PitchBook News - European VC misses the mark

Read online | Don't want to receive these emails? Manage your subscription.

Log in

The Daily Pitch: VC

January 19, 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:

Our European Venture Report breaks down the trends shaping the continent's VC dealmaking, fundraising and more.

Blackstone's latest vehicle is the world's largest secondaries fund raised to date.

Blue Owl's new partnership is intended to attract wealthy individual investors seeking access to the direct lending market.

Today's Top Stories

European VC activity missed the mark in 2022

After years of continuous growth, European VC activity slowed last year, with both deal count and value coming in below 2021's numbers.

Some €91.6 billion was invested across an estimated 12,383 deals in 2022, representing year-over-year declines of 16% and 5%, respectively. Nevertheless, it was still the second-biggest year for European VC activity. Our 2022 Annual European Venture Report showcases the key trends that shaped the continent's VC ecosystem last year. Highlights include:

Venture growth and late-stage accounted for 65.6% of deal value, up from 2021.

Nontraditional investor participation in European rounds remained resilient.

Exit value saw its third-largest total despite reduced IPO appetite.

Fund value reached a record €25.4 billion, but vehicle count fell sharply.

read the report

Share:

Blackstone raises over $22B for world's biggest secondaries fund

(Casimiro PT/Shutterstock)

Blackstone Strategic Partners' record fund close underscores investors' growing need for alternative liquidity opportunities. The secondary market has come into vogue as investors and GPs navigate a difficult exit environment.

Continuation vehicles and GP-led secondaries offer exit opportunities for GPs hoping to satiate investor demand for liquidity. The Strategic Partners IX vehicle closed on $22.2 billion, surpassing Ardian's Secondary Fund VIII, which held the previous record at $19 billion.

Recommended Reads

While the public touts generative AI's seemingly miraculous progress, the story behind OpenAI's viral chatbot offers a glimpse into the hidden workforce of data labelers that the industry relies on. [Time]

Can 3D printing help solve the housing crisis? [The New Yorker]

Wall Street isn't the only one bankrolling rescue packages, investments and acquisitions, and cash-seekers are turning their attention to the new kid on the block: the Middle East. [Bloomberg]

Since yesterday, the PitchBook Platform added:

17

VC valuations

1841

People

657

Companies

15

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2012 Vintage Global VC Funds
	VC Deals
	Pathalys Pharma secures $150M
	Defense tech startup Vannevar Labs grabs $75M
	IASO Bio nabs nearly $75M Series C1
	ThriveCart takes in $35M
	Living Carbon raises $21M for 'supertree'
	Scenario launches with $6M
	Fundraising
	Sequoia closes $195M fund for seed-stage startups

The Daily Benchmark

2012 Vintage Global VC Funds

Median IRR

18.30%

Top Quartile IRR

31.08%

2.12x

Median TVPI

Select top performers

Emergence Capital Partners III

Flagship Ventures Fund IV

Digital Industry Fund 0

*IRR: net of fees

44 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Pathalys Pharma secures $150M

Biotech startup Pathalys Pharma has secured $150 million in financing led by Abingworth. The investment was a combination of equity and product financing. DaVita Venture Group, The Carlyle Group and OrbiMed also participated.

View round

View similar company »

Defense tech startup Vannevar Labs grabs $75M

Vannevar Labs has raised a $75 million Series B led by Felicis Ventures, The Wall Street Journal reported. The company, which specializes in national intelligence technology, is also backed by Aloft VC, DFJ Growth and Shield Capital.

View round

View similar company »

IASO Bio nabs nearly $75M Series C1

Biotech specialist IASO Bio has closed a Series C1, raising almost $75 million. Participating investors included Shanghai Guoxin Investment & Development, Efung Capital and Shanghai Waigaoqiao Free Trade Zone Group.

View round

View 42 competitors »

ThriveCart takes in $35M

Austin-based ThriveCart has secured a $35 million investment from the LTV SaaS Growth Fund. The startup helps businesses by providing tools for subscriptions, payments and marketing. In addition to the funding, the company announced it appointed Kevin McKeand as its CEO.

View round

View similar company »

Living Carbon raises $21M for 'supertree'

In a Series A led by Temasek, climate biotech startup Living Carbon has raised $21 million for its photosynthesis-enhanced "supertree" that can absorb more carbon. Lowercarbon Capital, Toyota Ventures and Felicis Ventures also participated.

View round

View similar company »

Scenario launches with $6M

Generative AI startup Scenario has raised more than $6 million in a seed round for its game development tool. Backers included Play Ventures, Anorak Ventures and The Venture Reality Fund, as well as Justin Kan, founder of livestreaming giant Twitch, and Oculus co-founder Brendan Iribe.

View details

View similar company »

Don't miss our upcoming webinar

Join LCD for a webinar exploring the trends that defined the private credit and leveraged loan landscapes in 2022, along with what lies ahead for these spaces. LCD analysts will discuss the growth in the private credit market and the increase in distressed debt last year, along with what investor demand for collateralized loan obligations looks like in 2023. Key topics include:

US leveraged loan market trends and analysis, including a look at volume, proceeds, leverage, returns, credit risk and supply vs. demand.

The growth in private credit and direct lending in 2022, compared to the broadly syndicated market along with where opportunities in private credit might lie in 2023.

How distressed debt hit its highest level since the pandemic onset toward the end of 2022, even as leveraged loan defaults remained scarce.

Register now to secure your spot.

Share:

Fundraising

Sequoia closes $195M fund for seed-stage startups

Sequoia has closed a new $195 million seed fund, Forbes reported. The firm also announced plans to run three batches of its Arc accelerator this year.

View details

View 1,164 investments »

Chart of the Day

Source: PitchBook's Q3 2022 Global Private Market Fundraising Report

About PitchBook | Terms of use | Advertise with us | Contact

This email was sent to you via the PitchBook Platform.

Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here.

PitchBook News - European VC misses the mark

Older messages

A fresh look at fund performance

Fintech faces tough choices

When VC goes overboard

2022 VC data is here

VC's tale of diverging trends

You Might Also Like

The United States Should Print $250 Billion & Buy Bitcoin

Let's Talk News Sites? (This One Makes $42K/Month)

Want 4 months of Litmus for free?

Microstrategy Buys $4.6B in Bitcoin as Saylor Speeds Up Accumulation

How to master executive brand advocacy on social

🦅 The data-driven strategy to grow on 𝕏 [Q4 2024]

ET: November 19th 2024

Ranking Q3's busiest investors

The Silent Killer of Audience Trust

[untitled]