PitchBook News - VCs fight emerging biosecurity threats

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The Daily Pitch: VC

May 31, 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:

The pandemic supercharged investment in biotechnology, making it one of the most well-funded areas of defense tech.

France's private markets and overall economy demonstrated significant resilience in Q1 2023.

Apollo's acquisition of United Living Group underscores impact investing opportunities in affordable housing.

Today's Top Stories

VCs inject $3.2B into defense-focused biotechnology

(vchal/Shutterstock)

Biological warfare might sound like science fiction, but in the realm of defense tech, it's being taken increasingly seriously.

The pandemic supercharged investment in mission-critical biotechnology companies, making biotech one of the most well-funded areas of defense tech. But investors must be prepared to navigate the bureaucracy of defense organizations and the US government's fragmented biosecurity strategy.

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French private markets defy downturn

France's private markets and its overall economy have shown great resilience in 2023, with private equity deal value increasing by 43.9% compared to the end of last year. Venture capital in the country also displays promising signs.

Our 2023 France Private Capital Breakdown reveals the country was home to two of the three PE mega-deals to occur in Europe this year. Furthermore, Paris continues to defend its second-place position as a top VC hub in Europe with strong deal value.

read the report

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Medtech startups battle strong incumbents

From the Apple Watch to portable dialysis, we're in the golden age of connected medical technology, and investors are paying attention. Our report on the medtech industry covers five segments, 41 categories, and more than 1,100 companies to chart out the opportunities and investment drivers in the sector.

In Q1 2023, VCs invested $1.8 billion in medtech across 122 deals.

Precision medicine, surgical cardiovascular devices and neurostimulation are key areas of innovation.

50% of Americans are managing a chronic health condition, and patients want more portable, remote and minimally invasive solutions.

read the preview

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Apollo's impact arm makes 1st affordable housing bet

(1599686sv/Shutterstock)

Apollo Global Management is targeting affordable housing with its latest impact investment.

On Tuesday, the private equity giant said its impact platform will acquire United Living Group, a UK-based provider of infrastructure, maintenance and construction services in the affordable housing sector.

The acquisition is the fifth under the $947 million Apollo Impact Mission fund, which targets later-stage companies and prioritizes measurable social and environmental impacts. The deal is also the impact team's first foray into affordable housing.

Recommended Reads

Company insiders sold shares worth $22 billion just before the SPAC bubble bust. [The Wall Street Journal]

Blockchain's potential has sparked a race among nations to attract the best talent in the field. [Forbes]

People are already tired of machine-generated text, and they're not afraid to say it. [The Atlantic]

Since yesterday, the PitchBook Platform added:

15

VC valuations

2044

People

564

Companies

22

Funds

See what our data software can do

The Daily Benchmark:
2013 Vintage North American Fund-of-Funds

Median IRR

17.89%

Top Quartile IRR

23.11%

1.08x

Median DPI

Select top performers

Glouston Ohio Midwest Fund II

Bay Hills Emerging Partners III

Ironsides Partnership Fund III

*IRR: net of fees

42 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Zhongchu Guoneng Technology, a compressed air energy storage company based in Beijing, has raised a $140.9 million Series A led by the China Ministry of Finance-backed Guokai Manufacturing Transformation and Upgrading Fund and Cinda Kunpeng Investment Management, DealStreet Asia reported.

Indian consumer appliances brand Atomberg has raised an $86 million Series C led by Steadview Capital and Temasek.

Carrum Health, which connects self-insured employers to regional healthcare providers, has raised a $45 million Series B led by OMERS. Tiger Global was among participating investors.

France's Beem has closed a €20 million Series A from investors including Cathay Innovation, Alter Equity and 360 Capital for its energy management platform.

Neat Burger, a London-based vegan fast-food chain, has secured $18 million from investors including LionTree.

Qflow, a London-based construction SaaS startup, has raised a $9.1 million Series A led by Systemiq Capital.

Plural and UVC Partners have led a €7 million pre-seed investment in Proxima Fusion, a Munich-based developer of fusion power plants.

CUR8, a London-based carbon-removal specialist, has raised £5.3 million in a round led by GV.

PE Deals

Vector Capital has agreed to acquire Riverbed Technology, an IT company that provides networking and observability tools. Apollo Global Management and a group of lenders acquired Riverbed for $675 million in 2021.

Vista Equity Partners-backed OfficeSpace Software, a workplace management platform used by HR departments, has acquired Greetly, which functions as a digital receptionist.

Atlas Holdings-backed Flagstone Foods, which manufactures and distributes private-label nuts and trail mixes, has acquired Emerald Nuts from the Campbell Soup Company.

Three Hills Capital Partners is to take listed Italian digital marketing company Digital360 private. The firm will invest up to €64 million in the company.

SGT Capital is to acquire German management solutions company Elatec, which provides components for its customers' physical and digital security infrastructure.

Egeria Capital Management is selling a majority stake in Dutch frozen snack manufacturer Goodlife Foods to IK Partners.

Fundraising

Pear has closed a $432 million fund for investments at the idea, pre-seed and seed stages, Bloomberg reported. The generalist fund is Pear's fourth and largest vehicle.

Tribe Capital is planning a $250 million India-focused fund, The Economic Times reported.

The Italian government is setting up a fund to invest in AI startups, Reuters reported. The government plans to earmark around €150 million for the vehicle, which will be backed by state lender Cassa Depositi e Prestiti.

London-based Talis Capital has reportedly raised $100 million in the first close of its latest early-stage fund, which is targeting $175 million.

Chart of the Day

Source: Q1 2023 Global Private Market Fundraising Report

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PitchBook News - VCs fight emerging biosecurity threats

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