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The Daily Pitch: VC

September 9, 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:

From carbon capture to green mining, our debut Carbon & Emissions Tech Report explores VC trends and opportunities in the nascent sector.

We spoke to Glasswing Ventures' founder Rudina Seseri about the firm's second fund and the current fundraising environment.

A Q&A with Vista Credit Partners' head David Flannery on private debt versus syndicated loans.

Today's Top Stories

All systems go for carbon and emission tech

As legislation, policy and net-zero emissions pledges encourage decarbonization across the globe, startups developing carbon and emissions tech are reeling in investors. The vertical is poised for strong continued growth thanks to increasing global focus on aggressive emissions targets and consumer interest in emissions reduction. PitchBook analysts estimate the overall market will reach $905 billion in 2022.

Our first Carbon & Emissions Tech Report explores VC trends in the nascent sector and spotlights opportunities in carbon tech, green industry, built environment and land use.

read the preview

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Glasswing Ventures takes off with $158M second fund

(Darkdiamond67/Shutterstock)

Glasswing Ventures has raised $158 million for its latest vehicle to back AI-enabled startups.

Raising the fund was in some ways easier than the first, but it came with its own challenges in a crowded fundraising environment. We spoke to founder and managing partner Rudina Seseri about the process.

Recommended Reads

Can Mike Novogratz's comeback narrative survive the crypto crash? [Institutional Investor]

Germany's €9 public transit program came to an end in August, but the country hasn't given up on cheap public transit as it continues to face a gas crisis. [Bloomberg]

Incoming Y Combinator CEO Garry Tan hopes to tap the program's alumni network to generate new tech giants. [Wired]

Since yesterday, the PitchBook Platform added:

18

VC valuations

1961

People

528

Companies

13

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2009 Vintage Global Real Estate Funds
	VC Deals
	FTX leads $300M round for Mysten Labs
	Carrot secures $145M
	Tesseract picks up $78M
	Photys Therapeutics brings in $75M
	Dealpath snags $43M Series C
	Crop intelligence company Taranis rakes in $40M
	Arize AI pockets $38M Series B
	Teenage founder raises $30M for Community Labs
	TigerEye takes in $30M
	21.co valued at $2B with new funding
	Open Raven bags $20M Series B
	Fundraising
	PowerPlant picks up $330M

The Daily Benchmark

2009 Vintage Global Real Estate Funds

Median IRR

9.70%

Top Quartile IRR

12.20%

1.39x

Median TVPI

Select top performers

LBA Realty Fund IV

Lubert-Adler Fund VI A

GEM Realty Fund IV

*IRR: net of fees

29 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

FTX leads $300M round for Mysten Labs

Mysten Labs, creator of the Sui blockchain, has secured a $300 million Series B at a more than $2 billion valuation. The round was led by FTX Ventures, with support from investors including Andreessen Horowitz, Apollo Global Management, Lightspeed and Coinbase Ventures.

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Carrot secures $145M

Digital insurance company Carrot has raised 175 billion South Korean won (about $145 million) in a round led by Affirma Capital. The company plans to raise another 125 billion won in Q4.

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Tesseract picks up $78M

Balderton Capital and Lakestar have led a $78 million investment in London-based Tesseract. The startup seeks to cut out energy-market middlemen by owning renewable generator assets and selling power directly to consumers.

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Photys Therapeutics brings in $75M

Photys Therapeutics has raised a $75 million Series A led by MPM Capital. The company is developing bifunctional medicines intended to restore protein function and boost disease-fighting mechanisms.

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Dealpath snags $43M Series C

Dealpath has raised a $43 million Series C led by Morgan Stanley Expansion Capital, with participation from Blackstone, Nasdaq Ventures and others. The San Francisco-based company offers a cloud-based real estate investment management platform.

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Crop intelligence company Taranis rakes in $40M

Taranis has raised a $40 million Series D led by Inven Capital. The company, which has offices in the US, Israel and Brazil, offers a crop intelligence platform for agriculture advisers and growers.

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View 34 competitors »

Arize AI pockets $38M Series B

Arize AI has raised $38 million for its machine learning observability platform used by clients such as Uber, Spotify, eBay and Instacart. TCV led the Series B.

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View 19 competitors »

Teenage founder raises $30M for Community Labs

Community Labs has raised $30 million in funding led by Lightspeed. Headed by 19-year-old Tate Berenbaum, the company builds software development tools for Arweave, a decentralized data storage system.

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TigerEye takes in $30M

Stealth-stage tech startup TigerEye has raised $30 million in a Series A led by Initialized Capital and Next47.

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21.co valued at $2B with new funding

Zurich-based 21.co has raised $25 million in a round led by Marshall Wace at a $2 billion valuation. Its main products are 21 Shares, an issuer of cryptocurrency exchange-traded products, and token provider Amun.

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Open Raven bags $20M Series B

Open Raven has raised $20 million in a round led by Pelion Ventures. The startup specializes in data security posture management.

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View 44 competitors »

Fundraising

PowerPlant picks up $330M

PowerPlant Partners has closed its third flagship fund on $330 million. The vehicle will make investments of up to $40 million in consumer-facing companies making a positive impact on people and the planet.

View details

View 31 investments »

Chart of the Day

Source: PitchBook's H1 2022 Greater China Venture Report

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