PitchBook News - The climate-tech startups to watch

Healthcare services' long winter; the top 10 investors in Canadian startups; SoftBank's Vision Fund bags $4B gain
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The Daily Pitch: VC
February 9, 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  
A frosty winter for private equity in healthcare services
PE dealmaking in healthcare services declined an estimated 16.2% year-over-year in 2023, while platform deals hit a seven-year low as acquirers reeled from high interest rates and a prolonged labor crunch. Healthcare services companies made up 20% of leveraged loan default value in 2023, and large deals remain difficult to finance, according to our Q4 2023 Healthcare Services Report.

In 2024, rainmakers will be closely following interest rate cuts and antitrust scrutiny targeted at PE healthcare services as they wait for more favorable exit opportunities.
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Startup Radar: VCs on climate-tech startups you need to know
(Andriy Onufriyenko/Getty Images)
Climate tech is expected to be a major theme for VC investors throughout 2024.

We asked five VCs active in the climate-tech market to share two startups—one in their portfolio, one not—that they expect to excel this year.
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Meet the 10 most active investors in Canadian startups
(Joey Schaffer/PitchBook News)
The US' northern neighbor has proven that it can be a big player in the tech scene. Home to some of the biggest startups in the VC ecosystem, such as ecommerce giant Shopify and generative AI company Cohere, VCs have been investing significantly in Canadian startups.

These are the most active investors betting big on the Great White North.
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SoftBank's Vision Fund roars with $4B gain; Arm lockup nears end
(Tomohiro Ohsumi/Getty Images)
Although the global VC landscape remains sluggish, for SoftBank's Vision Fund, recovery is already here.

The Japanese conglomerate's tech investment arm reported a $4 billion gain in the last three months of 2023, the division's largest quarterly return in almost three years.
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What shrinking UK exchange means for private markets
(Jenna O'Malley/PitchBook News)
When Dublin-based gaming giant Flutter made its New York stock debut on Monday, the UK-listed company also revealed that it will be moving its primary listing from London to New York.

The move is yet another in a series of recent blows to the London Stock Exchange's prestige as a listing destination. On the same day as Flutter's announcement, a Bloomberg report revealed that the number of companies trading on the exchange has contracted by 25% over the past decade.

For private market investors, the short-term effect may seem relatively benign, even positive. However, a diminished London stock market could have negative consequences for the long-term health of the private markets ecosystem in the UK and beyond.
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Since yesterday, the PitchBook Platform added:
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VC valuations
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People
832
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Funds
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The Daily Benchmark:
2018 Vintage Global VC Funds with less than $250M
Median IRR
22.43%
Top Quartile IRR
31.82%
0.07x
Median DPI
Select top performers
Boulder Ventures VII
Inter-Atlantic Ivy
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*IRR: net of fees
42 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
People  
Arjun Infrastructure Partners has appointed Misha Nahorny as a managing director in its London office where he will help expand the firm's European investment activity.
 
VC Deals  
The Walt Disney Company's $1.5 billion investment into Fortnite maker Epic Games is valuing the company at $22.5 billion, The Information reported. It's a 29% valuation cut from the company's last fundraising less than two years ago.

Project 3 Mobility, the Croatian developer of an autonomous urban mobility system, has closed a €100 million Series A from investors including Tasaru Mobility Investments, Neurone and Elaf Auto.

San Francisco-based Unlearn, which creates digital twins of clinical trial participants, has raised a $50 million Series C led by Altimeter Capital.

Pennylane, a Paris-based provider of accounting software, has reached unicorn status with a €40 million investment from Sequoia and DST Global.

Stockholm-based Xensam has raised $40 million from Expedition Growth Capital for its AI-powered software asset management platform.

Daedalus, a German builder of precision-manufacturing factories, has secured a $21 million Series A led by NGP Capital.

Thea Energy, a New Jersey-based fusion energy startup, has raised a $20 million Series A led by Prelude Ventures.

San Francisco-based Aizon, which develops AI-powered software for pharmaceutical manufacturing, has raised a $20 million Series C led by NewVale Capital.

Paris-based Jow has extended its Series A with $13 million led by Northzone. Jow offers an app for grocery shopping.

Austin-based Closinglock, a real estate fraud prevention startup, has raised a $12 million Series A led by Headline.

LimaCharlie, a cybersecurity cloud software startup based in California, has raised a $10.2 million Series A led by Sands Capital.
 
Don't miss our upcoming Tech Talk webinar
PitchBook senior analyst Rudy Yang has assembled a panel of experts from the payments industry to discuss the future of real-time transactions. Hear from the executives working on the instant-payment networks FedNow and Real Time Payments—as well as DailyPay and Forwardly, two companies utilizing these rails to foster the next generation of payments innovation. Key topics include:
  • What role instant transactions currently play in the fintech industry.

  • The biggest opportunities and use cases beyond the hype, as well as the greatest risks and challenges currently being faced today.

  • Beyond the US: How innovations in instant payments are taking shape globally and connecting the world.
Register now to secure your spot.
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PE Deals  
Apollo Global Management is in talks to purchase a minority stake of around 30% in the Starbucks franchise AlShaya Group operates in the Middle East, North Africa and Central Asia, Reuters reported.

General Atlantic has made a minority investment in Partners Capital Group, a London-based outsourced investment office.

Indianapolis-based Bloomerang has received an investment from Warburg Pincus for its nonprofit management software platform.

Teamfront has received a growth investment from Mailsail Partners. Teamfront provides payments solutions and business management software.

Verlinvest has picked up a minority stake in Paris-based skincare brand Cible Skin, which will use the investment to expand across Europe, the US and China.
 
Fundraising  
TiLT Capital, the energy transition platform of French PE firm Siparex, reached a €320 million final close of its first fund, exceeding its €300 million hard cap.

BNP Paribas Asset Management launched its BNP Paribas Agility Co-Invest Fund 2, which aims to raise between €700 million and €900 million for European minority investments. Its predecessor reached a €739 million close in 2021.
 
Investors  
New York-based GP stakes investor Blue Owl Capital is launching a joint venture with Abu Dhabi-headquartered asset manager Lunate to provide growth capital to mid-sized private capital GPs.
 
Chart of the Day  
Source: 2023 Annual European Venture Report
 
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