PitchBook News - China's VC dealmaking extends slowdown

Israeli cultivated meat startups draw interest; ffVC launches Ukraine-focused fund; Shipping analytics startup scores $80M; Zesty nabs $75M Series B
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The Daily Pitch: VC
September 14, 2022
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In today's Daily Pitch, you'll find:
  • A look at Israel-based startups that are part of the global race to sell cultivated meat.

  • VCs invested only $28.6 billion in Greater China in the first half of 2022, continuing a slowdown that began late last year.
 
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 Group. 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.
Chinese translations of the report are now available in simplified Chinese and traditional Chinese.
read it now
 
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Meet the Israeli startups running the global race for cultivated meat
(Courtesy of SuperMeat)
2021 was a record year for global venture funding for cultivated meat startups. Israel accounted for nearly a quarter of those dollars as startups in the region saw a sudden spike in venture interest.

Here's a guide to the most well-funded Israeli cultivated meat startups, with an update on their latest milestones.
read more
 
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A message from Stout  
Prevent deal erosion with a holistic approach to finance integration
Today's market participant must deploy a broader set of tools than the traditional commercial, tax, and financial due diligence arsenal of the past. Combining technical accounting and finance process expertise can help solve any number of challenges that accounting and finance departments might face in the throes of an M&A transaction across reporting, compliance, technology, service delivery models, and sub-processes.

This article discusses the importance of moving beyond traditional M&A-related compliance matters and approaching a transaction with a holistic suite of accounting and finance services that are applicable throughout the deal lifecycle to prevent deal value loss.

Click here to learn more
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FF Venture Capital launches Ukraine-focused fund
(Stefani Reynolds/Getty Images)
New York-based FF Venture Capital has announced its $50 million Blue & Yellow Heritage Fund to invest in startups led by Ukrainian founders.

Mariusz Adamski, partner at ffVC, says the firm is planning to invest in 20 startups, with check sizes ranging from $500,000 to $2.5 million.
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KKR makes its PE fund accessible to individuals via a tokenized fund
(ZinetroN/Shutterstock)
A tokenized fund offering by Securitize is going to make KKR's PE fund available to retail investors. KKR will become the largest private-fund manager to date to tap blockchain technology to make its private equity offering accessible to individual investors.

The move comes as private fund managers experiment with new ways to expand their footprint to an unconventional class of investors: wealthy individuals.
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London's Northzone pulls in nearly $1B for its largest fund
(T. Schneider/Shutterstock)
Northzone has reached a nearly $1 billion final close on its tenth fund that will back startups long term, from seed stage to IPO.

Europe has seen a slowdown in the number of vehicle closes in 2022, but as fund sizes grow, the amount of capital raised remains stable.
read more
 
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Recommended Reads
How do Big Tech companies generate revenue? A breakdown of revenue streams for Alphabet, Amazon, Apple and Microsoft shows some insight. [Visual Capitalist]

The Twitter whistleblower's former colleagues are receiving offers of payment for information about him. [The New Yorker]

As the closures of newspapers leave Americans struggling for information, Chevron has swooped in to serve up a mixture of local news and propaganda. [The Guardian]
 
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Quick Takes  
  The Daily Benchmark  
  2017 Vintage Global Secondaries Funds  
  VC Deals  
  Shipping analytics startup Xeneta scores $80M  
  Zesty nabs $75M Series B  
  Doodles secures $54M  
  HopSkipDrive brings home $37M  
  Aqua-Yield closes $23M Series A  
  Cledara lands $20M for its SaaS management platform  
  Kafene collects $18M  
  Theom picks up $16M+  
  Fundraising  
  Madrona raises $690M across two funds  
 
 
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The Daily Benchmark  
2017 Vintage Global Secondaries Funds
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VC Deals  
Shipping analytics startup Xeneta scores $80M
Oslo-based Xeneta has raised $80 million at a $265 million valuation in a round led by Apax Digital. The startup offers a benchmark and market analytics platform for ocean and air freight rates.
View round
 
View 21 competitors »
 
Zesty nabs $75M Series B
Zesty has raised $75 million in a round led by B Capital and Sapphire Ventures. Based in Tel Aviv, the company operates a cloud infrastructure platform for DevOps teams.
View round
 
View 25 competitors »
 
Doodles secures $54M
Doodles has raised $54 million in a round led by Seven Seven Six, with participation from 10T Holdings, Acrew Capital and FTX Ventures. The funding values the Miami-based company at $704 million. Doodles is the developer of a community-driven NFT collectibles platform.
View round
 
View similar company »
 
HopSkipDrive brings home $37M
HopSkipDrive has raised $37 million in Series D funding from investors including Energy Impact Partners, KeyFrame Capital and FirstMark Capital, among others. HopSkipDrive coordinates rideshare services for children to school and activities.
View round
 
View 4 competitors »
 
Aqua-Yield closes $23M Series A
Aqua-Yield has raised $23 million in a round led by the Larry H. Miller Company. The startup is the developer of a nanoliquid technology that increases crop yields.
View round
 
View similar company »
 
Cledara lands $20M for its SaaS management platform
CommerzVentures has led a $20 million Series A for UK-based SaaS management specialist Cledara.
View round
 
View 42 competitors »
 
Kafene collects $18M
Kafene has raised $18 million in a Series B led by Third Prime and existing backers. The startup offers a point-of-sale platform for lease-to-own agreements.
View round
 
View 2 competitors »
 
Theom picks up $16M+
Cloud data security startup Theom has raised $16.4 million in seed funding. The round was led by Ridge Ventures, along with Microsoft's venture fund, M12.
View round
 
View similar company »
 
 
Fundraising  
Madrona raises $690M across two funds
Seattle-based Madrona has raised $430 million for its ninth namesake fund, which will invest in early-stage companies across the Pacific Northwest, and a $260 million accelerator fund for late-stage companies.
View fund
 
View 246 investments »
 
 
Chart of the Day  
"Oddly, the fourth in a family grew in share from 10.6% over the past five years to 14.8% in 2022 through June. Perhaps this is the stage when many LPs see a fund strategy as institutional enough to be less risky."

Source: Q2 2022 Global Private Markets Fundraising Report
 
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