 
 
Chart of the Day  
"In Q2 2022, 28 early-stage mega-rounds were completed, exhibiting a 35% decrease from the prior quarter. Despite this, the early-stage mega-round activity is on par with 2019 and 2020, encouraging our confidence in the continued deployment of capital at this stage."

Source: Q2 2022 PitchBook-NVCA Venture Monitor
 
Who's in the newsletter today?
Investors
Alkemi,
Dela
Global Brain
Infocom
Invest-NL
Itochu Corporation
KDV
MTIP
SHV
Y Combinator
iGlobe Partners
Companies
Apricity
Docquity
Lightyear
Tailor
 
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