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The Daily Pitch: VC

December 1, 2022

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

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

With the late-stage VC market widening in recent years, we've updated our research methodology to add the venture growth stage.

Catch up on private markets strategies, sustainable investing and more with European investment manager Downing.

The FTX meltdown may diminish institutional investors' confidence in cryptocurrency built over the past few years.

Today's Top Stories

Unveiling PitchBook's methodology for venture growth

The VC market has changed tremendously since PitchBook developed a methodology for better defining the asset class by stages. The biggest shift has been in the late stage, which up until now was defined as all financings for companies that are more than five years old or have raised a Series C round.

But as VC-backed companies stay private for longer and collect more capital along the way, we have found that the smaller startups in our late-stage dataset have become considerably different from the larger ones.

To better address the variations and trends in late-stage venture, we have created a new category: venture growth stage. This segment is defined as funding rounds Series E or later or financings involving companies that are at least seven years old and have raised at least six VC rounds.

In our latest analyst note, PitchBook analyst Kyle Stanford details how the new stage has changed over the last decade and explains why its risk profile differs from angel, seed, early and late stages.

read it now

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Q&A: Investment manager Downing on private market opportunities

(U_Photo/Shutterstock)

While many listed asset managers are looking to increase their exposure to the private markets, one boutique firm already has most of its assets invested in the space.

We spoke to Kostas Manolis, head of private market investments at the UK's Downing, about where there are opportunities and how the firm is adapting to changing investor sentiment.

Recommended Reads

US and European banks are endeavoring to offload $42 billion in buyout debt—quickly. [Bloomberg]

Americans want to support unions, but are they held back by their understanding of what unions used to be? [The New Yorker]

Junk bonds are seeing a modest end-of-year rally as investors bet on an improved economic outlook in 2023. [The Wall Street Journal]

Since yesterday, the PitchBook Platform added:

10

VC valuations

1939

People

686

Companies

19

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2017 Vintage Global Secondaries Funds
	A message from PitchBook Media
	PitchBook's 2023 Media Kit released
	VC Deals
	Vial raises $67M
	Teampay lands $65M
	Iecure gets $65M
	Wedding startup Joy lands $60M
	OneRail secures $33M
	ResortPass grabs $26M
	CommonGround grabs $25M
	Recycling startup CleanFiber raises $10M
	Exits & IPOs
	Sentry acquires VC-backed Codecov
	Fundraising
	New Fare debuts with $20M fund

The Daily Benchmark

2017 Vintage Global Secondaries Funds

Median IRR

22.60%

Top Quartile IRR

26.99%

1.55x

Median TVPI

Select top performers

Auldbrass Partners Secondary Opportunity Fund II

Northleaf Secondary Partners II

Lexington Middle Market Investors IV

*IRR: net of fees

20 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from PitchBook Media

PitchBook's 2023 Media Kit released

Year to date, PitchBook's newsletters have over 161 million impressions and over 744,000 report downloads. Partnering with PitchBook Media is a way to feature your firm's insights in one of the most popular venues for timely and relevant PE and VC articles, news, asset class reports and custom white label reports.

The brand-new 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.

Click here to download it today or to speak to someone on the media team.

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VC Deals

Vial raises $67M

Vial, a contract research organization that supports biotech companies in clinical trials, has secured $67 million in a Series B led by General Catalyst.

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Teampay lands $65M

Spend management platform Teampay has raised $65 million in a Series B led by Fin Capital.

View round

View 16 competitors »

Iecure gets $65M

Gene editing startup Iecure closed its Series A with $65 million co-led by Novo Holdings and LYFE Capital.

View round

View similar company »

Wedding startup Joy lands $60M

Joy, a platform for planning weddings and hosting gift registries, has secured $60 million in Series B led by General Catalyst.

View round

View 7 competitors »

OneRail secures $33M

Last-mile logistics company OneRail has raised $33 million in Series B led by Piva Capital and Arsenal Growth Equity.

View round

View 51 competitors »

ResortPass grabs $26M

ResortPass has raised a $26 million Series B co-led by Declaration Partners and 14W. The company connects users with amenities at hotels and resorts.

View details

View 1 competitors »

CommonGround grabs $25M

Virtual meeting startup CommonGround, whose investors include Matrix Partners and Grove Ventures, has raised $25 million.

View round

View similar company »

Recycling startup CleanFiber raises $10M

CleanFiber, which recycles cardboard to create cellulose insulation for homes, has raised $10 million from AXA Investment Managers.

View details

View 7 competitors »

Exits & IPOs

Sentry acquires VC-backed Codecov

Code-monitoring specialist Sentry has purchased Codecov, which has received funding from investors including Draper Associates, BoxGroup and Tribe Capital. Codecov's platform helps to streamline developers' workflows.

View details

View 3 competitors »

Fundraising

New Fare debuts with $20M fund

New Fare Partners, a firm investing exclusively in early-stage food and beverage startups, has raised $20 million for its first fund. The vehicle will target startups offering next-generation consumer brands, supply chain technologies, marketplaces and more

View details

View 2 investments »

Chart of the Day

"VC-backed neural search companies are continuing to achieve traction at the early stage and raise outstanding rounds through economic volatility, as evidenced by the high valuations for Grata, Hebbia, and You, each of which use AI innovations to improve search results and personalization."

Source: Q3 2022 Artificial Intelligence & Machine Learning Report

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PitchBook News - Our new venture growth methodology

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