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The Daily Pitch: VC

October 27, 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:

Lower-middle-market PE firms are seizing on demand for lending

Take a look at healthtech's 10 most active VC investors

Half of the Europe's largest VC deals of Q3 involved cleantech startups

Today's Top Stories

Ranking the most developed VC hubs

The US and Asia account for the majority of the world's most developed VC ecosystems, with San Francisco in pole position, according to our Global VC Ecosystem Rankings. The rankings score cities based on the size, maturity and growth rates of their VC hubs.

While 65% of the hubs with the highest growth rates are in Europe, only one European city landed among the top 20 most developed VC ecosystems. Dubai holds the No. 1 spot for the ecosystem with the fastest growth.

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Get a pulse on healthtech's most active investors

(Julia Midkiff/PitchBook News)

Healthtech continues to drive change in patient care, from telemedicine to imaging software.

In the rapidly changing landscape of healthtech, these are the most active investors and the companies they're betting on.

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PE shop expands into private credit amid regional bank retreat

(RF Pictures/Getty Images)

Regional banks' retreat from corporate lending opened the door for private credit providers to fill growing funding demand in the lower middle market, as cash-hungry small businesses seek alternative lending sources.

LongWater Opportunities, a boutique PE shop targeting industrial companies, formed a private credit arm to seize on rising lending opportunities.

Recommended Reads

Forget unicorns: Investors can learn from the frugal businesses minting money in India. [The Economist]

Inside Google's plan to stop Apple from getting serious about search. [Wired]

Nuveen's private credit teams aren't worried about a major recession. [Institutional Investor]

Since yesterday, the PitchBook Platform added:

17

VC valuations

1737

People

610

Companies

22

Funds

See what our data software can do

The Daily Benchmark:
2016 Vintage US PE Funds

Median IRR

21.53%

Top Quartile IRR

27.33%

0.91x

Median DPI

Select top performers

Francisco Agility Fund

Renovus Capital Partners II

Gemspring Capital Fund I

*IRR: net of fees

87 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Ola Electric, a Bengaluru-based electric vehicle startup, raised roughly $380 million in debt and equity, according to reports. Temasek led the equity portion of the round.

Singapore's YouTrip raised a $50 million Series B led by Lightspeed for its multicurrency travel wallet.

Insurance tech company AgentSync secured $50 million co-led by Craft Ventures and Valor Ventures.

Arteria AI raised a $30 million Series B led by GGV Capital for its institutional finance platform.

Industrial staffing marketplace operator Traba raised $22 million led by Founders Fund.

Betteromics, which offers a SaaS platform for life sciences professionals, raised a $20 million Series A led by Sofinnova Partners and Triatomic Capital.

InfinityStakeChain raised $12 million led by Binance for its Australian digital currency platform.

Munich-based The Landbanking Group raised $11 million led by BonVenture and Andre Hoffmann for its eco-fintech platform.

Viso.ai, the Swiss developer of a computer vision infrastructure platform, secured a $9.2 million seed investment led by Accel.

PE Deals

Silver Lake is working toward a possible take-private of NYSE-listed sports entertainment company Endeavor Group.

Partners Group is interested in buying Australian holiday resort Hamilton Island, Bloomberg reported.

Oakley Capital agreed to buy a stake in Australian web hosting and email provider Webcentral.

KKR agreed to invest in Precipart, a New York-based contract manufacturer for the aerospace and medical device industries.

TT Capital Partners acquired a majority stake in Austin's Cantata Health Solutions, which offers an integrated electronic health records system for behavioral health and human services.

IK Partners has agreed to sell Swedish accountancy advisory company Aspia to Vitruvian Partners.

Exit & IPOs

ConocoPhillips is among several energy companies weighing an offer for Lime Rock Partners-backed CrownRock, a Texas-based upstream oil and gas company valued between $10 billion and $15 billion, Reuters reported.

Bain Capital is considering selling Rocket Software, an enterprise software developer based in Massachusetts, at a valuation of more than $5 billion, Bloomberg reported.

Next year, Hg may sell a majority stake or all of its holdings in Munich-based emergency notification software developer F24, which could be valued at €1 billion, Reuters reported.

Madrid-based fashion retailer Tendam is considering an IPO, Reuters reported. Backers CVC Capital Partners and PAI Partners each own about half of the business.

Fundraising

Consumer-focused PE firm Brynwood Partners, based in Connecticut, has closed its ninth flagship fund and largest vehicle to date on $750 million, The Wall Street Journal reported.

Paris-based VC firm Sofinnova Partners closed its early-stage digital medicine fund on $200 million.

Investors

GCM Grosvenor invested in Los Angeles-based middle-market PE firm Excolere Equity Partners, which specializes in education and human capital management investments.

Chart of the Day

Source: Q3 2023 PitchBook-NVCA Venture Monitor

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PitchBook News - US, Asia have VC's most developed hubs

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