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The Daily Pitch: VC

November 14, 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 latest Quantitative Perspectives research points to long-term challenges in PE

Four charts sum up the latest trends in VC valuations

Here's how the different segments of the secondary market fared for fund performance

Despite blockbuster CAA deal, European spending on US PE buyouts is down

Today's Top Stories

4 charts: Stagnant VC valuations fail to spur discount investment spree

(Caroline Bedoc/Getty Images)

More than a year and a half into the VC industry downturn, there are signs that valuations have hit bottom. However, investors have yet to ramp up bargain hunting, and dealmaking remains subdued.

Here are four charts that sum up the latest trends in VC valuations.

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A bigger, more complex industry eBook

In Apex Group's latest e-book, "A bigger, more complex industry," Apex unpacks the specific trends yet to take place in the industry, including themes such as technological advancements, political changes, and economic shifts. What are some of these potential trends that could shape the private equity industry in the coming decades?

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London-based PE firm AnaCap promoted general counsel Victoria Brown and CFO Graeme Chaffe to partner.

VC Deals

LA-based Divergent Technologies, a startup creating digital manufacturing tools, has secured a $230 million Series D led by Hexagon.

VectorY, an Amsterdam-based drug discovery startup, has raised a $138 million Series A co-led by EQT Life Sciences and the Forbion Growth Opportunities Fund.

The Block, a crypto-focused news outlet, has been purchased by Foresight Ventures for $70 million, Financial Times reported.

ViaNautis Bio has raised a $25 million Series A led by 4Bio Capital, BGF and UCB Ventures for its drug delivery system.

Shekel Mobility, an African automotive marketplace startup, has raised $7 million in seed funding led by Ventures Platform and MaC Venture Capital.

Solar marketplace operator Otovo has raised 450 million Norwegian kroner (around €40 million) in a round led by existing investors A Energi, Axel Johnson Group and Nysno.

Filu, a German startup that builds veterinary clinics, has raised €5.1 million co-led by DN Capital and YZR Capital.

UK-based wave energy developer Mocean Energy has raised £2.2 million from existing investors including Equity Gap, Scottish Enterprise and Old College Capital.

PE Deals

General Atlantic agreed to acquire a majority stake in Copenhagen-based Joe & The Juice from Valedo Partners, valuing the smoothie and coffee bar chain at around $600 million, Bloomberg reported.

Parthenon Capital Partners-owned asset manager Titan Wealth is acquiring UK financial advisory Aspira Corporate Solutions, increasing its AUM by £4 billion to £16.6 billion.

EMZ Partners agreed to acquire a stake in Imes-icore, a dental device manufacturer and designer based in Germany, from Ardian.

Greater Sum Ventures took a majority stake in Georgia-based Utility, alongside a minority investment from PSG. Previous owner Hicks Holdings retained a minority stake in the company, which provides body cameras and digital systems for law enforcement and first responders.

Norwest Venture Partners made a growth equity investment in Aesthetic Partners, a Miami-based medical aesthetics, plastic surgery and cosmetic dermatology platform.

Exits & IPOs

Bain Capital is considering either selling or launching an IPO for Texas-based student sports apparel company Varsity Brands at a valuation of $6 billion, Reuters reported.

Mach Resources agreed to buy oil and gas properties in Oklahoma's Anadarko Basin region from EnCap Investments-backed Paloma Partners IV for $815 million.

Fundraising

PAI Partners has held a €7.1 billion final close of Fund VIII. The flagship vehicle is around 40% larger than its predecessor, PAI Europe VII, which closed on €5.1 billion in 2018.

Pantheon plans to launch an open-ended evergreen fund. The Pantheon Global Private Equity Fund will offer investors in more than 20 countries monthly subscriptions starting from $25,000 and include a quarterly liquidity mechanism.

Corporate M&A

Swedish automaker Volvo has won an auction to buy the US battery business of formerly VC-backed electric vehicle company Proterra for $210 million. The auction was part of Proterra's ongoing bankruptcy protection process.

Chart of the Day

Source: Q3 2023 European PE Breakdown

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PitchBook News - VC valuations in 4 charts

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