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The Daily Pitch: VC

October 5, 2022

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

The results of our 2022 Sustainable Investment Survey, which asked over 500 global investors for their take on sustainable investing practices.

More than half of European tech workers in their 20s are considering leaving the sector.

A look at how Africa's fintech startups are defying the VC downturn.

Today's Top Stories

Sustainable Investment Survey shows ESG politicization

This summer, we surveyed more than 500 LPs, GPs and service providers about their sustainable investment practices, gathering information on the motivations, metrics and challenges of a field that is getting ever more attention.

Our 2022 Sustainable Investment Survey illuminates the drivers behind investment decisions, breaking down data by region and respondent type. The report also highlights perspectives of allocators and VCs, along with contrasting views on ESG. Takeaways include:

73% of European asset managers use an ESG risk-factor framework and 70% offer impact investing strategies, compared to 56% and 61%, respectively, for North Americans.

78% of VCs have either fully or partially integrated sustainable principles into their investments, with social impact among the most important drivers.

As ESG investment grows, so does opposition to it; the percentage of respondents who have no plans to incorporate sustainable investment practices nearly doubled over 2021, mainly driven by North American LPs.

Difficulties measuring outcomes and benchmarking goals are the biggest obstacles for sustainable investing, highlighting the ongoing data-related challenges.

read the survey

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Africa's fintech market defies VC downturn

(Wara1982/Shutterstock)

Africa's fintech startups are on track to match last year's record amount of venture activity despite a global slowdown in investments.

A growing urban population and more success stories coming out of the region are among the factors helping African fintech's expansion.

Recommended Reads

Why Pfizer needs to prove it's ready to move on from COVID-19. [Bloomberg]

China's property crash is being called a "slow-motion financial crisis," as the impact of falling prices spreads to local government finances and the broader economy. [Financial Times]

GP-led secondaries are having a moment—but don't discount the traditional market. [Institutional Investor]

Since yesterday, the PitchBook Platform added:

23

VC valuations

1927

People

593

Companies

16

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2019 Vintage European PE Funds
	People
	NEA brings on Philip Chopin as partner
	VC Deals
	Cellarity nabs $121M Series C
	OnX brings in $87M+
	Carbon6 raises $66M in equity and debt
	Horizon Blockchain Games secures $40M
	Stripes leads $26M round for Katalyst
	Eclypsium picks up $25M
	Vergent Bioscience collects $21.5M

The Daily Benchmark

2019 Vintage European PE Funds

Median IRR

23.24%

Top Quartile IRR Hurdle Rate

37.27%

1.20x

Median TVPI

Select top performers

Riverside Europe Fund VI

Inflexion Enterprise Fund V

Inveready Gaea Inversion

*IRR: net of fees

30 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

NEA brings on Philip Chopin as partner

Philip Chopin has joined NEA as the firm's first Europe-based partner. Chopin, who was previously a partner with 83North, will focus on investments in consumer, fintech and enterprise software.

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VC Deals

Cellarity nabs $121M Series C

Cellarity has raised a $121 million Series C from investors including Flagship Pioneering and Hanwha Impact Partners. The company's platform analyzes cell behavior to develop new medicines.

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OnX brings in $87M+

OnX has raised $87.4 million in a Series B led by Summit Partners. The company is a developer of mobile mapping tech for outdoor recreationists.

View round

View 15 competitors »

Carbon6 raises $66M in equity and debt

Carbon6 has raised $66 million in debt and equity round led by White Star Capital. The company's ecommerce software infrastructure helps online entrepreneurs access business intelligence, manage inventory and more.

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View similar company »

Horizon Blockchain Games secures $40M

Horizon Blockchain Games has raised a $40 million Series A led by Brevan Howard Digital and Morgan Creek Digital. Based in Toronto, the company is a developer of blockchain-based video games.

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View 10 competitors »

Stripes leads $26M round for Katalyst

Katalyst, the developer of an electro-muscle stimulation system designed for fitness workouts, has raised $26 million in a round led by Stripes. Incisive Ventures and Unlock Venture Partners also participated in the funding, among others.

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View 6 competitors »

Eclypsium picks up $25M

Eclypsium has raised $25 million in a Series B round led by Ten Eleven Ventures. Based in Oregon, the company is the developer of a security platform designed to help enterprise and public sector customers manage breaches across hardware, devices, firmware and software.

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View 78 competitors »

Vergent Bioscience collects $21.5M

Vergent Bioscience has raised $21.5 million in a Series B round led by Orlando Health Ventures. The company is a developer of molecular imaging probes designed for diagnosis and removal of cancer cells.

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View 1 competitors »

PitchBook webinar: Best practices for cash flow forecasting

Don't miss our webinar on the best practices for cash flow forecasting.

We'll discuss the best strategies that allocators and private market investment advisers can use to manage alternatives portfolios. Our analysts will touch on best practices for setting commitment schedules and thinking about liquidity needs due to uncalled commitments. Key takeaways include:

Hear about cash-tiering strategies for uncalled commitments from PitchBook analyst and former LP Hilary Wiek.
Learn how our analysts approach commitment pacing challenges by focusing on data and patience.
Explore the LP cash flow forecasting and commitment pacing models now available to our clients.

Register now to secure your spot.

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Chart of the Day

Source: PitchBook's Q2 2022 European VC Valuations Report

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PitchBook News - Do investors care about ESG?

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