PitchBook News - Charting a VC exodus

Agricultural biologicals resist VC slowdown; India defies global IPO freeze; PE mega-deals boost exit value in Europe
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The Daily Pitch: VC
January 22, 2024
Presented by Affinity
In today's Daily Pitch, you'll find:
Today's Top Stories  
VC's investor pullback in 4 charts
(Mike Hill/Getty Images)
Startups seemed to face a never-ending string of bad news in 2023: The collapse of Silicon Valley Bank and a frozen IPO environment were just two factors that propelled VC investors away.

Four charts from our latest PitchBook-NVCA Venture Monitor highlight the effects of this investor exodus.
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Agricultural biologicals resist VC slowdown
Amid the shift toward environmentally friendly farming practices, agricultural biologicals are in high demand, and VCs are taking note. These sustainable products enhance crop productivity, optimize soil health and reduce reliance on traditional chemicals.

Our latest analyst note unpacks the market for agricultural biologicals, a sector that logged nearly $1 billion in VC investment in 2023.
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A message from Affinity  
VC predictions for 2024 with 3 top firms
How will venture capital change in 2024? Join Affinity to find out in a panel discussion featuring Foxe Capital, SaaS Ventures, and Intel Ignite.

They'll discuss what Affinity's survey of 700+ investors reveals about sentiment for the year ahead, how VCs are adapting their strategies to a changing market, and where firms can implement AI to improve processes and speed up decision-making.

Register now
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India defies global IPO slowdown
A sub-broker makes flower offerings before a bull statue outside the Bombay Stock Exchange in Mumbai.
(Indranil Mukherjee/Getty Images)
While IPOs remained in the doldrums for the US and much of Europe, India's exchanges experienced a standout year for stock market debuts.

With much of the action picking up in Q4, new offerings are expected to maintain momentum in the coming months, offering private market investors some much-needed liquidity.
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Taking ridehailing to the next level
Just as ridehailing companies turned the mobility tech industry on its head in the 2010s, innovations to minimize jet fuel's carbon footprint and maximize EV battery effectiveness are set to boom as the world moves away from fossil fuels.

Along the way, we'll see self-driving startups zero in on trucking and rail use and an EV export tsunami from China, according to our recent Mobility Tech Overview, which dives into what's ahead for 11 sectors.
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PE mega-deals boost exit value, but the road remains rocky
(Alan Thornton/Getty Images)
At face value, European PE exit value held up well last year, almost staying flat compared to 2022.

But dig beneath the surface and it's clear that several notable mega-deals—including Arm's IPO— have significantly boosted the total, with 2024 looking likely to be another lumpy year for exits overall.
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Summit Partners Europe Growth Equity Fund II
HgCapital Mercury 2
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VC Deals  
OpenAI CEO Sam Altman is seeking to raise billions from investors to create a network of factories for AI-specific semiconductors, Bloomberg reported.

Swiss longevity startup Timeline has received a $66 million Series D led by L'Oreal corporate venture arm Bold.

San Diego-based biotech startup Tr1X has raised a $75 million Series A led by The Column Group.

MyRealTrip, which is based in Seoul and offers an online travel platform, has received a $56.7 million Series F led by BlueRun Ventures and IMM Investment.

France's Flowdesk has secured a $50 million Series B led by Cathay Innovation for its digital asset trading platform.

Kiln has raised $17 million in a round led by 1Kx. The Paris-based company has an enterprise-grade staking platform.

Toronto-based generative AI startup Cohere is in talks to raise up to $1 billion in new funding, the Financial Times reported.

Farm-ng, which designs autonomous robots for farming, has raised a $10 million Series A led by Acre Venture Partners.

Supply chain security software startup Kusari has raised an $8 million pre-seed and seed round co-led by J2 Ventures and Glasswing Ventures.
Don't miss our upcoming webinar
Given the strong public equities rebound back to 2021 highs, investors are wondering when PE will demonstrate similar results. Returns were uncharacteristically low in 2023, and deal activity ran at half speed.

In this webinar, our analysts will examine recent trends and look ahead to explore if this is the end of an era or a pause that will eventually revive the market. Key topics include:
  • How PE can kickstart the exit engine and return money to investors.

  • The effects of "higher for longer" interest rates.

  • How technology and healthcare are set up for PE outperformance.
Register now to secure your spot.
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PE Deals  
Blackstone Real Estate Partners agreed to buy NYSE-listed Tricon Residential, a Canadian real estate company, for $3.5 billion.

NYSE-listed aerospace defense technology company Kaman was acquired by Arcline Investment Management for $1.8 billion.

Edgewater Equity Partners acquired VC-backed compliance software company Ascent Technologies.

KKR replaced Temasek-backed Heliconia Capital as the largest shareholder of Vietnam eye hospital chain Medical Saigon Group, Reuters reported.

US mid-market investor Charlesbank Capital Partners invested in Searchlight Cyber, a UK-based dark web intelligence company.

Silver Lake is planning to sell parts of entertainment company Endeavour Group following the completion of its take private, Bloomberg reported. Silver Lake owns a 71% voting stake in the company.

Accel-KKR agreed to buy Accertify, a provider of fraud prevention solutions, from American Express.
Exits & IPOs  
Kaspi.kz, a Kazakhstan-based mobile app company backed by Asia Equity Partners, has raised just over $1 billion in its US IPO. Investors sold 11.3 million American depositary shares at $92 apiece.
Wynnchurch, a middle-market PE firm based in the Chicago area, closed on $3.5 billion for Wynnchurch Capital Partners VI.

I Squared Capital has closed its first dedicated climate fund in conjunction with US International Finance Development Corporation on $1.2 billion.

UK middle-market PE firm Bowmark Capital has raised £900 million for its seventh flagship fund, exceeding its £800 million target.

Korean asset manager Mirae Asset Financial Group has launched a debut $50 million VC fund. The vehicle will target seed to Series C investments in biotech startups.
Chart of the Day  
Source: Q3 2023 US PE Middle Market Report
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