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PitchBook News - M&A marches on

Q&A: VC in the Middle East, Africa; the state of VC in six charts; what a placement agent can do for GPs; AtomicJar bottles up $25M
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The Daily Pitch: VC
January 26, 2023
The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data
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Today's Top Stories  
Global M&A keeps calm and carries on
After a tremendous 2021, M&A appeared poised to keep up its frenzied pace—but while another record-breaking year wasn't in the cards, M&A activity held strong even as global markets ran off the rails. Mountains of dry powder, shifting strategies and well-capitalized strategic investors propelled deal value above pre-pandemic levels.

Our 2022 Annual Global M&A Report, sponsored by Liberty GTS, breaks down last year's trends by region and sector and explores the forces likely to shape the market in the months to come. Takeaways include:
  • Buyers took advantage of cheaper prices, with median deal multiples declining to 8.8x from a 14-year high of 11.1x.

  • Platform companies made good use of their sponsors' cash, rocketing add-ons to more than 70% of all buyout deals.

  • Cross-border investors flipped the script, with North American acquirers accounting for 21% of all European M&A value.
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Global Ventures VC: Don't impose 'copycat' ideas on Mideast, Africa
(Richard Drury/Getty Images)
The Middle East and Africa have been relatively underserved by the venture capital industry despite the region boasting a flourishing startup ecosystem.

We spoke to Noor Sweid, managing partner at Dubai-based Global Ventures, a growth-stage investor, about the challenges and advantages for investors looking to target some of the biggest emerging market opportunities.
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A message from McDermott Will & Emery  
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How bad was 2022 for VCs? It depends where you look
(Drew Sanders/PitchBook News)
Inflation. Crypto's implosion. Layoffs. 2022 was a challenging year for everyone, especially VC-backed tech startups, but how bad was it really?

According to PitchBook's data, it all depends on where you look. Here's the state of VC in six charts that lay out the complex picture and road ahead.
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What a placement agent can do for GPs
Facing a harsher fundraising environment, some general partners might benefit from working with a placement agent, who can help them find the right institutional investors, prepare marketing and due diligence documents, and more.

Our recent analyst note explains the role that placement agents play in the fundraising process and how they can help level the playing field between established managers and firms raising first-time funds. Key takeaways include:
  • Experienced managers made up nearly 85% of the capital raised through Q3 2022.

  • About 12.5% of the 2,760 funds closed through Q4 2022 involved a placement agent.

  • Since the pandemic, funds that retained agents took more time to close than those that didn't. In 2021, funds working with placement agents spent more than 18 months in the market, while others spent over 16 months.
read it now
 
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Recommended Reads
ESG issues are increasingly impacting exit opportunities for PE firms. [Institutional Investor]

How OpenAI founder Sam Altman built ChatGPT with billions from Microsoft. [Fortune]

As customers rely more on sites like Yelp and Tripadvisor, the need to update technology that separates authentic ratings from false ones is only growing. [The New York Times]
 
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Quick Takes  
  The Daily Benchmark  
  2017 Vintage Global Funds-of-Funds  
  VC Deals  
  Crowdbotics raises $40M  
  Atomic AI launches with $35M  
  AtomicJar secures $25M  
  Emperia scores $10M for VR retail  
  Portfolio Companies  
  Bolt cuts 10% of staff  
  Fundraising  
  Dimension launches with $350M fund  
  Sapphire Sport announces $181M fund  
  Injective raises $150M for blockchain investments  
 
 
The Daily Benchmark  
2017 Vintage Global Funds-of-Funds
Median IRR
27.50%
Top Quartile IRR
35.50%
1.85x
Median TVPI
Select top performers
Top Tier Venture Capital VIII
Raspberry Street Fund II
TrueBridge Capital Partners Fund V
*IRR: net of fees
38 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Crowdbotics raises $40M
AI-powered coding startup Crowdbotics has raised a $40 million Series B led by NEA. Previous backer Jackson Square Ventures also participated.
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View 45 competitors »
 
Atomic AI launches with $35M
Biotech startup Atomic AI, which uses AI for RNA drug discovery, has raised a $35 million Series A led by Playground Global. Previous backer 8VC also participated.
View round
 
View similar company »
 
AtomicJar secures $25M
Insight Partners has led a $25 million Series A for AtomicJar. The company offers testing tools for developers and is also launching a cloud-based version of its platform, Testcontainers. The startup's tool has been used by DoorDash, Uber and Spotify.
View round
 
View similar company »
 
Emperia scores $10M for VR retail
Emperia, a startup creating VR experiences for brands like Burberry and Dior, has secured a $10 million Series A. Led by Base10 Partners, the startup also received backing from the Sony Innovation Fund and Background Capital.
View round
 
View 1 competitors »
 
 
Portfolio Companies  
Bolt cuts 10% of staff
Ecommerce startup Bolt has cut its staff for the third time since May, The Information reported. More than half of the startup's employees have now been laid off.
View details
 
View 52 competitors »
 
 
Fundraising  
Dimension launches with $350M fund
A new VC firm focusing on biotechnology and medicine, Dimension, is launching a $350 million fund. The firm was started by three former general partners at Lux Capital and Obvious Ventures.
View fund
 
View 1 investments »
 
Sapphire Sport announces $181M fund
The sports investing arm of Sapphire Ventures has raised its second early-stage fund, with $181 million from Adidas, Sinclair Broadcast Group, City Football Club and others.
View fund
 
View 230 investments »
 
Injective raises $150M for blockchain investments
Injective, a blockchain startup, is launching a $150 million fund in partnership with VC firms Pantera Capital, Kraken Ventures, Jump Crypto, and IDG Capital. The vehicle will support other blockchain companies with cryptocurrency and equity investments.
View details
View similar company »
 
Chart of the Day  
Source: PitchBook's 2022 Annual European PE Breakdown
 
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Who's in the newsletter today?
Investors
8VC
Adidas
Background Capital
Base10 Partners
Burberry
City Football Club
Dimension
IDG Capital
Injective
Insight Partners
Jackson Square Ventures
Jump Crypto
Kraken Ventures
Lux Capital
NEA
Obvious Ventures
Pantera Capital
Playground Global
Sinclair Broadcast Group
Sony Innovation Fund
Companies
Atomic AI
AtomicJar
Bolt
Crowdbotics
Dior
DoorDash
Emperia
Spotify
Uber
 
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