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VCs: Black-founded startups you need to know

GPs feel the squeeze on fees; VC's charge into clean energy; August's top equity, debt and commodities trends
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The Daily Pitch: VC
September 5, 2023
The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data
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In today's Daily Pitch, you'll find:
 
Today's Top Stories  
Startup Radar: VCs on Black-founded startups you need to know
MaC Venture Capital's Marlon Nichols
(Phillip Faraone/Getty Images)
Black founders have long been overlooked by the venture community, raising only a minuscule portion of overall capital invested.

We asked five VCs who invest in Black-founded startups to highlight two businesses—one in their portfolio and one not—that they're excited about.
read more
 
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August wrap-up: One month in global markets
Our latest Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets, tracking returns across a range of indexes and sectors. It also features private market activity, including major deals, fundraising, IPO performance, lending volume and unicorn creation.

In this monthly digest, we provide the datasets that the PitchBook Institutional Research Group is keeping an eye on as markets remain volatile.
read it now
 
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A message from Fasken  
Canada resilient in attracting inbound M&A
Although global M&A activity continues to drag under the weight of economic uncertainty, higher interest rates and uneven stock market performance, the Canadian market has remained relatively resilient in attracting inbound M&A.

Canada remained the second most popular destination for U.S. outbound M&A by deal volume over the first half of 2023, a position it enjoyed throughout each of 2022, 2021 and 2020. A relatively weaker Canadian dollar has also been a positive factor on this front as well as in spurring continued global inbound M&A into the country.

Throughout the turbulence (highs and lows) of the last three-plus years, FASKEN has consistently led Canadian M&A deal tables, and to further assist dealmakers it has prepared a comprehensive overview of Canadian Public M&A.
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Private fund managers report feeling a squeeze on fees
(courtneyk/Getty Images)
Data shows private market funds closed in the last two years have maintained a consistent headline price for management fees, but some advisers and fund managers report more fee pressure behind the scenes.

Scores of GPs managing private market strategies lowered fees to stay competitive in a challenging fundraising market, they say.
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LPs push GPs to tie fund fees to impact goals
(Chloe Ladwig/PitchBook News)
As private equity experiences a slowdown in fundraising across the board, impact-minded LPs are becoming more selective with commitments.

Increasingly, GPs raising impact funds are being asked to put some skin in the game by aligning the fees they earn with the fund's sustainability outcomes.
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For clean energy founders, it feels like 2021 again
In their best quarter since 2021, VC-backed clean energy startups brought in $5.4 billion in Q2, indicating the vertical's resilience. Driving the industry's success is major investment into solar and hydrogen technologies, per our recent Emerging Tech Research, another impact of the US Inflation Reduction Act and the Department of Energy's Hydrogen Shot initiative.

For new opportunities in the buzzy vertical, investors should brush up on nuclear fusion and geothermal energy, where engineers are recording breakthroughs in technologies targeting our reliance on fossil fuels.
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Recommended Reads
The internet was supposed to kill in-person shopping. Did retailers bet wrong on America's feelings about stores? [The Atlantic]

Burying power lines prevents wildfires, but there's a cost. [Wired]

New data shows just how much money New York and California lose when financial firms migrate south. [Bloomberg]
 
Since yesterday, the PitchBook Platform added:
13
VC valuations
2102
People
790
Companies
18
Funds
See what our data software can do
 
The Daily Benchmark:
2019 Vintage Global PE Funds with more than $1B
Median IRR
19.92%
Top Quartile IRR
29.48%
0.12x
Median DPI
Select top performers
Providence Strategic Growth IV
Great Hill Equity Partners VII
Arcline Capital Partners
*IRR: net of fees
86 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
San Francisco-based Atomicwork has raised $11 million in a round led by Blume Ventures and Matrix Partners. The startup’s technology automates IT workflow and HR support.

Paptic, a Finnish maker of wood fiber-based packaging materials, has raised €23 million from investors including Ecolab and the European Circular Bioeconomy Fund.

Jude, a London-based bladder health startup, has closed a $4.24 million seed round led by Eka Ventures and Joyance Partners.

US-based infrastructure management platform Facets.cloud has raised $4 million in a round led by 3one4 Capital.

Rig.dev, a Danish open-source application platform for Kubernetes, has secured a $2.2 million pre-seed investment led by ByFounders.

VC-backed equestrian training app Ridesum is buying Blackdog, an AI platform for biomechanical seat and movement analysis for horse riders.
 
Don't miss our upcoming webinar
In this discussion, PitchBook analyst Eric Bellomo hosts CEO Drew Marconi from Techstars-backed Intelligems, which offers a profit optimization and price A/B testing platform for ecommerce merchants. Key topics include:
  • Misconceptions and assumptions of online merchants surrounding their pricing strategies.

  • Technical challenges and opportunities in optimizing and analyzing product pricing.

  • Risks and challenges that both online merchants and enablement platforms are facing.
Register now to secure your spot.
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PE Deals  
Permira has agreed to buy UK-listed biopharma services company Ergomed for around £703.1 million.
 
Exit & IPOs  
SoftBank-backed UK chip manufacturer Arm is now looking to raise between $5 billion and $7 billion from its US IPO, down from its previous target of up to $10 billion, Bloomberg reported.

OQ Gas Networks, the pipeline division of Oman's state-owned oil company, OQ, plans to list up to 49% of its shares in what would be the largest IPO in the country in almost 20 years.

Apollo Global is helping Victory Park Capital find a buyer for its Amazon aggregator Perch, Bloomberg reported. Apollo is said to have previously pledged as much as $500 million in debt to Victory Park.
 
Fundraising  
Cube Infrastructure Managers has closed its third fund on €1.35 billion making it the largest fund the firm has ever raised.
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Chart of the Day  
"Across the globe, the push for energy transition continues to create M&A opportunities for companies seeking to meet energy initiatives and incentives. In May, Japanese energy firms NTT and JERA acquired Tokyo-based Green Power Investment for $2.2 billion in one of the country's largest-ever deals for a renewable energy company. ... The deal comes amid rising expectations in Japan for the use of renewable energy toward a carbon-neutral society by 2050."

Source: PitchBook's Q2 2023 Global M&A Report
 
Who's in the newsletter today?
Investors
3one4 Capital
Apollo Global
Blume Ventures
ByFounders
Cube Infrastructure Managers
Ecolab
Eka Ventures
European Circular Bioeconomy Fund
Joyance Partners
Matrix Partners
OQ
Permira
SoftBank
Victory Park Capital
Companies
Arm
Atomicwork
Blackdog
Ergomed
Facets.cloud
Jude
OQ Gas Networks
Paptic
Perch
Ridesum
Rig.dev
 
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