The price of being a serial entrepreneur

Female founders extend fundraising slowdown; Bolt Financial drops $1.5B crypto deal; Gotham Greens brings in $310M; Pretzel Therapeutics grabs $72M+
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The Daily Pitch: VC
September 13, 2022
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Today's Top Stories  
The price of being a serial entrepreneur
Besieged with pitch decks and fundraising requests, VCs seek to mitigate risk as much and as quickly as possible. Particularly in a challenging market, they have long favored experienced founders when choosing which investments to make.

Serial entrepreneurs outpace their unproven counterparts in nearly all aspects of startup funding. They raise more money with less time between rounds, receive higher valuations and command larger valuation step-ups, and these gaps don't close later in the venture lifecycle—they widen.

But serial founders also pay a price for their smoother path to capital, according to our recent analyst note, as they often give away more equity than novice entrepreneurs.
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Female founders' fundraising continues to slow down
PitchBook's Female Founders Dashboard shows that startups with female founders have raised less capital and completed fewer deals in 2022 than they had by this time in 2021.
  • The momentum that propelled female founders to their best ever year in 2021 is fading quickly, as deal activity is on pace for three consecutive quarters of declines.

  • So far this year, female founders have raised a total of $28.7 billion across 2,496 deals. While that activity lags behind the highs seen last year, 2022 is still on track to be the second-best year on record.

  • Software companies remain the strongest drivers of growth in Q3 2022, with startups in the industry raising $1.4 billion over 143 deals so far.
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A message from Twin Brook Capital Partners  
Consistency of approach is key for credit managers
Twin Brook Founder and Managing Partner Trevor Clark recently sat down with Private Debt Investor for a discussion about the state of the private debt market and the impact of the ever-evolving macroeconomic environment.

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A tale of two markets: UK & Ireland sees strong VC activity as PE falters in H1
Venture capital activity in the UK and Ireland defied expectations in H1 2022 despite the economic downturn, while private equity dealmaking flattened.

In our 2022 UK & Ireland Private Capital Breakdown, we delve into the numbers behind the region's PE and VC markets, providing insight into dealmaking, exits and fundraising. Key takeaways include:
  • VC deal activity in 2022 is on track to match last year's record numbers, with £15.4 billion invested across 1,879 deals in H1.

  • PE deal count and value failed to reach 2021's halfway mark in the first six months of the year, registering 762 deals worth £75.6 billion.

  • Exit volume for PE-backed companies is pacing higher than last year as the VC exit market returns to pre-2021 levels.

  • Fundraising activity in both private markets fell slightly as conditions become more challenging.
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EQT raises $2.4B for maiden European growth fund
(T. Schneider/Shutterstock)
EQT's growth capital arm has secured more than $2.4 billion in total commitments for its first dedicated fund, which seeks to scale European and Israeli companies.

Europe still suffers from a relative lack of growth capital, despite significant increases in funding across its venture ecosystem, but the strategy appears to be gaining traction among domestic investors.
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Recommended Reads
Wall Street firms are recovering lost ground in the talent war as layoffs and hiring freezes spread through Silicon Valley. [Financial Times]

The business of private credit isn't slowing down—at least for the largest asset managers. [Institutional Investor]

The scientists trying to unravel the mystery of why some people appear to be immune to the coronavirus. [Wired]
 
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Quick Takes  
  The Daily Benchmark  
  2020 Vintage Global Real Assets Funds  
  VC Deals  
  Indoor farming startup Gotham Greens lands $310M  
  Nimbus Therapeutics secures $125M  
  Forge Biologics brings in $90M  
  Pretzel Therapeutics raises $72.5M  
  Primus Capital leads $40M round for PurpleLab  
  Lumafield secures $35M Series B  
  Exits & IPOs  
  Bolt abandons $1.5B deal to buy crypto startup Wyre  
 
 
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The Daily Benchmark  
2020 Vintage Global Real Assets Funds
Median IRR
17.30%
Top Quartile IRR
30.88%
1.08x
Median TVPI
Select top performers
HitecVision Private Equity VIII
Five Point Energy Fund III
DIF Infrastructure VI
*IRR: net of fees
29 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Indoor farming startup Gotham Greens lands $310M
Gotham Greens has raised a $310 million Series E co-led by Ares Management and BMO Impact Investment Fund. Based in New York, the company produces greenhouse-grown vegetables, herbs and more.
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Nimbus Therapeutics secures $125M
Nimbus Therapeutics has raised $125 million from investors including Bain Capital Life Sciences and SV Health Investors. Based in the Boston area, the drug discovery company develops small molecule medicines.
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Forge Biologics brings in $90M
Forge Biologics has raised $90 million in a Series C co-led by Drive Capital and Aisling Capital. Based in Ohio, the company provides a gene therapy contract manufacturing platform.
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View similar company »
 
Pretzel Therapeutics raises $72.5M
Pretzel Therapeutics has raised a $72.5 million Series A led by Arch Venture Partners and Mubadala. Based in the Boston area, the company is developing therapies for illnesses related to mitochondrial dysfunction, such as Alzheimer's disease and Parkinson's disease.
Primus Capital leads $40M round for PurpleLab
PurpleLab, the developer of a data and analytics platform for healthcare providers, has raised a $40 million Series B led by Primus Capital. Edison Partners also participated in the funding.
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Lumafield secures $35M Series B
Lumafield has raised $35 million in a round led by Spark Capital, TechCrunch reported. The company offers a platform for engineers and designers to create 3D reconstructions of products.
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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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Exits & IPOs  
Bolt abandons $1.5B deal to buy crypto startup Wyre
Payments company Bolt Financial and cryptocurrency infrastructure provider Wyre Payments have decided to scrap a $1.5 billion merger plan announced in April. Wyre is backed by investors including Draper Associates and Boost VC.
View details
 
View 52 competitors »
 
 
Chart of the Day  
Source: Q2 2022 PitchBook-NVCA Venture Monitor
 
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