PitchBook News - Solar's moment in the sun

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The Daily Pitch: VC

June 8, 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 Q1 2023 Clean Energy Report covers the latest VC trends and opportunities in the vertical.

PitchBook research indicates that funds aligned with ESG principles are keeping pace with their non-ESG peers.

Find out which parts of the healthcare system could be transformed first by AI in our Q1 2023 Healthcare IT Report.

Today's Top Stories

Solar's moment in the sun

Solar module producers like Enpal and Sunroof are reeling in major deals even as total investment value in cleantech has fallen over 40% since last year, our Q1 2023 Clean Energy Report finds.

Investors see an opportunity to expand solar energy production outside of Chinese companies, and the Inflation Reduction Act is giving the vertical a major boost. But there are still roadblocks—including a critical minerals shortage—on the horizon.

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Investors who commit to ESG are performing on par

(sattahipbeach/Shutterstock)

GPs and funds committed to ESG-aligned investments have risen exponentially in the past decade. One of the factors holding the trend back: critics who believe investing with ESG risk factors in mind can lead to lower returns.

Contrary to that perception, new analysis of private fund data found that those managed by firms that have committed to the Principles for Responsible Investment performed just as well as non-ESG-aligned peers.

Recommended Reads

Troubles encircle CareRev, a hospital-staffing startup that raised $100 million during the pandemic. [The Information]

PE firms trying to change the energy industry are racing to hire former corporate leaders who can help them make good on their bets. [The Wall Street Journal]

Gene therapy may offer birth control for cats. [The New York Times]

Since yesterday, the PitchBook Platform added:

13

VC valuations

2306

People

641

Companies

22

Funds

See what our data software can do

The Daily Benchmark:
2017 Vintage Global PE Funds between $250M-$500M

Median IRR

19.60%

Top Quartile IRR

30.64%

0.56x

Median DPI

Select top performers

Falfurrias Capital Partners Fund III

Clarion Investors III

LongueVue Capital Partners III

*IRR: net of fees

26 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

London-based skincare products platform GetHarley has raised $52 million in a round led by Index Ventures.

Instabase, a B2B generative AI company, has raised a $45 million Series C led by Tribe Capital with additional backing from investors including Andreessen Horowitz. The round brings Instabase's valuation to $2 billion.

New York-based EliseAI has raised a $35 million Series C led by Point72 Private Investments for its conversational AI platform targeted to the real estate industry.

Mosaic, a financial planning startup that helps small and medium-sized businesses, has raised a $26 million Series C led by OMERS.

UK e-fuel producer OxCCU has raised $22.7 million in a round that includes Aramco Ventures and Eni Next.

London-based fintech company Griffin has raised $13.5 million in a Series A led by Mass Mutual Ventures.

Yogurt-maker Icelandic Provisions has raised an $18 million Series C backed by VEX, Kvika Corporate Finance, Hamrar Capital Partners and others.

Radar technology startup MatrixSpace has raised a $10 million Series A led by Raptor Group with participation from Intel Capital and other investors.

PitchBook webinar: Exploring generative AI trends and opportunities

This webinar will explore the dramatic arrival of generative AI. Panelists from the AI industry will join senior emerging technology analyst Brendan Burke to discuss generative AI applications, startup trends, opportunities and alternatives to ChatGPT. Key takeaways include:

Startup funding is shifting from generative applications to infrastructure as enterprises build internal tools.

New startup categories are forming, but winners are not yet clear.

Open-source projects are catching fire, yet they may confer limited benefits to startups and be replicated by incumbents.

Register now to secure your spot.

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PE Deals

NYSE-listed Univar Solutions, a chemical and specialty ingredients company, has approved its $8.1 billion acquisition by Apollo Global Management.

Bain Capital has offered a take-private deal valuing Chindata, a Chinese data center operator, at $2.93 billion, Reuters reported.

Estia Health has received a $552 million take-private offer from Bain Capital, Reuters reported. The aged-care provider's board has said it will allow the firm to do the due diligence required for a binding proposal.

The Independents, a marketing group for luxury brands, has raised a $400 million round comprised of debt and equity led by FL Entertainment and TowerBrook.

Beyond Music, a music investment firm based in South Korea, has raised a $170 million funding round led by Praxis Capital.

Japanese life insurance company Japan Post Insurance has entered into a strategic partnership with KKR and Global Atlantic.

EIG Global Partners-backed UK oil producer Harbour Energy is in merger talks with sector peer Talos Energy, Reuters reported. The move would allow the combined entity to list in New York.

Exit & IPOs

Just days after announcing its mixed-reality headset, Apple has acquired AR headset specialist Mira, according to reports. Mira previously raised funding from investors including Greylock Partners, Sequoia and Founders Fund.
Brookfield Asset Management has agreed to sell its stake in telecoms company One New Zealand to Infratil for NZ$1.8 billion (about $1.1 billion).

Scottish Equity Partners has exited Irish payroll company Immedis through a sale to UKG.

Fundraising

L Catterton has raised around $230 million of its $700 million target for L Catterton Latin America IV, The Wall Street Journal reported.

Investors

Ecommerce giant eBay is partnering with pre-seed investor Techstars to launch an ecommerce startup accelerator.

Chart of the Day

Source: PitchBook's Q1 2023 US PE Breakdown

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PitchBook News - Solar's moment in the sun

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