PitchBook News - VC's tale of diverging trends

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The Daily Pitch: VC

January 6, 2023

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

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

We take a sneak peek at the upcoming PitchBook-NVCA Venture Monitor.

Mubadala's new $2.5 billion joint venture is yet another step into private credit investing for the sovereign investor.

Chart of the day: New and cumulative unicorn count and valuation, from our European VC Valuations Report.

Today's Top Stories

Tale of diverging trends for VC in 2022

VC had quite a ride in 2022. In Q4, exit activity continued its steep decline—dipping below $10 billion in exit value generated on a quarterly basis for the first time since 2013. But fundraising reached a new annual high, topping $162.6 billion to mark the second consecutive year exceeding $150 billion.

The first look at our upcoming PitchBook-NVCA Venture Monitor has the data on deals, exits, and fundraising for the year. The full report, sponsored by Insperity, J.P. Morgan and Dentons, will be released Thursday.

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Building a grand bazaar for carbon offsets

As corporations pursue net-zero commitments, many find that they cannot directly avoid their own emissions. Enter carbon offsets, which allow organizations to buy and sell credits that avoid, reduce or remove carbon emissions.

This market corollary to government mandates is generating an opportunity for carbon offset trading platforms. Our recent Emerging Space Brief lays out the landscape for these marketplaces with an eye toward the technology opportunities, limitations and outlook for the segment.

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Mubadala strengthens presence in private debt through $2.5B JV

Mubadala CEO Khaldoon Khalifa Al Mubarak
(Matt McNulty/Getty Images)

Abu Dhabi's sovereign investor Mubadala is making another foray into private credit investing with a roughly $2.5 billion joint venture. The move is the latest in a series of partnerships by Mubadala to seize investment opportunities in the private credit market.

The new partnership comes as investors hunting for high-yielding assets are pouring billions of dollars into private credit, attracted by the asset class's ability to generate higher returns over public securities in a rising-rate environment.

Recommended Reads

Analysts try to answer the question that is on every investor's mind: What are private startups really worth? [Bloomberg]

Your company's data is for sale on the dark web. Should you buy it back? [Harvard Business Review]

Is Tesla really a tech company? The business's plummeting market cap suggests that investors are reevaluating the carmaker's towering status. [The Economist]

Since yesterday, the PitchBook Platform added:

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VC valuations

2438

People

535

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Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2017 Vintage Global Secondaries Funds
	VC Deals
	OpenAI eyes $30B valuation with share sale
	Opsys Tech drives off with $51.5M
	Caban Systems lands $51M for renewable energy solutions
	Perspectum secures $36M Series C
	Indian fintech startup SarvaGram grabs $35M
	KeyCare closes $27M Series A
	Citrine Informatics rakes in $16M

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

VC Deals

OpenAI eyes $30B valuation with share sale

ChatGPT creator OpenAI is in talks to sell existing shares in a tender offer that could value it at almost $30 billion, the Financial Times reported. Investors including Founders Fund and Thrive Capital are said to be interested in buying shares in the AI research company.

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Opsys Tech drives off with $51.5M

Israeli startup Opsys Tech has raised a $51.5 million Series C with backing from investors including 83North, Translink Capital and Saban Ventures. The company, which was started in 2016, creates light detection and ranging sensors for self-driving cars.

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Caban Systems lands $51M for renewable energy solutions

Energy storage startup Caban Systems has raised a $51 million Series B led by BCP Ventures. Founded in 2018, the startup helps companies decarbonize and reduce operational costs.

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Perspectum secures $36M Series C

Perspectum, which offers AI medical imaging, has closed a $36 million Series C led by Oppenheimer Holdings. The British company has raised roughly $120 million total and announced a collaboration with Microsoft-backed Nuance in December.

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View 7 competitors »

Indian fintech startup SarvaGram grabs $35M

SarvaGram, founded in 2018 in Mumbai, reportedly has closed a $35 million Series C with backing from Temasek, Elevation Capital, Elevar Equity and TVS Capital. The company provides capital to individuals and small enterprises in rural parts of India.

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View 2 competitors »

KeyCare closes $27M Series A

Virtual healthcare platform startup KeyCare has raised a $27 million Series A. 8VC, Ziegler, and Spectrum Health Ventures, known as Corewell Health Ventures, were among participating investors.

Citrine Informatics rakes in $16M

Citrine Informatics, an AI SaaS company specializing in product development for materials and chemicals industries, has raised a $16 million Series C. Prelude Ventures and Innovation Endeavors led the round.

Chart of the Day

"We are seeing certain unicorns cut back on hiring and focus on improving operational efficiencies rather than a growth-at-all-cost approach. For example, London-based unicorn Hopin has been on a hiring freeze, and in July, cut 29% of its workforce in its second round of layoffs in five months."

Source: PitchBook's Q3 2022 European VC Valuations Report

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PitchBook News - VC's tale of diverging trends

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Cross-border M&A market hangs tough

Global markets brave the storm

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