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Supply chain tech keeps some VC interest

Follow the money in the metaverse; Gravitee.io nabs $30M; MetaWeb Ventures raises $30M blockchain fund; maternity care clinic raises $4M
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The Daily Pitch: VC
September 12, 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  
Supply chain funding ebbs, but opportunities—and deal sizes—grow
Funding for supply chain tech startups has tapered off, in line with broader trends in venture capital dealmaking. Last quarter, VCs invested $8.6 billion in the industry, down nearly 40% compared to both Q1 2022 and Q2 of last year.

Still, emerging technologies are poised to capitalize on numerous opportunities as the complexity in global supply chains continues to increase, according to our latest Emerging Tech Research. Takeaways from the report include:
  • Last-mile delivery accounted for the largest share of both deal count and value, with startups in that sector raising $3.8 billion in total.

  • Enterprise supply chain management ranked second in overall deal value, but fell below warehousing tech in deal count.

  • Despite the broader funding slowdown, median deal sizes for supply chain tech startups at all stages increased through June 30 over 2021.

  • Median pre-money valuations fell for late-stage companies in H1, yet both early-stage and angel and seed startups recorded an increase compared to 2021's figure.
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Market Map: Entertain me in the metaverse
(Chaosamran_Studio/Shutterstock)
Billions of dollars have been invested into the metaverse, but its nature remains a mystery. What's clear is that much of the money and effort is being spent on novel ways to entertain and connect people.

Our latest market map explores where money is going in the metaverse ecosystem, with details on the entertainment sector.
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A message from Citizens  
How to compete for M&A deals in a dynamic market
The surge of M&A activity in 2021 will likely continue through the end of this year, fueled by greater sell-side efficiency and nearly $1 trillion in US private equity dry powder. These latest insights provide strategies to help you move fast and with conviction to win M&A deals.

Find your competitive edge
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Europe faces worst year for PE-backed IPOs since debt crisis
(MOZCO Mateusz Szymanski/Shutterstock)
This year has been gloomy for PE-backed IPOs in Europe—which are down dramatically compared with 2021 and previous years.

A notable exception to the shortage of public market exits this year was Norway's Vår Energi, which listed on Oslo's stock exchange in February and continues to trade above its offer price despite macroeconomic headwinds.
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Despite exit headwinds, VC looks ahead to brighter days
The VC storyline this year has been a sea change from the record-shattering figures of 2021. Market volatility and falling valuations have altered the dealmaking and exit landscapes, and the future has, at times, seemed bleak.

Yet there are reasons for optimism, as public market performance has begun to stabilize and dealmaking carries on, according to our latest Quantitative Perspectives Report, which features more than 30 charts on VC deals, exits, valuations and more. Takeaways include:
  • Valuation multiples for recently public VC-backed companies have dropped sharply, as VC-backed listings had much further to fall than the broader market.

  • Although rising interest rates and market declines tend to reduce activity, VC dealmaking has remained above long-term trends across all stages and sectors.

  • Dealmaking has swung in favor of investors, and GPs are poised to capitalize on valuation declines amid a lively fundraising environment and a sharp increase in startups' demand for capital.
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Recommended Reads
Even in a down market, private equity investors are looking for new, untested managers. [Institutional Investor]

With workers continuing to stay home post-pandemic and housing in short supply, developers in Texas metros are giving a second life to old office buildings. [Texas Monthly]

The dollar is as strong as ever. Isn't it? [The Economist]
 
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Quick Takes  
  The Daily Benchmark  
  2012 Vintage Global Funds-of-Funds  
  VC Deals  
  API management startup Gravitee.io nabs $30M  
  Revolving Games raises new funding for Web3 games  
  Maternity care clinic Millie raises $4M  
  Fundraising  
  MetaWeb Ventures raises $30M blockchain fund  
 
 
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The Daily Benchmark  
2012 Vintage Global Funds-of-Funds
Median IRR
17.20%
Top Quartile IRR
21.61%
2.03x
Median TVPI
Select top performers
SVB Strategic Investors Fund V-A Opportunity
Schroder Adveq Technology VII
Cendana Capital
*IRR: net of fees
49 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
API management startup Gravitee.io nabs $30M
Gravitee.io has raised $30 million in a round led by Riverside Acceleration Capital. The company's open-source API management platform lets organizations unify and secure protocols in one place.
View round
 
View 46 competitors »
 
Revolving Games raises new funding for Web3 games
Revolving Games has raised $13.2 million from investors including Pantera Capital, Animoca Brands and Polygon, according to reports. The blockchain-based gaming studio develops Web3 video games.
View round
 
View similar company »
 
Maternity care clinic Millie raises $4M
Millie has raised $4 million in seed financing led by BBG Ventures and TMV. The company provides maternity care services from 48 hours after a positive pregnancy test to one year postpartum.
View round
 
View similar company »
 
 
PitchBook webinar: H1 European private market update
Join PitchBook Sept. 14 for a webinar examining the progress of Europe's private capital markets for the first half of 2022. Our analysts will discuss notable deals and fundraising activity, along with what could be on the horizon for the landscape in the remainder of 2022. Key topics include:
  • European VC and PE dealmaking between portfolio companies and investors in H1 2022.
  • The exit market for PE- and VC-backed companies and investors.
  • The fundraising landscape for GPs and LPs.
Register now to secure your spot.
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Fundraising  
MetaWeb Ventures raises $30M blockchain fund
MetaWeb Ventures, a VC firm focused on pre-seed and seed investments in crypto startups, has raised $30 million for its debut fund.
View fund
 
View 10 investments »
 
 
Chart of the Day  
Source: PitchBook's 2022 UK & Ireland Private Capital Breakdown
 
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Investors
Animoca Brands
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MetaWeb Ventures
Pantera Capital
Polygon
Riverside Acceleration Capital
TMV
Companies
Gravitee.io
Millie
Revolving Games
 
 
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