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The Daily Pitch: VC

December 1, 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:

VCs show warming 2024 expectations for the asset class in our emerging tech survey

Experienced pros reveal their best practices for doing due diligence on VC funds

We talked enterprise generative AI investing with IBM's corporate venture capital head

Female founders are less likely than their male peers to have a master's or doctoral degree

Today's Top Stories

Survey: New year, new VC?

Venture investors are ready for a rebound in 2024. Half of the 72 respondents to our industry survey expect more dealmaking, compared with 24% when we asked in May. But they're not throwing caution to the wind. Respondents continue to rate potential profitability as the most important factor in choosing an investment.

Our latest Emerging Tech Research analyzes investor attitudes on technology and the overall VC market and how those have changed during the year.

On hype: Generative AI still has potential, but crypto is overinvested.

On fund returns: 2024 is now expected to be a strong vintage year.

read it now

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Q&A: IBM Ventures brings generative AI to the enterprise with $500M fund

Roger Premo, IBM Ventures general manager of corporate strategy and ventures (Joey Schaffer/PitchBook News)

A year after ChatGPT's release, investors are still debating generative AI's killer use case. IBM Ventures has a fresh $500 million AI fund and a belief that enterprise applications are where generative AI will find its surest foothold.

Roger Premo, the corporate venture arm's head, talked with us about the firm's strategy, the trends in AI he is watching and how IBM Ventures plans to compete in the crowded AI space.

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Since yesterday, the PitchBook Platform added:

1

VC valuations

2143

People

753

Companies

33

Funds

See what our data software can do

The Daily Benchmark:
2012 Vintage Global Real Estate Funds

Median IRR

11.50%

Top Quartile IRR

14.40%

1.36x

Median DPI

Select top performers

ERS Texas Private Real Estate Emerging Manager Exeter

KTR Industrial Fund II

Artemis Real Estate Partners Fund I

*IRR: net of fees

62 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Ecommerce fulfillment startup Huboo has raised $36.6 million from investors including Ada Ventures and Maersk.

Medical device company Bright Uro has raised a $23 million Series A led by Laborie Medical Technologies.

Generative AI business automation startup Kognitos raised a $20 million Series A led by Khosla Ventures.

Mytos, a biotech startup that has developed an automated cell production system for life sciences companies, raised a $19 million Series A led by Buckley Ventures.

Rich Data raised a $17.5 million Series B led by Westpac and nCino. The Australian company makes an AI-powered lending intelligence engine used by banks.

Velca, a Spanish e-bike and electric motorcycle specialist, raised a €5.3 million Series A led by Sherry Ventures, Noso Capital and BeHappy Investments.

Finnish embedded finance solutions provider Enfuce secured an €8.5 million follow-on investment from Vitruvian Partners, Visa and Maki.vc.

Berlin-based Layla raised €3 million in seed funding led by Firstminute Capital for its travel planning app. Other investors include Booking.com co-founder Andy Phillips, Skyscanner co-founder Barry Smith and Paris Hilton.

PE Deals

Ariel Alternatives acquired a 58.5% stake in My Code from Falfurrias Capital Partners, management and other investors, valuing the multicultural marketing and media specialist at close to $400 million.

KKR and medical device maker Hologic are launching platform Maverix Medical, which will be managed by KKR-backed VC firm Ajax Health. Portfolio company Serpex Medical will join the platform.

TZP Group acquired dance competition and training groups Break The Floor Productions and Star Dance Alliance to form Dance One Holdings.

Eagle Tree Capital acquired Summit Hill Foods, the owner of Better Than Bouillon and Louisiana Hot Sauce. The Georgia-based company was formerly held by Northstar Capital.

May River Capital acquired Colorado-based RLE Technologies, which offers environmental monitoring equipment for data centers.

Exits & IPOs

Lime Rock Partners-backed CrownRock is considering a $10 billion takeover offer from NYSE-listed Occidental Petroleum, Reuters reported.

Vitamin-maker Pharmavite acquired New York-based Bonafide Health, which provides health products for women in menopause, for $425 million. Bonafide previously received backing from 1315 Capital and Johnston Associates.

Fundraising

France's Antin Infrastructure Partners held the final close of its NextGen fund on €1.2 billion.

Star Mountain Capital has closed Value-Added Direct Lending Fund IV on $1.2 billion, with $820 million of LP capital, above its $750 million target. The fund will invest in US small and medium-sized businesses.

Invest-NL and the European Investment Fund have launched Dutch Future Fund II which will invest a minimum of €200 million across a target of 10 to 12 Dutch venture capital funds.

Chart of the Day

Source: Q3 2023 US Public PE and GP Deal Roundup

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PitchBook News - New year, new VC?

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Top GPs' private credit surplus

Medtech primed for strong finish to 2023

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Biotech, AI stand out in emerging tech

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