PitchBook News - Early-stage VCs step up grab for cash

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The Daily Pitch: VC

February 15, 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:

Our analysts see a little light at the end of the tunnel for the crypto sector

Some VCs are knowingly leaving money on the table in selling secondary shares

Startups bring fresh ideas to the complex dilemma of countering drone attacks

A breakdown of VC funding for Europe's female founders

Our Private Capital Indexes now have asset class returns data as of Q3

Today's Top Stories

VCs sacrifice future gains for cash amid IPO dry spell

(John M Lund Photography Inc/Getty Images)

Poor IPO and M&A conditions are driving VC investors to sell stakes in promising startups at significant discounts to later-stage investors in conjunction with the companies raising fresh rounds. These secondary sales allow early-stage investors to return money to LPs even if it means they'll miss out on potentially higher future valuations.

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Since yesterday, the PitchBook Platform added:

9

VC valuations

3134

People

722

Companies

29

Funds

See what our data software can do

The Daily Benchmark:
2017 Vintage Global Real Assets Funds

Median IRR

11.47%

Top Quartile IRR

15.40%

0.30x

Median DPI

Select top performers

Ridgemont Equity Partners Energy Opportunity Fund

EIV Capital Fund III

Carnelian Energy Capital II

*IRR: net of fees

52 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

California-based Lilac Solutions, a lithium extraction technology specialist, has raised a $145 million Series C led by Mercuria, Lowercarbon Capital and Breakthrough Energy Ventures.

Impulse Dynamics, a New Jersey-based medical device specialist, has secured $136 million in a round led by Perceptive Advisors, Redmile Group and Alger.

Biotech startup Latigo Biotherapeutics, based in California, has raised a $135 million Series A led by Westlake Village BioPartners.

Dutch challenger bank Finom has raised a €50 million Series B led by General Catalyst and Northzone.

Bold, a Colombian fintech startup, has raised a $50 million Series C led by General Atlantic.

Shift5 extended its Series B with $33 million led by Moore Strategic Ventures, for a total of $83 million. The Virginia-based company offers a data and cybersecurity platform.

San Francisco-based Rasa, developer of a conversational AI platform, has raised a $30 million Series C co-led by StepStone Group and PayPal Ventures, with Andreessen Horowitz among the participating investors.

California-based PatientFi has secured a $25 million investment from Questa Capital for its medical financing platform.

Kenyan electric mobility startup Roam has secured a $24 million Series A led by Equator Africa.

Hippo Harvest, an agtech startup based in San Francisco, has raised a $21 million Series B led by Standard Investment.

Indiana-based insurtech startup Cake has raised a $1.3 million pre-seed investment led by Markd.

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PE Deals

Welsh Carson Anderson & Stowe is exploring a sale of Avetta, a risk compliance platform provider for the supply chain industry, for about $3 billion, Bloomberg reported.

KKR has agreed to buy a stake in healthcare analytics specialist Cotiviti from Veritas Capital.

Blackstone has made a growth equity investment in 7 Brew Coffee.

HEPCO Capital Management has acquired Watermen, a supplier of lifeguard uniforms.

South African Rugby has confirmed it is in talks with Ackerley Sports Group, an expansion of Seattle VC Ackerley Partners, for the firm to buy a stake in SA Rugby's commercial activities.

Blackstone has dropped out of the bidding process to invest in Bundesliga International, the operator of media rights for the top two divisions of German soccer, Bloomberg reported.

Fundraising

Chicago-based Core Industrial Partners has raised $887 million for two industrial-focused funds, The Wall Street Journal reported.

Earlybird Health, a unit of Earlybird Venture Capital, has closed its latest fund on €173 million.

Chart of the Day

Source: Q4 2023 PitchBook-NVCA Venture Monitor

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PitchBook News - Early-stage VCs step up grab for cash

Older messages

Fintech on the auction block

Renewed optimism for private markets

New key for PE: Adding value

Founders edge into VC LP bases

An optimistic outlook for US markets

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