PitchBook News - M&A marches on

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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

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

Our 2022 Annual Global M&A Report breaks down last year's trends by region, sector and more.

The merits and challenges of backing startups in the Middle East and Africa.

We map the state of VC and the road ahead in six charts.

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.

read the report

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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.

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]

Since yesterday, the PitchBook Platform added:

7

VC valuations

891

People

269

Companies

21

Funds

See what our data software can do

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.

View round

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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The Daily Pitch

PitchBook News - M&A marches on

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