Do signs point to recovery for Europe VC?

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The Daily Pitch: VC

November 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:

PE firms see growth in medical spas and make big bets on Botox

Europe's VC valuations show promise even as yearly comparisons look dismal

VCs reverse from mobility tech after noting poor performance from public counterparts

Today's Top Stories

Positive light blinks on for Europe's VC valuations

Venture valuations in Europe declined across the board as of Q3 2023 compared to 2022, but the pre-seed, seed and late-stage categories had upticks in median price tag. Early-stage and venture-growth companies were the exceptions, with the latter marking the biggest yearly declines in both median valuation and deal size.

The Q3 2023 European VC Valuations Report illustrates how valuations have evolved during the first nine months of the year, including possible signs for a recovery.

Late-stage companies showed the most resilience to valuation declines.

The proportion of down rounds remained largely flat on a quarterly basis.

read it now

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Mobility tech VC on track for 6-year low as electric vehicle stocks limp

A Ford Argo AI test vehicle (Jeff Kowalsky/Getty Images)

US VC funding for mobility tech companies is on track to be roughly 70% off 2021 peaks. Investors are retreating from the segment after electric and autonomous vehicle manufacturers performed "miserably" following their stock market debuts, according to PitchBook senior analyst Jonathan Geurkink.

Still, the massive influx of cash from recent years has birthed opportunities in companies with specific use cases.

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Since yesterday, the PitchBook Platform added:

1

VC valuations

2140

People

591

Companies

29

Funds

See what our data software can do

The Daily Benchmark:
2017 Vintage Global Debt Funds

Median IRR

8.90%

Top Quartile IRR

11.67%

0.62x

Median DPI

Select top performers

Stellex Capital Partners

MCP Private Capital Fund III

Anchorage Illiquid Opportunities VI

*IRR: net of fees

79 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

Tiger Global's head of private investment, Scott Shleifer, is stepping down, The Information reported. Shleifer will remain at the firm as a senior adviser, according to the report.

VC Deals

Generative AI company AI21 Labs raised a $53 million Series C extension at a valuation of $1.4 billion. The extension round included participation from new investors Comcast Ventures and Intel Capital.

Precision psychiatry startup Alto Neuroscience raised a $45 million Series C led by InVivium Capital.

France's Indy secured €40 million led by BlackFin Capital Partners for its AI-powered accounting software.

RED Horticulture, a French developer of lighting solutions for greenhouses and indoor cultivation, raised a €17 million Series A led by the European Circular Bioeconomy Fund.

Vendelux raised a $14 million Series A led by FirstMark Capital for its event intelligence platform.

Sweden's Eliq secured €10 million from Inven Capital, Axpo and Valkea for its home energy efficiency platform.

SeeChange Technologies, a UK-based provider of recognition systems for retail stores, raised £8 million led by Crane Venture Partners and Triple Point.

Vizcab, the French developer of a platform designed to measure and manage the carbon impact of construction projects, secured €5 million in a Series A led by Kompas VC.

Northern Gritstone made a £2 million Series A investment in UK-based bioplastics-maker Floreon.

London's Reboxed, which sells refurbished electronics, completed a £1.6 million seed round led by ACF Investors.

PE Deals

The Carlyle Group is in talks to join Alexander Rodrigeuz and Marc Lore's acquisition of the NBA team Minnesota Timberwolves and WBA team Minnesota Lynx at a roughly $2.3 billion combined valuation, Axios reported.

One Equity Partners agreed to acquire London-based TechnipFMC's measurement solutions business, which provides tools such as metering for measuring materials transfer through infrastructure.

Skky Partners, the PE firm founded by Kim Kardashian and Jay Sammons, agreed to acquire a minority stake in truffle-infused condiment and flavoring brand Truff. The deal marks Skky's first reported investment.

Listed South African telecom company Telkom is in exclusive talks with a PE-led consortium of investors over the sale of its mast and towers business, Swiftnet.

Astorg agreed to buy a 51% stake in Belgian car financing software provider Sofico.

Industrifonden invested 45 million Swedish kronor (around $4.3 million) in radiation protection services provider Texray.

Levine Leichtman Capital Partners sold Therapeutic Research Center to Colibri Group.

Exits & IPOs

The Home Depot agreed to acquire International Designs Group from Mill Point Capital. The Georgia-based company designs, fabricates and sells products including flooring, surfaces and appliances.

Fundraising

Toronto-based PE firm Kinterra Capital closed its debut fund on $565 million. The firm targets investments in assets in North America, western Europe and Australia to source critical minerals for electric vehicle batteries.

VC firm Twelve Below raised $108 million across an $80 million second early-stage fund and a $28 million opportunity fund.

Investors

Exponent has opened an office in Dublin following the firm's decision to utilize Ireland's newly revised Investment Limited Partnership regulations.

Chart of the Day

Source: The Role Banks Play in the Japanese Venture Market

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