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PitchBook News - How VCs boost carbon capture

Adobe to pay record $20B for Figma; Galvanize Therapeutics grabs $100M; Fortanix secures $90M; Shyft delivers $16M
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The Daily Pitch: VC
September 16, 2022
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In today's Daily Pitch, you'll find:
 
Today's Top Stories  
How VCs boost carbon capture startups
The second quarter of 2022 saw the highest-ever VC investment in carbon capture startups, with $882.2 million invested across 11 deals.

Our latest Emerging Tech Research update on the topic examines the various technologies for carbon removal and drivers of interest in postcombustion carbon capture, including its varied approaches. The report also includes a closer look at VC-backed companies in the space, such as Climeworks, Mission Zero and Travertine.
read it now
 
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Investors up allocation to secondaries as GPs seek alternate liquidity sources
(eamesBot/Shutterstock)
Investors have pumped more capital into secondary funds in H1 2022 than expected, according to a newly released survey from Eaton Partners.

With the slowdown in M&A activity and a freeze on the IPO pipeline, demand for alternative liquidity sources has increased. Investors have turned to the secondaries market, accelerating dealmaking for continuation funds, tender offers, and LP-led deals.
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A message from Ansarada  
See the deal trends six to 12 months before the rest of the market
Ansarada has launched its new Deal Indicators Report, which uses anonymized data from active and ongoing data rooms to uncover trends—spanning deal types and industries—up to a year before they occur.
  • New tech M&A deals increased by 35% quarter over quarter (QoQ), with digital infrastructure demand increasing globally.
  • M&A remains stable in financial services, but insurance M&A deals specifically have increased by 24% QoQ.
  • The consumer sector has been hit hard, with M&A down by 54% QoQ.
  • Healthcare M&A deals overall decreased 16% QoQ, but pharmaceuticals, biotechnology, and life sciences deals increased by 44% QoQ.
Download the Deal Indicators Report to see what’s coming in your industry sector.

Download the FY23 Deal Indicators Report
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Adobe to pay record $20B for Figma in boon for VC backers
(Darko 1981/Shutterstock)
Adobe has announced an agreement to buy Figma for $20 billion, which would represent the largest acquisition of a VC-backed company ever, according to PitchBook data.

The deal would also be a boon to several top venture firms, including Greylock Partners, Index Ventures, Kleiner Perkins and Sequoia.

The deal price is an outlier at a time when software startup valuations have cooled off. Adobe's large offer may reflect the tech giant's need to retain the market share it is rapidly losing to Figma.
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Ranking Q2's most active lenders in PE
Four different lenders issued at least 50 loans to US PE-backed companies last quarter, with the leading firm making well over 80. Lending activity stayed on pace with Q1, even as macroeconomic headwinds and uncertainty remained.

Our interactive Q2 2022 PE Lending League Tables, sponsored by Twin Brook Capital Partners, are now available. The data can be sorted by deal type, sector, geography and more for an in-depth look at the lending landscape in private equity last quarter.
see the rankings
 
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Large cash salaries, shorter vesting times lure talent to $1B+ investment firms
(Drew Sanders/PitchBook News)
Investment firms with more than $1 billion in assets under management take an approach to compensation that is different from the rest of the market, according to the results from the Thelander-PitchBook Investment Firm Compensation Survey.

In order to attract talent, the largest firms by AUM pair higher cash salaries with shorter vesting times. The rationale? They have the money and they need the people.
read more
 
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Recommended Reads
Investment software providers say the future of blockchain is now. GPs are still catching up. [Institutional Investor]

The biggest copper mine in the US, deep beneath the Sonoran Desert, is stalled in a dispute over its location on sacred ground. [Bloomberg]

The mystery of Saturn's rings might have been solved after four centuries of uncertainty. [The Wall Street Journal]
 
Ads
Quick Takes  
  The Daily Benchmark  
  2013 Vintage Global PE Funds  
  VC Deals  
  Galvanize Therapeutics picks up $100M Series B  
  Data security provider Fortanix raises $90M  
  DCVC leads $33M round for ZwitterCo  
  Professional networking startup Polywork banks $28M  
  Shyft secures $16M  
  Codi brings home $16M  
 
 
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The Daily Benchmark  
2013 Vintage Global PE Funds
Median IRR
15.73%
Top Quartile IRR
22.84%
1.72x
Median TVPI
Select top performers
Goode Partners Consumer Fund II
Clarion Investors II
Accel-KKR Capital Partners IV
*IRR: net of fees
115 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Galvanize Therapeutics picks up $100M Series B
Galvanize Therapeutics, the developer of an energy-based medical device platform for treatment of diseases including chronic bronchitis and cardiac arrhythmias, has raised $100 million in a round led by Fidelity Management & Research.
View round
 
View similar company »
 
Data security provider Fortanix raises $90M
Fortanix has raised a $90 million Series C led by Goldman Sachs Growth Equity. The Mountain View, Calif.-based company offers enterprise security software to manage data breaches and ransomware.
View round
 
View 102 competitors »
 
DCVC leads $33M round for ZwitterCo
ZwitterCo has raised $33 million in a round led by DCVC. Based in the Boston area, the company is a developer of rugged membrane technology for wastewater treatments.
View round
 
View similar company »
 
Professional networking startup Polywork banks $28M
Polywork has raised $28 million in Series B funding co-led by former GitHub CEO Nat Friedman and Caffeinated Capital. Based in New York, the company offers a networking platform to drive collaboration among professionals.
View round
 
View 17 competitors »
 
Shyft secures $16M
Shyft has raised $16 in Series B funding from investors including Munich RE Ventures and OurCrowd. The company offers a marketplace that connects consumers with moving companies.
View round
 
View 13 competitors »
 
Codi brings home $16M
Codi, the provider of a flexible leasing platform for commercial real estate, has raised a $16 million Series A led by Andreessen Horowitz.
View round
 
View 2 competitors »
 
 
Chart of the Day  
"28.3% of exit volume came from the France & Benelux region in H1, the most of any European region, driven by sponsor-to-sponsor exits and the business products & services sector, most notably commercial products."

Source: PitchBook's Q2 2022 European PE Breakdown
 
Who's in the newsletter today?
Investors
Andreessen Horowitz
Caffeinated Capital
DCVC
Fidelity Management & Research
Goldman Sachs Growth Equity
Munich RE Ventures
Nat Friedman
OurCrowd
Companies
Codi
Fortanix
Galvanize Therapeutics
GitHub
Polywork
Shyft
ZwitterCo
 
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