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PitchBook News - China's VC dealmaking extends slowdown

Where female founder fundraising is exploding; UK, Ireland VC trends in five charts; Jokr eyes $1.3B valuation; Bitwarden secures $100M
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The Daily Pitch: VC
September 7, 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:
  • VCs invested only $28.6 billion in Greater China in the first half of 2022, continuing a slowdown since late last year.

  • St. Louis, Phoenix and Austin top the list of US cities seeing explosive growth in capital raised by female-founded startups.

  • Despite an expected upswing, private real estate fundraising appears to be falling, according to our H1 2022 Global Real Estate Report.
 
Today's Top Stories  
VC in Greater China extends slowdown
Venture activity in Greater China dropped significantly in the first half of 2022, continuing a slowdown since late last year.

VCs invested only $28.6 billion in the region in H1—below the Q3 2021 figure—according to our latest Greater China Venture Report, sponsored by Apex. The region has faced many hurdles over the past year, including regulatory headwinds, supply chain issues and macroeconomic challenges. Other takeaways include:
  • Only 56 mega-rounds of $100 million or more were completed in the first six months of 2022, off pace from 2021's regional record of 261.

  • Exit value totaled just $40.6 billion across 64 deals—a significant year-over-year slowdown, especially for IPOs.

  • Fundraising continued to fall, with the region's dry powder ebbing to $122.7 billion. This has raised concerns about long-term capital availability, especially if investors outside the region face more hurdles to entering the market.
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Check out where female founder fundraising is growing fastest in the US
Austin (Peter Tsai Photography/Getty Images)
While San Francisco and New York City are major hubs for female-founded startups, other cities have seen more significant growth in the amount of capital raised by female founding teams since 2020.

The Southwest, led by Austin, Dallas-Fort Worth and Phoenix, has seen explosive growth in capital raised by female-founded startups since 2020, while Washington, DC, and Denver have also seen a surge.
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A message from Allvue Systems  
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Access the kit here
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The complex reality of real estate in H1 2022
Private real estate fundraising appears to be in decline—an unexpected development for a strategy typically regarded as an inflation hedge. Going into this year, allocations to real estate were predicted to increase, but through H1, that growth has not materialized.

A shift in investors' interest has combined with the evolution of opposing market forces to alter the landscape, according to our latest Global Real Estate Report, sponsored by Baker Tilly. Among the takeaways:
  • In H1, real estate made up a smaller share of total private market capital raised than in any year on record, due in part to the lure of real assets amid infrastructure's recent steadfast performance.

  • Real estate's one-year horizon IRR reached 24.8% through 2021—its best performance in a decade and just shy of the all-time high reached in 2011—but preliminary figures from Q1 2022 show the run of good fortune might not last.

  • Opportunistic funds dominated capital raised, accounting for over 50% of the total, while distressed funds fell to just 1%. That may seem surprising in the current market, yet our data shows less of a correlation between distressed fundraising and economic recessions than might be expected.
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Dorm Room Fund graduates with $12.5M Fund IV
(Miuky/Shutterstock)
Dorm Room Fund, founded in 2011 as a unit of First Round Capital, has spun out as an independent firm with new high-profile backers such as Marc Andreessen, Insight Partners and Underscore VC.

The firm's strategy is to hire students to invest in student-founded startups. While Dorm Room Fund's latest vehicle of $12.5 million is its largest, it isn't the only VC targeting campuses as a source of entrepreneurs.
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Recent VC trends of UK, Ireland in five charts
(VectorMine/Shutterstock)
Venture capital activity in the UK and Ireland for H1 2022 kept up with last year's momentum as deal value stays on track to match the 2021 record.

We've put together five charts exemplifying the status of the region's VC market through the first six months of 2022.
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Recommended Reads
There aren't enough human organs available for those in need of transplants. One possible solution: personal pigs. [The Wall Street Journal]

Wall Street banks are renewing their push to get employees back in the office. [Bloomberg]

How a lack of senior women in VC is hindering female founders. [Forbes]
 
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Quick Takes  
  The Daily Benchmark  
  2010 Vintage Global PE Funds  
  A message from PitchBook Media  
  PitchBook's 2023 Media Kit released  
  People  
  Alessio Fanelli joins Decibel as partner  
  VC Deals  
  Jokr eyes $1.3B valuation  
  Password management startup Bitwarden collects $100M  
  Cymulate picks up $70M  
  Iliad Biotechnologies brings in $42.8M  
  Elephas rakes in $41.5M  
  Varjo raises $40M Series D  
  ZineOne carts off $28M  
  Fundraising  
  Heavybit collects $80M  
 
 
The Daily Benchmark  
2010 Vintage Global PE Funds
Median IRR
12.90%
Top Quartile IRR
20.82%
1.52x
Median TVPI
Select top performers
Southern Cross Latin America Private Equity Fund IV
Riverside Micro-Cap Fund II
Ticonderoga KI
*IRR: net of fees
71 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 over 540,000 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.

This text has been updated; an earlier version misstated the number of report downloads.
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People  
Alessio Fanelli joins Decibel as partner
Alessio Fanelli, a former principal at 645 Ventures, has joined Decibel as a partner. Fanelli plans to focus on open source, data engineering and cybersecurity companies.
View details
 
 
 
VC Deals  
Jokr eyes $1.3B valuation
Jokr, a grocery and retail delivery startup, plans to raise between $35 million and $50 million at a $1.3 billion valuation, The Information reported.
View round
 
View 7 competitors »
 
Password management startup Bitwarden collects $100M
Bitwarden has raised $100 million in a round led by PSG. Based in Santa Barbara, Calif., the company offers an open-source password manager. Battery Ventures also participated in the funding.
View round
 
View similar company »
 
Cymulate picks up $70M
Cybersecurity company Cymulate has raised $70 million in a Series D led by One Peak Partners. The company's platform is used to continuously monitor and optimize an organization's digital security.
View round
 
View 51 competitors »
 
Iliad Biotechnologies brings in $42.8M
Iliad Biotechnologies has raised $42.8 million in a round led by Knott Partners. The clinical-stage biotech company focuses on the prevention and treatment of whooping cough.
View round
View similar company »
Elephas rakes in $41.5M
Elephas has raised a $41.5 million Series B led by Arch Venture Partners. The company is the developer of an oncology diagnostics platform for assessing how patients will respond to immunotherapy.
View round
 
View similar company »
 
Varjo raises $40M Series D
Varjo has raised $40 million from investors including EQT Ventures and Atomico. The company is a developer of hardware and software for AR and VR headsets.
View round
 
View 6 competitors »
 
ZineOne carts off $28M
ZineOne has raised a $28 million Series C led by SignalFire. The company is the developer of a behavioral intelligence platform to help ecommerce companies analyze online shopping activity.
View round
 
View 115 competitors »
 
 
Fundraising  
Heavybit collects $80M
Early-stage VC firm Heavybit has raised $80 million for its fourth flagship fund. The firm's portfolio includes CircleCI, Netlify and Snyk.
View fund
View 63 investments »
 
Chart of the Day  
Source: PitchBook's H1 2022 Global Real Estate Report
 
Who's in the newsletter today?
People
Alessio Fanelli
Investors
645 Ventures
Arch Venture Partners
Atomico
Battery Ventures
Decibel
EQT Ventures
Heavybit
Knott Partners
One Peak Partners
PSG
SignalFire
Companies
Bitwarden
CircleCI
Cymulate
Elephas
Iliad Biotechnologies
Jokr
Netlify
Snyk
Varjo
ZineOne
 
 
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