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The Daily Pitch: VC

October 28, 2022

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

Key takeaways from our Global M&A Report.

Our latest PitchBook-NVCA Venture Monitor, now with league tables ranking the industry's most active players.

We look at six key themes from Europe's PE ecosystem during Q3.

Today's Top Stories

US VC sends mixed signals as deal activity and fundraising diverge

The third quarter of 2022 saw a less resilient venture landscape in the US compared with the first half of the year. Deal activity across all stages recorded signs of distress, and the market continued to become increasingly consolidated, with fewer exits than at any time in recent history.

Dry powder remains at the highest level in our dataset, after years of record fundraising. This capital will help support seed and early-stage investment, but it is not likely to come to the rescue of highly valued, late-stage companies that are seeing an enormous decline in capital availability.

The latest PitchBook-NVCA Venture Monitor, sponsored by Insperity and J.P. Morgan, now includes league tables ranking the industry's most active players. The report details how dealmaking, exits, fundraising and valuations responded to rising interest rates and complicated macroeconomic trends during Q3. Key takeaways:

Venture-backed companies collected nearly $43 billion during Q3. The figure is below the heights of 2021 and early 2022 but above historical averages—representing a durable, positive trend in the industry.

On the exit front, there have been just 59 public listings so far this year, compared with 303 in 2021 and 145 in 2020.

While overall fundraising figures are strong, established managers received the lion's share of commitments while emerging GPs struggled.

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Q3 global M&A trends in three charts

(kenary820/Shutterstock)

Economic uncertainties have dampened investors' appetite for M&A bets globally this year, with deal activity recording a third consecutive quarterly decline in Q3 2022.

Our latest Global M&A Report analyzes how M&A dealmaking has fared as investors continue to counter tightening monetary policies, inflation risks, supply chain disruptions and a weak economic outlook. We explore some key takeaways from the report.

Recommended Reads

How did an iconic American chocolate maker avoid the market meltdown? It turns out Hershey became more American and less reliant on chocolate. [The Wall Street Journal]

PE firms may lose the talent war if they don't think beyond compensation when recruiting the next generation of leadership. [Institutional Investor]

Singapore may soon require retail investors to take a test and not use credit card payments and other forms of borrowing for trading cryptocurrencies. [TechCrunch]

Since yesterday, the PitchBook Platform added:

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Funds

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Quick Takes

	The Daily Benchmark
	2012 Vintage Global Real Assets Funds
	VC Deals
	OpenWeb hits $1.5B valuation
	Versa Networks banks $120M
	HealthJoy picks up $60M
	Navina brings in $22M Series B
	Fox Robotics raises $20M
	Midi Health locks in $14M seed round
	Fundraising
	Streamlined Ventures collects $140M

The Daily Benchmark

2012 Vintage Global Real Assets Funds

Median IRR

8.65%

Top Quartile IRR

10.58%

1.36x

Median TVPI

Select top performers

Post Oak Energy Partners

EnCap Flatrock Midstream Fund II

Global Infrastructure Partners II

*IRR: net of fees

29 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

OpenWeb hits $1.5B valuation

OpenWeb has raised $170 million at a $1.5 billion valuation in a round led by Georgian. The Tel Aviv-based company is a developer of a social engagement platform for content creators, publishers and advertisers.

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View 4 competitors »

Versa Networks banks $120M

Versa Networks has raised $120 million from investors including BlackRock and Silicon Valley Bank. The company is a provider of network security software designed to integrate cloud, networking and security services.

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View 56 competitors »

HealthJoy picks up $60M

HealthJoy has raised a $60 million Series D led by Valspring Capital. The company is a developer of a healthtech platform designed to help employers offer benefits.

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View 75 competitors »

Navina brings in $22M Series B

Navina has raised $22 million in a round led by ALIVE Israel HealthTech Fund. The company is a developer of a healthtech platform designed to help physicians manage and analyze patient data.

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View similar company »

Fox Robotics raises $20M

Fox Robotics has raised $20 million in a round led by BMW i Ventures. The company is a developer of intelligent forklift robotics designed to autonomously transfer pallets.

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View 3 competitors »

Midi Health locks in $14M seed round

Midi Health has raised $14 million in a round co-led by Felicis and SemperVirens. Based in the Bay Area, the company is a developer of a virtual healthcare platform designed to help women manage menopause and other health issues.

View round

View 1 competitors »