PitchBook News - VC's role in voluntary carbon markets

VC funds take longer and longer to close; investors on fintech startups to know; PE buyers target cash-constrained startups
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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:
 
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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PE buyers take aim at cash-constrained startups
(Flashpop/Getty Images)
PE-backed portfolio companies are taking advantage of the liquidity shortage in the startup world.

These buyers see an opportunity to capitalize on the slumping valuations of venture-backed companies and pursue add-ons at cheaper prices than they could find two years ago.
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Startup Radar: VCs on fintech startups you need to know
(Eugene Mymrin/Getty Images)
Fintech startups are likely to attract more VC funding this year as valuation resets due to the downturn increase the attractiveness of deals.

We asked four VCs for their thoughts on the fintech startups to watch this year.
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Since yesterday, the PitchBook Platform added:
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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 »
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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.
 
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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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