PitchBook News - Our debut carbon tech report

Glasswing Ventures raises $158M AI fund; FTX leads $300M round for Mysten Labs; PowerPlant generates $330M vehicle; teen nabs $30M for Community Labs
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The Daily Pitch: VC
September 9, 2022
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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.
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Glasswing Ventures takes off with $158M second fund
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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.
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A message from Ontra  
Finally: contract automation for private markets
Contract technology has left out asset management for years. Point solutions, which focus on improving a specific element of contracting, force firms to use multiple ad hoc solutions to cover the entire contract lifecycle.

Meanwhile, contract lifecycle management (CLM) platforms are often too generic for firms to realize the time and cost savings they expect. Most CLM providers don't base their features on what asset managers need to efficiently execute high-volume, routine contracts while complying with numerous investor obligations.

Given the limitations, Ontra took an in-depth look at what's available in its new infographic, The Contract Automation Landscape for Private Markets.

Review the infographic now.
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Bessemer raises $3.85B for early-stage startups
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Bessemer Venture Partners has raised a $3.85 billion fund, the largest vehicle of the firm's nearly 50-year history and the ninth-largest individual US VC fund ever, according to PitchBook data.

The fund comes just 18 months after Bessemer announced its previous vehicle. Until now, the firm had been closing new funds approximately every three years.

Fundraising cadence increased for venture funds in recent years as many firms, including Bessemer, deployed capital at a rapid pace amid the market boom of 2021.
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Q&A: Vista Credit's David Flannery on private debt vs. syndicated loans
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David Flannery leads Vista Equity Partners' credit-investing strategy, Vista Credit Partners, which provides debt and structured equity financing to tech, data and enterprise software companies.

Our colleagues at LCD spoke to Flannery about the balance between the syndicated loan market and private debt, the outlook for the tech sector and more.
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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]
 
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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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View similar company »
 
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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