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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

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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How a lack of senior women in VC is hindering female founders. [Forbes]

Quick Takes

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	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
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	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

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Southern Cross Latin America Private Equity Fund IV

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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.

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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.

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Password management startup Bitwarden collects $100M

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Cymulate picks up $70M

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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.

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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.

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Varjo raises $40M Series D

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ZineOne carts off $28M

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