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The Daily Pitch: VC

September 27, 2022

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In today's Daily Pitch, you'll find:

Our newest Quantitative Perspectives report analyzes key trends in macroeconomics and financial markets.

Sovereign wealth fund Mubadala has flexed its muscles in recent years to transform itself into a significant GP.

The founder of the UK's Cibus Fund discusses agtech investing and some of the challenges the sector faces.

Today's Top Stories

Inflation, falling stocks and recession fears: How macro trends are shaping private markets

When we published our inaugural US Market Insights report one year ago, the stock market was strong and the potential for investor returns seemingly endless. A year on, the downturn has shaped a starkly different landscape and dealmaking has pulled back—but opportunities remain.

Our latest Quantitative Perspectives report examines key trends in macroeconomics and financial markets, providing commentary on how our analysts see the world today. The report, which also includes a spotlight on allocator momentum, features nearly 70 pages of data and more than 80 charts exploring the most interesting aspects of the current economy. Highlights include:

At $91 billion, VC funds had the highest amount of new capital allocations in 2021, though this momentum has slowed in 2022. Relative to asset class size, real estate and infrastructure debt saw the largest increase, with 21.5% growth.

Aggregate unicorn valuations now surpass $2.3 trillion, yet the pace of unicorn creation has slowed significantly in 2022, as market headwinds limit VC investment in large startups.

Our estimate for the total value of venture-backed companies in the US has reached $3.3 trillion, trailing the total PE-backed market cap by only 3%.

read the report

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Mubadala's direct investment capabilities reach maturity

(Wirestock Creators/Shutterstock)

Mubadala, an anchor investor in SoftBank's debut Vision Fund, has flexed its muscles in recent years to transition into a significant GP.

The Abu Dhabi sovereign wealth fund participated in 157 direct investments in 2021—up from just 45 the year prior—across deals including buyouts, growth-equity investments and seed investments, as well as early-stage and late-stage VC, according to PitchBook data.

This year, even as uncertainty roils the markets, Mubadala isn't letting up. The firm has participated in 151 deals buying direct stakes in businesses so far this year, including tech startups and infrastructure companies.

Recommended Reads

AI-generated art tools such as DALL-E have become a prime feeding ground for VC investors. Now, the challenge is finding the business case for the product. [Protocol]

An LA women's soccer team backed by VC and adored by fans is blowing past its financial goals. [The Wall Street Journal]

US manufacturing is experiencing a rebound, with companies adding workers amid higher consumer demand for products. [The New York Times]

Since yesterday, the PitchBook Platform added:

18

VC valuations

1892

People

613

Companies

20

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2011 Vintage Global Real Estate Funds
	VC Deals
	Not So Dark lands $80M Series B
	Temasek leads $40M round for Well-Link
	Cannabis startup Sanity Group collects $37M+
	Vendease secures $30M for food procurement in Nigeria, Ghana
	Disperse scores $16M
	KODE Labs raises $8M
	Fundraising
	Vertex Ventures wraps up $200M
	Abu Dhabi sets up $200M tech fund

The Daily Benchmark

2011 Vintage Global Real Estate Funds

Median IRR

14.17%

Top Quartile IRR

19.03%

1.61x

Median TVPI

Select top performers

C-III Recovery Fund I

Exeter Industrial Value Fund II

SH Group I

*IRR: net of fees

53 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Not So Dark lands $80M Series B

Paris-based Not So Dark has raised $80 million in a round led by Kharis Capital and Verlinvest. The startup creates virtual food delivery brands for brick-and-mortar restaurants.

View round

View similar company »

Temasek leads $40M round for Well-Link

China's Well-Link Technologies has raised $40 million to build out its real-time cloud rendering technology. Temasek led the Series B2.

View round

View similar company »

Cannabis startup Sanity Group collects $37M+

Sanity Group, a Berlin-based provider of cannabinoid-based pharmaceuticals and well-being products, has raised $37.6 million. BAT Group led the round, with support from investors including Redalpine and Casa Verde.

View details

View similar company »

Vendease secures $30M for food procurement in Nigeria, Ghana

Vendease has raised a $20 million Series A led by TLcom Capital and Partech, as well as $10 million in debt. The company's platform allows restaurants in Nigeria and Ghana to buy food supplies, access financial services and manage business operations.

View round

View similar company »

Disperse scores $16M

Urban tech-focused VC 2150 has led a $16 million investment in London-based Disperse, TechCrunch reported. The startup's platform is designed to help construction project managers collect data and track work from building sites.

View round

View 5 competitors »

KODE Labs raises $8M

KODE Labs has raised an $8 million Series A led by I Squared Capital. The company's platform helps real estate owners optimize building operations such as energy usage and equipment runtime.

View round

View similar company »

Fundraising

Vertex Ventures wraps up $200M

Vertex Ventures US has raised $200 million for its third fund, which will target seed and Series A investments in SaaS and infrastructure software startups.

View fund

View 50 investments »

Abu Dhabi sets up $200M tech fund

Abu Dhabi sovereign wealth fund ADQ is the anchor investor for a new $200 million fund, Further Ventures, Bloomberg reported. The vehicle will target early-stage investments in digital assets, fintech and supply chain startups, according to the report.

View details

View 43 investments »

Chart of the Day

Source: PitchBook's Q2 2022 Global Private Markets Fundraising Report

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PitchBook News - Where allocators see opportunities

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