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The Daily Pitch: VC

September 22, 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 new dataset allows investors to more thoroughly evaluate pre-seed opportunities

Do specialized VC funds outperform generalists? Here's what the numbers say

VC investment in mobility tech leveled out in Q2, our latest Emerging Tech Research shows

Goldman Sachs has closed the world's fourth-largest PE secondary fund

Foreign investor participation in VC deals in Greater China fell significantly this year

Today's Top Stories

Introducing pre-seed to PitchBook datasets

Global pre-seed dealmaking has grown rapidly over the past decade. However, there is a lack of consensus on how "pre-seed" is interpreted among investors, despite the term's popular use.

Our latest analyst note defines this stage as we launch a new dataset to better capture pre-seed deals—and allow investors to more thoroughly evaluate pre-seed opportunities. The methodology includes company age, current backing status, geography and more.

read the note

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Do the VC world's specialists outperform generalists?

(leolintang/Getty Images)

VC funds have become increasingly specialized over the last few years as differentiation becomes a key way to attract LP commitments.

But do specialists deliver better returns than generalist funds? We looked at the performance of nearly 2,000 funds to find out.

Recommended Reads

How Rupert Murdoch built his media empire. [The New York Times]

An AI tool pinpoints genetic mutations that cause disease. [Scientific American]

Estonian startups are coming up with new ways to save the country's trees. [Sifted]

Since yesterday, the PitchBook Platform added:

9

VC valuations

3137

People

651

Companies

20

Funds

See what our data software can do

The Daily Benchmark:
2020 Vintage Global Funds-of-Funds

Median IRR

10.19%

Top Quartile IRR

26.80%

0.05x

Median DPI

Select top performers

Banner Ridge DSCO Fund I

PA Small Co Private Equity Fund IX

Spectra Investments V

*IRR: net of fees

25 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Curve, a London-based financial app provider, has raised an additional £58 million for its Series C, bringing the round's total to over £133 million. Investors included IDC Ventures, Outward VC and Britannia Financial Group.

Lepaya, which offers a corporate training platform, has secured $38 million in a round led by Endeit Capital.

Mesh, a digital asset management startup, has raised a $22 million Series A led by Money Forward.

Kyp.ai, a German provider of productivity software, has closed an $18.7 million Series A led by OTB Ventures.

Electronic visa startup Atlys has raised a $12 million Series A led by Peak XV Partners.

Rencore, a cloud collaboration specialist, has secured an $8 million investment from UVC Partners.

Crypto analytics startup CoinScan has emerged from stealth with $6.3 billion in funding led by angel investor Shalom MecKenzie.

Finnish gaming studio Spectarium has raised a €5 million seed investment led by Bitkraft Ventures.

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PE Deals

Japan Industrial Partners' $14 billion takeover bid for Toshiba has been successful, the Japanese conglomerate has confirmed.

Woori Private Equity Asset Management has acquired South Korea's Polaris Shipping for 600 billion won (around $447.5 million).

EQT and PSP have acquired Radius Global Infrastructure, a real properties leasing company.

A consortium backed by Blackstone and including Permira is exploring an acquisition of Adevinta, a publicly listed online classifieds company.

TotalEnergies is investing $300 million in a renewables venture with the Adani Group, the Financial Times reported.

Varde Partners-backed WiZink, a Spanish online lender, is considering a stake sale of its Portugal unit, Reuters reported.

Exit & IPOs

KKR-backed Japanese chip equipment maker Kokusai Electric is planning an initial public offering on the Tokyo Stock Exchange on Oct. 25.

Fundraising

SkyKnight Capital has raised its Fund IV with $1 billion in commitments.

Investors

GGV Capital has split its Singapore-based China operations into a separate entity.

The FTC has filed a suit against private equity firm Welsh Carson, alleging suppression of competition for the sake of higher profit from medical services in Texas.

Corporate M&A

Digital communications conglomerate Cisco has acquired Splunk, a cybersecurity software maker, in a $28 billion take-private.

Chart of the Day

Source: Q2 2023 US Public PE and GP Deal Roundup

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PitchBook News - Our new pre-seed dataset

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