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The Daily Pitch: VC

January 17, 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:

European PE had a better 2023 than expected, but it remains a market of haves and have-nots

Funding for the voluntary carbon markets sector has surged, but analysts still see challenges

PE eyes distressed startups amid venture funding lull

It's harder for VCs to get LPs on board as their time between fund closes lengthens

Four VCs on fintech startups to watch in 2024

Today's Top Stories

VC's ups, downs in voluntary carbon markets

VC funding for companies in the voluntary carbon markets sector has accelerated at a rapid clip—from $100 million in 2017 to around $1.5 billion last year.

Businesses that build infrastructure and services for the space, like Xpansiv and Aspiration, have been some of the biggest winners, along with certain credit producers like Climeworks. But substantial costs and other factors have created challenges for startups, according to our latest analyst note.

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European PE ends 2023 stronger than expected

A resilient deal count and a bumper year for fundraising mean European private equity had a better 2023 than many were expecting. But it remains a market of haves and have-nots, as outlined in our 2023 Annual European PE Breakdown.

While deal count may have increased slightly compared to 2022, add-ons accounted for the lion's share, with mega-deals at their lowest since 2014. In contrast, mega-funds dominated a near-record year of fundraising—just five funds accounted for more than half of all capital raised.

There's little sign the market will be more balanced in 2024, with exits expected to remain low, limiting the prospects for a more normalized fundraising cycle.

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VC fund closes stretch to 15 months—longest in a decade

(Rich Gagnon/Getty Images)

For VC fund managers, 2023 was the year of asking LPs for deadline extensions.

Venture firms took longer, on average, than any other year in recent memory to close funds, according to our latest PitchBook-NVCA Venture Monitor. The median time to close, 15 months, was a nearly 45% jump from 2021, and the highest rate in at least a decade.

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Since yesterday, the PitchBook Platform added:

27

VC valuations

2483

People

959

Companies

30

Funds

See what our data software can do

The Daily Benchmark: 2015 Vintage North American Real Assets Funds

Median IRR

10.29%

Top Quartile IRR

13.60%

0.78x

Median DPI

Select top performers

Carnelian Energy Capital

Lime Rock Partners VII

EnCap Energy Capital Fund X

*IRR: net of fees

26 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Paris-based Electra, an electric vehicle charging startup, raised a $330 million Series B led by PGGM and Bpifrance.

Swedish clean energy startup Aira raised an additional €58 million for its Series B, bringing the round's total to €145 million. Temasek led the latest investment.

Tokyo-based AI startup Sakana AI raised $30 million in a seed round led by Lux Capital.

Xyte secured a $20 million Series A led by Intel Capital and a $10 million venture loan from BlackRock. Xyte helps device and hardware manufacturers enable subscription services.

Onera Health, a Dutch sleep diagnostics and monitoring specialist, completed a €30 million Series C led by EQT Life Sciences and Gimv.

Pliant, a London-based provider of digital corporate credit cards, raised an additional €8 million from Molten Ventures for its Series A, bringing the round's total to €33 million.

Dutch quantum dot technology startup QDI Systems secured €5 million from investors including NV NOM, Maki.vc and Carduso Capital.

Singapore's Meiro closed a $3 million pre-Series A led by Wavemaker Partners for its customer data platform.

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

Oakley Capital has agreed to invest in UK collision repair company Steer Automotive Group. The business represents 5% of the UK repair market.

An investor group comprising Macquarie Capital, Stirling Square and TA Associates has made an offer to acquire Stockholm-listed construction software company Byggfakta

Ardian has completed its acquisition of Costockage, a French online marketplace for renting storage units from operators and individuals.

CVC Capital Partners is acquiring La Piadineria, an Italian quick-service restaurant chain, from Permira. The deal values the chain at €600 million (about $657 million), Reuters reported.

EQT, KKR and Thoma Bravo are all considering bids to acquire the end-user computing unit of Broadcom, valued at roughly $5 billion, Bloomberg reported.

Fosun, a Chinese tourism group, is in talks to sell its Thomas Cook brand to eSky, an online travel agent majority-owned by MCI Capital, Sky News reported.

TPG is paying $228 million for a majority stake in Sayari Labs, a VC-backed risk management technology company, The Wall Street Journal reported. The investment comes via the firm's growth equity platform, TPG Growth.

Exits & IPOs

London-based Goodnotes, which offers a note-taking app, acquired South Korea's Dropthebit, the VC-backed developer of a meeting and video summary tool called Traw.

Fundraising

Thomvest Ventures has launched a $250 million fund to invest in the fintech, proptech, cybersecurity and AI sectors.

Chart of the Day

Source: 2023 Annual US PE Breakdown

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PitchBook News - VC's role in voluntary carbon markets

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