PitchBook News - VC's role in voluntary carbon markets

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The Daily Pitch: VC

January 23, 2024

Presented by Affinity

In today's Daily Pitch, you'll find:

Our 2023 Annual US PE Breakdown examines how dealmaking could turn around in 2024

Nontraditional investors have grown wary of European VC deals

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

Today's Top Stories

Xerox sunsets CVC, anchors new $200M AI fund instead

Myriad Venture Partners founder Chris Fisher
(Courtesy of Myriad)

Xerox has sunsetted Xerox Ventures, its corporate VC group, in favor of anchoring a debut AI-focused fund from Myriad Venture Partners, a new firm spun out by former chief strategy officer Chris Fisher. The fund held a $100 million first close, with a $200 million final target.

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Since yesterday, the PitchBook Platform added:

17

VC valuations

1723

People

808

Companies

33

Funds

See what our data software can do

The Daily Benchmark:
2012 Vintage Global VC Funds

Median IRR

16.25%

Top Quartile IRR

30.04%

1.24x

Median DPI

Select top performers

Emergence Capital Partners III

Digital Industry Fund 0

Flagship Ventures Fund IV

*IRR: net of fees

49 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

UK-based lower-middle-market private debt manager Beechbrook Capital appointed Richard Smart as managing director.

VC Deals

ElevenLabs reached unicorn status with an $80 million Series B led by Andreessen Horowitz, Nat Friedman and Daniel Gross. The New York-based company offers an AI-powered text-to-speech platform.

Captura, a cleantech startup based in Los Angeles, raised an additional $21.5 million for its Series A, with participation from Maersk Growth, Eni Next and EDP Ventures.

UK-based Sano Genetics secured $11.4 million led by Plural for its software platform used in precision medicine research.

Mobile gaming studio ForthStar raised $10 million from Griffin Gaming Partners.

Acorai, a Swedish startup developing medical devices to detect heart failure, raised a $4.5 million seed round led by Solardis Health Ventures.

Kenyan agtech startup Shamba Pride secured $3.7 million from EDFI AgriFI and Seedstars Africa Ventures.

Massachusetts-based MitoSense, a biotech startup specializing in neurodegenerative disease treatments, raised a $3.5 million seed round led by Caydan Capital Partners.

3Daughters, a Massachusetts-based women's healthcare startup, raised a $2 million seed round led by Thairm Bio.

Singapore-based Motorist raised a Series A led by Tokyo Century Leasing, bringing its valuation to $60 million. Motorist's platform includes tools that help drives buy, sell and maintain their vehicles.

PitchBook webinar: 2024 US leveraged loan and private credit outlook

The broadly syndicated loan and private credit segments battled a challenging leveraged finance market—and each other—in 2023, amid fallout from rate hikes and increased competition for deals. Where will the challenges and opportunities lie in 2024? Key topics of this webinar include:

US leveraged loan market: Trends and analysis—including a look at issuance, LBOs, credit risk, returns and supply vs. demand.

Private credit: Will deal activity rebound? How will tightening credit spreads impact this segment? What is the outlook for defaults and recoveries?

Broadly syndicated loans: Default and distressed debt outlook, including special emphasis on distressed exchanges.

Collateralized loan obligations: After a record year of private credit and middle-market issuance, how will this investor segment evolve?

Register now to secure your spot.

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PE Deals

Department store chain Macy's has rejected a $5.8 billion take-private offer from Arkhouse and Brigade Capital Management.

Blackstone has made a strategic minority investment in energy engineering firm Salas O'Brien.

Comtech Telecommunications, a Nasdaq-listed wireless network, satellite and cloud-native solutions specialist, has received a $45 million investment from White Hat Capital Partners and Magnetar.

Infrastructure service provider RoadSafe Traffic Systems has acquired highway traffic control company BC Cannon. RoadSafe is backed by Trilantic and Investcorp.

Portfolio Companies

Singapore-based cryptocurrency startup Terraform Labs filed for Chapter 11 bankruptcy protection in Delaware. The company previously raised capital from investors including Coinbase Ventures, Lightspeed and Blockchain Ventures.

Exits & IPOs

Hg is exiting its stake in commodities pricing data company Argus Media. The deal will see CEO Adrian Binks and existing shareholder General Atlantic consolidate their stakes in the company.

Food service company Compass Group agreed to acquire CH&CO, a UK-based hospitality services business backed by Equistone Partners, for an enterprise value of £475 million.

Welcome to the Jungle, an employer branding and recruitment specialist, acquired Otta. The London-based company offers a job search platform and is backed by investors including Tiger Global.

Fundraising

Japanese financial group Orix is planning to launch a buyout fund this year with a target between $1 billion and $2 billion, Nikkei reported.

ArcTern Ventures has raised $335 million for its climate-focused Fund III, Axios reported.

Singapore-based Clime Capital has held a $127 million first close for South East Asia Clean Energy Fund II.

Investors

Colorado-based VC firm Foundry announced that its Foundry 2022 fund will be its last vehicle. The firm has made over 200 investments since its founding in 2006.

Corporate M&A

Sony has canceled its planned $10 billion merger with Indian media group Zee Entertainment two years after the deal was announced.

French lottery and online sports betting operator La Francaise des Jeux has offered to acquire Stockholm-listed peer Kindred Group for nearly $2.7 billion. The deal would create one of Europe's biggest online gambling groups.

Chart of the Day

Source: 2023 Annual European Venture Report

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PitchBook News - VC's role in voluntary carbon markets

Older messages

Charting a VC exodus

Why asset managers want to do everything

Why PE has fared better than VC in Europe

Can healthtech unicorns find an exit?

European VC simmers down

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