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LPs still see opportunity in climate-tech funds
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| (N.Minton/Shutterstock) |
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Congruent Ventures, a climate-focused VC firm, has closed its first continuity fund on over $300 million, nearly doubling the firm's assets.
Managing partner Abe Yokell attributed LP interest in the continuity fund—which he says remains strong despite the downturn—to their desire to mitigate the climate risk embedded in their own portfolios.
The new fund comes at a time of declining interest in opportunity funds among LPs and ballooning demand for capital from late-stage startups. |
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Meet the 10 most active investors in fintech startups
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| (Joey Schaffer/PitchBook News) |
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The sudden and shocking collapse of Silicon Valley Bank has begun to reshape the fintech space—and investors are looking to capitalize. In 2022, investors poured $50 billion into the vertical as they sought to fund the next big online banks, asset management platforms and blockchain infrastructure companies.
Here's a list of the most active investors in the fintech vertical to help you see who's betting on the future of financial technology. |
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A message from J.P. Morgan
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J.P. Morgan's views on venture
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It is hard to quantify the impact of the recent banking sector disruption on the venture ecosystem. But J.P. Morgan expects significant repercussions that could take time to play out. In the near term, J.P. Morgan has seen VCs step in to help founders manage through cash crunches and take a keener interest in understanding portfolio companies' banking partners. Over the long term, VCs and founders will likely reassess the optimal structure of banking and funding relationships to mitigate risks.
Drawing on PitchBook data, Ginger Chambless, Head of Research for Commercial Banking, and other experts from J.P. Morgan unpack the ways founders and investors can navigate the VC landscape.
Read now |
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5 European VC trends from rocky Q1
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| (CalypsoArt/Shutterstock) |
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European startups had a challenging Q1 2023 with a sharp declines in venture deal value and deal count and a decrease in funding raised by VC funds.
Charts from our Q1 2023 European Venture Report summarize the most important trends in the region, from late-stage deal activity to preferred exit routes. |
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Road to recovery: Could the recession be over for US auto dealers?
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| (Den Rozhnovsky/Shutterstock) |
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In a challenging market, two key factors will impact this year’s sales outlook for US auto dealers: the ongoing chip shortage and new rules for electric vehicles jolted into effect by August's Inflation Reduction Act.
Although the chip shortage is forecast to persist throughout the year, Morningstar analysts believe vehicle inventory will increase, leading to price decreases and more sales. Meanwhile, a series of EV-related tax credits could spur additional sales—especially now that California, a bellwether for national emission standards, has mandated 100% zero emission sales for all new vehicles sold in the state for the 2035 model year. |
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Battle for gen AI pits startups against defending champs
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| (Mara Potter/PitchBook News) |
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As generative AI technology continues to gain traction, established companies are adopting it at a rapid pace. That has left many startups, which normally lead the tech adoption curve, scrambling to keep up.
Venture capitalists are on a perennial hunt for the next groundbreaking technology. Generative AI may very well be it, and as in any hype cycle, it's easy to back the wrong companies. But for early-stage VCs, investing in AI could turn out to be more challenging than in the previous tech revolutions.
"Most of the time, startups' advantage has been they learn new technologies faster. But this time, they're behind," said Tomasz Tunguz, an investor and blogger who recently left Redpoint Ventures to launch Theory Ventures. |
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Surveying sustainable investing practices
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We're conducting our 2023 Sustainable Investment Survey to measure how investors and other private market participants are thinking about impact strategies and/or ESG risk factors. Please share your firm's approach to sustainable investing and what drives it.
All who complete the 10-minute survey will have the opportunity to enter a prize drawing, and for each completion, PitchBook will make a donation to World Central Kitchen. |
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The pressure is on for VC firms to take diversity seriously. [Institutional Investor]
Four of the world's top seven most valuable companies are diving headfirst into generative AI, yet the most valuable of them all, Apple, seems to have no ready answer. [Bloomberg]
Mega-constellations of satellites built by SpaceX, Amazon and others could carry thousands of sensors to aid research. [The New York Times] |
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Since yesterday, the PitchBook Platform added:
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9
VC valuations
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2553
People
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701
Companies
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25
Funds
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The Daily Benchmark:
2014 Vintage Global VC Funds
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Unchained, which offers financial services for bitcoin holders, has raised a $60 million Series B led by Valor Equity Partners.
Odeko, which provides operations support to independent coffee shops, has raised a $53 million Series D led by B Capital and joined by Tiger Global, among others.
Cybersecurity specialist Safe Security has raised a $50 million Series B led by Sorenson Capital.
Radiopharmaceutical startup Ariceum Therapeutics has raised an additional €22.75 million for its Series A, bringing the round's total to €47.75 million. The investment was led by Earlybird Venture Capital and Andera Partners.
Nativo, a content distribution platform for advertisers and publishers, has secured $25 million in structured capital from Capital IP.
Sunvigo, a Germany-based solar power company, has secured €20 million in a round led by Future Energy Ventures and Triodos Investment Management.
Caristo Diagnostics has raised £13 million in a round led by Oxford Science Enterprises. The startup's technology helps predict and diagnose cardiac and vascular diseases.
Rally, which offers an ecommerce checkout platform, has raised a $12 million Series A led by March Capital.
ETF Partners and Astelia have led a €10.5 million Series B for Dexter Energy. The startup offers generation forecasting and short-term trading services for energy companies.
Floodlight, a financial management platform for ecommerce companies, has raised $6.4 million in a round led by Aleph and 83North.
Dublin-based confidential computing startup Oblivious has secured €5.35 million in a round led by Cavalry Ventures. |
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State-owned broadcaster China Mobile is considering a buyout of Hong Kong telecommunications company HKBN for $1 billion, Reuters reported, which would prompt both TPG and MBK Partners to fully exit from the Hong Kong-listed company.
Apollo Global Management has invested $500 million in OTC Markets Group-listed edtech company Cengage Group.
JELD-WEN, a building products manufacturer, has sold its Australasia unit to Platinum Equity for A$688 million (around $463 million).
The operator of Australia's rugby league, Rugby Australia, seeks to raise up to A$250 million (around $168.5 million) from investors including PE firms, the Australian Financial Review reported. Silver Lake and CVC Capital Partners are among those interested, according to the report.
Oakley Capital has invested £14 million in independent education provider Thomas's London Day Schools.
Alsendo, a Polish logistics company backed by Abris Capital, has acquired Romanian parcel services platform Ecolet.
Polaris has completed its acquisition of a Nordic Microsoft Dynamics consulting business and rebranded it Cepheo. The company serves customers in Denmark, Sweden and Norway. |
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Gallatin Point Capital has closed its Fund II at $1.6 billion, exceeding a target of $1.5 billion, Private Equity Wire reported.
Dallas-based growth equity firm Braemont Capital has closed its first fund on $525 million.
Define Ventures has closed two healthcare-focused funds—its third flagship fund and an opportunities fund—that total $460 million. |
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| Angeles Investment Advisors has launched an investments unit to cover the private markets. The firm has raised over $200 million for its fifth private market fund-of-funds, which is expected to close over the summer, The Wall Street Journal reported. |
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| Liontrust Asset Management is in talks to buy Zurich-based fund manager GAM Holding, which has been searching for a buyer since a private debt scandal in 2018, the Financial Times reported. |
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"The problems facing the established financial services industry are anticipated to have knock-on effects for the fintech VC scene. ... Fintech is a major driver of VC activity in Europe, and signs of stress for large institutions will affect sentiment towards the subsector."
Source: PitchBook's Q1 2023 European Venture Report |
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