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The Daily Pitch: VC

January 16, 2024

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 Emerging Space Brief dives into VC opportunities in humanoid robotics

Sluggish dealmaking in 2023 puts pressure on PE firms to get deals done this year

European VCs expect a recovery to start in 2024

Today's Top Stories

VCs dream of more-human robots

The future of startups specializing in robots that mimic human appearance and behavior may not be as far away as you think. Our latest Emerging Space Brief dives into the humanoid robotics sector, providing an overview of its current shape and the potential VC opportunities.

read it now

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A VC recovery on the horizon?

(Tetra Images/Getty Images)

After a challenging 2023, Europe's VC market is expected to pick up this year as investors believe the worst of the downturn has passed.

Check out these predictions from VCs active in Europe to see what's in store for the region's startups.

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Since yesterday, the PitchBook Platform added:

5

VC valuations

1902

People

494

Companies

14

Funds

See what our data software can do

The Daily Benchmark:
2011 Vintage Global VC Funds with more than $250M

Median IRR

17.10%

Top Quartile IRR

21.45%

1.64x

Median DPI

Select top performers

Menlo Ventures XI

Sofinnova Ventures VIII

Index Ventures Growth II

*IRR: net of fees

14 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

CVC Capital Partners' managing director in Mumbai, Mohit Goyal, is leaving the company, Bloomberg reported. Goyal was one of CVC's first hires in India.

Clayton, Dubilier & Rice has hired Dave Lewis, former CEO of UK supermarket giant Tesco, as an operating adviser to help source deals and support its portfolio investments across Europe.

UK mid-market PE firm Livingbridge has appointed Bevan Duncan as partner. Duncan rejoined Livingbridge last year after spending time as managing director of Gresham House's strategic equity division.

VC Deals

Dutch solar energy startup Soly has secured €30 million in a round led by ArcTern Ventures.

Tune.fm, a web3 decentralized music streaming platform and music NFT marketplace, has received $20 million from LDA Capital.

Octopus Ventures has led a £7.6 million investment in UK-based biotech startup CellVoyant.

London-based business onboarding intelligence platform Detected has raised €2.2 million from investors including Thomson Reuters Ventures and Love Ventures.

Don't miss our upcoming webinar

Join our analysts as they recap the biggest 2023 trends in European PE and VC and help you get prepared for 2024. Whether you're interested in dealmaking considerations, exit market conditions, potential risks ahead or updates on raised capital, our experts will help you win what's next.

Register now to secure your spot.

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PE Deals

EQT and KKR are among the potential suitors for a $5 billion takeover of Broadcom's end-user computing business that it acquired following its takeover of VMware, Bloomberg reported. Thoma Bravo has also been looking at a potential bid.

Italian firm Style Capital is looking to acquire luxury fashion brand holding company New Guards Group, Women's Wear Daily reported.

Keystone Agency Partners, a Pennsylvania-based insurance brokerage platform backed by Flexpoint Ford, has acquired insurance price comparison service LifeQuotes. The deal marks KAP's 20th platform acquisition.

Exits & IPOs

CVC Capital Partners has agreed to acquire Italian quick-service restaurant chain La Piadineria from Permira. Reuters reports that the deal, which comes via CVC Fund VIII, is worth €600 million.

Fundraising

London-based Thema has launched a fund of funds targeting first-time VC managers in Europe. The firm plans to commit to four funds annually for the next three years.

Investors

General Atlantic has agreed to acquire UK-based infrastructure investor Actis. The deal will expand the firm's assets under management to around $96 billion.

Chart of the Day

Source: 2023 DACH Private Capital Breakdown

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PitchBook News - VCs dream of more-human robots

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